Financial Services UK

  • March 03, 2025

    AXA Launches €1.2B Share Buyback After Profit Gain

    AXA SA on Monday kick-started a program to repurchase up to €1.2 billion ($1.25 billion) worth of its own shares, after the French insurance giant unveiled a "very strong performance" for its 2024 financial year.

  • March 03, 2025

    Pension Insurer Utmost Appoints Schroders For £400M Book

    Utmost Life and Pensions has appointed Schroders to act as asset manager for its retirement portfolio, after the insurer entered the bulk purchase annuity market last year.

  • March 03, 2025

    Investec Bank Demands Pair Of Businessmen Pay £22M Debt

    Anglo-South African lender Investec Bank PLC has sued two "high net worth" individuals in London, claiming they failed to pay almost £22 million ($28 million) under loan agreements.

  • March 03, 2025

    Ex-Barclays CEO Banned For Lies, Not Epstein Ties, FCA Says

    The finance watchdog said at the start of a trial in London on Monday that it was concerned about James "Jes" Staley's personal relationship with Jeffrey Epstein but that it banned the former Barclays boss for lying — not for his choice of friends.

  • February 28, 2025

    Illegal Crypto ATM Operator Sentenced To 4 Years In Prison

    A London judge sentenced a businessman to four years' imprisonment on Friday for illegally operating a network of crypto ATMs and producing fake documents to hide his involvement, saying his actions were "deliberate, carefully planned and thoroughly dishonest."

  • February 28, 2025

    Ex-Barclays Boss Staley Fights FCA Ban Over Epstein Ties

    Former Barclays boss Jes Staley will challenge on Monday the Financial Conduct Authority's ban for his lies about his relationship with sex offender Jeffrey Epstein in a high-stakes legal battle that will test the regulator's appetite for taking on the biggest cases. 

  • February 28, 2025

    FCA Charges Pair With Financial Fraud, Money Laundering

    The City watchdog said Friday that it has filed criminal charges against financial advisers Kerry Nelson and Jacqueline Stephens for alleged fraud, forgery and money laundering that lost clients £2 million ($2.5 million).

  • February 28, 2025

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen the billionaire Zakay brothers, founders of Topland Group, become embroiled in a legal dispute with each other, Unilever sue three major perfume companies over alleged illegal price-fixing, and the publisher of Vogue magazine file an intellectual property suit against Cornucopia Events. Here, Law360 looks at these and other new claims in the U.K.

  • February 28, 2025

    Indian Beats Tax Fraud Extradition On Prison Extortion Fears

    Sanjay Bhandari will not be extradited to India to face charges of tax evasion and money laundering as a London court ruled Friday that he would be at "a real risk" of inhumane treatment in one of the largest prisons in the world.

  • February 28, 2025

    EU Asset Managers See Flaws In ESG Rules Revamping

    A trade body has warned that European proposals to water down ESG reporting rules for companies will leave asset managers waiting too long for data, and that it is unclear how broadly they must apply climate change reduction plans.

  • February 28, 2025

    Pension Credit Demand Soars After Cuts To Winter Fuel Aid

    Some 300,000 U.K. retirees have applied for pension credit so far in the financial year ending March 31, showing a sharp spike from the previous year after the Labour government said it would cut winter fuel payments for millions of pensioners.

  • February 28, 2025

    Gov't Urged To Overhaul Pension Transfer Rules

    The U.K. government must urgently overhaul its traffic light system for pension transfers, a trade body said, warning that the rules as drafted are too vague and cause major delays.

  • February 28, 2025

    FCA Clears CVC's £5.4B Hargreaves Lansdown Takeover

    CVC Capital Partners said Friday that the finance watchdog has given the green light to its £5.4 billion ($6.8 billion) takeover of wealth manager Hargreaves Lansdown, wrapping up all the regulatory conditions needed to close the deal.

  • February 28, 2025

    60% Of Insurance Broking M&A Driven By Private Equity

    Private equity companies took part in almost two-thirds of transactions that involved European insurance intermediaries in 2024, a consultancy has said.

  • February 27, 2025

    IDBI Bank Secures $143M In Loan Case Amid Indian Probe

    IDBI Bank Ltd. can recover more than $143 million from the guarantor of a loan at the center of a criminal investigation in India, a judge ruled Thursday, saying that a letter of comfort issued by the company controlling the borrower is legally binding.

  • February 27, 2025

    Poland Can't Exclude Domestic Funds From Tax Break

    The Polish government can't offer corporate tax exemptions to investment funds managed outside the country unless it offers the same benefits to domestically managed funds, the European Court of Justice ruled Thursday.

  • February 27, 2025

    Trader Defends Legitimacy Of £1.4B Tax Refunds In Fraud Trial

    British trader Sanjay Shah and others accused by Denmark's tax authority of involvement in a fraudulent trading scheme to procure billions in tax refunds argued in a London court Thursday that they could not have fraudulently applied for the refunds because they believed the trades were legitimate.

  • February 27, 2025

    UK Asset Managers Told To Expect Multi-Firm Reviews

    The Financial Conduct Authority has told asset managers in a "dear CEO" letter that it will start multi-firm reviews focused on the Consumer Duty and conflicts of interest in specialist areas.

  • February 27, 2025

    FCA Abolishes Requirement For Consumer Duty Champions

    The Financial Conduct Authority said Thursday it has abolished the requirement for firms to have Consumer Duty board champions and will implement around 50 other growth proposals shortly.

  • February 27, 2025

    London-Listed Korea-Focused Fund To Wind Down

    Weiss Korea, a fund listed on London's junior market, said Thursday that it plans to wind-down after "complexities" and "differing views" from shareholders blocked a rescue deal.

  • February 27, 2025

    Fintech Credit Firm To Buy AI Loans Services Biz In £4M Deal

    Financial technology company Investment Evolution Credit said Thursday that it has proposed to snap up Credit Canary, a consumer credit services platform, in a shares transaction worth £4 million ($5.1 million) as it looks to expand its business.

  • February 26, 2025

    Billionaire Claims HMRC Failed To Hold Lawful Tax Inquiry

    HM Revenue & Customs failed to lawfully notify the right people in its investigation of tax returns for two partnerships, counsel for a hedge fund billionaire told a London court Wednesday.

  • February 26, 2025

    Orrick Sued For £21M Over Debt Enforcement Advice

    A Luxembourgeois unit of hedge fund TREO Asset Management LLC has hit global firm Orrick Herrington & Sutcliffe (UK) LLP with a negligence claim in a London court for allegedly failing to advise it to enforce a €21 million ($22 million) debt in a French energy group's insolvency.

  • February 26, 2025

    Pension Watchdog Could Face Strain From Superfund Surge

    The U.K.'s retirement savings watchdog should consider a fast-track route to approving superfund transactions, a consultancy said Wednesday, warning that "regulatory bandwidth" could prove a barrier to a growth in demand.

  • February 26, 2025

    3 Fraud Reforms You Might Have Missed In The Crime Bill

    Buried in legislation designed to crack down on phone thieves and anti-social behavior in the government's new crime bill are a range of reforms intended to strengthen the hand of prosecutors as they fight economic crime.

Expert Analysis

  • How Employers Can Support Neurodiversity In The Workplace

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    A recent run of cases emphasize employers' duties to make reasonable adjustments for neurodiverse employees under the Equalities Act, illustrating the importance of investing in staff education and listening to neurodivergent workers to improve recruitment, retention and productivity in the workplace, say Anna Henderson and Tim Leaver at Herbert Smith.

  • What The Anti-Coercion Instrument Will Bring To The EU

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    Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring discuss why the European Union recently adopted a report on the anti-coercion instrument to reform its trade legislation, how the instrument will be used to respond to unfair economic pressure from third countries, and how businesses can impact the EU's decision making.

  • Why FCA Crypto Rules Need To Align With UK Gov't Aims

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    There is a critical need for cryptocurrency regulations that protect consumers while supporting the government's aim to make the U.K. a crypto hub, but the Financial Conduct Authority’s recently effective rules on financial promotion of crypto-assets bring an unintended risk that legitimate firms will be driven out of the market, says Laura Navarathnam at the Crypto Council for Innovation.

  • CMA Report On AI May Lead to Greater Competition Control

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    The U.K. Competition and Markets Authority’s recent report on artificial intelligence foundation models is a sign that developers could face increased merger control and antitrust enforcement, and businesses should be mindful of these views to ensure that their models do not come under investigation, say attorneys at Morgan Lewis.

  • UK Mozambique Ruling Will Have Int'l Ramifications

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    The recent U.K. Supreme Court judgment in Mozambique v. Privinvest considered for the first time stay proceedings under the Arbitration Act, offering guidance on whether claims are a "matter" within the scope of an arbitration clause, which could become a point of reference for foreign courts in the future, say lawyers at Herbert Smith.

  • Recent Trends In European ESG-Related Shareholder Activism

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    New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.

  • Audit Regulator Review Has Tips On Climate Metric Reporting

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    The U.K. Financial Reporting Council’s recent review of climate-related metrics and targets in listed companies’ annual reports is an extremely useful guide for issuers considering the quality of their disclosure reporting, with a number of key areas identified as central to further improvement, say lawyers at Bryan Cave.

  • What Russia Case Reveals About UK Sanctions Enforcement

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    The Office of Financial Sanctions Implementation recently issued its first enforcement action under the U.K.'s expanded Russia sanctions against a relatively small company for a moderately severe breach — a decision that highlights several questions about the watchdog’s purpose and methods, say Maia Cohen-Lask and Tasha Benkhadra at Corker Binning.

  • Breaking Down The UK's Draft Updates To Prospectus Regime

    While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.

  • Italy's Bank-Profits Tax Plan May Become Model For Eurozone

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    If Italy's recently proposed 40% bank-profits tax helps keep its populist coalition government in power, notwithstanding the European Central Bank's legal challenges, the passage could spark a windfall tax trend across the eurozone and even in the U.K., says Cris Cicala at Stinson.

  • Bitcoin Case Highlights Advanced Age Of UK's IP Law

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    An appellate court's recent decision in a case involving the copyright of bitcoin's file format emphasizes the role of copyright protection in software, and also the challenges of applying decades-old laws to new technologies, say Marianna Foerg and Ben Bell at Potter Clarkson.

  • Accountability Is Key To Preventing Miscarriages Of Justice

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    The wrongful conviction of Andrew Malkinson and other recent cases show that in order to avoid future miscarriages of justice, there needs to be a fundamental reevaluation of how investigators, prosecutors and the Criminal Cases Review Commission operate, prioritizing stronger penalties and increased funding, say Thomas Walford at Expert Evidence International and policy analyst Gerald Frost.

  • 4 Compliance Considerations Under FCA Consumer Duty

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    Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.

  • What Could Come Of CFPB, EU Consumer Finance Collab

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    A recent joint statement from the European Commission and Consumer Financial Protection Bureau focused on how technology is affecting consumers of financial services, potentially recognizing that legal protections are lacking because tech regulations lag behind its development, say attorneys at DLA Piper.

  • 6 Key Factors For Successful Cross-Border Dispute Mediation

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    The European landscape of cross-border disputes diverges markedly from the U.S. experience and presents unique challenges, including the amalgamation of diverse cultures and legal systems, but there are several practical steps that practitioners can take to effectively navigate the process, says Peter Kamminga at JAMS.

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