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Financial Services UK
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March 14, 2024
Insurer Completes Full Construction Co. Pension Scheme Deal
Insurer Just Group said on Thursday that it has completed a £37 million ($47.3 million) buy-out of a pension scheme sponsored by a leading engineering and construction company, finishing the process that it started in 2013.
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March 14, 2024
Wright Is Not The Inventor Of Bitcoin, Judge Rules
A London judge ruled Thursday that Australian computer scientist Craig Wright is not the pseudonymous inventor of bitcoin, ruling that the evidence against his claim to be Satoshi Nakamoto was "overwhelming."
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March 14, 2024
CMS Leads Rothesay £6B Buy Of Scottish Widows Portfolio
Pension insurer Rothesay Life said Thursday that it will buy Scottish Widows' £6 billion ($7.7 billion) portfolio of bulk annuities from Lloyds Banking Group PLC, in a transaction guided by CMS Cameron McKenna Nabarro Olswang LLP.
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March 13, 2024
Clyde & Co. Denies Negligence, Calls Ex-Client's Claim 'Loser'
Clyde & Co. LLP urged a London judge Wednesday to block a construction magnate's $88 million negligence suit against his former lawyers in a lost suit over a failed investment, arguing that the claim for which they acted for him was a "loser at all times."
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March 13, 2024
Marketing Boss Says LC&F Services Provided In 'Good Faith'
The head of a marketing company that provided services to London Capital & Finance did so in "good faith," and had no knowledge of an alleged Ponzi scheme, his lawyer told a London trial on Wednesday over the £237 million ($304 million) investment scandal.
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March 13, 2024
EU Parliament Overwhelmingly Passes Landmark AI Law
European Union lawmakers voted overwhelmingly on Wednesday in favor of a first-of-its-kind artificial intelligence law, in a bid to help facilitate innovation while safeguarding the bloc's fundamental rights.
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March 13, 2024
Pensions Watchdog Workers Call Off Strike, Agree To Pay Deal
Some 400 workers at The Pensions Regulator suspended their strike action after agreeing to a pay increase aligned with guidelines set for government employees, the watchdog said Wednesday.
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March 13, 2024
Traders To Fight Rate-Rigging Convictions In Landmark Appeal
Two former traders who say they were made scapegoats for public anger during the last financial crisis challenge their convictions for rigging benchmark interest rates on Thursday in a case that could undermine the legal theory that underpinned dozens of prosecutions.
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March 13, 2024
'Significant' Gaps Remain In UK Pension Provision, FCA Says
Automatic enrollment should be recognized as a success, but gaps around the retirement saving provision remain, the Financial Conduct Authority's chief executive said Wednesday, raising questions about Britain's current and future pension landscape.
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March 13, 2024
Energy Co. Founder Denies Owing Abraaj Investment $41M
The founder of an energy company has denied an investment management firm's claim it is owed $41 million by the electrical manufacturer that part-owned his business, telling a London court that the alleged debt was transferred to a UAE bank.
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March 13, 2024
Bond Market Seeks Mix Of FCA Proposals On Trade Reporting
U.K. and European trade bodies jointly laid out their preferences on Wednesday for a U.K. regulatory framework for publishing bond trading data based on elements of two potential models proposed by the Financial Conduct Authority.
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March 20, 2024
King & Spalding Hires Paul Hastings Finance Pro
King & Spalding LLP has appointed Paul Hastings LLP finance expert Peter Schwartz as partner in its London office in a bid to boost its European corporate practice.
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March 13, 2024
Taylor Wessing's Legal App Teams Up With Fundraising Site
Taylor Wessing LLP said on Wednesday that its app designed to help startup companies manage their legal requirements has worked with an investment platform to offer growing businesses a "competitive" edge during fundraising.
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March 12, 2024
Man Loses Bid To Challenge US Tax Refund Fraud Extradition
A man facing extradition to the U.S. — to stand trial on allegations that he took part in a scheme to fraudulently receive millions in tax refunds — was denied a chance to challenge the extradition by a London judge on Tuesday.
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March 12, 2024
'Clearer Than Ever' That Wright Is Not Satoshi, Developers Say
Lawyers for developers seeking to prove that Craig Wright is not the pseudonymous inventor of bitcoin told the High Court that it is "clearer than ever" that the Australian computer scientist is not Satoshi Nakamoto in closing arguments on Tuesday.
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March 12, 2024
Spanish PE Firm Denies Owing PwC €2M Over Hotel Deal
A Spanish private equity firm has said it does not owe a €2 million ($2.2 million) fee to PricewaterhouseCoopers LLP, claiming the Big Four accounting firm failed to provide all the services required under an agreement to raise money to buy a hotel in Mallorca.
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March 12, 2024
Trader Says UBS Has 'Habit' Of Not Following The Law
The director of a collapsed commodities trader told a London court on Tuesday that UBS has a "habit" of not following the law, rejecting accusations that he siphoned off company funds to family members after the business became insolvent.
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March 12, 2024
Finance Biz TP ICAP Starts Second £30M Buyback
Finance services firm TP ICAP Group PLC said on Tuesday it will begin a share buyback worth up to £30 million ($38 million) to boost its investor returns and announced it is exploring listing a stake in its data business.
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March 12, 2024
CMS Guides UK Cash Savings Platform On £108M Investment
Flagstone has secured a £108 million ($138 million) investment from U.S. private equity firm Estancia Capital Partners to help it "capitalize on the opportunities ahead" in Britain's savings market.
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March 12, 2024
Gov't To Give Banks More Time To Investigate Payment Fraud
HM Treasury on Tuesday published draft legislation giving banks more time to investigate suspected fraud on payments, giving them a better chance of stopping thieves.
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March 12, 2024
SFO Arrests 3 In £76M Luxury Care Home Fraud Probe
The Serious Fraud Office arrested three people on Tuesday in an investigation into an alleged £76 million ($97 million) fraud over the collapse of a luxury care home provider that left elderly residents homeless and 600 investors out of pocket.
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March 12, 2024
AI Attacks Pose Critical Threat To Businesses, Lloyd's Says
Artificial intelligence will empower cybercriminals and potentially increase the frequency and sophistication of digital attacks, Lloyd's of London warned in a report published Tuesday.
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March 12, 2024
FCA's New Greenwashing Rules Lack Clarity, City Firms Warn
City firms are pressing the Financial Conduct Authority to revise the draft guidance for its new anti-greenwashing rules to clear up critical ambiguities as they seek greater clarity on how broadly it will be applied.
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March 11, 2024
Lawyers Say 'Stale' $88M Negligence Suit Is Too Late
A Cayman Islands law firm and two barristers asked a London court on Monday to toss out a construction magnate's $88 million negligence suit against them and Clyde & Co. LLP, arguing he waited too long to bring his case.
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March 11, 2024
Nuvei Unit Sues Pay Group Over Failed Domain Name Deal
A Nuvei Group subsidiary has sued several payments companies and their bosses for allegedly failing to use the company's payments technology, despite signing a deal promising to do so in return for a website domain.
Expert Analysis
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Cos. Using AI Should Note Regulators' Privacy Concerns
The past year’s unprecedented explosion in the use of artificial intelligence tools has sparked fears over the way personal data may be collected and treated, and organizations adopting AI will need to ensure that they have a lawful basis to use data collected in this way, says Paula Williamson at Excello Law.
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Comparing EU And UK Proposals To Regulate ESG Ratings
Ferdisha Snagg and Andreas Wildner at Cleary examine the key aspects of the EU proposal for regulating environmental, social and governance rating activities and draw comparisons to the U.K. proposal regarding scope, substantive provider obligations on regulated providers and the likely timeline for adoption and implementation.
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Digital Assets Consultation Offers First Step In Regulation
The recently published International Organization of Securities Commissions consultation intending to establish coordinated international regulation of cryptocurrency and digital assets, will benefit and protect retail investors against financial crime risk, also allowing legitimate market entrants to distinguish themselves from less scrupulous participants, says Fred Saugman at WilmerHale.
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EU And UK Crypto-Asset Consumer Rights Look Set To Differ
The U.K. government's recent consultation paper lacks an extended cooling off period to cancel crypto-asset purchases, which notably deviates from the European Union Markets in Crypto Assets Regulation, but depending on feedback, the U.K. may eventually adopt similar consumer protection measures, say Felicity Forward and Matt Green at Shoosmiths.
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EU Sustainability Initiatives Will Affect Emissions Trading
The measures recently adopted by the EU in its "Fit for 55" legislative package to revise its emissions trading system and establish a carbon border adjustment mechanism have far-reaching implications for companies needing to implement changes to offset the potential effects of their business operations, say Melanie Bruneau, Giovanni Campi and Annette Mutschler-Siebert at K&L Gates.
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The Benefits Of Uniformity In EU Anti-Corruption Proposals
The proposed directive requiring European Union member states to incorporate uniform anti-bribery measures would bring greater harmony and consistency, doing much to facilitate the prevention of bribery and drive common standards in the compliance culture of companies, say lawyers at White & Case.
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What To Know About 'Prior Obligations' Sanctions Exemption
The U.K. Office of Financial Sanctions Implementation recently issued a "prior obligations" general license authorizing U.K. persons to receive funds or economic resources owed to them by any person targeted by U.K. asset freeze sanctions, and it is novel for its scope but by no means a panacea, say Jane Shvets and Konstantin Bureiko at Debevoise.
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Recent Cases Mark Maturation Of CAT Class Cert. Approach
The Competition Appeal Tribunal's recent refusal to grant collective proceedings applications against Visa and MasterCard in the Commercial and Interregional Card Claims case shows that the tribunal takes its role as a gatekeeper seriously, and that it will likely continue to be difficult for defendants to defeat certification first time around, say lawyers at Linklaters.
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Why The UK Needs Tougher Fraud Enforcement
The Crown Court's recent conviction of Anthony Constantinou for running a Ponzi scheme is a rare success for prosecutors, highlighting the legal system's painfully slow course when it comes to complex fraud, and the need for significant funds and resources in the fight against financial crime, says James Clark at Quillon Law.
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What New FCA Management Will Mean For Enforcement
Therese Chambers’ first speech since becoming the U.K. Financial Conduct Authority’s joint executive director provided insightful observations about the expected behaviors of firms and their legal advisers during investigations, indicating the advent of a proactive, prosecution-minded enforcement agency trying to do the right thing, says Richard Burger at WilmerHale.
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Global M&A Outlook: Slow But Moving Along
Global merger and acquisition markets had a tough start to the year, with inflation, rising interest rates and the Ukraine conflict knocking sentiment, but in the macroeconomic, deal makers have continued to unearth pockets of activity to keep deal volumes ticking over, say lawyers at White & Case.
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Why Int'l Investors Should Keep An Eye On German M&A Regs
While German reform proposals will digitize corporate law formalities that have long been immune to change, international limitations remain, particularly for countries outside the European Union, as Germany moves to tighten regulatory hurdles to control inbound investment, say Marcus Geiss and Sonja Ruttmann at Gibson Dunn.
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How B2B Data Sharing Could Unlock Untapped Value
B2B data sharing offers organizations an opportunity to extract greater value from an existing asset, and although it is essential to consider the legal and regulatory framework and maintain a sound governance structure, with strong support businesses that share data are likely to grow more than those that do not, say Jocelyn Paulley and Helen Davenport at Gowling WLG.
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Why Coordinated UK Crypto Regulation Is Needed
The slew of recently published crypto-sector consultations and reports differ in their treatment of the currency, so the industry must coordinate to establish regulations that can weather the proliferation of fraud while supporting the U.K.'s race to become a world leader in digital assets, says Nicola McKinney at Quillon Law.
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5 Code Of Ethics Recommendations For FTSE 350 Companies
In light of the U.K. Institute of Business Ethics' recent report on the FTSE 350, companies should regularly update their code of ethics in order to emphasize to employees and business partners the importance they place on following good practice, say attorneys at Norton Rose.