Financial Services UK

  • September 22, 2022

    Squire Patton Lands Structured Finance Pro From Shearman

    Squire Patton Boggs LLP has recruited a derivatives and structured finance specialist from Shearman & Sterling LLP in a wider strategy to strengthen its financial services practice in London.

  • September 21, 2022

    UK Watchdog Says Cos. Could Improve Tax Asset Disclosures

    Companies should report more specific details when disclosing aspects of their deferred tax assets, the U.K. accounting regulator said in a report published Wednesday.

  • September 21, 2022

    Insurers Battle To Avoid $844M Plane Crash Compensation

    Victims of a deadly plane crash in Colombia sought in a London court on Wednesday to shut down a request by units of Tokio Marine and Aon to stop the victims' pursuit of compensation for the disaster in a Florida court.

  • September 21, 2022

    Solicitor Numbers Up, But Minority Groups Underrepresented

    A record high number of people qualified as solicitors in England and Wales last year, although attorneys from minority ethnic backgrounds continued to be underrepresented, the Law Society said Wednesday.

  • September 21, 2022

    UK Gov't Budget Scrutinized For Removal Of Bank Bonus Cap

    City lawyers will get a first glimpse on Friday of plans by the new government to break from the European Union's regulatory rule book, including scrapping the cap on bankers' bonuses imposed after the financial crisis to deter reckless strategies that could harm consumers.

  • September 21, 2022

    Edwin Coe Atty Tells Tribunal: 'I Do Not Lie To Courts'

    A senior partner at Edwin Coe LLP and the former head of the Law Society told a disciplinary hearing Wednesday that he did not lie under oath about a legal fee dispute when describing his communications with a client.

  • September 21, 2022

    German Police Raid Properties Tied To Oligarch Close To Putin

    German authorities Wednesday raided Bavarian residences of a 69-year-old businessman with ties to Russian President Vladimir Putin who is suspected of money laundering involving tax crimes, according to a joint statement from the Federal Criminal Police Office and Frankfurt prosecutors.

  • September 21, 2022

    Italian City Ordered To Pay Deutsche £950K In Swaps Fight

    A London court has ruled that an Italian city has to pay Deutsche Bank £950,000 ($1.1 million) following a decision that its interest rate payment agreement with the lender was binding.

  • September 21, 2022

    XPS Buys Pensions Funding Adviser For £11.6M

    XPS Pensions Group PLC said Wednesday it has bought a company that advises retirement schemes on their funding in an all-cash deal of up to £11.6 million ($13.1 million).

  • September 21, 2022

    The UK Has Frozen £500B In Russian Assets. Now What?

    Law enforcers in the U.K. must take inspiration from the innovative steps taken by American prosecutors to seize assets belonging to blacklisted insiders if they want to add teeth to recent efforts to crack down on illicit Russian wealth, anti-corruption experts say.

  • September 21, 2022

    Squire Patton Adds Commercial Disputes Pro From Eversheds

    Squire Patton Boggs LLP has hired commercial litigation specialist Lucy Webster from Eversheds Sutherland as a partner to focus on the clean energy, sports and media sectors.

  • September 21, 2022

    BCLP Lands Structured Debt Pro From Linklaters In London

    Bryan Cave Leighton Paisner LLP has strengthened its ability to represent clients including alternative lenders in real-estate structured finance transactions with the arrival of a specialist from Linklaters LLP in London.

  • September 21, 2022

    Link Faces Up To £356M In Fines And Redress Over Woodford

    The Financial Conduct Authority said Wednesday that Link Group, a financial data services firm, could be liable to pay out up to £356 million ($403 million) in penalties and redress for its role in the collapse of Neil Woodford's flagship equity fund.

  • September 20, 2022

    RiverRock Kicks Off Trial Against Execs Over Firm's Strike Off

    A European investment company said its former investment partners should be forced to pay €1.6 million ($1.59 million) as it began its trial on Tuesday accusing them of breaking an agreement to manage a new fund.

  • September 20, 2022

    Paul Hastings Parts Ways With Former Co-Managing Partner

    Amid a leadership change-up at the law firm, U.K. Paul Hastings LLP partner Ronan O'Sullivan has left the law firm about a year after he was replaced as firmwide co-managing partner and just weeks before a new chairman takes the reins at the firm for the first time in two decades.

  • September 20, 2022

    Australian Financier Of Disputes Sees Pre-Tax Profits Fall 17%

    Publicly listed disputes finance provider Litigation Capital Management Ltd. said Tuesday it saw a 17% drop in its pre-tax profits during the latest financial period, though the overall assets it holds under management has increased.

  • September 20, 2022

    HSF To Hire 1st External Trainees In Belfast

    Herbert Smith Freehills LLP said on Tuesday it will start accepting applications from external candidates to become trainees in the firm's "alternative" legal business in Belfast, in addition to continuing to tap its in-house pool of aspiring lawyers.

  • September 20, 2022

    Liquidator Fined For AML Compliance Errors

    The Insolvency Service said Tuesday that it has hit a liquidator with a £6,500 ($7,400) fine for failing to comply with money laundering regulations.

  • September 20, 2022

    Edwin Coe Atty Accused Of Lying Under Oath At New Hearing

    A former client accused a senior partner at Edwin Coe LLP of lying under oath about a legal fee dispute on Tuesday at the start of a second disciplinary hearing against the former head of the Law Society.

  • September 20, 2022

    BoE Floats Fee Rise For Financial Market Infrastructures

    The Bank of England proposed on Tuesday to increase the funds it raises to ensure the smooth functioning of the nation's financial markets to £11.6 million ($13.2 million) for the 2022-23 financial year — 9% more than the previous year's £10.6 million.

  • September 20, 2022

    UK Trader Faces Extradition In Cum-Ex Tax Fraud Case

    A British hedge fund trader can be extradited to Denmark to face charges that he aided a fraud that cheated the country's tax authority out of 9 billion kroner ($1.2 billion), a London judge ruled on Tuesday.

  • September 20, 2022

    FCA Condition Puts Link, Dye & Durham Deal In Peril

    Dye & Durham Ltd. has revised its takeover bid for Australia's Link Group after the Financial Conduct Authority last Monday told the Canadian company to set aside at least £306 million ($350 million) in redress if it wanted to carry out the acquisition.

  • September 20, 2022

    Opperman Dropped As Pensions Minister In Cabinet Reshuffle

    The U.K.'s longest serving pensions minister, who was the architect of sweeping retirement reforms during his tenure, has been dropped from government by new prime minister Liz Truss following a cabinet reshuffle.

  • September 20, 2022

    Actuaries Call For 'Rainy Day' Access To Pension Pots

    The government should allow workers to tap into their pension pots much earlier in order to tackle cost-of-living pressures, an actuarial trade body in the U.K. said Tuesday.

  • September 20, 2022

    City Workplace Culture Improving, FCA Data Suggests

    Reports of personal misconduct in the U.K. financial services sector dropped in the last year as the City takes strides to improve workplace cultures, according to data obtained from the Financial Conduct Authority.

Expert Analysis

  • The Challenges Facing European M&A Despite Boom

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    While Europe's wave of M&A shows no sign of abating, stricter antitrust and national security reviews number among the factors that may pose obstacles for some deals, potentially altering the calculus for both buyers and sellers, say Bruce Embley and Chetan Sheth at Skadden.

  • How Will UK Use New Penalties For Debt-Dodging Directors?

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    Thomas Shortland at Cohen & Gresser discusses the scope of the new disqualification regime for company directors who dissolve their businesses to avoid paying back state COVID-19 loans, and identifies factors that may affect how frequently the government exercises the new powers.

  • 2nd Circ. Libor-Rigging Reversal Is A Boon For Defendants

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    In U.S. v. Connolly, the Second Circuit recently reversed convictions of two former Deutsche Bank traders accused of rigging Libor, giving defendants ammunition for more favorable jury instructions on the requisite falsity for a fraud conviction, and ensuring the government is held to its burden of proof, say Rachel Maimin and Robert Johnston at Lowenstein Sandler.

  • 3 Safe Passages To Avoid Sanctions Double Binds

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    The Court of Justice of the European Union's recent judgment in Bank Melli v. Telekom Deutschland shines light on safe passages through which businesses may navigate challenges posed by conflicting international sanctions and sanctions-blocking measures, say Thomas Grant at Cambridge University and Scott Kieff at George Washington University Law School.

  • A Primer On UK's New Investment Screening Regime

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    The new National Security and Investment Act affords the U.K. government greater oversight and control over transactions that may give rise to national security risks, so investors should keep six considerations in mind for deals involving a target with a U.K. nexus, say attorneys at Simpson Thacher.

  • Automated AML Compliance Tools Are No Silver Bullet

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    As financial institutions increasingly use automated tools for anti-money laundering compliance, attorneys at Covington discuss the risks of overreliance on such tools, regulatory expectations, potential liability and insurance coverage implications, as well as lessons from recent enforcement actions.

  • LSE Reforms May Succeed At Building On Bumper 2021

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    Recent London Stock Exchange reforms, chiefly to listing rules the Financial Conduct Authority introduced last year to attract special-purpose acquisition companies, could draw a new wave of issuers and keep momentum from 2021's market rebound going, say Marcus Young and William Morris at King & Spalding.

  • FCA Data Highlights Whistleblower Program Imperatives

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    The U.K. Financial Conduct Authority's recently published data on whistleblower reports is a reminder on how seriously the FCA takes retaliation against whistleblowers, and the importance of maintaining strong whistleblowing procedures, say Chris Chapman and Amanda Plowden at Mayer Brown.

  • Issues To Watch In Potential English Arbitration Act Reform

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    Summary dismissal, confidentiality, technological updates and certain other topics that could fall under the England and Wales Law Commission's upcoming review of the 25-year-old Arbitration Act should be of particular interest to those considering an English-seated arbitration, say Neil Newing and Alasdair Marshall at Signature Litigation.

  • Lessons From IRS For A New HMRC Whistleblowing Model

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    Andrew Park at Andersen considers whether the public interest would be better served in allowing the U.K.'s tax enforcers, HM Revenue & Customs, to offer larger and more certain cash incentives to people blowing the whistle on tax misdemeanors — similar to the IRS model for whistleblowers.

  • How US Is Leading On Cryptocurrency Scrutiny

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    Recent Office of Foreign Assets Control sanctions on virtual currency exchange SUEX, and other stateside efforts to clamp down on cryptocurrencies, indicate this area will face increased regulatory scrutiny — an approach likely to be adopted by other nations where cryptocurrency is gathering momentum, says Syed Rahman at Rahman Ravelli.

  • Watch For Rise In Cross-Border Insolvency Investigations

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    As insolvency regimes that had been suspended during the pandemic restart operations, issues like misuse of government financial assistance and fraudulent director behavior are being uncovered, likely leading to an increase in U.K. cross-border restructuring cases and investigations, say Lynne Gregory and Daian Sumner at Baker & Partners.

  • How UK Online Safety Bill May Affect Cos. Around The World

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    Lucy Blake and Karam Jardaneh at Jenner & Block discuss how internet content providers might be affected by the new draft U.K. Online Safety Bill, as platforms face increasing pressure to strike the difficult balance between protecting the right to freedom of expression and tackling online harms, and as the U.K. bill potentially paves the way for similar regulation around the world.

  • How Immune Are State Agents From Foreign Courts?

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    The ongoing case of Basfar v. Wong is the latest to raise questions about the boundary between commercial or private activity and the exercise of sovereign authority that shields state agents from foreign judicial scrutiny — and the U.K. Supreme Court's upcoming decision in the matter will likely bring clarity on exceptions to the immunity doctrine, say Andrew Stafford QC and Oleg Shaulko at Kobre & Kim.

  • Why Regulators Need Balanced Approach To Crypto

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    Regulators may not fully comprehend the cryptocurrency market, and that could result in unclear, unnecessary or overly draconian regulation — or no regulation at all — which could drive the industry underground, increasing opportunities for fraud and money laundering, say Kate Gee and Johnny Shearman at Signature Litigation.

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