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Financial Services UK
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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.
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March 11, 2024
Danish Prosecutors Open Tax Fraud Trial Against Sanjay Shah
Prosecutors in Denmark opened the criminal trial on Monday of a British hedge fund trader accused of masterminding a £1.44 billion ($1.85 billion) tax fraud scheme.
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March 11, 2024
FCA Ends Eight-Year Probe Into Former Mobile App Co. Execs
The Financial Conduct Authority has ended its civil court proceedings against two former executives of Globo, nine years after the mobile software developer fell into administration amid allegations of accounting fraud.
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March 11, 2024
FCA Allows Crypto Exchange-Traded Notes For Professionals
The Financial Conduct Authority said on Monday that it will allow exchanges such as the London Stock Exchange to list crypto-backed investment products, but only for professional investors.
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March 11, 2024
Dentons Defeats SRA Over AML Checks On PEP Client
A London tribunal confirmed on Monday that it has dismissed the Solicitors Regulation Authority's action against the U.K. arm of Dentons over the firm's handling of anti-money laundering checks on a politically exposed former client.
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March 11, 2024
FCA Fines British Steel Pensions Firm, Bans Advisers
The finance watchdog said Monday that it has hit a financial advice company with a fine and banned two former employees after discovering failures by the business when it put through £90 million ($115 million) of retirement savings transfers for members of the British Steel Pension Scheme.
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March 08, 2024
FCA To Boost Fight Against Nonfinancial Misconduct
The Financial Conduct Authority said Friday it would ramp up its fight against bullying and sexual harassment in the financial services sector in light of a damning parliamentary report condemning efforts to tackle sexism in the financial services sector.
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March 08, 2024
NFT Platform Beats Rival's 'HyperNFT' TM
An NFT platform has convinced U.K. intellectual property officials to scrap a rival's trademark for "HyperNFT," finding that consumers were likely to believe that they belonged to the same company.
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March 08, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Barclays initiate legal proceedings against top Russian private bank JSC Alfa-Bank; Lex Greensill, founder of the collapsed Greensill Capital, suing the U.K.'s Department for Business and Trade; Wikipedia's parent company hit with a libel claim; and a sports journalism teacher filing a data protection claim against Manchester United FC. Here, Law360 looks at these and other new claims in the U.K.
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March 08, 2024
Slaughter And May Guides PE Firm's £432M Wealth Firm Buy
Pollen Street Capital said Friday that its subsidiary has agreed to fully buy out Mattioli Woods, a wealth management company, for approximately £432 million ($556 million), as the U.K. private equity investor looks to capture a slice of the lucrative sector.
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March 08, 2024
Azeri Tycoon Can't Shift Freeze On £50M UK Property Empire
A High Court Judge refused Friday to lift a freeze on a £50 million ($64 million) London property empire belonging to an Azeri tycoon and politician allegedly purchased with illicit cash while U.K. law enforcers plan their next move.
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March 08, 2024
Gov't Sets Out 'Social Factors' Guide For Pension Investment
The pensions watchdog has urged retirement fund managers to weigh social factors, such as labor rights and the safety of workers, as part of their investment considerations.
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March 08, 2024
'Aggressive' Cold-Calling Firm Shut For Targeting Pensioners
A company that used "aggressive techniques" when selling unnecessary home service and maintenance plans to vulnerable pensioners has been wound up for targeting and misleading elderly customers.
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March 08, 2024
'Non-Dom' Tax Reforms Should Keep UK Lawyers Busy
The government's decision to reform its 200-year-old "non-dom" tax regime to raise £2.7 billion ($3.4 billion) a year presents a short-term boom for tax lawyers expecting a rush of calls from existing and future clients looking for guidance on a new set of rules.
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March 07, 2024
Efforts To Tackle Sexism In City Moving At 'Snail's Pace'
A group of senior MPs called on Friday for an end to the "era of impunity" in the country's financial sector, saying that efforts to tackle sexism in the City are moving at a "snail's pace" and ignoring the benefits of diversity.
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March 07, 2024
Dentons Says It Was Not Required To Refuse PEP Client
The U.K. arm of Dentons argued at tribunal Thursday that it had done enough to establish how an ex-client had earned his wealth, saying it was not required to refuse service because his home country had a higher risk of corruption and money laundering.
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March 07, 2024
UK Launches Case To Disqualify Lex Greensill As A Director
The U.K. government said Thursday that it is seeking to disqualify Lex Greensill, the founder of collapsed finance company Greensill Capital, from running another company for 15 years.
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March 07, 2024
Visa, Mastercard Fail To Ax Retailers' Swipe Fees Class Action
An English appeals court Thursday said the U.K.'s antitrust tribunal was entitled to have approved a proposed class action against Visa and Mastercard over allegedly unfairly imposing interchange rules on retailers, finding it had a "broad margin of discretion" over case management decisions.
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March 07, 2024
Irish Central Bank Plans Modernized Consumer Protection
The Central Bank of Ireland opened a consultation on Thursday on plans to modernize the Consumer Protection Code and clarify the obligations financial companies face for managing such risks as climate change.
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March 07, 2024
Libor Convictions Like Post Office Scandal, Lawmakers Say
The prosecution of traders over rigging of benchmark interest rates was a "miscarriage of justice" similar to the Post Office scandal, two politicians said on Thursday, a week before two former bankers challenge their convictions in a landmark appeal.
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March 07, 2024
Slaughter & May Advises Nationwide's £2.9B Virgin Money Bid
Nationwide Building Society said Thursday that it plans to buy Virgin Money UK in a £2.9 billion ($3.7 billion) cash deal that would create the second-largest mortgage and savings provider in Britain.
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March 06, 2024
FCA Did Not Unfairly Fire Staffer Amid Harassment Probe
The U.K.'s financial watchdog did not unfairly sack a supervisor based on his race after an internal investigation held that he had harassed another employee, a London appeals tribunal has ruled.
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March 06, 2024
PE Firm Continues Shedding Stake In Ads Biz For £47M
An investment company backed by private equity firm Apax Partners said Wednesday that it has diluted its stake in online classifieds group Baltic Classifieds Group PLC and raised £47.3 million ($60.2 million) in the process.
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March 06, 2024
Dentons Says Client Checks Adhered To Relevant AML Rules
Dentons told a tribunal on Wednesday that the Solicitors Regulation Authority's case accusing the firm of breaching money laundering regulations by failing to adequately investigate a former client's wealth is based on current regulations rather than those in force at the time.
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March 06, 2024
Businessman Can't Escape €50M Investment Fraud Case
A judge has declined to throw out a chunk of a €50 million ($54.4 million) investment fraud case brought by an Italian investment vehicle, finding allegations against company secretary Federico Faleschini cannot be divorced from the wider claim.
Expert Analysis
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UK Ruling Offers Useful Guidance To Insolvency Practitioners
The recent U.K. High Court ruling in a matter involving Sova Capital represents the first unsecured credit bid to be approved by an English court, demonstrating a pragmatic approach to complex sanctions-related administrations and identifying a novel solution for insolvency practitioners to maximize value for the benefit of creditors, say attorneys at Katten.
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The FCA's Timely Plan To Reform Asset Management Regime
The discussion paper recently issued by the U.K. Financial Conduct Authority finally addresses how, in the future, asset management regulation will work in totality from an investor, manager and distributor perspective, and its review of the purpose and balance of the regime is welcomed, says Tim Dolan at Greenberg Traurig.
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UK's Draft Fraud Offense And How It May Affect Companies
The new U.K. corporate criminal offense of "failing to prevent fraud," recently published in draft form, will make it easier for prosecutions to be brought against companies, with no need to show that the "directing mind and will" of a company were involved in the fraud, say attorneys at Allen & Overy.
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Questions Raised By UK Plan For ESG Ratings Providers
HM Treasury is taking steps toward regulating environmental, social and corporate governance ratings providers, aiming to ensure adequate protection for U.K. users and level the playing field, but the potential new regime risks imposing undue regulatory burden and overlapping requirements on U.K. and overseas firms, say Ferdisha Snagg and Andreas Wildner at Cleary.
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Why The Royal Mint Failed To Launch An NFT
Without a clear objective it is unsurprising that The Royal Mint’s attempt to launch a nonfungible token ended with a whimper rather than bang, says Dion Seymour at Andersen.
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Review Of Senior Managers Regime Provides Useful Insight
Although the recently launched review of the Senior Managers and Certification Regime suggests a remodel rather than wholesale change, the topics raised illustrate the mindset of the three key stakeholders in the U.K. financial services sector, say Richard Burger and Katy O’Connor at WilmerHale.
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Highlights Of The UK's New Economic Crime Plan
With the direction of the U.K. government’s newly launched second economic crime plan undeniably altered by the recent focus on kleptocrats and their money, the emphasis is now on how the U.K. can deliver a more effective approach to reducing the threat of economic crime, says Kathryn Westmore at the Royal United Services Institute.
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Fresh View Ruling Offers Clarity On Forfeiture Orders
The pragmatic focus on property rather than the defendants’ wrongdoing in Fresh View v. Westminster Magistrates' Court will be welcomed by enforcement authorities, although the low bar where mere knowledge or suspicion of unlawful conduct may be sufficient for forfeiture could be of concern to innocent recipients, says Joseph Sinclair at Mountford Chambers.
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Considering Sanctions Enforcement From An EU Perspective
The creation of the European G-7 Enforcement Coordination Mechanism and a sanctions environment with increased enforcement on a multijurisdictional level aims to streamline enforcement at EU level, essential for an effective implementation of the sanctions, say attorneys at Baker McKenzie.
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Analyzing The UK Proposal For A Digital Pound
While the HM Treasury and Bank of England’s consultation makes clear that a central bank digital currency will likely be needed in the future, and there is certainly momentum in the space, there are still a number of concerns to be addressed, say attorneys at Simmons & Simmons.
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How The LDI Crisis May Lead To Pensions' Negligence Claims
Following the liability-driven investment crisis and its impact on pension schemes, employers and trustees may now be considering if anyone is to blame for any losses arising, say Rachael Healey and Andrew Oberholzer at RPC.
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UK Financial Services Bill May Not Be Quick Fraud Fix
While the U.K. Financial Services and Markets Bill is expected to pass into law this year and will make it easier for fraud victims to achieve redress, the reforms could result in increased costs and greater friction in payment processing and may not directly make it more difficult for criminals to operate scams, say Daniel Murphy and Gary Orritt at Eversheds Sutherland.
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A Look At Key Trends In UK Enforcement Of G-7 Sanctions
In light of the recent creation of a G-7 Enforcement Coordination Mechanism that is opening the door for greater collaboration between the U.K. and G-7 countries, together with a more aggressive approach to enforcement in the U.K., an uptick in investigations is likely, particularly regarding Russia, say attorneys at Baker McKenzie.
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Proposed EU Directive May Bring Harmony To Insolvency Law
The diverging insolvency regimes across European Union member states often lead to significant discrepancies in the recovery value for creditors, but a recent proposal for a directive that would affect areas like directors' duties and prepack processes represents a welcome move toward the harmonization of these laws across the EU, say attorneys at Taylor Wessing.
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UK Enviro Ruling Takes Narrow View Of Standard Of Review
In an important case that should provide comfort to investors involved in large public-finance backed infrastructure projects, the U.K. Court of Appeal's judgment against Friends of the Earth suggests that English courts will only intervene in limited circumstances where the U.K. government is challenged on the basis of an international treaty, say Holly Stebbing and Maddie Hallwright at Norton Rose.