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Financial Services UK
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April 24, 2025
SocGen Blames Clifford Chance For Failed $483M Gold Claim
SocGen has told the High Court that Clifford Chance LLP was negligent in its advice to the bank over a gold bullion dispute worth $483 million, saying the poor advice caused the lender's claim to be struck out as an abuse of process.
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April 24, 2025
Marine Co. Claims Axis Bank Misled It Into $21M Loan Scheme
A marine energy company has sued the Dubai branch of India's Axis Bank for $41.7 million, alleging that the lender misled it into participating in a loan to a shipping company secured against ships that were later sold without its knowledge.
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April 24, 2025
Digital Pharma Biz Sues Lender Over CEO Loan Collusion
A digital pharmacy company has accused a small business lender of knowingly working with its former CEO to funnel huge unauthorized loans into the firm, ignoring clear signs that the executive was acting dishonestly and beyond his powers.
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April 24, 2025
Shareholders Back Miami's £70M Bid For European Exchange
The International Stock Exchange said Thursday that its shareholders have backed an approximately £70.4 million ($94 million) takeover offer from the owner of the Bermuda Stock Exchange.
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April 24, 2025
Pensions Watchdog Admits Lessons On Superfund Approvals
The Pensions Regulator admitted on Thursday that it could have done better in its approval process for new superfunds, and has vowed to better support innovation in the market.
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April 24, 2025
FCA To Simplify Capital Rules For Investment Firms
The Financial Conduct Authority set out proposals on Thursday to simplify rules on the types of funds that investment firms must hold to cover their losses, as the watchdog seeks to support U.K. growth after Brexit.
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April 24, 2025
Walker Morris Steers £28M Pension Deal For Metals Trader
A U.K. stainless steel and alloy metal trader's pension plan has agreed a £28 million ($37.3 million) buy-in with Just Group, the financial services firm said Thursday, securing the benefits of almost 100 deferred members and about 80 retirees.
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April 24, 2025
Gov't Floats Fix For Spiraling Number Of Small Pension Pots
The U.K. government unveiled plans on Thursday to tackle the growing number of small forgotten pension pots, in a move that could boost savings for workers and save the retirement industry hundreds of million of pounds.
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April 23, 2025
Rainer Hughes Founder Accused Of Laundering Fraud Funds
Prosecutors accused a founder of Rainer Hughes LLP of laundering the proceeds of a multimillion-pound alcohol tax fraud at the beginning of a criminal trial in London on Wednesday.
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April 23, 2025
Brazilian Cos. Appeal EU Rulings Over Madeira Tax Scheme
Several Brazilian companies are appealing the European Union's court rulings that tax breaks they received in the Madeira Free Trade Zone are considered illegal state aid provided by Portugal, according to the Official Journal of the EU.
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April 23, 2025
Pension Watchdog Clarifies Rules On Superfund Deals
The U.K. retirement savings watchdog said Wednesday that it wants to smooth out "friction points" that may be holding back further transactions in the burgeoning pensions superfund market.
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April 23, 2025
Argentex Weighs Sale To Rival IFX Amid Liquidity Crisis
Foreign exchange service provider Argentex Group PLC said Wednesday that it had entered into "advanced discussions" about a potential acquisition by U.K. rival IFX Payments.
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April 23, 2025
Trustee Sues Adviser Over Loan To Insolvent Housing Firm
A trustee is suing an adviser for alleged fraudulent misrepresentation over claims they caused a family trust to loan £5.75 million ($7.65 million) to a company the adviser partially owned, which later fell into insolvency.
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April 23, 2025
Childcare Act Expansion Could Boost Pension Pots By £1.2B
More parents reentering the workforce because of expanded childcare provisions in the U.K. could increase the retirement pots of savers by £1.2 billion ($1.6 billion), a pension provider said Wednesday.
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April 23, 2025
Visa Settles With Retailers After Swipe Fees Pass-On Trial
Lawyers representing more than 1,800 businesses said Wednesday that they have reached a settlement with Visa over allegations the company imposed excessively high credit card fees — weeks after the conclusion of a trial over whether overcharges were passed on.
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April 22, 2025
Director Banned After Investors Lost £8.5M In Tree Bonds
A U.K. businessman has been banned from running a company until 2036 after investors in a Brazilian plantation scheme lost more than £8.5 million ($11.3 million), the Insolvency Service said Tuesday.
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April 29, 2025
Sidley Adds Former Latham Capital Markets Pro In London
Sidley Austin LLP has hired an experienced debt and equity capital markets heavyweight as a partner in its London practice, as the U.S. law firm continues to strengthen its European presence.
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April 22, 2025
Generali Launches Secondaries Fund With Partners Group
Italian asset management group Generali Investments said Tuesday that it has launched a new investment fund in partnership with Swiss-based global private equity firm Partners Group AG.
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April 22, 2025
Ex-Janus Analyst Denies Telling Sister To Short Lab Shares
A former financial analyst testified in London on Tuesday that his sister's decision to short a major lab testing company's share price minutes after he received confidential information unavailable to the market had nothing to do with him.
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April 22, 2025
Investment Biz Denies Liability In £12M Property Loan Dispute
An investment company has hit back at a fund's £11.8 million ($15.8 million) High Court claim alleging that it caused the fund to lend money for property developments that were likely to fail.
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April 22, 2025
Aviva Study Reveals 'Concerning Gap' In Pensions Knowledge
Only a third of savers in the U.K. can correctly identify a defined benefit or defined contribution pension plan, according to a study published by Aviva on Tuesday.
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April 22, 2025
Tariff Wars Cloud UK Plan To Harness Pensions For Growth
The U.K. government has laid out plans for Britain's £3 trillion ($4 trillion) pensions sector to unleash more retirement assets into the real economy to boost growth and jobs — but a series of market shocks from proposed global trade tariffs have overshadowed reform plans.
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April 17, 2025
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen the producers of West End show "Elf the Musical" face a contract dispute, Korean biotech company ToolGen Inc. bring a fresh patents claim against pharma giant Vertex, and ousted car tycoon Peter Waddell bring a claim against the private equity firm that backed his business. Here, Law360 looks at these and other new claims in the U.K.
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April 17, 2025
IT Company Capgemini Buys Delta Capita Compliance Unit
French tech giant Capgemini SE said Thursday it has acquired the Dutch subsidiary of consultancy Delta Capita Group Ltd., as it strengthens its financial crime and regulatory compliance services in Europe.
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April 17, 2025
Rental Services Biz Aims To Seek New Investors Via AIM Float
RentGuarantor Holdings PLC said Thursday that it intends to list on the London Stock Exchange later in 2025 as the rental services company looks to attract a broader spectrum of investors.
Expert Analysis
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Comparing UK And EU's View On 3rd-Party Service Providers
The U.K. is taking welcome steps to address the lack of direct oversight over critical third-party service providers, and although less onerous than that of the EU Digital Operational Resilience Act, the U.K. regime's proportionate approach is designed to make providers more robust and reliable, say lawyers at Shearman.
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Key Points Of BoE Response To Digital Pound Consultation
Lawyers at Hogan Lovells analyze the recent Bank of England and U.K. government response to a consultation on the launch of a digital pound, finding that the phased approach to evaluating the issues makes sense given the significant potential impact on the U.K. economy.
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Goldman Prosecution Delivers A Clear Sign Of FCA Strength
The recent successful prosecution of a former Goldman Sachs analyst for insider dealing and fraud is a reminder to regulated individuals that economic crime will never be tolerated, and that the Financial Conduct Authority is willing to bare its teeth in the exercise of its prosecutorial remit, says Doug Cherry at Fladgate.
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The Good, The Bad And The New Of The UK Sanctions Regime
Almost six years after the Sanctions and Money Laundering Act was introduced, the U.K. government has published a strategy paper that outlines its focus points and unveils potential changes to the regime, such as a new humanitarian exception for financial sanctions, highlighting the rapid transformation of the U.K. sanctions landscape, says Josef Rybacki at WilmerHale.
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A Look At Environment Agency's New Economic Crime Unit
Sophie Wood at Kingsley Napley explains how the Environment Agency’s newly established Economic Crime Unit will pursue criminal money flows from environmental offenses, and discusses the unit’s civil powers, including the ability to administer account freezing and forfeiture orders, says Sophie Wood at Kingsley Napley.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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4 Legal Privilege Lessons From Dechert Disclosure Ruling
The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.
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BT Case May Shape UK Class Action Landscape
The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.
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Key Points From EC Economic Security Screening Initiatives
Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.
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Following The Road Map Toward Quantum Security
With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.
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Why EU Ruling On Beneficial Ownership May Affect The UK
Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.
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Key Changes In FRC Code Aim To Promote Good Governance
The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.
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Ruling In FCA Case Offers Tips On Flexible Work Requests
In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.
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Breaking Down The New UK Pension Funding Regs
Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.
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Predicting DeFi Regulations At Home And Abroad In 2024
Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.