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Financial Services UK
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February 28, 2024
Sanctions Ruling Affords Gov't Leeway In Foreign Affairs
The failed attempt by two wealthy businessmen to overturn U.K. sanctions on appeal has underscored the court's limited role in questioning matters of foreign policy, even though the judiciary has carved out a larger role in weighing the proportionality of individual sanctions, lawyers say.
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February 28, 2024
Profit Warnings Rise For Pension Scheme Sponsors
One in five U.K.-listed companies with a defined benefit pension scheme issued a profit warning in 2023, according to research published by EY-Parthenon, marking a year that "exceeded levels" seen at the peak of the financial crisis.
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February 28, 2024
Director Banned Over Unlawful £57M Investment Scheme
The man behind an unlawful care home funding scheme that lost investors more than £57 million ($72 million) has been banned from being a company director for 14 years, according to the U.K.'s Insolvency Service.
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February 28, 2024
Draft EU Withholding Law Breezes Through EU Parliament
The European Parliament gave a clear green light on Wednesday to a draft law intended to streamline refunds for withholding tax and prevent fraud in the European Union, completing a necessary procedural step in the legislative process.
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February 28, 2024
FRC Plans To Review Code For Asset Managers
Britain's accounting watchdog announced it will carry out a fundamental review of the Stewardship Code and revise its rules for investors where necessary to help promote U.K. competitiveness.
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February 28, 2024
St James's Place Sets Aside £426M For Potential Client Refunds
One of the U.K.'s largest wealth managers said Wednesday that it has set aside £426 million ($540 million) for potential refunds to clients that have complained they did not receive financial advice they paid for.
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February 27, 2024
HMRC Customer Service At All-Time Low, Report Finds
The U.K. tax authority has reached an all-time low level of customer service due to the rising demands from taxpayers and the growing complexity of tax problems, according to a parliamentary report published Wednesday.
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February 27, 2024
EX-NMC Health Group CFO Denies Knowledge Of $4.7B Fraud
The former chief financial officer of United Arab Emirates healthcare group NMC has denied he was involved in a $4.7 billion fraud that administrators allege saw cash siphoned off from the firm for himself and its founder, claiming it was concealed from him.
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February 27, 2024
Global Pension Assets Total $55T In 2023, Broker Says
Global pension assets rose by 11% to reach $55.7 trillion in 2023, according to research published by broker WTW, showing a rebound from weaker economic performance across the previous year.
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February 27, 2024
Ex-Linklaters Pro Penalized Over Conduct In Saudi Fund Trial
A former Linklaters LLP partner was hit on Tuesday with an indemnity costs order by a judge who dismissed his bid to challenge a $25 million ruling against him for failing to return an investment fund to a Saudi princess.
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February 27, 2024
Grim UK Fiscal Outlook Precludes Tax Cuts, Think Tank Warns
The U.K. government should focus on reducing the national debt rather than tax cuts in the March 6 Budget statement, according to research published Tuesday by the Institute for Fiscal Studies, an influential think tank.
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February 27, 2024
Financial Ombudsman Braced For APP Fraud Claims
Britain's financial dispute-resolution body told a cross-party group of members of Parliament on Tuesday it is braced for an avalanche of extra claims later this year when banks must recompense victims duped into transferring money to fraudsters.
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February 27, 2024
Simpson Thacher-Led EQT Nets Record $24B For PE Fund
Private equity giant EQT said Tuesday that it has raised €22 billion ($23.8 billion) for its latest flagship fund EQT X from global investors, exceeding a €20 billion target.
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February 27, 2024
FCA To Start Naming Finance Firms Under Investigation
The Financial Conduct Authority said on Tuesday that it plans to publicly name the firms it probes and publish information about its investigations at an earlier stage to increase the deterrent effect of its enforcement actions.
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February 27, 2024
Bank Of Ireland Kicks Off €520M Buyback After Profit Gains
Bank of Ireland Group PLC started a share buyback program on Tuesday worth up to €520 million ($564 million) as it looks to downsize the amount of its outstanding capital and bolster returns to investors after reporting strong earnings.
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February 27, 2024
British Pensions Sector Backs FCA 'Advice Gap' Review
The U.K. pensions industry has thrown its support behind a sweeping review designed to plug a growing advice gap among workers approaching retirement.
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February 27, 2024
Abramovich Ally Loses Test Appeal To Upend UK Sanctions
A billionaire with ties to Roman Abramovich lost his attempt on Tuesday to overturn sanctions imposed on him following Russia's invasion of Ukraine, in the first substantive appeal to challenge the U.K. government's sanctions regime since the war began.
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February 26, 2024
Consumers Face Big Setback In £10B Mastercard Class Action
Britain's antitrust court dealt a blow to consumers Monday in a £10 billion ($12.68 billion) class action over Mastercard's fees by ruling that the credit card titan's European interchange fees didn't influence its domestic rate in the United Kingdom.
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February 26, 2024
Woman Denies Lying To Citibank To Launder Stolen Bitcoin
A British-Chinese woman accused of laundering bitcoin converted from a £5 billion ($6.32 billion) investment fraud denied Monday knowingly giving Citibank false information about her transactions, saying at her London trial that at the time she thought she was being truthful.
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February 26, 2024
1 Pilot For Billionaire Cops Plea, But 2nd Says He's Innocent
A pilot employed by British billionaire Joe Lewis pled guilty in Manhattan federal court Monday to insider trading, while counsel for a second Lewis pilot charged with profiting from illegal stock tips said his client is innocent and preparing for trial.
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February 26, 2024
European Council Adopts Instant Credit Payments In Euros
The Council of the European Union has adopted a new program that will make it possible to make payments in euros across the EU in just 10 seconds, establishing a rival service to major credit card companies.
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February 26, 2024
Justices Decline Standard Chartered Sanction Evasion Suit
The U.S. Supreme Court on Monday refused to consider whether a whistleblower should've been granted a hearing in a lower court to support allegations that Standard Chartered Bank cleared roughly $56 billion in violation of U.S. sanctions against Iran.
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February 26, 2024
Judge Wrong To Bar Ex-Barclays VP From Recording Trial
A former Barclays vice president was unlawfully prevented from recording a hearing into his race discrimination claim against the lender, an appellate tribunal has ruled.
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February 26, 2024
10 Years And £1.6B Later, DPAs Are Only A Qualified Success
Corporate plea deals promised to transform the prosecution of bribery and corruption in Britain — but, a decade after the agreements were introduced, the jury is still out on whether they have lived up to the billing.
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February 26, 2024
UK Unveils Plan For Surplus In £1.4T Pension Sector
The government has said it is exploring proposals to allow companies to tap into the £1.4 trillion ($1.8 trillion) defined benefit pension sector, but trade bodies and consultants warned that the plan could undermine the security of savers.
Expert Analysis
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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.
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Why 2023 Could Be The Year Of The Restructuring Plan
As U.K. businesses face a challenging economic environment going into 2023, the stage may be set for a rise in restructuring plans, with early signs such as an increasing body of case law, the pragmatic approach taken by the judiciary to date and the cross-class cramdown mechanism, say Rachael Markham and Charlotte Møller at Squire Patton.
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ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake
The European Court of Justice's recent ruling in the WM and Sovim cases, holding that making information on a register of beneficial owners publicly available interferes with the Charter of Fundamental Rights of the EU, has been criticized as a step backward in the fight against money laundering and financing of terrorism, and its impact is not yet clear, say Michael Marschall and Verena Krikler at Schoenherr.
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UK Sustainability Disclosure Regime Complicates Compliance
The U.K. Financial Conduct Authority's new sustainability disclosure rules — likely to be finalized later this year — are the latest piece in an evolving compliance puzzle that fund managers may struggle with, due to conflicting interplay between regulatory requirements and investor expectations, say attorneys at Akin Gump.