Financial Services UK

  • September 26, 2022

    FCA Urges Better Wind-Down Practices From Brokers

    The Financial Conduct Authority has called on general insurance brokers to strengthen their wind-down plans, after its sample study of the market's liquidity arrangements for potential collapses raised concerns about their handling of risk matters.

  • September 26, 2022

    Ireland Insurance Deal Rules 'Could Be Counterproductive'

    A crackdown by the Irish finance regulator on intragroup transactions within insurance companies could prove counterproductive and might undermine the financial strength of the sector, a European trade body warned on Monday.

  • September 23, 2022

    Barclays Hit With Investor Suit Over $17.6B Securities Error

    Barclays PLC assured shareholders of the effectiveness of its internal financial reporting, but that clearly wasn't true as evidenced by the $17.6 billion of securities the British bank erroneously issued — a mistake that significantly damaged investors' pocketbooks, according to a lawsuit filed Friday in New York federal court.

  • September 23, 2022

    Link Group Halts Acquisition Talks With Dye & Durham

    Dye & Durham Ltd. has terminated discussions about its takeover bid for Australia's Link Group less than two weeks after a financial services regulator ordered the Canadian software company to set aside at least £306 million ($350 million) in redress if it wanted to carry out the acquisition.

  • September 23, 2022

    Cybersecurity Firm Saepio Hires Former Mimecast Director

    U.K.-based Saepio Information Security hired away Mimecast's account director for legal and accountancy to serve in the same capacity at the cybersecurity firm, Saepio confirmed to Law360 on Friday.

  • September 23, 2022

    Funders Eye Equity Stakes In UK Law Firms

    Private financiers are increasingly looking at taking equity stakes in law firms using alternative business structures, in a bid to deliver hefty returns for their investors.

  • September 23, 2022

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

    The past week in London has seen investors in a Disney film financing scheme look for a fairytale ending against HSBC, a scuppered Forex company sue a card payments provider in a breach of contract claim, and Boots Opticians eye up a commercial contracts claim against NHS England. Here, Law360 looks at these and other new claims in the U.K.

  • September 23, 2022

    Four Plead Guilty On Day Of £5M Gold Investment Fraud Trial

    Four men are facing prison sentences after admitting their involvement in a fraudulent gold mining scheme that cheated investors out of £5.4 million ($5.9 million) at the very start of what was to be their trial.

  • September 23, 2022

    William Fry Helps Gov't Ditch Crisis Stake In Bank Of Ireland

    The Irish government said on Friday that it has returned Bank of Ireland to private ownership 13 years after bailing out the lender with a €4.7 billion ($4.6 billion) boost after the financial crisis.

  • September 23, 2022

    Squire Patton Hires M&A Pro From Lamy Lexel In Paris

    Squire Patton Boggs LLP has hired a mergers and acquisitions expert as a partner in its Paris practice to advise on a range of complex, cross-border transactions.

  • September 23, 2022

    Insurers Settle Suit Over Coverage For $1B Ponzi Scheme

    An international corporate services company has settled with its insurers over a lawsuit in which it sought to be indemnified for costs for suits accusing it of being negligent when auditing a business involved in a $1 billion Ponzi scheme.

  • September 23, 2022

    Gov't Vows To Unlock Pensions Investment In Economy

    The government announced on Friday that it will bring forward plans to allow retirement savings plans to invest more widely in illiquid assets as it aims to improve economic growth — even as the country enters into recession.

  • September 23, 2022

    UK To Ditch Bankers' Bonus Cap To Attract Biz To London

    The government confirmed on Friday that it plans to abolish the cap on bankers' bonuses in a program to boost the competitiveness of London as a financial center, a controversial highlight in a mini-budget of regulatory and fiscal reform.

  • September 23, 2022

    Planned Corporate Tax Rise Scrapped In Revised UK Budget

    The U.K. will scrap a planned rise in corporate tax, the country's new Chancellor of the Exchequer said on Friday, as part of measures that he said will boost business investment and increase economic growth.

  • September 23, 2022

    Payne Hicks Beach Hires White-Collar Pro From Blake Morgan

    Payne Hicks Beach has hired a specialist in white-collar crime cases from Blake Morgan as the U.K. law firm develops its strategy to build specialist practices within its litigation department.

  • September 22, 2022

    FanDuel Tells Appeals Court Scottish Law Governed Merger

    Counsel for FanDuel urged a Manhattan appellate panel Thursday to apply Scottish law to a shareholder suit over the company's 2018 merger with British sportsbook Paddy Power Betfair, saying a lower court's contrary ruling created a "moving target" for dealmakers.

  • September 22, 2022

    Economic Crime Bill Offers Big Reforms To Tackle Dirty Funds

    The government unveiled its second economic crime bill of the year Thursday, introducing legislation that would usher in the biggest reform of the U.K.'s corporate register in 170 years and increasing the Serious Fraud Office's powers.

  • September 22, 2022

    Akin Gump Adds Development Duo From Norton Rose

    Akin Gump Strauss Hauer & Feld LLP has hired a two-attorney team from Norton Rose Fulbright as project finance and development partners in its London office.

  • September 22, 2022

    Gov't Reverses April's Hike In National Insurance Tax

    The U.K. government announced on Thursday that it is reversing its decision from April to impose a 1.25 percentage point increase in National Insurance contributions by businesses and employees to promote economic growth.

  • September 22, 2022

    Santander Warns Of Tough Jail Sentences For 'Money Mules'

    Santander UK PLC has cautioned that people who allow their bank accounts to be used to deposit and transfer criminal cash could face stiff prison sentences, after it found 1,877 cases of clients being used as "money mules" so far this year.

  • September 22, 2022

    Santander Employee Can't Bring 'Refugee' Harassment Suit

    A London tribunal has ruled that a customer service adviser at Santander waited too long to sue the bank for harassment after a branch director allegedly called her a "refugee." 

  • September 22, 2022

    FCA Moves To Combat Investor Harm On Trading Venues

    The financial watchdog proposed guidance on Thursday defining which firms are trading venues where investors may buy or sell securities, such as the London Stock Exchange, to stop some entities from operating without authorization and harming investors.

  • September 22, 2022

    States Can Reject Final Losses Under Tax Treaties, ECJ Says

    European Union law allows countries to refuse the deduction of final losses by a resident company incurred in another member state if taxing rights are waived under a double-tax treaty, the European Court of Justice ruled Thursday.

  • September 22, 2022

    Pensions Watchdog Can Issue Fines On Savings 'Dashboards'

    The pensions watchdog said on Thursday that it could issue fines of up to £50,000 ($56,000) for retirement schemes that fail to meet deadlines ahead of the launch of new online savings "dashboards."

  • September 22, 2022

    Pensions Industry Calls For Reforms In Gov't Mini-Budget

    The new government under Liz Truss should not sideline pension reform as it attempts to tackle the cost-of-living crisis, retirement industry experts have said as the new administration prepares for its first mini-Budget, which is scheduled to be unveiled on Friday.

Expert Analysis

  • What EU Corporate Sustainability Plan Means For Contracts

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    The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.

  • When Investment Funds Are Not As Green As They Suggest

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    With the growing demand for funds that offer sustainable investment, there is increasing potential to discover that funds have misled investors, which in certain situations could result in a claim for legal redress for misselling, say attorneys at Keller Lenkner.

  • How A New Law Tightens The Screw On Dirty Money In The UK

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    By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.

  • Opinion

    The SFO Needs To Find Its Prosecutorial Mojo Again

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    As protracted investigations and low conviction rates continue to abound, the Serious Fraud Office has strayed too far from its original purpose as a specialist prosecuting authority to justify its existence in its current form, says David Corker at Corker Binning.

  • UK Ruling Is A Win For Fraud Victims At Banks' Expense

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    The U.K. Court of Appeal's decision in Philipp v. Barclays holds banks potentially liable for executing any payment that is suspected to be fraudulent, heightening already significant pressure on banks to identify and prevent fraud, say attorneys at Signature Litigation.

  • Latest Commercial Court Guide Reflects A Shifting Landscape

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    While the latest version of the Commercial Court Guide focuses on the future of litigation both culturally and practically, the guide covers many aspects of litigation procedure, some of which arguably signal shifting dynamics prompted by the COVID-19 pandemic, says Elizabeth Warwick at King & Spalding.

  • A Landmark UK Enforcement Case For Crypto-Assets

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    HM Revenue and Customs' recent seizure of nonfungible tokens from three people under investigation for value-added tax fraud promises to be the first of many such actions against crypto-assets, so investors should preemptively resolve potential tax matters with U.K. law enforcement agencies to avoid a rude awakening, says Andrew Park at Andersen.

  • Emerging Economic Effects From Russia-Ukraine War

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    While the full economic effects of Russia's invasion of Ukraine will only become clear with time, some of the geopolitical and financial consequences are already becoming apparent, such as a possible shift from the petrodollar, Russian debt default and investor asset recovery complications, say attorneys at King & Spalding.

  • Rulings Offer Insight On Interim Remedies For Asset Recovery

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    While there are limits on what English courts will do to assist claimants with asset recovery before proceedings are heard in full, several recent rulings provide guidance on the scope of interim remedies, particularly as they relate to asset disclosure orders and the reliefs ancillary to those orders, say Kate Gee and Olivier Swain at Signature Litigation.

  • What Tighter Sanctions Against Russia Mean For Companies

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    Amid U.S. sanctions on Russia in response to its invasion of Ukraine, companies and individuals with business relationships in that region should expect disruptions to payment and transactions systems, and should prepare for increased diligence and compliance requirements, say George Wang and Abram Ellis at Simpson Thacher.

  • Unexplained Wealth Orders' Role In UK Dirty Money Bill

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    A bill passed by Parliament on Monday that targets Russian oligarchs who have substantial U.K. assets may embolden agencies who use unexplained wealth orders to take action against others who were not previously viewed as suitable candidates for UWOs, says Aziz Rahman at Rahman Ravelli.

  • Complex Funding Questions In Fight Against Financial Crime

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    A new report from Spotlight on Corruption suggests state agencies tackling financial crimes can add revenue from penalties and fines to their budgets, but the idea raises some complicated questions and might ultimately do more harm than good, says John Binns at BCL Solicitors.

  • How EU Proposal Would Affect Corporate Sustainability Duties

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    The European Commission recently released its proposal for a directive on corporate sustainability, human rights and environmental due diligence, that, if adopted, will have a substantial impact on the external corporate regulation and the internal corporate governance of the largest companies operating in the EU, says François Holmey at Carter-Ruck.

  • Navigating EU Sanctions Blocking After Bank Melli V. Telekom

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    The European Union Court of Justice’s Bank Melli v. Telekom decision portends more stringent enforcement of the EU sanctions blocking statute as the Office of Foreign Assets Control expands its extraterritorial reach — so companies with both U.S. and EU nexus should make sure they understand their conflicting obligations, says Kevin Gaunt at Hunton.

  • Proposed Addition To UK Online Safety Bill May Fall Short

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    As part of the U.K. Online Safety Bill, a parliamentary joint committee recently recommended imposing personal liability on senior managers where their failures result in a significant risk of serious harm to internet users, but this may neither be an effective enforcement tool nor a proportionate means of attributing criminal liability, says Lindsey Cullen at WilmerHale.

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