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Financial Services UK
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April 10, 2024
UK Reports £612M Lost To Investment Fraud Last Year
Cryptocurrency scams accounted for the bulk of investment fraud cases that cost U.K. investors more than £612 million ($771 million) in 2023, according to crime data service Action Fraud.
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April 10, 2024
Swiss To Beef Up Banking Rules After Credit Suisse Rescue
The Swiss government said Wednesday that it plans to beef up rules for its largest domestic lenders, including giving its financial watchdog an expanded toolkit after the near-collapse of Credit Suisse revealed holes in the current regime.
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April 10, 2024
Compensation For Poor Pensions Advice At Record Low
Compensation for retirement savers who were wrongly advised to transfer out of their defined benefit pension has hit a record low, a consultancy said on Wednesday.
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April 10, 2024
EU Bank Rescue Agency Overcharged Institutions By €3.7B
A European Union court ruled Wednesday that the eurozone's rescue agency for financial institutions overcharged for contributions to its safety net fund by almost €3.7 billion ($4 billion) but has given the authority at least six months until it has to repay.
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April 10, 2024
FCA Eyes Revisions To Payments For Investment Research
The Financial Conduct Authority on Wednesday said it plans to revise how asset managers pay for investment research, seeking to simplify and expand access across the sector.
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April 10, 2024
Fraudsters Behind £50M Benefits Scam Get Sentencing Date
Five Bulgarians who pleaded guilty to fraud and money laundering have been convicted at a London criminal court, the European Agency for Criminal Justice Cooperation said Wednesday, a crime the agency described as the largest benefits fraud to have hit the U.K.
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April 10, 2024
Lifeboat Fund Opens Probe Into British Steel Pension Adviser
The compensation program for financial services said it has opened an investigation into an advice firm in connection with the British Steel Pension Scheme scandal.
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April 10, 2024
EY Law Helps Alisa Bank Merge With Fintech In €10.4M Deal
Finnish digital lender Alisa Bank PLC said it plans to merge with PURO Finance Ltd. in a deal that values the invoice financing company at €10.4 million ($11.3 million).
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April 10, 2024
FCA Records Decline In Households In Financial Difficulty
The number of households in financial difficulty tumbled by 38% in the 12 months to January, the finance watchdog said Wednesday, adding that more than seven million people were struggling to pay bills and credit repayments compared with almost 11 million a year earlier.
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April 10, 2024
Russian Tycoons Win Initial Fight Over EU Sanctions
Russian businessmen Mikhail Fridman and Petr Aven have beaten the initial European sanctions imposed against them as a European Union court ruled Wednesday that they were unjustifiable, although their assets will continue to be restrained under newer measures.
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April 09, 2024
'You're Going To Lose These People,' Judge Tells Lynch Atty
U.S. District Judge Charles Breyer on Tuesday chided a Steptoe partner representing former Autonomy CEO Michael Lynch in his criminal fraud jury trial, saying that his hourslong questioning of a Deloitte partner shouldn't go on much longer, or "you're going to lose these people."
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April 09, 2024
Pension Scheme End-Game Options Rising, Consultancy Says
A rise in funding means U.K pension schemes have more end-game options, consultancy Broadstone said Tuesday, as the aggregate surplus of thousands of defined benefit schemes increased to £455.5 billion ($578.4 billion) by the end of March.
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April 09, 2024
Labour Party Pledges £5.1B Tax Crackdown If Elected
Britain's opposition Labour Party pledged Tuesday to raise £5.1 billion ($6.5 billion) by closing tax loopholes and cracking down on tax avoidance schemes if it wins the next election, expected later this year.
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April 09, 2024
Gov't Urged To Ban Cash Incentives For Pension Switching
The government should ban pension providers from offering cash incentives for savers to switch plans because the practice encourages people to ignore the "fine print" and move over to a worse option, new research by a provider of retirement savings plans suggests.
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April 09, 2024
HSBC To Take $1B Hit From Sale Of Argentina Unit
HSBC said Tuesday that it will book a $1 billion loss on the sale of its business in Argentina to local lender Grupo Financiero Galicia, as the London-based bank continues to shift its focus to Asia.
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April 16, 2024
Charles Russell Speechlys Hires Banking And Finance Lawyer
Charles Russell Speechlys LLP has appointed Philip Withey, a lawyer from Womble Bond, as partner in its banking and finance practice in a move the firm believes will boost its business.
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April 08, 2024
Ex-Autonomy Exec Says Boss's Invoice Ask Caused Concern
A former Autonomy finance employee took the stand Monday in the criminal fraud trial of ex-CEO Michael Lynch and finance director Stephen Chamberlain, telling a California federal jury that he was "not comfortable" with one of Chamberlain's invoice requests and was sacked after raising concerns about accounting irregularities.
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April 08, 2024
Canada's High Court Enforces Award In Greek Defense Suit
The Supreme Court of Canada has affirmed the enforcement of an arbitral award in a dispute over a contract between aircraft manufacturer Bombardier Inc. and Greece's Ministry of National Defence, saying a Canadian bank had to refuse payment to the beneficiary of a letter of credit because of fraud.
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April 08, 2024
£54M Claimed From Failed Financial Services Last Year
The U.K.'s lifeboat scheme said Monday it has recovered £54 million ($68 million) in the financial year ended March 31 from the estates of failed financial services companies.
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April 15, 2024
Kirkland Hires Leveraged Finance Pro From Allen & Overy
Kirkland & Ellis LLP has recruited a debt finance specialist from Allen & Overy LLP as it continues to rebuild in the United Kingdom after undergoing a string of departures to rival U.S. law firm Paul Weiss Rifkind Wharton & Garrison LLP in late 2023.
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April 08, 2024
Attwells Denies Breaking Promise In £1.2M Loan Dispute
Attwells Solicitors LLP has denied promising that it was acting on behalf of a man who, the law firm says, was probably fraudulently posing as the owner of two properties in a move to borrow £775,000 ($980,000) from a finance company.
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April 08, 2024
Gowling, Osborne Clarke Steer £60M Tech Co. Pension Deal
Insurer Just Group said Monday it has completed a £60 million ($75.7 million) buy-in of a pension scheme sponsored by technology companies Epson (UK) Ltd. and Epson Europe BV, in a deal guided by Gowling WLG and Osborne Clarke.
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April 08, 2024
Pension Schemes Considering Alternatives For End Goal
Pension plans need to carefully weigh a range of options for their end game strategies, a professional services firm said, as retirement savings scheme funding continues to hover around near record levels.
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April 08, 2024
Grant Thornton Fined For Audit Compliance Breaches
The Financial Reporting Council said Monday it has fined accounting firm Grant Thornton £40,000 ($50,500) for failing to comply with audit regulations in its work on a local authority's pension fund.
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April 15, 2024
Hill Dickinson Hires 2 Teams From Irwin Mitchell
Hill Dickinson LLP has recruited two groups of real estate specialists from Irwin Mitchell LLP for its new office in Birmingham after a corporate team made a similar move earlier in the year.
Expert Analysis
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How Russia Sanctions May Complicate Contract Obligations
Against the backdrop of recent comprehensive sanctions against Russia and Belarus, a review of recent U.K. case law clarifies that certain force majeure clauses likely cover trade sanctions, and that future litigation will further develop the scope of force majeure and frustration in the context of sanctions, says Frances Jenkins at Quillon Law.
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New Guidance Offers Clarity For Charities On ESG Investing
The need for charities to understand investing in line with environmental, social and governance aspirations has never been more pressing, and recently updated U.K. Charity Commission guidance should give trustees confidence to make decisions that are right for their organization, says Robert Nieri at Shoosmiths.
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US And EU Poised For Closer Ties In Tech Financial Market
The Consumer Financial Protection Bureau and the European Commission are both concerned about the challenges posed by the increasing digitalization of financial products, such as the use of AI and new forms of credit, and by working together, the two regulators can share information and best practices, says Yulia Makarova at Cooley.
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FCA Case Failures Highlight Value Of Robust Investigation
The recent U.K. upper tribunal judgment in Seiler, Whitestone and Raitzin v. The Financial Conduct Authority, criticizing the regulator for accepting a narrative advanced by the firm, makes clear that such admissions must not get in the way of a proper investigation to enable agencies to target the correct individuals, say Tom Bushnell and Olivia Dwan at Hickman & Rose.
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UK Shares-Tax Proposals Offer Long-Awaited Modernization
The U.K. government's recent consultation on the introduction of a new tax on transactions in securities raises detailed legal and practical issues, but the prospect of a single digital stamp tax offering both streamlined legislation and administration will be welcomed, say Zoë Arnautov and Mark Sheiham at Simmons & Simmons.
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Directors Should Beware Reinvigorated UK Insolvency Service
The recent lengthy disqualification of Carillion directors serves as a salutary lesson to executives on the level of third-party scrutiny to which their actions may be exposed, and a reminder that the directors’ fiduciary duty to creditors is paramount once a company is irretrievably insolvent, says Ben Drew at Fladgate.
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The New Accountability Landscape For Financial Regulators
The preliminary-stage success of a group of U.K. lawmakers in a case against the Financial Conduct Authority highlights the significant hurdles for review of regulatory actions, but the Financial Services and Markets Act 2023 creates additional visibility into the regulators' decision making, which may lead to an increase in judicial review activity, say attorneys at Cleary.
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Director Responsibilities Amid Russian Asset Seizures
Following Russia's recent takeover of several companies, shareholders may argue that directors failed to properly guard the companies' assets and choose to bring derivative claims or unfair prejudice petitions, say lawyers at Collyer Bristow.
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Investors Should Prepare For Possible EU Energy Treaty Exit
Following the European Commission’s recent call for the European Union and Euratom to withdraw from the Energy Charter Treaty, investors in the energy sector should assess the legal structure of their existing investments and consider restructuring to ensure adequate protections, says Philipp Kurek at Kirkland.
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EU Raw Materials Initiative Vital For Sustainable Value Chains
The European Commission’s recent steps toward developing partnerships with the U.S. and Argentina to ensure a secure supply of critical raw materials are a welcome recognition of the importance of mining to the European Union's sustainable transition, say lawyers at Watson Farley.
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UK Top Court Ruling Spells Uncertainty For Litigation Funders
The U.K. Supreme Court's recent decision in Paccar Inc. v. Competition Appeal Tribunal has called litigation funding agreements impermissible, causing astonishment in the legal industry and raising questions over how funders should now approach litigation, say Mohsin Patel at Factor Risk Management and Imran Benson at Hailsham Chambers.
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Gender Diverse Boards May Reduce Corporate Fraud Risk
Following the recently proposed "failure to prevent fraud" offense, companies should focus on diversity in leadership as research shows that an increase in women's representation on boards is associated with a decreased probability of fraud, say Anoushka Warlow and Suzanne Gallagher at BCL Solicitors.
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Trustees Should Take Caution After UK Pension Tap Plan
The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.
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Factors Driving Increased Litigation Against European Cos.
European government regulation and enforcement, economic inflation and litigation funding are driving an increase in litigation, especially class actions, against corporations in Europe, a trend that seems to be here to stay, says Henning Schaloske at Clyde & Co.
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New UK Offense Will Help Law Firms Tighten AML Compliance
By allowing for larger fines and introducing a failure to prevent fraud offense, the Economic Crime and Corporate Transparency Bill, currently passing through Parliament, will further motivate law firms to improve their anti-money laundering compliance process, says Richard Simms at AMLCC.