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Financial Services UK
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April 30, 2025
Ex-Janus Analyst Insists Cash Was For Father's Business
A former analyst for asset management company Janus Henderson told jurors that £198,000 ($264,100) in cash — alleged by the Financial Conduct Authority to be dirty money — was for his father's construction business, denying the FCA's accusation.
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April 30, 2025
Morgan Lewis Expands Tax Practice With Milbank Hire
Morgan Lewis & Bockius LLP added a former Milbank special counsel as a tax partner based in the firm's London office.
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April 30, 2025
Dentist Fights HMRC Over Alleged Tax Avoidance
A dentist's firm urged an appeals court on Wednesday to find that it had not engaged in tax avoidance by making loan payments to its owner through a trust, saying the payments had no connection to its owner's employment and therefore were not taxable as income.
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April 30, 2025
Lebanon Bank Loses Jurisdiction Fight In $24M Transfer Case
A Lebanese bank on Wednesday lost its bid to block a Saudi sheikh from suing it in a London court to force it to transfer $24 million to his Swiss bank account amid an economic crisis in Lebanon.
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April 30, 2025
UBS To Buy Back Further $2.5B Worth Of Shares In 2025
UBS Group AG said on Wednesday it will reward investors by repurchasing up to $2.5 billion in shares this year, despite a drop in net profit and an "unpredictable" economy.
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April 30, 2025
9M Britons Retire With Meager Private Pensions, Report Says
Almost 9 million people in the U.K. enter retirement "significantly under-pensioned," with annual private pension incomes of between £3,650 ($4,870) to £6,750, according to a report by the Pensions Policy Institute.
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May 07, 2025
White & Case Hires Back PE Pro From Kirkland In London
White & Case LLP announced Wednesday the return of a corporate partner at Kirkland & Ellis LLP to boost its cross-border private equity offering to deal with the increase in transactions it expects to continue through the year.
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April 30, 2025
FCA Says Meta Slacking In The Removal Of Suspect Ads
The Financial Conduct Authority named Facebook owner Meta on Wednesday as the biggest laggard among the big tech companies in terms of responding to requests to take down material from "finfluencers" about whom the watchdog had issued warnings.
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April 30, 2025
Justices To Decide Asset Split In Banker's £112M Divorce Case
The former wife of a UBS banker told the U.K. Supreme Court on Wednesday that she should get an equal split of their £112 million ($149 million) family wealth in a case that could confirm whether assets generated outside marriage can ever be shared.
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April 30, 2025
HMRC Should Use AI To Boost Services, Report Says
HM Revenue & Customs is still not doing enough to improve its services and should prepare to use artificial intelligence to enhance customer service for U.K. taxpayers and increase its productivity, according to a parliamentary report.
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April 30, 2025
UK Finance Sector Calls For Cuts To Audit Regulation
A group of finance and corporate trade bodies urged the government on Wednesday to reduce and simplify regulation of auditors to support U.K. growth.
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April 30, 2025
Lender Says Company Owner Gifted Biz To Son To Evade Debt
A finance provider has sued a businessman for allegedly gifting a company to his son the day after the lender had demanded payment of more than £4.7 million ($6.3 million) under a loan guarantee.
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April 30, 2025
Gov't To Push Through Collective Pension Rules In Autumn
The U.K. government said it plans to introduce new regulation in the latter half of the year to allow the introduction of new forms of collective pension plans.
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April 29, 2025
FCA Proposes Live AI Testing Service For Firms
The City watchdog proposed on Tuesday a testing service for companies as they check the readiness of their new artificial intelligence tools, a program it believes can help it to better understand the impact of the technology on markets.
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April 29, 2025
Gov't Cracks Down On Crime With UK Cryptocurrency Rules
HM Treasury unveiled new regulations for crypto-exchanges on Tuesday, which it said would protect the growing number of adults who are investing in risky assets, while encouraging innovation in the sector.
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April 29, 2025
Burness Paull Guides £7.5M Pension Deal For Fuel Biz
Aviva PLC has bought out £7.5 million ($10 million) of the pension arrangement liabilities of Gleaner Ltd., advisers said Tuesday, in a deal steered by law firm Burness Paull LLP.
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April 29, 2025
Pensions Watchdog Issues Covenant Warning Amid Tariffs
The U.K.'s retirement savings watchdog warned pension schemes on Tuesday to be mindful of the impact of global trade tariffs as it said it had found that more than half have a funding surplus.
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April 29, 2025
Ex-Russells Partner Denies Role In Alleged Share Sale Plot
Russells Solicitors and a former partner have denied being part of an alleged plot to hide plans for a $40 million takeover of a celebrity intellectual property licensing company to get a former director to sell his shares cheaply.
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April 29, 2025
HSBC Banks On $3B Buyback After Strong Figures
HSBC Holdings PLC said Tuesday that it will buy back $3 billion of its shares after the British banking giant reported strong results for the first quarter 2025.
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April 29, 2025
UK Treasury Appoints 4 New FCA Board Members
HM Treasury said Tuesday it has appointed four new members to the board of the Financial Conduct Authority.
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April 29, 2025
FCA Set To Get Enforcement Boost From New Fraud Offense
The new "failure to prevent" fraud offense that comes into force in September will indirectly boost the Financial Conduct Authority's opportunities for enforcement against corporate senior managers, countering its recent retreat from plans to "name and shame" companies it is investigating, lawyers say.
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April 29, 2025
EU Prosecutors Accuse Audit Body Of Blocking Fraud Probe
European Union prosecutors have sued the European Court of Auditors for blocking a request for several of the court's members of staff to testify in a criminal investigation launched in the wake of allegations of fraud at the top of the audit institution.
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April 28, 2025
Watchdog Warns Of Significant Errors In Digital Reporting
The accounting watchdog warned Monday that some companies listed on the London Stock Exchange are making significant errors in their digital annual reports through incorrect tagging.
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April 28, 2025
Gov't Urged To Act On Critical Pension Switching Delays
The government must step in to mandate faster retirement saving transfers, a pensions provider warned Monday, saying that in some cases customers have been left waiting three years for the process to complete.
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April 28, 2025
Court Compels Disclosure In £500K Phone Crypto-Theft Case
The victim of a phone-snatching in London has secured a court order compelling four companies offering digital asset exchange services to disclose documents tied to an alleged fraud perpetrated against them after £500,000 ($667,000) in cryptocurrency was drained from his account.
Expert Analysis
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What Can Be Learned From Adobe-Figma Merger Termination
The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.
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How FCA Listing Regime Reform Proposals Are Developing
The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.
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Major EU AI Banking Ruling Will Reverberate Across Sectors
Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.
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Key Points From Ireland's New Accountability Framework
The recently introduced Individual Accountability Framework is a positive step for the financial services industry in Ireland, and in contributing to cultural and practical change will encourage positive behavior and good governance for the benefit of the industry and investors, say Aongus McCarthy and Niall Esler at Walkers Global.
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Technology And AI: 2024's Legal And Regulatory Landscape
Alexander Amato-Cravero at Herbert Smith discusses what businesses and their lawyers can expect in the year ahead in terms of regulation, policies and associated risks related to advancing technologies and artificial intelligence, including the need for increased internal governance and workforce engagement.
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US And UK Law Firms Continue Trend Of EU Expansion
A broad spectrum of U.S. and U.K. law firms are now seeking fresh opportunities in Europe's fastest growing and constantly evolving sectors by opening offices in strategic locations across the continent, says James Lavan at Buchanan Law.
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A Look At 2023's Landmark Insolvency Developments
The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.
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Pension Industry Should Monitor Evolving ESG Issues In 2024
ESG thinking in the pensions industry has substantially evolved from focusing on climate change and net-zero to including nature and social considerations, and formalizing governance processes — illustrating that, in 2024, continually monitoring ESG issues sits squarely within trustee fiduciary duties, says Liz Ramsaran at DWF.
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What 2024 Has In Store For White Collar Crime Enforcement
Changes in Serious Fraud Office leadership and corporate crime laws in the U.K. signal a chance to kickstart enforcement in 2024, and companies need to stay alive to risks within their business, preparing in particular for the new offense of failure to prevent fraud, say lawyers at Latham.
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Emerging Trends From A Busy Climate Litigation Year
Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.
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Regulating Digital Platforms: What's Changing In EU And UK
Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.
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How Boards Can Mitigate Privacy, Cybersecurity And AI Risks
In 2023, data privacy, cybersecurity and AI persist as prominent C-suite concerns as regulators stepped up enforcement, and organizations must develop a plan for handling these risks, in particular those with a global footprint, say lawyers at Latham.
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The Outlook For UK Restructuring Plans At Home And Abroad
The U.K. continues to be a center for large-cap, cross-border restructurings, though its competitive edge over the EU in this regard may narrow, while small and medium-sized enterprises are already likely to avoid costly formal processes by reaching out to their secured lenders for restructuring solutions, say Paul Keddie and Timothy Bromley-White at Macfarlanes.
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Foreign Assets Ruling Suggests New Tax Avoidance Approach
The U.K. Supreme Court's recent ruling in His Majesty's Revenue & Customs v. Fisher, which found that the scope of the transfer of foreign assets is narrow, highlights that the days of rampant tax avoidance have been left behind, and that the need for wide-ranging and uncertain tax legislation is lessening, says James Austen at Collyer Bristow.
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Lessons To Be Learned From 2023's Bank Failures
This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.