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Financial Services UK
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April 05, 2024
18 Crime Gangs Specialize In VAT Fraud, Europol Says
Eighteen major criminal gangs in the European Union specialize in value-added tax fraud, having end-to-end control over the entire criminal process, the EU's law enforcement agency said Friday.
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April 05, 2024
Allens-Guided Experian To Acquire Peer Illion For $540M
Experian PLC has agreed to buy Australasian rival credit analyst illion for up to $820 million Australian dollars ($540 million), as the Ireland-based global financial data specialist moves to bolster its presence in the region's growing credit reporting market.
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April 05, 2024
Retired Rabbi To Return £2.3M To Charities After NCA Probe
A retired rabbi will return £2.35 million ($3 million) to two charities after he kept the money rather than distribute it for its intended legitimate causes, the National Crime Agency said on Friday.
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April 05, 2024
UK Pension Schemes Maintain Near-Record Surpluses
The aggregate surplus of the U.K.'s defined benefit pension sector remained at near-record levels of around £151 billion ($190.8 billion) in March, a consultancy has said.
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April 19, 2024
Fieldfisher Expands Pensions Practice With 4 PwC Hires
European law firm Fieldfisher LLP has announced it is bolstering its U.K. pensions practice by hiring a partner, two directors and an associate from PwC UK.
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April 04, 2024
UK Billionaire Lewis Avoids Prison For Insider Trading
A New York federal judge on Thursday sentenced British billionaire Joe Lewis to three years of probation for feeding his girlfriend and private-jet pilots nonpublic stock tips about his private equity firm's portfolio companies, saying a prison term would put the 87-year-old at "serious risk" of death.
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April 04, 2024
Mayer Brown Adds Former KPMG Tax Specialist In London
Mayer Brown has added a former KPMG tax professional to its London office to advise clients on asset management and fund matters in the U.S., Europe and the Middle East, the firm announced.
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April 04, 2024
Investors Hit Agent For £2.3M Over Failed Care Home Scheme
Care home investors have sued an investment agent for £2.3 million ($2.9 million) in a London court over claims they promoted a "fundamentally flawed" property development scheme as a safe and reliable investment.
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April 04, 2024
Law Firm Defeats Adviser's Unfair Redundancy Claim
A Scottish law firm didn't unfairly cull one of its financial advisers during a redundancy process because bosses scored candidates with a reasonable checklist, an employment tribunal has ruled.
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April 04, 2024
Insurer Wants Greater Flexibility On State Pension Age
The U.K. government should explore giving Britons more choice over when they can start claiming their state pension amid concerns over increases to the official retirement age, insurer Aegon said Thursday.
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April 04, 2024
Pillsbury's New UK White Collar Chief Eyes Success In London
Former Serious Fraud Office "powerhouse" Audrey Koh is in the building, and Pillsbury Winthrop Shaw Pittman says it now has the tools to launch its white-collar and corporate investigations practice in London. Here, Koh and managing partner Matthew Oresman survey the legal landscape.
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April 04, 2024
FCA To Claw Back £1.6M From Fund Manager For Investors
The Financial Conduct Authority said on Thursday that it has won court approval to take £1.6 million ($2 million) from fund manager Argento Wealth and its only director, who promoted two allegedly unlawful investment schemes.
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April 04, 2024
Fladgate Sued For $26.5M Over Botched Debt Claim Advice
Fladgate LLP lost an investment fund an estimated $26.5 million after negligently advising it on how to take action to recover money owed under bonds, according to a High Court claim.
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April 04, 2024
UK Joins Global Data Protection Enforcement Program
Britain's data watchdog said Thursday it has signed a new agreement with the Global Cooperation Arrangement for Privacy Enforcement to cooperate on cross-border data protection with the U.S. and eight other Pacific Rim countries.
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April 04, 2024
Financial Ombudsman Braces For Bigger Caseload
The U.K. Financial Ombudsman Service said Thursday that it had upped its estimate of how many complaints it expects to receive in the coming financial year to 210,000 from 181,000 due to increased everyday financial concerns.
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April 04, 2024
Standards Setter Warns Of Conflicts Of Interest In Exchanges
A global standards setter for regulators warned Thursday of the risk of conflict of interests in stock exchanges, including in situations where exchanges also run data or technology services.
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April 04, 2024
Standard Life Bags Insurer's Pension Plan In £95M Deal
Standard Life has completed a £95 million ($120 million) buy-in of a pension scheme sponsored by Brit Insurance in a deal guided by Burges Salmon LLP.
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April 04, 2024
Money Was Siphoned To Former Exec's Wife, Insurer Says
A Liechtenstein insurer suing two of its former directors for allegedly funneling millions of pounds to accounts they had ties to has now accused one of the men's wives of also benefiting from unauthorized payments.
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April 03, 2024
OneCoin Atty Gets 4 Years For Role In $4B Crypto Fraud
The former head of legal and compliance at OneCoin on Wednesday was sentenced to four years in prison for her role in the $4 billion cryptocurrency scheme that defrauded millions of investors around the world.
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April 03, 2024
UK Billionaire Lewis Agrees To $1.64M Insider Trading Penalty
British billionaire Joseph Lewis has agreed to pay $1.64 million to settle the U.S. Securities and Exchange Commission's civil claims he fed confidential tips to his personal pilots and then-girlfriend after pleading guilty to related criminal charges earlier this year.
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April 03, 2024
Forex Broker Wins Deceit Claim Over TV Transactions
A forex broker has won in his 7.9 billion Nigerian naira ($5.9 million) deceit claim over an English brokerage's alleged failure to pay out dollars for naira after a London judge ruled that the firm would not be able to defend against it.
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April 03, 2024
More Pension Schemes Considering Running On, LCP Says
An increasing number of pensions schemes are considering running on their retirement savings plans as funding levels continue to strengthen in the U.K., a consultancy has said.
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April 03, 2024
UK Regulators Propose Special Regime For Digital Securities
Britain's finance regulators proposed on Wednesday a special regulatory regime to allow firms to use new technology to issue, trade and settle digital shares and bonds, a move they hope will boost the country's global competitiveness.
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April 03, 2024
Single Pensioner Income Inequality Found To Be Widening
Government data shows income disparity between rich and poor single pensioners is widening in the U.K. due to low earnings growth and rising housing costs, according to research by consultancy Broadstone published Wednesday.
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April 03, 2024
Watchdog Bans 'Misleading' Advertisements By UK Lender
The advertising watchdog said Wednesday that it has banned "misleading" promotions by Nationwide Building Society that boasted of its record of keeping branches open amid closures by competitors, pointing out that the lender has shut just over 150 branches in a decade.
Expert Analysis
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Russian Bank Ruling Clarifies UK Sanctions Regime
The recent U.K. High Court judgment of PJSC National Bank Trust v. Mints, a case brought by two Russian banks, is significant in clarifying that the U.K. sanctions regime does not deprive designated persons of their fundamental common law right to bring a claim in an English court, despite their assets being frozen, says Zoe O’Sullivan KC at Serle Court.
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EU Act Offers Financial Sector A Cybersecurity Framework
Although unlikely to be a complete solution to all risk management issues, the Digital Operation Resilience Act, effective from 2025, will increase regulatory pressure substantially in the EU financial sector and demand compliance with several new requirements, say attorneys at DLA Piper.
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Expect UK And EU Cybersecurity Laws To Mature And Diverge
Anticipated changes in cybersecurity legislation will strengthen both the U.K.'s and the EU's respective network and information systems, but potential inconsistencies mean organizations operating in both regimes should prepare for increased due diligence, say Louisa Chambers and Helen Reddish at Travers Smith.
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Warranty & Indemnity Insurance Considerations For M&A
With increased competition and greater capacity leading to lower premiums and deal costs, warranty and indemnity insurance is now available to the wider M&A market, and may help to limit risk and help parties focus on other key elements of the transaction, says Alice Wooler at Birketts.
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What Firms Can Learn From FCA Consumer Duty Plan Review
Based on the Financial Conduct Authority's review of around 60 consumer duty implementation plans, firms should focus on prioritizing effectively, implementing necessary changes and collaborating with other firms, all while considering the wider findings in developing their own plans and approach, say attorneys at Hogan Lovells.
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How Regulation May Affect The Role Of Crypto In The UK
For crypto-asset firms to find a place in the U.K.’s burgeoning digital financial sector, the key is for regulators to strike the right balance between effective regulation and a regime that is sufficiently light-touch to make it attractive to the world’s major crypto companies, says Richard Cannon at Stokoe Partnership.
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8 Steps To Improve The Perception Of In-House Legal Counsel
With the pandemic paving the way for a reputational shift in favor of in-house corporate legal teams, there are proactive steps that legal departments can take to fully rebrand themselves as strong allies and generators of value, says Allison Rosner at Major Lindsey.
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Lessons To Be Learned From Twitter's Latest Hacking Scandal
Following the report of a recent data breach at Twitter, it is clearly vital for companies to adhere to best practices in data protection and IT security arrangements, including technical measures, and proper processes and procedures that mitigate risk and provide adequate training for staff, says Simon Ridding at Keller Postman.
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Crypto Regulation Demands A More Cooperative Approach
Instead of implementing ever-increasing fines and unduly restrictive regulation, regulators should establish a more collaborative approach to the conundrum of cryptocurrency compliance that seeks to develop an understanding of both the industry's needs and its potential, says Mandeep Kaur Virdee at KaurMaxwell.
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Preparing For EU's Pay Gap Reporting Directive
An agreement has been reached on the European Union Pay Transparency Directive, paving the way for gender pay gap reporting to become compulsory for many employers across Europe, introducing a more proactive approach than the similar U.K. regime and leading the way on new global standards for equal pay, say attorneys at Lewis Silkin.
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A New FCA Gateway For Financial Promotion Approval
The Financial Conduct Authority's recent consultation paper regarding firms that approve financial promotions sheds light on its plans to narrow the scope for such promotions in order to better protect consumers from multiple areas of concern, says Gavin Punia at Bird & Bird.
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How Geopolitical Change Is Affecting M&A Activity In Europe
Several factors are leading businesses to divest from Russia and invest in central and Eastern European EU member states, with particular sectors attractive to U.K. companies and certain trends in M&A transactional activity emerging, says Oksana Howard at Colman Coyle.
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Examining The UK Government's Attempts To Combat Fraud
The U.K. government’s response to a parliamentary committee report on fraud and the justice system lays bare a disappointing lack of consensus and frustratingly fails to support a plan for the introduction of a strict liability offense of corporate failure to prevent fraud, as strongly recommended, say Lloyd Firth and Katy O’Connor at WilmerHale.
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7 Areas To Look Out For In The Edinburgh Reforms Package
Most of the proposed Edinburgh Reforms to facilitate the growth of U.K. financial services are already in progress, and while they may take months or even years to come to fruition, regulated firms should be aware of the considerable reach of the changes outlined and bookmark the areas of particular relevance, says Jill Lorimer at Kingsley Napley.
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EU Double Jeopardy Ruling May Complicate US Extraditions
The European Court of Justice’s recent judgment in Germany v. HF refines the European Union’s double jeopardy protections, weakening U.S. authorities’ ability to extradite defendants if charges involving the same set of facts are resolved in any EU member state, says Gabrielle Friedman at Lankler Siffert.