Financial Services UK

  • September 20, 2022

    White & Case Lands Debt Finance Atty From HSF In Madrid

    White & Case LLP has hired a debt finance specialist to bolster its growing corporate practice in Madrid as it gears up for increased demand from Spanish and other European clients for advice on transactions, including mergers and acquisitions.

  • September 19, 2022

    Credit Suisse Inks $32.5M Deal Over Greensill, Archegos Work

    Credit Suisse Group AG investors have reached a $32.5 million settlement with the investment bank to end a proposed class action claiming that it misled the public about its oversight of "high-risk clients" Greensill Capital and Archegos Capital Management, whose implosions purportedly cost the bank billions of dollars.

  • September 16, 2022

    Simpson Thacher Adds London Tax Pro From Linklaters

    Simpson Thacher & Bartlett LLP has hired a global tax expert as a partner to advise clients on large-scale, highly complex transactions and to grow the firm's U.K. presence.

  • September 16, 2022

    Complaints Co. Says It's Not At Fault For Credit Biz's Losses

    A complaints management company has hit back at allegations made by SafetyNet Credit, saying the losses that the business allegedly incurred were a result of its own breaches of its regulatory obligations.

  • September 16, 2022

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

    The past week in London has seen the London Metal Exchange face fresh legal action over its nickel trading halt, Amnesty International sue its own arts organization over trademark licensing, and a Dutch transport technology company begin legal proceedings against Vivarail over a contract working on London Underground trains. Here, Law360 looks at these and other new claims in the U.K.

  • September 16, 2022

    White & Case Adds M&A Pro From Slaughter To London Office

    White & Case LLP has hired a mergers and acquisitions expert as a partner in its London practice to advise clients on complex international public and private deals.

  • September 16, 2022

    Capita To Sell Payroll Services Biz For £150M

    Capita PLC said on Friday that it has agreed to sell payroll services company Pay360 Ltd. to a subsidiary of The Access Group for gross proceeds of £156 million ($178 million) to support its financial needs.

  • September 16, 2022

    Gov't Markets Bill Criticized As Prolonging Crypto Fraud

    The U.K. government has come under criticism for committing to new legislation that will regulate stablecoin cryptocurrencies backed by a reference asset but not unbacked varieties such as bitcoin and ether that play a big role in organized crime and fraud schemes.

  • September 16, 2022

    Pensions Adviser Loses 'Witch Hunt' Complaint Against FCA

    An official disputes body has rejected a complaint from a small pensions advisory company that it lost its permissions to operate in the market after being subject to what it called a "witch hunt" by the Financial Conduct Authority.

  • September 16, 2022

    HFW Hires Aviation Finance Pro Rebecca Quayle From BCLP

    Holman Fenwick Willan LLP has hired specialist Rebecca Quayle from Bryan Cave Leighton Paisner LLP as it looks to build "the number one" aviation finance and leasing practice in London, the firm announced.

  • September 16, 2022

    Denmark Wins $1.3B Verdict Against British Trader In Dubai

    Denmark has won a civil judgment in Dubai against a British trader that will require him to pay the equivalent of approximately $1.3 billion to Denmark's tax authority, a person familiar with the court verdict told Law360 on Friday.

  • September 16, 2022

    FCA Hopes Consumer Rules Will Mean More Flexibility

    The finance watchdog has said it hopes a new consumer duty, which requires financial services companies to meet higher standards in their dealings with retail customers, will allow it to take a "less prescriptive" approach to regulation of the insurance sector.

  • September 16, 2022

    Police Arrest One Of Europe's 'Biggest Money Launderers'

    Police in Spain have arrested a man described as a "high-value" member of a notorious gang who reportedly helped criminals clean €200 million ($199 million) in 18 months using a centuries-old banking system, the European Union's law enforcement agency has said.

  • September 15, 2022

    Nigeria Wins Doc Bid For English Trial In $10B Award Fight

    A New York federal judge has given Nigeria permission to seek additional information from an asset manager as it pursues litigation in England to set aside an allegedly fraudulent $10 billion arbitral award relating to an ill-fated natural gas processing plant project.

  • September 15, 2022

    Ireland Fines Danske Bank €1.8M Over Poor AML

    The Central Bank of Ireland said Thursday it has fined Danske Bank A/S €1.82 million ($1.82 million) for breaching financial crime rules after it failed to monitor some customer transactions over nine years.

  • September 15, 2022

    Ex-Risk Executive Says He Was A 'Troublemaker' For Bank

    A former head of risk management at an Anglo-Pakistani bank told a London employment tribunal Thursday that the lender's board had looked for reasons to fire him because he was a "troublemaker" after he raised possible compliance problems.

  • September 15, 2022

    6 Questions For Signature's Paris Arbitration Head Flore Poloni

    Signature Litigation's international arbitration chief Flore Poloni talks to Law360 about why she left M&A for globe-trotting arbitration enforcement, the trends she sees in in the field and the challenges that come with managing both a caseload and a team.

  • September 15, 2022

    DWF Announces Performance Targets For Top Executives

    DWF LLP, the only law firm listed on the main London Stock Exchange, detailed the goals Thursday its top executives will have to meet to collect the total of more than 1.8 million shares awarded to them in August.

  • September 15, 2022

    EU Dismisses PNB Bank Appeal Over Access To Premises

    The European Union's top court dismissed an appeal on Thursday brought by a failed Latvian bank that challenged the European Central Bank's refusal to grant the lender's lawyer access to its own premises, documents and staff after it went into liquidation.

  • September 15, 2022

    Hogan Lovells Adds DLA Piper Finance Atty In London

    Hogan Lovells has hired a banking and capital markets lawyer from DLA Piper to bolster the firm's corporate and finance practice group, it said Wednesday.

  • September 15, 2022

    HSBC IT Contractor Loses Challenge In Equal Pay Claim

    A London judge refused on Thursday to allow a former IT contract worker at HSBC to increase the number of colleagues she wanted to compare her wage against in her equal pay claim against the bank.

  • September 15, 2022

    Ince To Save £3M By Handing Back Tax Consultancy Biz

    The Ince Group PLC said Thursday that it is returning a tax consultancy it acquired five years ago to its previous owner as the law firm attempts to save almost £3 million ($3.45 million) to help it tackle financial difficulties.

  • September 15, 2022

    FCA Puts Failed Loan Provider Into Administration

    Britain's financial watchdog said on Thursday that Gloucestershire Credit Union Ltd., a short-term loan provider, has ceased to do business.

  • September 15, 2022

    Keystone Law Posts £37M Revenues In First-Half Results

    U.K. law firm Keystone Law Group PLC saw robust growth in the first half of its financial year as pandemic restrictions eased, with a 9.3% increase over the year before, the firm said Thursday.

  • September 15, 2022

    States Can Halt Double Taxation In Aid Recovery, Says ECJ

    European Union countries recovering illegally granted state aid can apply domestic law to prevent companies from paying tax twice, the bloc's highest court ruled on Thursday. 

Expert Analysis

  • What The NatWest Case Tells Us About AML Liability

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    The NatWest prosecution has been touted as the first of a bank under the U.K. Financial Conduct Authority's anti-money laundering laws, but the proceedings involve statutes that have been in place for decades, and criminal actions of this type are likely to remain a rare occurrence, says John Binns at BCL Solicitors.

  • Treasury's AML Focus Highlights Need For Crypto Regulation

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    A recent HM Treasury consultation paper, asking for feedback on proposed anti-money laundering regulation changes, shines a light on the increasing role of cryptocurrency in money laundering, and the need for greater transparency and regulation of crypto transactions, says Ian Hargreaves at Covington.

  • FCA Activity Highlights Value Of AML Internal Investigations

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    The Financial Conduct Authority’s recent efforts to ensure financial firms are meeting their anti-money laundering obligations show the importance of conducting internal investigations to determine what problems exist and whether they should be self-reported to the appropriate regulator, says Aziz Rahman at Rahman Ravelli.

  • What AML Initiatives In EU Mean For UK Financial Industry

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    Even though the European Commission’s recent anti-money laundering legislation won’t apply in the U.K., financial services firms operating there will need to be alert to imminent divergence between regulatory regimes, say Kerstin Wilhelm and Clare McMullen at Linklaters.

  • UK Focus On Int'l Data Transfers Shows Appetite For Reform

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    Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.

  • The UK Reforms That Add Investor Allure To SPACs

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    The U.K. Financial Conduct Authority has removed significant disincentives to the listing of special purpose acquisition companies in London, making SPACs a more attractive investment, but key differences between London's regulations and those of other major stock exchanges make further reform a possibility, say Marcus Young and William Morris at King & Spalding.

  • What The Future Holds For UK Auditing Reform

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    The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.

  • Comparing 'Ultimate Beneficial Owner' Rules In EU And US

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    The European Union's efforts to improve transparency in company ownership have created an uneven patchwork of so-called ultimate beneficial owner rules, and recently introduced U.S. regulations will add another layer of complexity for global companies, says Rodrigo Calleja at TMF Group.

  • Challenges Await Proposed EU Anti-Money Laundering Body

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    Practical hurdles facing the European Union's proposed anti-money laundering authority include the creation of workable measures for countries with varying criminal codes, the role of national supervisory authorities and U.K.-EU cooperation, say Ian Hargreaves and Mia Neafcy at Covington.

  • Grant Thornton Ruling May Broaden Advisers' Duty Of Care

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    The U.K. Supreme Court's ruling in Manchester Building Society v. Grant Thornton will affect other professional negligence cases as it downgraded the scope of duty test and will provide more flexibility for judges in deciding similar cases now that they have been released from the 1997 SAAMCO precedent, says Robin Henry at Collyer Bristow.

  • 2nd Circ. Ruling May Help Foreign Nationals Fight Extradition

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    The Second Circuit recently ruled in United States v. Sindzingre & Bescond that foreign defendants facing U.S. criminal charges should be permitted to challenge a U.S. court's jurisdiction over them without having to submit to that court's jurisdiction or be considered fugitives, which should cause more defendants to fight extradition rather than waive their rights, say attorneys at Dechert.

  • Arbitral Enforcement Takeaways From Kazakh Asset Ruling

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    While a Belgian court's recent decision in Stati v. Kazakhstan to uphold a freeze on Kazakhstan's assets sets a precedent in favor of arbitral award enforcement, it still highlights the difficulties of investor-state arbitration, and shows that investors' need to launch new proceedings may ultimately depend on the approach of the relevant jurisdictions, says Tomas Vail at Vail Dispute Resolution.

  • CPS Money Laundering Liability Theory On Shaky Ground

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    The Crown Prosecution Service's recently amended guidance on money laundering liability could lead to conviction for failure to report suspicions even when money laundering did not in fact occur — a remarkable and questionable conclusion, says Andrew Smith at Corker Binning.

  • Prospects Look Strong For UK Class Actions

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    Class actions have become more commonplace in the U.K. and elsewhere in Europe amid high returns, and the trend is expected to continue in areas as diverse as competition, environmental, data privacy and securities, with some busy years ahead, say Edward Coulson and Rachel Ziegler at BCLP.

  • What The Financial Markets Might Look Like After Libor

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    As the long-awaited transition out of Libor via alternative reference rates such as the Sterling Overnight Index Average edges closer, several long-term uncertainties and inherent litigation risks remain, with legacy contracts and misseling claims among the key areas of concern, say Alexander Edwards and Hannah Sharp at Rosling King.

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