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Financial Services UK
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June 12, 2024
Rule Changes Proposed To Revive EU Securitizations
A European body for financial institutions has warned that regulation is suffocating the securitization market as it proposed a five-point plan to revive it as part of the Capital Markets Union to get investments flowing across member states.
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June 12, 2024
Google's GPay TM Gets Declined In Europe
Google lost its appeal on Wednesday after seeking to revive its "GPay" trademark for electronic payment services as a European court ruled that a Bulgarian rival had already cornered the digital market with "ePay."
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June 12, 2024
Marsh Unit Buys $66B UK Pensions Provider Cardano
A unit of U.S. professional services giant Marsh McLennan has bought $66 billion U.K. pensions provider Cardano, in a deal guided by Norton Rose Fulbright LLP.
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June 11, 2024
UniCredit Overturns $69M Plane Payment Sanctions Ruling
UniCredit was entitled to withhold $69.3 million in payments to lessors for Russian planes because of sanctions, a London appellate court ruled Tuesday, partly overturning findings that it was not reasonable for the bank's U.K. branch to believe it could not make the payments.
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June 11, 2024
Deutsche Bank Trader Fights For Compensation 'Assurances'
Deutsche Bank executives gave "assurances" about compensation that the lender must now abide by, a former trader told the High Court in London on Tuesday as she sued for breach of contract.
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June 11, 2024
Serco Denies Directors Knew Of Fraud In Securities Trial
Serco Group PLC denied investors are entitled to compensation over a fraud that caused the outsourcing giant's share price to nosedive, arguing on the second day of a London trial Tuesday that none of its directors had known about the alleged wrongdoing.
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June 11, 2024
Klarna Gets 2nd Shot To Trim Startup's 'Klar' TM
Buy-now, pay-later giant Klarna has won another chance at restricting a German data analytics' "Klar" mark, after a European appeals board ruled the officials had not properly taken the fintech's reputation into account.
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June 11, 2024
Widow Who Signed Docs 'Without Reading' Still Owes $64M
A London appellate court has ruled that a former Hong Kong resident can't escape a personal guarantee to pay 500 million Hong Kong dollars ($64 million) to cover bonds issued by her husband's company, in part because she entered the contract for business purposes.
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June 11, 2024
Travers Smith Recruits Funds Partner From Blackstone
Travers Smith LLP said Tuesday that it had hired a retailization specialist from Blackstone Inc.'s credit and insurance arm as a partner, fortifying its ability to advise fund managers on products previously only available to financial institutions.
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June 11, 2024
Tory Tax Cut Plans Raise Questions On Funding Gaps
The prime minister unveiled plans for £17.2 billion ($21.8 billion) in tax cuts at the launch of the Conservative Party's election manifesto on Tuesday, but a headline cut of two percentage points in the payroll tax was put off for three years — and funding plans left some experts unconvinced.
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June 11, 2024
French Tax Law Challenged On Free Movement Grounds
The European Court of Justice is examining a French law regarding undeclared assets held outside the country to determine whether it is in line with the European Union's law respecting free movement of capital, the EU's official journal said.
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June 11, 2024
Shakespeare Martineau Adds Finance Pro From Blake Morgan
Shakespeare Martineau LLP has hired a finance and banking specialist as a partner at the firm's new offices on the south coast of England, where he will work with new and existing clients across a range of sectors.
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June 11, 2024
FCA Eyes Consumer Impact Of New Legal Cooperation Rules
The Financial Conduct Authority has set out how it is working with the Financial Ombudsman Service and other bodies under a new duty of legal cooperation required by the Consumer Duty and changing payments regulations.
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June 11, 2024
LC&F Administrators Attack Ex-Boss' Credibility In Ponzi Case
The administrators of London Capital & Finance PLC have criticized the company's former head as a "thoroughly unreliable witness" as they closed their case that he and others operated the business as a £237 million ($302 million) Ponzi scheme.
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June 11, 2024
Sunak Pledges Further Tax Cuts In Election Manifesto
Rishi Sunak said on Tuesday that his Conservative Party would establish a tax system that "rewards work" by slashing a range of levies if it wins the general election, including another cut in the national payroll tax by 2027.
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June 11, 2024
BHS Directors To Pay Liquidators £18M For Wrongful Trading
A London judge ordered two former directors of failed retail chain BHS on Tuesday to pay liquidators at least £18 million ($23 million) after finding that they knew that the company was beyond rescue when it was purchased in 2015.
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June 10, 2024
BDO Denies Failing To Help In £18.5M Insurance Broker Sale
Accounting firm BDO LLP has rejected an insurance broker's claims that it is not entitled to payment for merger and acquisition advice because it failed to propose or introduce the buyer that eventually purchased the broker for £18.5 million ($23.6 million).
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June 10, 2024
Serco Accused Of Playing Around With Books As Trial Opens
Institutional investors told a London court Monday that Serco had "played around" with its financial reporting to keeping the government from clocking fraud in its contract for electronic tagging services as a landmark securities trial kicked off.
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June 10, 2024
Next Gov't To Face Tough Pension Decisions, IFS Warns
The next government will need to make some urgent decisions on pension reforms to ensure future retirees are protected, an influential think-tank has warned ahead of the July 4 general election.
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June 10, 2024
PwC Accused Of Negligent Advice As $800M BAT Trial Opens
Bad advice given by PricewaterhouseCoopers LLP to a company embroiled in an expensive environmental cleanup caused it to lose "hundreds of millions of euros," a subsidiary of British American Tobacco said at the opening of an $800million negligence trial on Monday.
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June 10, 2024
European Financial Body Calls On UK To Clarify AML Reforms
A European body representing financial market participants has called on HM Treasury to provide more clarity in the Money Laundering Regulations through planned amendments, including by specifying the exact point when a firm must check a potential customer's background.
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June 10, 2024
Lib Dems Vow To Raise Capital Gains Tax For UK's Wealthiest
The U.K.'s third-largest political party vowed on Monday to raise taxes on the country's wealthiest individuals if it wins the next election, in a bid to raise £5 billion ($6.4 billion) for the National Health Service.
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June 10, 2024
10% Of Early Pension Dippers Regret Withdrawals
Approximately one in 10 retirees aged 55 and older who withdrew money from their pension before retirement said they regretted doing so, a retirement savings company said on Monday.
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June 10, 2024
Abraaj Group Hits Back In Fight Over $37M Debt
Abraaj Group has hit back at a claim by a UAE bank that it owns $37 million of debt that the now-defunct private equity giant is trying to recover from a troubled investment project in a Pakistani electricity supplier.
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June 10, 2024
What Tax Experts Hope To See In Labour's Manifesto
Labour's policy manifesto, expected to be unveiled on Thursday, will be studied by tax lawyers for more detail on the fiscal planning being carried out by the clear favorite to win the general election, including a final word on lifetime pension savings.
Expert Analysis
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What To Know About The Russia-Stranded Plane Ruling
The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
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3 Notable Pensions Reforms In Spring Budget
The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Focus On Private Funds Will Boost Ireland's Global Standing
As the market increasingly pivots to private funds, Ireland's recent introduction of particular products — such as an updated, flexible European long-term investment fund — provides more structuring opportunities and paves the way for a brighter outlook in the country, say lawyers at Dechert.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
FCA Greenwashing Rules Need To Be Stronger To Be Effective
The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.
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EU Ruling Exposes Sovereignty Fissures In Int'l Arbitration
The European Court of Justice's recent ruling that the U.K. had breached EU law by allowing an arbitral award to proceed underscores the diminished influence of EU jurisprudence in the U.K., hinting at the EU courts' increasingly nominal sway in international arbitration within jurisdictions that prize legal autonomy, says Josep Galvez at 4-5 Gray’s Inn.
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Companies House False Filings Raise Issues Of Integrity
A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.
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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.