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Financial Services UK
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March 13, 2024
Pensions Watchdog Workers Call Off Strike, Agree To Pay Deal
Some 400 workers at The Pensions Regulator suspended their strike action after agreeing to a pay increase aligned with guidelines set for government employees, the watchdog said Wednesday.
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March 13, 2024
Traders To Fight Rate-Rigging Convictions In Landmark Appeal
Two former traders who say they were made scapegoats for public anger during the last financial crisis challenge their convictions for rigging benchmark interest rates on Thursday in a case that could undermine the legal theory that underpinned dozens of prosecutions.
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March 13, 2024
'Significant' Gaps Remain In UK Pension Provision, FCA Says
Automatic enrollment should be recognized as a success, but gaps around the retirement saving provision remain, the Financial Conduct Authority's chief executive said Wednesday, raising questions about Britain's current and future pension landscape.
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March 13, 2024
Energy Co. Founder Denies Owing Abraaj Investment $41M
The founder of an energy company has denied an investment management firm's claim it is owed $41 million by the electrical manufacturer that part-owned his business, telling a London court that the alleged debt was transferred to a UAE bank.
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March 13, 2024
Bond Market Seeks Mix Of FCA Proposals On Trade Reporting
U.K. and European trade bodies jointly laid out their preferences on Wednesday for a U.K. regulatory framework for publishing bond trading data based on elements of two potential models proposed by the Financial Conduct Authority.
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March 20, 2024
King & Spalding Hires Paul Hastings Finance Pro
King & Spalding LLP has appointed Paul Hastings LLP finance expert Peter Schwartz as partner in its London office in a bid to boost its European corporate practice.
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March 13, 2024
Taylor Wessing's Legal App Teams Up With Fundraising Site
Taylor Wessing LLP said on Wednesday that its app designed to help startup companies manage their legal requirements has worked with an investment platform to offer growing businesses a "competitive" edge during fundraising.
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March 12, 2024
Man Loses Bid To Challenge US Tax Refund Fraud Extradition
A man facing extradition to the U.S. — to stand trial on allegations that he took part in a scheme to fraudulently receive millions in tax refunds — was denied a chance to challenge the extradition by a London judge on Tuesday.
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March 12, 2024
'Clearer Than Ever' That Wright Is Not Satoshi, Developers Say
Lawyers for developers seeking to prove that Craig Wright is not the pseudonymous inventor of bitcoin told the High Court that it is "clearer than ever" that the Australian computer scientist is not Satoshi Nakamoto in closing arguments on Tuesday.
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March 12, 2024
Spanish PE Firm Denies Owing PwC €2M Over Hotel Deal
A Spanish private equity firm has said it does not owe a €2 million ($2.2 million) fee to PricewaterhouseCoopers LLP, claiming the Big Four accounting firm failed to provide all the services required under an agreement to raise money to buy a hotel in Mallorca.
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March 12, 2024
Trader Says UBS Has 'Habit' Of Not Following The Law
The director of a collapsed commodities trader told a London court on Tuesday that UBS has a "habit" of not following the law, rejecting accusations that he siphoned off company funds to family members after the business became insolvent.
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March 12, 2024
Finance Biz TP ICAP Starts Second £30M Buyback
Finance services firm TP ICAP Group PLC said on Tuesday it will begin a share buyback worth up to £30 million ($38 million) to boost its investor returns and announced it is exploring listing a stake in its data business.
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March 12, 2024
CMS Guides UK Cash Savings Platform On £108M Investment
Flagstone has secured a £108 million ($138 million) investment from U.S. private equity firm Estancia Capital Partners to help it "capitalize on the opportunities ahead" in Britain's savings market.
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March 12, 2024
Gov't To Give Banks More Time To Investigate Payment Fraud
HM Treasury on Tuesday published draft legislation giving banks more time to investigate suspected fraud on payments, giving them a better chance of stopping thieves.
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March 12, 2024
SFO Arrests 3 In £76M Luxury Care Home Fraud Probe
The Serious Fraud Office arrested three people on Tuesday in an investigation into an alleged £76 million ($97 million) fraud over the collapse of a luxury care home provider that left elderly residents homeless and 600 investors out of pocket.
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March 12, 2024
AI Attacks Pose Critical Threat To Businesses, Lloyd's Says
Artificial intelligence will empower cybercriminals and potentially increase the frequency and sophistication of digital attacks, Lloyd's of London warned in a report published Tuesday.
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March 12, 2024
FCA's New Greenwashing Rules Lack Clarity, City Firms Warn
City firms are pressing the Financial Conduct Authority to revise the draft guidance for its new anti-greenwashing rules to clear up critical ambiguities as they seek greater clarity on how broadly it will be applied.
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March 11, 2024
Lawyers Say 'Stale' $88M Negligence Suit Is Too Late
A Cayman Islands law firm and two barristers asked a London court on Monday to toss out a construction magnate's $88 million negligence suit against them and Clyde & Co. LLP, arguing he waited too long to bring his case.
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March 11, 2024
Nuvei Unit Sues Pay Group Over Failed Domain Name Deal
A Nuvei Group subsidiary has sued several payments companies and their bosses for allegedly failing to use the company's payments technology, despite signing a deal promising to do so in return for a website domain.
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March 11, 2024
Santander Whistleblower Loses Bid To Revive Claim
An appellate tribunal has rejected a bid by a former financial crime policy manager at Santander to revive her whistleblowing and discrimination claims against the bank, ruling a fair trial was not possible because she failed to exchange witness statements.
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March 11, 2024
£237M Ponzi Case Doesn't Stack Up, Ex-LC&F Director Says
A former director of London Capital & Finance told a trial over the £237 million ($304 million) investment scandal on Monday that he did not take part in the alleged Ponzi scheme.
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March 11, 2024
New Treasury Review Of AML Rules To Cast Wide Net
The U.K. Treasury said Monday that a new review on the effectiveness of anti-money laundering regulations will have a broad scope, encompassing more than 100,000 businesses, including law firms.
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March 11, 2024
Insolvency Service Makes Progress on Gender Pay, Diversity
Discrepancies in salaries between men and women at the Insolvency Service narrowed further by five percentage points in 2023, the bankruptcy administrator has revealed in its latest gender pay gap report, with women now making up more than half of its workforce.
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March 18, 2024
Taylor Wessing Hires Investment Funds Pro From Reed Smith
Taylor Wessing LLP has hired Shervin Shameli from Reed Smith LLP as partner in its London office to bolster its investment business.
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March 11, 2024
Global Standards-Setter Sets Deposit Insurance Review
The International Association of Deposit Insurers said Monday that it will focus its 2024 efforts on updating the rules for deposit insurance, including studying how it works, collecting more data on it and helping members improve their systems.
Expert Analysis
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How The US And UK Differ On Crypto Regulation
While the U.K. and U.S. share strong economic ties, their approaches to crypto regulation differ wildly, with the U.K. setting bespoke rules through legislation and the U.S. taking a fragmented, and arguably hostile, approach to regulating crypto-assets, most often happening through enforcement, say attorneys at BCLP.
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Judicial Review Lessons From Financial Ombudsman Case
Even though the judicial review claim was dismissed in the recent High Court decision Shawbrook Bank v. Financial Ombudsman Service, it has important legal and practical takeaways for lenders who can obtain real value by challenging FOS decisions, say lawyers at Linklaters.
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Understanding ESG Considerations In Social Lending
In light of recent updates to sustainable finance guidance by loan market associations, lenders should ensure they request compliance information for projects intended to provide social benefits in order to encourage borrowers to hold environmental, social and corporate governance factors as a priority, says Jasmine Robinson at Taylor Wessing.
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How To Approach Different Data Types In E-Disclosure Matters
The High Court's recent decision in Terre Neuve v. Yewdale highlights the importance of practitioners adequately approaching e-disclosure obligations, including understanding their data landscapes and the nuances of different data types, say Fiona Campbell at Fieldfisher and Alejandro Gomez-Igbo at Forensic Risk Alliance.
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Why FCA Proposals For UK Listing Rules May Need Tweaking
Although many of the Financial Conduct Authority’s recently published proposals for listing rules reform are to be welcomed, a few further changes are needed if the regulator's objective of making the U.K. public markets more attractive is to be achieved, says Nigel Gordon at Fladgate.
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Exploring UK Regulatory Reform Amid Global Bank Failures
In light of recent high-profile bank failures and the publication of a feedback statement to a U.K. regulatory review, the concern that banks are overly reluctant to use their stock begs the question whether regulators now need to rethink the operation of the liquidity coverage ratio, say Alix Prentice and Carl Hey at Cadwalader.
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Key Takeaways From Recent UK Insolvency Disputes
As recent insolvency statistics show that U.K. registered company insolvencies are up 16% compared to last year, having a strong understanding of recent key U.K. decisions and how insolvency disputes operate is more important for companies now than it has ever been, say attorneys at Crowell & Moring.
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Why The Draft UK Fraud Offense May Not Be A Game Changer
Although the U.K.’s proposed "failure to prevent fraud" offense will generate a need for large businesses to reassess their existing processes, given the long lead-in times for prosecutions and the Serious Fraud Office's current success rate, it seems unlikely that the corporate fraud landscape will be immediately transformed, say Charles Kuhn and Charlotte Gill at Clyde & Co.
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A Review Of The EU FDI Screening Regulation And Its Scope
The EU advocate general’s recent broad interpretation of the EU Foreign Direct Investment Screening Regulation takes account of some of the geopolitical challenges faced by the bloc, and may foreshadow a revision of the regulation and widen the scope of investments screened, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.
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Key Takeaways From EU Proposal For Greenwashing Rules
If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.
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How EU ESG Regs Affect US Financial Market Participants
The European Commission recently confirmed that the Sustainable Finance Disclosure Regulation applies to all funds marketed in the EU, so affected U.S. financial market participants will need to consider the new guidance on principal adverse impacts, sustainable investments and promotion of carbon emissions reductions, say attorneys at Debevoise.
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UK Plan For AI Rules Raises Compliance Questions For Cos.
The U.K. government's proposal for a new, clear and pro-innovation regulatory framework on artificial intelligence diverges from the European Union's approach, which may create incoherence and compliance burdens for businesses operating in both jurisdictions, says attorneys at Akin Gump.
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UK Investment Screening Inches Closer To US Regime
The recent agreement between the U.K. Cabinet Office and House of Commons concerning parliamentary scrutiny of the Investment Security Unit represents a step toward greater transparency of intervention in investments that may raise national security concerns, and underscores increasing alignment with the U.S. regime, say attorneys at Hogan Lovells.
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UK Ruling May Affect 3rd-Party Fraud Liability Post-Insolvency
While the recent Court of Appeal decision in Tradition Financial Services v. Bilta could make Section 213 of the Insolvency Act a powerful tool for liquidators, it also heightens the risk of companies tangentially involved in fraud being subject to claims following insolvency, say attorneys at Dechert.
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5 Ways For A Legal Practice To Close Technology Gaps
With technology a driving force for success, the U.K. legal sector must embrace innovation to maintain its competitive edge, and investing in new processes is no longer optional, says Gareth Preece at Doherty Associates.