Financial Services UK

  • September 29, 2022

    Bank Of Ireland Fined Record €100M Over Mortgage Breaches

    The Central Bank of Ireland said on Thursday that it has hit one of the country's top lenders with a €100.5 million ($97 million) fine over its handling of tracker mortgage customers, noting the "devastating" effect the lender's failings has had on some clients.

  • September 28, 2022

    Aircraft Lessors Fight UniCredit Over $69M Guarantees

    Three Irish aircraft leasing companies fought Wednesday to make UniCredit pay over $69.3 million total in letters of credit that secured lease agreements with Russian aviation companies.

  • September 28, 2022

    CMA Defends £100M Fine Over Advanz Thyroid Drug Pricing

    The U.K.'s competition watchdog told a tribunal Wednesday that the prices charged by pharmaceutical company Advanz for its thyroid tablets were excessive and unfair as it began its defense of a £100 million ($107 million) fine.

  • September 28, 2022

    Law Society Publishes Road Map To Boost Diversity At Firms

    Law firms looking to boost diversity and inclusion in the workplace should engage with their senior leaders and collect data, firm up their goals and ensure that they have a good governance culture, the Law Society said Wednesday.

  • September 28, 2022

    Entain Denies Owing £6M Over Broker Sale

    Sports-betting giant Entain has denied claims that it owes £6 million ($6.52 million) to an investment business backed by Burren Capital Advisors Ltd.'s Andrew McGrath over the sale of Entain's Intertrader brokerage unit.

  • September 28, 2022

    Fintech Co. Zaim Suspends Shares Amid Shareholder Probe

    Russia-focused fintech group Zaim Credit Systems PLC announced Wednesday that it has suspended its London Stock Exchange listing with immediate effect, after losing track of who owns its shares.

  • September 28, 2022

    Ince Group Settles With Ex-CEO And Former Finance Head

    The Ince Group PLC said Wednesday it will pay its former chief executive and previous head of finance £15,000 ($16,266) each in settlements of claims following their removal earlier this year as it looks to chart a new course under fresh leadership.

  • September 28, 2022

    Dechert Adds Finance Pro From Kirkland To London Office

    Dechert LLP has rehired a specialist in advising asset managers and private equity firms as a partner in the firm's London office.

  • September 28, 2022

    Man Convicted For £36M Carbon Credit Scam Can't Appeal

    A man sentenced to six years' imprisonment for a £36 million ($38.6 million) carbon credit investment scam can't challenge his conviction, a London appeals court ruled Wednesday, dismissing his claim that his conviction was undermined by the trial judge.

  • September 28, 2022

    Maduro's Board Gets OK To Appeal Venezuelan Gold Ruling

    Venezuelan President Nicolás Maduro can appeal a decision that rulings from the South American country's Supreme Court should be disregarded by London judges overseeing a €1 billion ($960 million) gold reserves tug of war, according to the leader's legal team.

  • September 28, 2022

    Gov't Urged To Utilize 'Radical' Pension Options Amid Crisis

    The government should bring in "radical" measures, such as allowing financially hit employees to suspend contributions into their pension pots, to avert droves of Brits quitting the flagship auto-enrollment program amid the cost of living crisis, AJ Bell said in a report issued Wednesday.

  • September 28, 2022

    Subprime Lender Weighs Court Process Amid Redress Claims

    Struggling subprime lender Non-Standard Finance said Wednesday that it is considering a restructuring process in court so that it can pay out £22 million ($23 million) in redress to customers, after the Financial Conduct Authority raised concerns about its operations.

  • September 28, 2022

    HMRC Says Britons Are Raiding Pensions As Inflation Bites

    Half a million people dipped into their retirement savings in the second quarter of 2022 amid a growing cost-of-living crisis, government figures revealed Wednesday, the highest-ever number for withdrawals since pension freedoms rules were introduced seven years ago.

  • September 28, 2022

    Former Crypto Exec Accuses Biz Of Plotting To Push Him Out

    A former director has hit back at a Bulgarian cryptocurrency company, saying he was the victim of a conspiracy to push him out of the company and that he is entitled to up to $1 billion.

  • September 27, 2022

    Barrister, Insurer Settle £50M Tax Claims With Investors

    A senior barrister and his insurer have reached a settlement with more than 100 investors in a £50 million ($53.9 million) film finance tax scheme seeking compensation for the losses they sustained when they had to foot large tax bills.

  • September 27, 2022

    NCA Fights To Keep Funds Frozen In Russia Sanctions Probe

    The U.K.'s top crime investigating agency made disclosure errors when it applied to freeze bank accounts used by a Russian billionaire amid an investigation into a suspected sanctions evasion, the billionaire's counsel told a London court Tuesday.

  • September 27, 2022

    UK Bank Escapes Tax On Loan Interest Under US Treaty

    HM Revenue & Customs can't impose £4.5 million ($4.8 million) in taxes on interest a Japanese-parented U.K. bank earned from a loan to a U.S. subsidiary, a U.K. tribunal ruled, saying a U.S.-U.K. double-tax treaty covered the transaction.

  • September 27, 2022

    Advanz Begins Appeal Of £100M CMA Drug Pricing Fine

    Pharmaceutical company Advanz and its two former private equity owners said Tuesday that a £100 million ($107 million) fine levied by the competition watchdog for charging the NHS too much for a thyroid drug is "manifestly wrong" at the start of an appeal challenge.

  • September 27, 2022

    Citi Backs Spanish Payments Co. With €150M In Financing

    Spanish payments company SeQura said Tuesday it has secured €150 million ($143.7 million) in asset-backed senior financing from Citi, bringing the company's total financing potential to €200 million when coupled with prior credit from London-based funder Chenavari. 

  • September 27, 2022

    UK Better Off With Strong Financial Rules, Watchdog Says

    An executive director of the Prudential Regulation Authority said Tuesday that the U.K. economy had more to gain from having a financial regulatory system with strong rules than from weakening its standards to attract businesses to London.

  • September 27, 2022

    Ex-HSBC Employee Can Pursue Unfair Dismissal Claim

    A tribunal ruled Tuesday that a former HSBC employee could go ahead with an unfair dismissal claim against the bank even though she missed the three-month limit, taking into account her disability.

  • September 27, 2022

    FCA Considers Relaxing Rules On Financial Advice

    The U.K.'s financial watchdog proposed Tuesday to review the amount of regulation it places on financial advice in a bid to balance businesses' competitiveness with consumer protections.

  • September 27, 2022

    BoE Restarts Bank Stress Testing After 3-Year Pause

    The Bank of England will this year resume assessing the ability of major lenders to cope with economic challenges for the first time since 2019, after pausing because of the COVID-19 pandemic and Russia's invasion of Ukraine.

  • September 27, 2022

    Lone Star Funds Pulls €674M Bank Of Cyprus Bid

    U.S. private equity firm Lone Star Funds on Tuesday said it will not make another bid for the Bank of Cyprus, the country's biggest bank, after it rejected three consecutive offers, including a €674 million ($648 million) bid.

  • September 27, 2022

    Pensions Biz Fights Suit Over 'Unsuitable' SIPP Choices

    Pensions company Carey has hit back at a lawsuit from 20 individuals with self-invested personal pensions, saying that it owed them no duty to consider the suitability of high-risk schemes that made no returns.

Expert Analysis

  • Unfair Trading Claims May Reshape Collective Proceedings

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    The U.K. Competition Appeal Tribunal's recent certification of several collective proceedings based on unfair trading claims could signal the tribunal's willingness to entertain more consumer protection class actions — and herald open season for firms seeking to cash in on lucrative opt-out group litigation, say Sarina Williams and Alex Hannington at Linklaters.

  • Law Commission's 'Data Objects' Proposal Is Far-Reaching

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    The Law Commission’s proposals to recognize data objects as a new category of personal property would bring fundamental changes were they to be implemented, and would have significant ramifications for finance litigation, say attorneys at Norton Rose.

  • Building Inspector Insurance And Its New Relaxed Rules

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    The U.K. government recently opened up the market for approved building inspector insurance in the aftermath of the 2017 Grenfell Tower tragedy, but it does not appear to have considered the impact this may have on homeowners and developers, say Alan Stone and Jonathan Carrington at RPC.

  • Cayman Courts Shift Toward More Efficient Case Management

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    Recent Cayman Islands court decisions evidence a move toward a more robust case management style, with an increasingly flexible and progressive approach to case management stays and a welcome focus on fairness, efficiency and proportionality, say attorneys at Appleby.

  • Fintech Faces New Compliance And Enforcement Challenges

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    While firms aim to provide an enhanced user experience in the payments and crypto-assets sectors, ensuring preventive measures against financial crime means that a trade-off is unavoidable, as is a shift toward direct regulation of technology and fintech firms, say Sara George and Max Savoie at Sidley.

  • New Corporate Insolvency Data Reveals Unexpected Results

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    For a variety of reasons there has been a slower than anticipated increase in U.K. corporate insolvency figures in recent months, although there may be a time lag between economic difficulties and sentiment among investors, lenders and business owners, and it is likely that numbers will rise in the autumn, says Jeremy Whiteson at Fladgate.

  • Parsing The Tribunal's Approach To Antitrust Pass-On Claims

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    In assessing allegations that an antitrust infringement victim passed on its loss to another party, the U.K. Competition Appeal Tribunal's recent significant judgment in the so-called Merchant Interchange Fee Umbrella proceedings provides guidance on the evidential, definitional and legal aspects of such pass-on claims, say David Bridge and Liz Williams at CMS Legal.

  • HMRC Provides Boost For Credit Fund Asset Holding Cos.

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    New HM Revenue & Customs guidance on whether loan origination activity is allowable as part of the key test for determining investment rather than trading activity under the new qualifying asset holding company regime has contributed to heightened interest in the potential use of the QAHC for credit funds, say attorneys at Dechert.

  • HMRC Keen To Show It's Still In The Driver's Seat

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    HM Revenue & Customs prefers to engage in the more cost-effective civil process, but the recent decision to send former Formula 1 CEO Bernie Ecclestone's case to the Crown Prosecution Service demonstrates it is prepared to go full throttle where a strong deterrent message is needed, says Jessica Parker at Corker Binning.

  • Pros And Cons Of Regulating Finance Sector's Third Parties

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    Recent proposals by the U.K. Treasury could lead to regulation of those designated as critical third parties in finance, and legislation will be needed to ensure technology suppliers are not deterred from participating in the financial services markets, say attorneys at Addleshaw Goddard.

  • A New Strict Liability Approach To UK's Financial Sanctions

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    The recent switch to civil enforcement of the U.K.’s financial sanctions on a strict liability basis significantly lowers the evidential bar the Office of Financial Sanctions Implementation must meet, but much of its compliance-based approach to breaches will remain, says Sara George at Sidley.

  • UK Online Safety Bill Delayed, But Firms Should Still Prepare

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    Despite delays and content providers' concerns regarding the impact on their profitability, it appears certain that the Online Safety Bill will be enacted in one form or another, mirroring proposals in the EU and U.S., so tech firms must prepare for a new regulatory framework that will require them to tackle illegal and harmful content on their services, say attorneys at Dechert.

  • International Law May Protect Foreign Investors In Russia

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    Investment treaties that allow eligible foreign investors to bring claims for compensation by way of international arbitration may offer a better, or the only, avenue to recover losses for assets that have been seized by Russia, say attorneys at Cooley.

  • A Look At The Solvency II Insurance Sector Proposed Reforms

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    It is hoped that the proposed reforms of Solvency II will not only ensure policyholder protection and a successful insurance industry, but that released capital will be invested in long-term infrastructure and green projects, yet there are questions and even concerns surrounding potential changes and what their impact might be, says Dónal Clark at Kennedys.

  • UK Gov't Crypto Market Regulation Will Require Balance

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    As cryptocurrency becomes increasingly mainstream, the U.K. intends to regulate the market, but it needs to find a balance between protecting consumers and the wider economy, and encouraging innovation and investment in the crypto-asset ecosystem, say attorneys at Arnold & Porter.

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