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Financial Services UK
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May 07, 2025
White & Case Hires Back PE Pro From Kirkland In London
White & Case LLP announced Wednesday the return of a corporate partner at Kirkland & Ellis LLP to boost its cross-border private equity offering to deal with the increase in transactions it expects to continue through the year.
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April 30, 2025
FCA Says Meta Slacking In The Removal Of Suspect Ads
The Financial Conduct Authority named Facebook owner Meta on Wednesday as the biggest laggard among the big tech companies in terms of responding to requests to take down material from "finfluencers" about whom the watchdog had issued warnings.
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April 30, 2025
Justices To Decide Asset Split In Banker's £112M Divorce Case
The former wife of a UBS banker told the U.K. Supreme Court on Wednesday that she should get an equal split of their £112 million ($149 million) family wealth in a case that could confirm whether assets generated outside marriage can ever be shared.
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April 30, 2025
HMRC Should Use AI To Boost Services, Report Says
HM Revenue & Customs is still not doing enough to improve its services and should prepare to use artificial intelligence to enhance customer service for U.K. taxpayers and increase its productivity, according to a parliamentary report.
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April 30, 2025
UK Finance Sector Calls For Cuts To Audit Regulation
A group of finance and corporate trade bodies urged the government on Wednesday to reduce and simplify regulation of auditors to support U.K. growth.
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April 30, 2025
Lender Says Company Owner Gifted Biz To Son To Evade Debt
A finance provider has sued a businessman for allegedly gifting a company to his son the day after the lender had demanded payment of more than £4.7 million ($6.3 million) under a loan guarantee.
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April 30, 2025
Gov't To Push Through Collective Pension Rules In Autumn
The U.K. government said it plans to introduce new regulation in the latter half of the year to allow the introduction of new forms of collective pension plans.
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April 29, 2025
FCA Proposes Live AI Testing Service For Firms
The City watchdog proposed on Tuesday a testing service for companies as they check the readiness of their new artificial intelligence tools, a program it believes can help it to better understand the impact of the technology on markets.
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April 29, 2025
Gov't Cracks Down On Crime With UK Cryptocurrency Rules
HM Treasury unveiled new regulations for crypto-exchanges on Tuesday, which it said would protect the growing number of adults who are investing in risky assets, while encouraging innovation in the sector.
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April 29, 2025
Burness Paull Guides £7.5M Pension Deal For Fuel Biz
Aviva PLC has bought out £7.5 million ($10 million) of the pension arrangement liabilities of Gleaner Ltd., advisers said Tuesday, in a deal steered by law firm Burness Paull LLP.
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April 29, 2025
Pensions Watchdog Issues Covenant Warning Amid Tariffs
The U.K.'s retirement savings watchdog warned pension schemes on Tuesday to be mindful of the impact of global trade tariffs as it said it had found that more than half have a funding surplus.
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April 29, 2025
Ex-Russells Partner Denies Role In Alleged Share Sale Plot
Russells Solicitors and a former partner have denied being part of an alleged plot to hide plans for a $40 million takeover of a celebrity intellectual property licensing company to get a former director to sell his shares cheaply.
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April 29, 2025
HSBC Banks On $3B Buyback After Strong Figures
HSBC Holdings PLC said Tuesday that it will buy back $3 billion of its shares after the British banking giant reported strong results for the first quarter 2025.
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April 29, 2025
UK Treasury Appoints 4 New FCA Board Members
HM Treasury said Tuesday it has appointed four new members to the board of the Financial Conduct Authority.
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April 29, 2025
FCA Set To Get Enforcement Boost From New Fraud Offense
The new "failure to prevent" fraud offense that comes into force in September will indirectly boost the Financial Conduct Authority's opportunities for enforcement against corporate senior managers, countering its recent retreat from plans to "name and shame" companies it is investigating, lawyers say.
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April 29, 2025
EU Prosecutors Accuse Audit Body Of Blocking Fraud Probe
European Union prosecutors have sued the European Court of Auditors for blocking a request for several of the court's members of staff to testify in a criminal investigation launched in the wake of allegations of fraud at the top of the audit institution.
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April 28, 2025
Watchdog Warns Of Significant Errors In Digital Reporting
The accounting watchdog warned Monday that some companies listed on the London Stock Exchange are making significant errors in their digital annual reports through incorrect tagging.
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April 28, 2025
Gov't Urged To Act On Critical Pension Switching Delays
The government must step in to mandate faster retirement saving transfers, a pensions provider warned Monday, saying that in some cases customers have been left waiting three years for the process to complete.
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April 28, 2025
Court Compels Disclosure In £500K Phone Crypto-Theft Case
The victim of a phone-snatching in London has secured a court order compelling four companies offering digital asset exchange services to disclose documents tied to an alleged fraud perpetrated against them after £500,000 ($667,000) in cryptocurrency was drained from his account.
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April 28, 2025
Investment Services Biz Denies Swiss Bank Deal Breach
Investment services company Otala.Markets has hit back at a €1.5 million ($1.7 million) claim brought by Swiss bank Credinvest, telling the High Court that it did not breach its contract with the lender when it accidentally tried to terminate the deal.
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April 28, 2025
Lender Sues Auditor For £1.8M Over Faulty Car Reports
A provider of business finance has alleged that an auditor inaccurately recorded the assets of a London car dealership, leading the lender to lose more than £1.8 million ($2.4 million) that it handed over to the motor sales company based on the faulty assessment.
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April 28, 2025
Compensation Program Declares Pensions Adviser In Default
A pensions adviser has been declared in default after receiving five claims against it, the Financial Services Compensation Scheme confirmed Monday.
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April 28, 2025
Italy's Mediobanca Offers €6.3B For Rival Banca Generali
Italian investment bank Mediobanca SpA said Monday that it plans to buy a domestic rival, Banca Generali SpA, for €6.3 billion ($7.1 billion), heating up consolidation in the country's banking sector.
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April 25, 2025
Belgian Data Watchdog Blocks FATCA Transfers To US
Belgium's data privacy watchdog ruled that a government agency's transfers of personal data to the U.S. tax authority as part of the Foreign Account Tax Compliance Act is prohibited under European law.
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April 25, 2025
Tycoon's Son Loses Challenge To £3M Howard Kennedy Bill
The son of a diamond tycoon accused of swindling $1 billion from banks lost his bid for a court-ordered review of his legal bills from Howard Kennedy on Friday as the High Court said he knew of the climbing costs linked to his international fraud case.
Expert Analysis
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Takeaways From Upcoming Payment Fraud Delay Legislation
Lawyers at Hogan Lovells discuss what to know about new legislation that will allow payment service providers to delay payments when third-party fraud is suspected, and share pointers for providers to consider ahead of the Oct. 30 effective date.
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Modernizing UK Trade Settlement Standard: The Road Ahead
Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
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Analyzing The Implications Of 1st FCA Crypto ATM Crackdown
The Financial Conduct Authority’s recent criminal prosecution of Olumide Osunkoya, its first enforcement action against a crypto-asset trading firm's owner, is an unambiguous sign of the regulator’s commitment to actively pursue transgressors, but may be a hindrance to the U.K. crypto industry, says Asim Arshad at Lawrence Stephens.
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Draft Merger Control Guidance Allows CMA To Cast Wide Net
The Competition and Markets Authority's recent draft merger control guidance, reflecting the regulator's strengthened powers under the Digital Markets, Competition and Consumer Act, introduces extensive change and potential procedural improvements, specifically concerning reviews of private equity firms, say lawyers at Travers Smith.
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Key Points From Cayman's Beneficial Ownership Regime
While recent expansion of the Cayman Islands Beneficial Ownership Act's scope means it now encompasses many entities with previously minimal obligations, the changes ensure a welcome level playing field with workable alternative routes to compliance, says Lucy Frew at Walkers Global.
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HMRC Transfer Pricing Guide A Vital Resource For Businesses
HM Revenue & Customs' recent guidelines on common transfer pricing compliance risks should be required reading for affected businesses in indicating HMRC's expected benchmark for documents and policies, say Tomoko Ikawa and Kapisha Vyas at Simmons & Simmons.
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Insights From FRC's Report On Good Corporate Governance
Although the Financial Reporting Council’s recent report on private companies opting to follow the Wates principles has identified improvements, it is important for organizations to provide transparent disclosures and avoid boilerplate, tickbox filings, says Tessa Hastie at BCLP.
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What To Know About The UK Overseas Funds Regime
The U.K.’s overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
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Takeaways From SRA Consumer Protection Review
While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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What Updated Guide Means For Jersey's Private Funds
The Jersey Financial Services Commission's recent updates to the Jersey Private Fund Guide clarify existing provisions and introduce new requirements for fund managers, service providers and investors, demonstrating a clear commitment to maintaining Jersey's reputation as an attractive jurisdiction for investment, say lawyers at Walkers Global.
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The Road Ahead For Tokenized Investment Funds In The UK
With an HM Treasury working group expected to release the final phase of a road map for tokenized investment funds by the end of the year, Andrew Tsang and Tom Bacon at BCLP discuss the advantages for investors and fund administrators, the proposed model for implementation, and what the regulatory landscape may look like.
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Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.
Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.
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A Look At UK, EU And US Cartel Enforcement Trends
The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
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Testing The Limits Of English Courts' Pro-Arbitration Stance
Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.