Try our Advanced Search for more refined results
Financial Services UK
-
March 04, 2024
Gov't To Require Pensions To Disclose UK Investments
The U.K. government said it will require pension schemes to disclose how much they invest in U.K. businesses, as part of a wider effort to tap into the sector for economic growth.
-
March 04, 2024
BNP Paribas Kicks Off €1B Share Buyback Program
BNP Paribas SA launched a share repurchase program on Monday worth up to €1.055 billion ($1.1 billion) aimed at lowering its outstanding share capital and rewarding investors.
-
March 04, 2024
KPMG Fined £1.46M For Ad Agency Accounting Breaches
The Financial Reporting Council said on Monday that it has fined KPMG £1.46 million ($1.85 million) for a string of "serious failings" during the audit of advertising group M&C Saatchi PLC.
-
March 01, 2024
WealthTek Case Paused For FCA To Weigh Bringing Charges
A judge on Friday delayed the Financial Conduct Authority's enforcement proceedings against a wealth manager over an £80 million ($101 million) shortfall, finding the watchdog should prioritize deciding whether to charge the company's founder over one of the "most significant frauds" it ever investigated.
-
March 01, 2024
Wright Blames Enemies For Forged Email In Satoshi Trial
Craig Wright hit back on Friday at accusations that he forged an email amid a trial over his claims that he is the inventor of bitcoin, telling a London court that an enemy could have doctored the message to sabotage his case.
-
March 01, 2024
SPAC New Energy One To Wind Up Amid UK Deal Drought
Blank-check company New Energy One said Friday it has decided to dissolve itself as it could not acquire a target business since it listed on the London Stock Exchange in March 2022, because of "challenging U.K. public equity market conditions."
-
March 01, 2024
Greenwashing Risk Warning As EU Plans Benchmark Change
European asset managers warned on Friday that expected revisions to the rules on benchmarks would remove transparency, hindering the explanations about sustainability that they need to give investors to fight against greenwashing.
-
March 01, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a legal battle between confectionary heavyweight Mars Wrigley UK and a frozen food manufacturer, a trademark infringement claim by Abbott Diabetes Care over glucose monitoring meters, Mercedes-Benz Group hit with two commercial fraud disputes, and the Mediterranean Shipping Company tackle a cargo claim by an insurance company. Here, Law360 looks at these and other new claims in the U.K.
-
March 01, 2024
Spanish Lender BBVA Progresses With €781M Share Buyback
Spanish lender BBVA on Friday unveiled the details of its up to €781 million ($845.7 million) share repurchase program aimed at lowering its outstanding share capital after regulators gave the green light for the scheme.
-
March 01, 2024
Simmons & Simmons Hires Banking Pro From DLA Piper
Simmons & Simmons LLP has bolstered its Dublin office by hiring Kate Curneen as a new banking partner from DLA Piper where she worked for four years.
-
March 01, 2024
Mike Ashley Widens Claims In £10M Loan Fight With Financier
Former Newcastle United owner Mike Ashley has added fresh allegations to his legal claim against financier Amanda Staveley over a £10 million ($12.6 million) loan, claiming she breached the deal by using proceeds earmarked to help fund the takeover of the club to pay a consultant.
-
February 29, 2024
Judge Nixes Enforcement Of 'Fabricated' $88M Award
An English judge on Thursday set aside his order enforcing a £70 million ($88.4 million) arbitral award against a Kuwaiti bank after concluding the award was a "fabrication" that included "substantial" passages lifted directly from a 2022 decision issued by the High Court.
-
February 29, 2024
Morgan Stanley Exec Denies 'Snobbery' In Frasers Fight
A senior Morgan Stanley banker has denied hitting Frasers with a $1 billion margin call because of "snobbery," telling a London court Thursday that he had "no personal animus" toward the former CEO of the British retailer.
-
February 29, 2024
HMRC Uncovers Complex Offshore Tax Avoidance Scheme
The U.K. tax authority said Thursday that it had exposed a complex tax avoidance scheme operating through a Singapore-based company.
-
February 29, 2024
Drax May Face Group Litigation Over Greenwashing Claims
Drax Group PLC shareholders could launch a group legal action against the energy company over claims it faked its environmental credentials to secure £6.5 billion ($8.2 billion) in U.K. government subsidies, the law firm helming the action said.
-
February 29, 2024
Mozambique President Beats 'Tuna Bonds' Immunity Appeal
Mozambique's president cannot be sued in England by shipbuilder Privinvest in the country's wide-ranging litigation over the $2 billion "tuna bonds" corruption scandal as a London appellate court on Thursday upheld a ruling that he has immunity as a sitting head of state.
-
February 29, 2024
FCA Says Market For Credit Ratings Data Must Improve
The markets for credit ratings, benchmarks and data vendor services lack competition and this is driving up the price of information, according to a report published Thursday by the Financial Conduct Authority.
-
February 29, 2024
Global Regulator Seeks Stronger Swiss Bank Safeguards
A global standards setter recommended on Thursday that the Swiss authorities introduce tougher rules for the country's biggest banks as it learns from the crisis that led to the rushed UBS-Credit Suisse merger in 2023.
-
February 29, 2024
FCA Plan To Name Suspect Firms Early Alarms Finance Sector
Plans put forward by the Financial Conduct Authority to name companies under investigation early might unfairly cause "catastrophic" damage to reputations, even if the regulator later drops the case, according to lawyers.
-
February 29, 2024
£1.84B Of Gov't-Backed COVID Loans Suspected Fraudulent
Some £1.84 billion ($2.32 billion) of U.K. government-backed COVID-19 loans granted to help businesses through the pandemic are suspected to be fraudulent, the Department for Business and Trade said Thursday.
-
February 29, 2024
Car Leasing Execs To Face 2026 Trial In £88M SFO Fraud Case
Two directors of a failing car leasing company accused by the Serious Fraud Office of carrying out an £88 million ($111 million) investment fraud are set to face trial in September 2026, a judge confirmed on Thursday.
-
February 28, 2024
MPs Launch Inquiry Into Effectiveness Of Russia Sanctions
Parliament's Treasury Select Committee on Thursday said it is launching a parliamentary inquiry into whether Britain's sanctions against Russia have been effective in hampering the Kremlin's ability to finance its war with Ukraine.
-
February 28, 2024
Staveley 'Feared For Life' When Signing £36M Loan Demand
Amanda Staveley "feared for her life" when she signed new repayment demands that allegedly make her personally liable for a £36 million ($45.5 million) demand from a Greek shipping magnate, her lawyers told a London court on Wednesday.
-
February 28, 2024
DLA Piper Hires Trio Of Energy And Infrastructure Partners
DLA Piper announced Wednesday that it has recruited the former head of energy, natural resources and infrastructure at Paul Hastings and two other partners to boost its corporate and finance offerings in London.
-
February 28, 2024
Gov't Minister Sees Need For Simpler SME Access To Funding
The economic secretary to HM Treasury, Bim Afolami, told members of Parliament on Wednesday that regulations need to be "simpler, easier and less onerous" to give small and midsize businesses better access to funding.
Expert Analysis
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Preparing For EU's Pay Gap Reporting Directive
An agreement has been reached on the European Union Pay Transparency Directive, paving the way for gender pay gap reporting to become compulsory for many employers across Europe, introducing a more proactive approach than the similar U.K. regime and leading the way on new global standards for equal pay, say attorneys at Lewis Silkin.
-
A New FCA Gateway For Financial Promotion Approval
The Financial Conduct Authority's recent consultation paper regarding firms that approve financial promotions sheds light on its plans to narrow the scope for such promotions in order to better protect consumers from multiple areas of concern, says Gavin Punia at Bird & Bird.
-
How Geopolitical Change Is Affecting M&A Activity In Europe
Several factors are leading businesses to divest from Russia and invest in central and Eastern European EU member states, with particular sectors attractive to U.K. companies and certain trends in M&A transactional activity emerging, says Oksana Howard at Colman Coyle.
-
Examining The UK Government's Attempts To Combat Fraud
The U.K. government’s response to a parliamentary committee report on fraud and the justice system lays bare a disappointing lack of consensus and frustratingly fails to support a plan for the introduction of a strict liability offense of corporate failure to prevent fraud, as strongly recommended, say Lloyd Firth and Katy O’Connor at WilmerHale.
-
7 Areas To Look Out For In The Edinburgh Reforms Package
Most of the proposed Edinburgh Reforms to facilitate the growth of U.K. financial services are already in progress, and while they may take months or even years to come to fruition, regulated firms should be aware of the considerable reach of the changes outlined and bookmark the areas of particular relevance, says Jill Lorimer at Kingsley Napley.
-
EU Double Jeopardy Ruling May Complicate US Extraditions
The European Court of Justice’s recent judgment in Germany v. HF refines the European Union’s double jeopardy protections, weakening U.S. authorities’ ability to extradite defendants if charges involving the same set of facts are resolved in any EU member state, says Gabrielle Friedman at Lankler Siffert.