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Financial Services UK
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September 05, 2024
Gov't Consults On Plans For Pension Market Consolidation
The U.K. government is seeking feedback on the potential benefits and risks for pension savers and the economy if the pension market becomes more consolidated with larger schemes managing more assets.
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September 05, 2024
Surge In Pension Deal Demand Expected In 2nd Half Of 2024
There is likely to be a record number of transactions in the U.K. pensions market in 2024, according to a study published Thursday by accounting giant PwC, despite what many have described as a slower start to the year.
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September 05, 2024
Visa Boosts Consumer Protection In Bank Transfers
Visa Inc. said Thursday that it is launching a new U.K. service that will provide a safer and more user-friendly way for consumers to make payments directly from their bank accounts.
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September 05, 2024
FRC Warns Against Misuse Of Offsetting Financial Data
Companies that record a gain which nullifies the effect of its entry into their balance sheets — a practice known as offsetting — have caused "material errors" in their financial statements, Britain's accounting watchdog said Thursday.
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September 05, 2024
CVC Raises €7.4B Of Capital In 1st Results After Listing
European private equity firm CVC Capital Partners PLC said Thursday that it has raised €7.4 billion ($8.2 billion) in fresh capital during the first six months of 2024 as it published its first set of results since its €2 billion flotation in Amsterdam.
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September 04, 2024
FCA Tells Banks To Protect Customers From Being Debanked
Banks must do more to ensure consumers are not being denied accounts unfairly, the Financial Conduct Authority said Wednesday.
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September 04, 2024
BNP Paribas Seeks To Move VietJet Litigation To UK
BNP Paribas SA has pushed to move a claim filed by VietJet Aviation to the English courts, arguing that disputes over their financial agreements with the Vietnamese low-cost airline belong in England, not Vietnam.
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September 04, 2024
Pension Pot Needs For 'Basic' Retirement Rose 60% In 3 Years
Pensioners need 60% more retirement savings to meet basic costs compared to just three years ago, according to a think tank's research published Wednesday.
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September 11, 2024
Hausfeld Snaps Up Litigation Pro From Covington In London
Hausfeld LLP has hired a partner from Covington & Burling LLP in London to boost its profile in commercial disputes, after its office in the U.K. capital recently underwent changes in leadership.
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September 04, 2024
Cap On Push-Payment Fraud Payouts To Plummet To £85K
The payments watchdog said Wednesday that it plans to cut the cap on compulsory reimbursement by companies of authorized push payment fraud from £415,000 ($546,000) to £85,000.
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September 04, 2024
Fraud, Scam Complaints Reach Highest-Ever Level
Fraud complaints in the U.K. reached a record high with 8,734 cases reported between April and June, according to data from the Financial Ombudsman Service published Wednesday.
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September 03, 2024
Tech Co. Accused Of Defrauding 'Plasma Reactor' Investor
A Chinese businessman and his company have sued a U.K. technology company claiming they were defrauded of nearly £2.9 million ($3.8 million) by the firm and its directors after being led under false pretenses into investing in the development of a so-called "plasma reactor."
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September 03, 2024
CMA Clears Tate & Lyle Sugar Biz Deal
Britain's competition authority said Tuesday it has now cleared Tate & Lyle's planned purchase of sugar producer Tereos' U.K. business, as the unit was at risk of shutting down without the deal, which would lead to reduced competition in the industry anyway.
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September 03, 2024
SFO Seizes Watches Worth £500K In £76M Fraud Probe
Serious Fraud Office investigators seized watches on Tuesday from a suspect arrested in a £76 million ($100 million) investment fraud probe into the collapse of a luxury care home provider in 2019.
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September 03, 2024
BBVA Gets UK Regulatory OK For €12B Bid For TSB Owner
Spanish lending giant BBVA said Tuesday the U.K.'s Prudential Regulation Authority has given the approval for it to indirectly acquire control of British-based TSB Bank PLC as part of its €12 billion ($13.3 billion) hostile takeover bid of rival Banco de Sabadell.
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September 03, 2024
Bahamian Bank Hit With $15M Claim Over Loan Deal Breach
The director of a U.S. biotech company has filed a $15 million legal claim against a Bahamian bank, as he accused it of improperly terminating a $3 million loan agreement because of several defaults.
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September 03, 2024
Half Of Women Unsure They Will Have Enough For Retirement
More than half of women in Britain do not believe they will have enough money to support their income in retirement, findings by an investment management company suggest, amid concerns over the gender pension gap.
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September 03, 2024
Pay To Play: The 2-Tier Legal Route For Crypto-Fraud Victims
More people are falling victim to cryptocurrency scams, but their options for recovering money are few and expensive, which creates a two-tier approach — one for those who have the means to pay lawyers and consultants and another for those who don't.
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September 03, 2024
Port Operator Disputes $2M Claim For Unpaid Fees
English port operator Freetown Terminal Holding has denied that it owes a Swiss consultancy $2 million in unpaid fees tied to shareholders' dividends, saying that their agreement had been terminated before the payouts were made.
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September 02, 2024
Simpson Thacher-Led Blackstone Inks €1B Property Deal
Blackstone Inc. is snapping up an 80% holding in a portfolio of European properties valued at approximately €1 billion ($1.1 billion), seller Burstone Group Ltd. said Monday, with Simpson Thacher & Bartlett LLP advising the asset management giant.
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September 09, 2024
A&O Shearman Hires PE Pros From Sidley Austin In London
A&O Shearman LLP said Monday it has secured a double-hire from Sidley Austin LLP in London as the firm expands its global private equity practice.
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September 02, 2024
OFSI To Bring 1st Penalty For Sanctions Violation This Year
Britain's sanctions enforcer will bring the first penalty for breaching the banning rules later this year as the agency looks to crack down on Russian oligarchs whose assets have been frozen since the invasion of Ukraine, a senior Treasury official said Monday.
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September 02, 2024
Greensill, Gupta Deny Conspiracy In Zurich Insurance Row
Financier Lex Greensill and steel magnate Sanjeev Gupta have denied conspiring to deceive underwriters at insurance giant Zurich over allegedly fake debts, amid a $400 million court battle in London over trade credit insurance.
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September 02, 2024
Manolete Wins Nearly £1M Over Director's Breach Of Duties
An insolvency litigation financing company has secured a victory worth £918,590 ($1.2 million) against the former director of Just Recruit Group Ltd. after a court found that he had breached his duties during the financial collapse of the business.
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September 02, 2024
Tribunal Backs FCA In Denying Ashraf Wealth Management
A London Tribunal upheld on Monday the Financial Conduct Authority's decision to deny authorization to Ashraf Wealth Management Ltd., after the regulator concluded its founder should not carry out regulated activities unsupervised.
Expert Analysis
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UK Courts Continue To Struggle With Crypto-Asset Cases
Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.
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Comparing The UK And EU Approaches To AI Regulation
While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.
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Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases
The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.
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A Look At The Latest EU Alternative Investment Regulation
Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.
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Unpacking The Law Commission's Digital Assets Consultation
The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.
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Unpacking The FCA's Approach To AML Compliance Failures
In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.
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New Russia Sanctions Reveal Int'l Enforcement Capabilities
Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.
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What COVID Payout Ruling Means For Lockdown Loss Claims
While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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EEA Equivalence Statement Is Welcomed By Fund Managers
The recent statement confirming European Economic Area equivalence to undertakings for collective investment in transferable securities for U.K. overseas funds regime purposes removes many managers’ concerns in the wake of Brexit, giving a clear pathway out of temporary marketing permissions and easing the transition from one regime to another, says Catherine Weeks at Simmons & Simmons.
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In Int'l Arbitration Agreements, Be Clear About Governing Law
A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.
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Crypto As A Coin Of The Corporate Realm: The Pros And Cons
The broadened range of crypto-assets opens up new possibilities for employers looking to recruit, incentivize and retain employees through the use of crypto, but certain risks must be addressed, say Dan Sharman and Sunny Mangatt at Shoosmiths.
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Comparing UK And EU's View On 3rd-Party Service Providers
The U.K. is taking welcome steps to address the lack of direct oversight over critical third-party service providers, and although less onerous than that of the EU Digital Operational Resilience Act, the U.K. regime's proportionate approach is designed to make providers more robust and reliable, say lawyers at Shearman.
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Key Points Of BoE Response To Digital Pound Consultation
Lawyers at Hogan Lovells analyze the recent Bank of England and U.K. government response to a consultation on the launch of a digital pound, finding that the phased approach to evaluating the issues makes sense given the significant potential impact on the U.K. economy.
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Goldman Prosecution Delivers A Clear Sign Of FCA Strength
The recent successful prosecution of a former Goldman Sachs analyst for insider dealing and fraud is a reminder to regulated individuals that economic crime will never be tolerated, and that the Financial Conduct Authority is willing to bare its teeth in the exercise of its prosecutorial remit, says Doug Cherry at Fladgate.