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Financial Services UK
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March 19, 2024
AI Tool Automates Climate-Related Financial Risk Analysis
The Bank for International Settlements said Tuesday that it has developed an artificial intelligence tool that analyzes climate-related risks in the financial system by streamlining large sets of data — and could pave the way for future research applications.
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March 19, 2024
FCA Sets Out Priorities For New Financial Year
The Financial Conduct Authority detailed on Tuesday its new priorities for the next financial year, setting out plans to protect consumers and boost competitiveness in Britain and to make better use of data.
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March 18, 2024
Ex-Autonomy CEO's Fraud Trial Over $11.7B HP Deal Kicks Off
Autonomy's former CEO Michael Lynch duped HP into buying his company at the inflated price of $11.7 billion, a federal prosecutor said Monday during opening statements in the British entrepreneur's criminal trial, while Lynch's lawyer countered his client had "all the money in the world" and no motive to commit fraud.
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March 18, 2024
HMRC Defends Response To Tax Avoidance Ploy
The U.K. tax authority has rejected claims that it has been "heavy-handed" by applying the loan charge to users of disguised remuneration schemes, according to a letter released on Tuesday by the Treasury Committee.
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March 18, 2024
Prison Sentence Persuades Ex-Solicitor To Pay FCA's Order
The Financial Conduct Authority said Friday that money launderer and ex-solicitor Dale Walker has paid a final sum of £33,500 ($42,600) required under a confiscation order, persuaded by a 62-day prison sentence for failure to pay.
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March 18, 2024
Ex-LC&F Chief's Legal Team Seeks Payment Upfront For Trial
The £237 million ($300 million) London Capital & Finance investment trial was adjourned on Monday as the company chief's former legal team refused to come back unless they were paid upfront.
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March 18, 2024
Hayes Laments Judge's 'Catastrophic' SFO Interview Remarks
A former derivatives trader said Monday that, although he had admitted to dishonestly submitting figures for a key benchmark interest rate, it was unhelpful, prejudicial and ultimately "catastrophic" that the judge presiding over his trial told jurors that his conduct was misleading.
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March 18, 2024
WTW To Launch 'Game-Changing' Climate Finance Solution
Insurance broker WTW said Monday it is working to launch an insurance facility that it hopes will remove risks associated with loans to private companies, a move to protect them from threats linked to climate change.
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March 18, 2024
FCA Levies £5.95M Fine In Fake Dividend Tax Reclaim Case
The Financial Conduct Authority said Monday it had decided to fine the former chief executive of Indigo Global Partners Ltd. £5.95 million ($7.57 million) and ban him from the industry for participating in a Danish tax scam that falsely reclaimed dividend taxes on shares.
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March 18, 2024
PA Unfairly Pushed To Quit Over Underground COVID Fears
A trader unfairly forced his personal assistant to quit after demanding that she continue to work at his house despite her concerns about catching COVID-19 on the London Underground, an appeals tribunal has ruled.
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March 18, 2024
Serving Claims To HMRC By Email Made Permanent
Claimants pursuing legal action against the U.K. tax authority in England and Wales will continue to be able to serve documents by email, HM Revenue and Customs said Monday, making the process it introduced during the COVID-19 pandemic permanent.
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March 18, 2024
SFO's Ephgrave Targets Fraud In Push To Kick Down Doors
The Serious Fraud Office's fifth new investigation in the five months since Nick Ephgrave took the helm shows the watchdog has focused on domestic fraud cases and delivered on the director's pledge to be bolder, lawyers say.
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March 18, 2024
Watchdogs Join Forces To Ramp Up Fight On Debt Collection
The Financial Conduct Authority said on Monday it is launching a joint effort with three other watchdogs to further scrutinize debt collection practices, ensuring that companies fairly treat consumers who are feeling the pinch from the cost-of-living crisis.
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March 15, 2024
Ex-Autonomy CEO To Face Jury As HP Fraud Trial Boots Up
Former Autonomy CEO Michael Lynch's 2011 sale of the tech company he founded to HP for about $11.7 billion earned him around $804 million and acclaim in tech circles, but the British executive now faces up to 20 years in prison on federal fraud charges that he inflated revenue figures in a monthslong criminal trial slated to kick off Monday in San Francisco.
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March 15, 2024
Emirati Banks Deny Misleading Court To Get $31M Order
Emirates NBD Bank PJSC has denied misleading the Dubai courts to secure court orders for 117 million AED ($31.8 million) to enforce loans it claims executives of a Kuwaiti opticians company owe.
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March 15, 2024
Investment Funds Fight For Disclosure In $1.2B Mining Row
Two Brazilian investment funds lost their bid Friday to force a mining company to hand over board documents ahead of a trial over a $1.2 billion deal that went south, with the judge agreeing with the mining firm that the documents are privileged.
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March 22, 2024
Pallas Partners Hires Litigation Pro From Linklaters In London
Pallas Partners LLP has recruited a litigation partner from Linklaters LLP to its London office in a boost to its offerings across commercial, finance and competition disputes, the boutique firm said Friday.
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March 15, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen Howard Kennedy face legal action by a London hotel chain, former racing boss Bernie Ecclestone and Formula One hit with a breach of contract claim by a Brazilian racecar driver, and a libel row between broadcaster Jeremy Vine and ex-footballer Joey Barton. Here, Law360 looks at these and other new claims in the U.K.
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March 15, 2024
US Acquittals Don't Upend UK Libor Convictions, SFO Says
The acquittals in the U.S. of two former bankers previously convicted of rigging Libor doesn't undermine the legal rationale — upheld on several appeals — for prosecuting traders in English courts, counsel for the Serious Fraud Office said Friday.
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March 15, 2024
FCA To Review How Firms Treat Vulnerable Customers
Britain's finance watchdog said on Friday that it will examine whether U.K. firms are treating vulnerable and elderly customers fairly.
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March 15, 2024
Debenhams Pension Deal Eases Superfund Fears, LCP Says
The step by Clara-Pensions to take on all 10,400 members of the retirement savings plan of collapsed retailer Debenhams in the U.K.'s second-ever superfund deal will ease concerns around transactions in the nascent market, a consultancy has said.
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March 15, 2024
Fintech Co. R8 Capital Extends £50M Redwood Bank Deal
Struggling fintech company R8 Capital said Friday that it now is likely to complete the approximately £50 million ($63.7 million) acquisition of the parent company of specialist business lender Redwood Bank in August to "accommodate certain aspects of the transaction."
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March 15, 2024
Scottish Mortgage Plans £1B In Buybacks Over 2 Years
Scottish Mortgage Investment Trust said Friday it is planning to spend at least £1 billion ($1.3 billion) over the next two years to reward shareholders after a sharp rise in cash flow from its portfolio companies.
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March 15, 2024
Pension Watchdog Says Poor-Value Plan Initiative Is Working
The U.K.'s retirement savings watchdog said that its fight against poor-value pension schemes is working and that plans are choosing to wind up following government regulations introduced to drive improvements for members.
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March 15, 2024
One-Day US Settlement Will Jeopardize Global FX Market
European asset managers have warned central banks and regulators that the planned U.S. move in May to settle foreign exchange trades more quickly will make billions of dollars in daily settlements unsafe, putting the global market at risk.
Expert Analysis
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What EU Cookie Consent Report Means For Website Owners
The European Data Protection Board’s recent report on website cookie banner practices provides a useful overview of what authorities consider to be problematic, and with more enforcement actions to be expected this year, website owners may use it to review their own policies, say Thibaut D'Hulst and Defne Örnek at Van Bael & Bellis.
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Volatile Energy Prices Complicate Int'l Arbitration Damages
In the turbulent global energy market, international arbitration is a crucial tool for resolving cross-border disputes — but determining how, if at all, to account for recent energy price spikes when quantifying damages presents many challenges for tribunals, say attorneys at White & Case.
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Navigating Adjudication And Insolvency After St. Philips Case
The U.K. Technology and Construction Court's recent judgment in J A Ball v. St. Philips Homes contains useful guidance on the enforcement of adjudicators' decisions by companies in administration and insolvent companies generally, say Michael Sadler and Gavin Hoccom at Browne Jacobson.
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5 Crypto Considerations For UK Policymakers
A recent consultation paper from the U.K.'s HM Treasury about digital asset regulation has been touted as a cause for celebration, and while the wheels have been put into motion, there is still a lot of work to do when it comes to correctly regulating the U.K.'s cryptocurrency industry, says Oliver Linch at Bittrex Global.
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Crypto-Asset Consultation Sets Out Direction Of Travel For UK
HM Treasury's phased approach in its recently published consultation on extending the U.K.'s future financial services regulatory regime for crypto-assets, although in many ways differing from parallel developments in the EU, is likely to be conducive to thoughtful policymaking, say attorneys at Cleary.
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A Breakdown Of The SRA's Proposed New Fining Powers
Thanks to the Solicitors Regulation Authority's pending new fining framework, which includes guidance on unsuitable fines and a fixed penalties scheme for low-level breaches, firms can expect to see more disciplinary findings leading to an SRA fine rather than referral to the Solicitors Disciplinary Tribunal, say Graham Reid and Shanice Holder at RPC.
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Russian Bank Ruling Clarifies UK Sanctions Regime
The recent U.K. High Court judgment of PJSC National Bank Trust v. Mints, a case brought by two Russian banks, is significant in clarifying that the U.K. sanctions regime does not deprive designated persons of their fundamental common law right to bring a claim in an English court, despite their assets being frozen, says Zoe O’Sullivan KC at Serle Court.
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EU Act Offers Financial Sector A Cybersecurity Framework
Although unlikely to be a complete solution to all risk management issues, the Digital Operation Resilience Act, effective from 2025, will increase regulatory pressure substantially in the EU financial sector and demand compliance with several new requirements, say attorneys at DLA Piper.
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Expect UK And EU Cybersecurity Laws To Mature And Diverge
Anticipated changes in cybersecurity legislation will strengthen both the U.K.'s and the EU's respective network and information systems, but potential inconsistencies mean organizations operating in both regimes should prepare for increased due diligence, say Louisa Chambers and Helen Reddish at Travers Smith.
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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.