Financial Services UK

  • 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.

  • September 27, 2022

    Withers Adds Venture Capital Pro From Ignition Law

    Withers LLP has hired a venture capital expert from Ignition Law Services Ltd. as a partner to focus on the technology sector in its London office.

  • September 27, 2022

    How Removing Bank Bonus Caps Could Trigger Legal Fallout

    The government's removal of a cap on bankers' bonuses could unleash new and bigger legal challenges from disgruntled bank employees as an unexpected consequence of a broader post-Brexit plan to tear up regulations for financial services.

  • September 27, 2022

    Regulator Pushing For Diversity On Pension Trustee Boards

    The U.K. retirement savings watchdog announced on Tuesday that it plans to improve diversity and inclusion across senior management in the pensions sector.

  • September 26, 2022

    Herbert Smith Offering Legal Course Certificate Via NFT

    Herbert Smith Freehills LLP announced on Monday that it would again provide a course on burgeoning technologies such as the metaverse and non-fungible tokens, or NFTs, with the addition of a new certificate transferred as an NFT.

  • September 26, 2022

    UK Law Firm TLT Launches New In-House Legal Tool

    U.K. law firm TLT LLP has launched a new online platform that allows in-house legal teams to track and manage their workflow, automate processes and capture data that can be used to improve their performance.

  • September 26, 2022

    Squire Patton Adds Another Brown Rudnick Insolvency Pro

    Squire Patton Boggs said Monday it has added another former Brown Rudnick LLP partner to its restructuring and insolvency practice less than one month after five insolvency specialists left Brown Rudnick for the firm ahead of predicted economic troubles.

  • September 26, 2022

    UK Plan To Boost Penalties For Lawyers Sparks Concern

    The U.K. government's second economic crime bill of the year sent shockwaves through the British legal profession, with leading trade bodies warning the proposal to eliminate fining caps would harm attorneys.

  • September 26, 2022

    Bar Council Calls On Gov't To Improve Legal Panels' Diversity

    The Bar Council urged the U.K. government Monday to improve the diversity of the barristers included on its legal panels to represent it in court amid "unambiguous evidence" that advocates from Black, Asian and other ethnic minorities are being "systematically underrepresented."

  • September 26, 2022

    Swiss Voters Narrowly Reject Scrapping Bond Tax

    Swiss voters narrowly rejected eliminating the country's withholding tax on bond interest, voting down a proposal that was backed by business and the government but criticized by opponents as supporting the wealthy.

  • September 26, 2022

    SocGen, ING Sued For Refusing To Pay Out On €212M Bonds

    A Russian subsidiary of fertilizer producer EuroChem is suing two European banks after they refused to pay out €212 million ($204 million) bonds it is owed due to sanctions imposed following the invasion of Ukraine.

  • September 26, 2022

    Regulator Fines UK Law Firm For AML Breaches

    The Solicitors Regulation Authority said Monday that a law firm in southeast England will pay a £2,000 ($2,130) fine for failing to comply with laws on money laundering and terrorism financing, as well as professional regulatory rules.

  • September 26, 2022

    Commerzbank Loses Compliance Pro's Discrimination Suit

    A London employment tribunal has ruled that Commerzbank AG discriminated against a female deputy head of compliance by treating a peer as if he were the acting head of the team when their boss was out.

  • September 26, 2022

    Atty Struck Off Over Role In $164M Pump-And-Dump Scheme

    A London tribunal removed a Swiss attorney convicted in the U.S. for his part in a $164 million international pump-and-dump stock scheme from the roll of solicitors on Monday.

Expert Analysis

  • What To Expect From FCA's Focus On Permissions Misuse

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    Following recent high-profile scandals due at least in part to the ambiguity of the Financial Conduct Authority’s permissions regime, the regulator's new powers to clamp down speedily on firms that misuse their approvals are welcome, says Ben Rees at Keller Postman UK.

  • How Market Challenges Are Affecting Deal-Making Trends

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    As private equity investors adjust to a new period of volatility and uncertainty in the marketplace, various trends in deal making are emerging in order to bridge valuation gaps and address financing concerns, say Alvaro Membrillera and Anna Pollak at Paul Weiss.

  • The Digital Markets Act: Key Implementation Issues To Watch

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    The success of the Digital Markets Act, intended to regulate online services and protect consumers in the digital economy, and the most significant addition to the European Commission's regulatory toolbox in decades, will depend on how it is implemented by the commission, would-be gatekeepers, other market participants and national regulators, say attorneys at Linklaters.

  • What Digital Asset Decisions Mean For Future Disputes

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    Following a number of recent landmark decisions in the English courts, the law continues to develop in the sphere of digital assets, and several themes are emerging that will benefit both individuals and organizations, say Chris Recker at Duane Morris and Celso De Azevedo at The 36 Group.

  • New FCA Listing Rules May Start Regulatory Shift On Diversity

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    Listed companies that fail to meet new Financial Conduct Authority rules for minimum executive board diversity currently risk reputational damage mainly through social scrutiny, but should prepare for potential regulatory enforcement actions, say attorneys at King & Spalding.

  • New Clarity On Scope Of Banks' Quincecare Duty To Clients

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    A recent U.K. Privy Council decision clarified that a bank’s Quincecare duty to prevent banking fraud extends only to its customers, so third-party investors seeking protection may need to make alternative arrangements, say attorneys at Collyer Bristow.

  • Examining UK Commission's Corporate Crime Reform Ideas

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    The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.

  • How ESG Matters Are Influencing M&A Due Diligence Trends

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    With a proliferation of environmental, social and governance-related regulatory developments and a desire to comply with best practice, ESG matters have become an increasingly important area of focus for both clients and advisers in M&A transactions, say attorneys at Sullivan & Cromwell.

  • FCA Review Offers 'Challenger Banks' Advice On Crime Risks

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    Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.

  • Changes To UK Competition Rules Will Extend CMA Powers

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    Recent amendments to U.K. competition and consumer law regimes introduce changes to merger control and antitrust investigations that will result in the speedier resolution of cases and greater autonomy for the Competition and Markets Authority, say Bill Batchelor and Aurora Luoma at Skadden.

  • EU Risk Retention Standards Final Draft Offers Clarity

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    The long-awaited final draft of regulatory technical standards in relation to EU risk retention provides welcome detail and clarification of the rules and due diligence requirements, and is an important step toward finalizing the EU regime in this area, says Merryn Craske at Morgan Lewis.

  • J5 Warning Highlights Growing Risk Of NFT-Related Crime

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    As NFTs increase in popularity, so does the risk of such assets being used by those looking to exploit them for criminal gain, as illustrated by the Joint Chiefs of Global Tax Enforcement's recent warning of the possible dangers, says Syed Rahman at Rahman Ravelli.

  • New Anti-Modern Slavery Bill Unlikely To Accomplish Goals

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    A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.

  • Opinion

    FCA Proposal Fails British Steel Pension Scandal Victims

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    The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.

  • How New Framework Could Ease EU-US Data Transfer Burden

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    The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.

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