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Financial Services UK
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February 28, 2024
Profit Warnings Rise For Pension Scheme Sponsors
One in five U.K.-listed companies with a defined benefit pension scheme issued a profit warning in 2023, according to research published by EY-Parthenon, marking a year that "exceeded levels" seen at the peak of the financial crisis.
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February 28, 2024
Director Banned Over Unlawful £57M Investment Scheme
The man behind an unlawful care home funding scheme that lost investors more than £57 million ($72 million) has been banned from being a company director for 14 years, according to the U.K.'s Insolvency Service.
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February 28, 2024
Draft EU Withholding Law Breezes Through EU Parliament
The European Parliament gave a clear green light on Wednesday to a draft law intended to streamline refunds for withholding tax and prevent fraud in the European Union, completing a necessary procedural step in the legislative process.
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February 28, 2024
FRC Plans To Review Code For Asset Managers
Britain's accounting watchdog announced it will carry out a fundamental review of the Stewardship Code and revise its rules for investors where necessary to help promote U.K. competitiveness.
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February 28, 2024
St James's Place Sets Aside £426M For Potential Client Refunds
One of the U.K.'s largest wealth managers said Wednesday that it has set aside £426 million ($540 million) for potential refunds to clients that have complained they did not receive financial advice they paid for.
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February 27, 2024
HMRC Customer Service At All-Time Low, Report Finds
The U.K. tax authority has reached an all-time low level of customer service due to the rising demands from taxpayers and the growing complexity of tax problems, according to a parliamentary report published Wednesday.
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February 27, 2024
EX-NMC Health Group CFO Denies Knowledge Of $4.7B Fraud
The former chief financial officer of United Arab Emirates healthcare group NMC has denied he was involved in a $4.7 billion fraud that administrators allege saw cash siphoned off from the firm for himself and its founder, claiming it was concealed from him.
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February 27, 2024
Global Pension Assets Total $55T In 2023, Broker Says
Global pension assets rose by 11% to reach $55.7 trillion in 2023, according to research published by broker WTW, showing a rebound from weaker economic performance across the previous year.
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February 27, 2024
Ex-Linklaters Pro Penalized Over Conduct In Saudi Fund Trial
A former Linklaters LLP partner was hit on Tuesday with an indemnity costs order by a judge who dismissed his bid to challenge a $25 million ruling against him for failing to return an investment fund to a Saudi princess.
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February 27, 2024
Grim UK Fiscal Outlook Precludes Tax Cuts, Think Tank Warns
The U.K. government should focus on reducing the national debt rather than tax cuts in the March 6 Budget statement, according to research published Tuesday by the Institute for Fiscal Studies, an influential think tank.
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February 27, 2024
Financial Ombudsman Braced For APP Fraud Claims
Britain's financial dispute-resolution body told a cross-party group of members of Parliament on Tuesday it is braced for an avalanche of extra claims later this year when banks must recompense victims duped into transferring money to fraudsters.
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February 27, 2024
Simpson Thacher-Led EQT Nets Record $24B For PE Fund
Private equity giant EQT said Tuesday that it has raised €22 billion ($23.8 billion) for its latest flagship fund EQT X from global investors, exceeding a €20 billion target.
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February 27, 2024
FCA To Start Naming Finance Firms Under Investigation
The Financial Conduct Authority said on Tuesday that it plans to publicly name the firms it probes and publish information about its investigations at an earlier stage to increase the deterrent effect of its enforcement actions.
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February 27, 2024
Bank Of Ireland Kicks Off €520M Buyback After Profit Gains
Bank of Ireland Group PLC started a share buyback program on Tuesday worth up to €520 million ($564 million) as it looks to downsize the amount of its outstanding capital and bolster returns to investors after reporting strong earnings.
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February 27, 2024
British Pensions Sector Backs FCA 'Advice Gap' Review
The U.K. pensions industry has thrown its support behind a sweeping review designed to plug a growing advice gap among workers approaching retirement.
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February 27, 2024
Abramovich Ally Loses Test Appeal To Upend UK Sanctions
A billionaire with ties to Roman Abramovich lost his attempt on Tuesday to overturn sanctions imposed on him following Russia's invasion of Ukraine, in the first substantive appeal to challenge the U.K. government's sanctions regime since the war began.
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February 26, 2024
Consumers Face Big Setback In £10B Mastercard Class Action
Britain's antitrust court dealt a blow to consumers Monday in a £10 billion ($12.68 billion) class action over Mastercard's fees by ruling that the credit card titan's European interchange fees didn't influence its domestic rate in the United Kingdom.
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February 26, 2024
Woman Denies Lying To Citibank To Launder Stolen Bitcoin
A British-Chinese woman accused of laundering bitcoin converted from a £5 billion ($6.32 billion) investment fraud denied Monday knowingly giving Citibank false information about her transactions, saying at her London trial that at the time she thought she was being truthful.
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February 26, 2024
1 Pilot For Billionaire Cops Plea, But 2nd Says He's Innocent
A pilot employed by British billionaire Joe Lewis pled guilty in Manhattan federal court Monday to insider trading, while counsel for a second Lewis pilot charged with profiting from illegal stock tips said his client is innocent and preparing for trial.
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February 26, 2024
European Council Adopts Instant Credit Payments In Euros
The Council of the European Union has adopted a new program that will make it possible to make payments in euros across the EU in just 10 seconds, establishing a rival service to major credit card companies.
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February 26, 2024
Justices Decline Standard Chartered Sanction Evasion Suit
The U.S. Supreme Court on Monday refused to consider whether a whistleblower should've been granted a hearing in a lower court to support allegations that Standard Chartered Bank cleared roughly $56 billion in violation of U.S. sanctions against Iran.
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February 26, 2024
Judge Wrong To Bar Ex-Barclays VP From Recording Trial
A former Barclays vice president was unlawfully prevented from recording a hearing into his race discrimination claim against the lender, an appellate tribunal has ruled.
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February 26, 2024
10 Years And £1.6B Later, DPAs Are Only A Qualified Success
Corporate plea deals promised to transform the prosecution of bribery and corruption in Britain — but, a decade after the agreements were introduced, the jury is still out on whether they have lived up to the billing.
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February 26, 2024
UK Unveils Plan For Surplus In £1.4T Pension Sector
The government has said it is exploring proposals to allow companies to tap into the £1.4 trillion ($1.8 trillion) defined benefit pension sector, but trade bodies and consultants warned that the plan could undermine the security of savers.
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February 26, 2024
EU Strengthens Investors' Protection On Investment Funds
The European Union adopted new rules on Monday for investment funds that are designed to make the market integrate better and strengthen protection for investors.
Expert Analysis
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Why 2023 Could Be The Year Of The Restructuring Plan
As U.K. businesses face a challenging economic environment going into 2023, the stage may be set for a rise in restructuring plans, with early signs such as an increasing body of case law, the pragmatic approach taken by the judiciary to date and the cross-class cramdown mechanism, say Rachael Markham and Charlotte Møller at Squire Patton.
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ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake
The European Court of Justice's recent ruling in the WM and Sovim cases, holding that making information on a register of beneficial owners publicly available interferes with the Charter of Fundamental Rights of the EU, has been criticized as a step backward in the fight against money laundering and financing of terrorism, and its impact is not yet clear, say Michael Marschall and Verena Krikler at Schoenherr.
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UK Sustainability Disclosure Regime Complicates Compliance
The U.K. Financial Conduct Authority's new sustainability disclosure rules — likely to be finalized later this year — are the latest piece in an evolving compliance puzzle that fund managers may struggle with, due to conflicting interplay between regulatory requirements and investor expectations, say attorneys at Akin Gump.
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FCA Sends Banks Strong AML Message With Santander Fine
The recent nine-figure financial penalty imposed on Santander by the U.K. Financial Conduct Authority shows the regulator's appetite to go after big banks for AML failings remains undiminished after the landmark case against National Westminster Bank in 2021, says Tom Bushnell at Hickman Rose.
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Why Your Fund Name Needs To Be Trademarked
It is a common misconception that the mere formation of a fund vehicle provides a trademark for its name — but the rights of brand owners are not safeguarded without trademark registration, and the fund is vulnerable if a third party registers the same or a similar mark and seeks to enforce it, says Sophie Peat at Ogier.
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ESG Initiative From FCA Likely To Inform Future Regulation
The code of conduct for environmental, social and governance data and ratings providers to be developed by the U.K. Financial Conduct Authority may be voluntary, but market participants should be aware that compliance will likely offer the best mitigation against potential regulatory and litigation risks, say Ferdisha Snagg and Andreas Wildner at Cleary.
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5 Tips For Adding Value To Legal Clients' Experience In 2023
Faced with a potential economic downturn this year, attorneys should look to strengthen client relationships now by focusing on key ways to improve the client experience, starting with a check-in call to discuss client needs and priorities for the coming year, say attorneys at Troutman Pepper.
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ECJ Fiat Ruling Sets Clear Boundaries For EU State Aid Law
The European Court of Justice's recent landmark decision in Fiat v. Commission limiting the commission’s attempts to circumvent the lack of EU powers in the area of tax law has important implications in EU state aid law and beyond, say Andreas Reindl and Pietro Stella at Van Bael.
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Key Considerations For Charities Receiving Crypto Legacies
With an increase of cryptocurrency donations, charities should ensure they are aware of the implications of being a beneficiary of a crypto legacy and understand what to expect from executors, say Natasha Stourton and Hannah Brearley at Withers.
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A Look Ahead At ESG Expectations For 2023
There are a number of themes that will shape market developments and legislative agendas in the environmental, social and corporate governance sphere in 2023, and a continuing shift from the development of standards to their implementation is likely, say Rebecca Perlman and Ernst Muller at Herbert Smith.
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Cos. Can Expect Intense Antitrust Enforcement This Year
In 2023, authorities in the U.K. and Europe are expected to push the boundaries of antitrust enforcement, merger control and foreign investment screening with the goal of achieving positive outcomes for consumers, say Nicole Kar and Tara Rudra at Linklaters.
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What Slovak Labor Code Changes Will Mean For Employers
With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.
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An ICO Reminder On Managing Subject Access Requests
Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.
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Foreign Direct Investment Considerations For Buyers, Sellers
The rapidly developing legal and regulatory foreign direct investment landscape means the challenge for deal makers is in navigating the continuously changing rules and understanding the manner in which regulators interpret them, says Kurt Ma at BCLP.
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Widely Forecast UK Recession Is Likely To Reshape M&As
Despite the economic downturn in the U.K., transactions will continue to get done in 2023, albeit with more complex terms and a greater focus on undertaking vigorous due diligence on customer relationships and contracts, say attorneys at Skadden.