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Financial Services UK
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August 29, 2024
Ombudsman Reports 70% Surge In Financial Complaints
Users of financial products lodged 70% more complaints in the first quarter of the 2024/25 financial year compared with the corresponding previous period, the Financial Ombudsman Service reported on Thursday, a jump from almost 44,000 to approximately 75,000.
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August 29, 2024
Law Firm Can Use Client Comms To Fight Conspiracy Claim
A commercial law firm and its solicitor can fully plead their defenses against claims of conspiracy, a London court has ruled, finding that details of communication with clients are not limited by legal professional privilege because of a recently clarified legal exception.
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August 28, 2024
Businessman Can't Force $1B Gramercy Suit Into Arbitration
A Wyoming federal judge has ruled that Gramercy Funds Management will not have to arbitrate its racketeering lawsuit accusing a Ukrainian businessman of fraudulently transferring more than a billion dollars from his agricultural business, a debtor of the Connecticut-based hedge fund.
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August 28, 2024
Collapsed Forex Broker To Pay Whistleblowing Exec £564K
A compliance director at a foreign exchange brokerage who reported the firm to the financial services watchdog over its alleged illicit activities has won more than £560,000 ($740,000) after a tribunal ruled the company had unlawfully sacked him.
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August 28, 2024
BoE To Widen Checks On How Finance Absorbs Disruption
The Bank of England has said it will develop its approach to assessing how financial markets deal with disruption to cover new technologies and more risks, potentially extending its scrutiny beyond the payments sector.
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August 28, 2024
LDI Managers Urged To Influence Gov't Climate Policy
Liability-driven investment managers ought to be doing more to influence climate policy to protect members' pensions as government debt plays an increasingly large role in retirement savings portfolios, Lane Clark & Peacock LLP said.
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August 28, 2024
Swiss Life To Acquire Green Hydrogen Biz For $106M
The asset management arm of insurer Swiss Life will buy Everfuel AS of Denmark in a deal that values the green hydrogen producer at $106 million and will take it off of the Euronext Growth market, the companies said Wednesday.
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August 27, 2024
Money Laundering Cases Surge At Crown Courts, KPMG Says
The overall value of fraud cases involving money laundering heard at crown courts has risen nearly fourfold in the first half of this year, according a report issued by KPMG on Wednesday.
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August 27, 2024
Ex-Barclays Exec Loses Appeal Over FCA Ban On Senior Job
Former Barclays wealth boss Thomas Kalaris has lost his appeal against the Financial Conduct Authority's decision banning him from holding a regulated senior management position at the firm he founded, as a London tribunal found in a judgment made public Tuesday he had given false evidence during interviews with the regulator.
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September 03, 2024
Kirkland Hires German Restructuring Pair From Gleiss Lutz
Kirkland & Ellis LLP said on Tuesday that it has recruited two restructuring and insolvency specialists from German outfit Gleiss Lutz, as the firm continues to expand after unveiling plans to open a new office in Frankfurt.
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August 27, 2024
Hong Kong Woman's Asset Freeze Extended Over Fraud Case
A London judge on Tuesday allowed a freezing order to be extended against a woman accused of defrauding her former employers of 164 million Hong Kong dollars ($21 million).
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August 27, 2024
Starmer Warns Of 'Painful' Budget As UK Braces For Tax Hikes
U.K. Prime Minister Keir Starmer warned Tuesday of "painful" decisions to plug budget gaps, including tax increases and spending cuts, looming in the Oct. 30 budget statement.
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August 27, 2024
25 Banks To Adopt Tool For Survivors Of Economic Abuse
Twenty-five banks and building societies have committed to working with a new tool designed to help survivors of economic abuse, Britain's banking trade body said on Tuesday.
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August 27, 2024
BCLP Guides Fintech Plus500 On $110M Buyback Program
Plus500 Ltd. rolled out a $110 million share repurchase program Tuesday aimed at rewarding investors,which the financial technology business said reflects its "continued confidence" in its prospects.
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August 27, 2024
Pinsent Masons Steers Insurer On £42M Pensions Deal
British insurer Just Group said on Tuesday that it has taken on pension liabilities valued at £42 million ($56 million) from a retirement savings plan sponsored by a British farmer-owned dairy co-operative, First Milk.
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August 27, 2024
Gov't Urged To Reform Pension Tax To Fill Budget Gaps
The Labour government should reform £66 billion ($87 billion) worth of pension tax relief to raise extra revenue to help plug the black hole in public finances, a think tank affiliated to the party has said.
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August 27, 2024
Santander To Buy Back Shares Worth €1.5B To Trim Capital
Banco Santander SA said Tuesday that it is launching a €1.5 billion ($1.7 billion) buyback program as the Spanish group looks to reward shareholders with approximately 50% of its underlying profit.
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August 24, 2024
Italian Prosecutors Open Criminal Probe Into Yacht Sinking
Italian prosecutors said Saturday that they have opened a criminal investigation into the sinking of a superyacht that claimed the lives of seven people including a partner at Clifford Chance LLP and his client, British technology mogul Mike Lynch.
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August 23, 2024
Ex-Iraqi Minister Foils Reporting Org.'s Defense In Libel Case
An Iraqi politician has successfully persuaded a judge to throw out an investigative reporting organization's qualified privilege defense to his defamation claim, with the judge ruling Friday that an article about alleged corruption in the Iraqi oil business did not accurately reflect court proceedings.
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August 23, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen Google sue several Russian media outlets in response to challenges to the tech giant's response to international sanctions, easyGroup bring an intellectual property claim against delivery company Easycargo, and e-money business Nyavo challenge action by the Financial Conduct Authority.
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August 23, 2024
Oligarch Denied Bid To ID Client Linked To $20M Transfer
A judge refused Friday to let an imprisoned Russian oligarch force a group of companies to disclose the identity of a client who requested a $20 million transfer, saying that revealing the person's identity runs the risk of violating criminal law in Liechtenstein.
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August 23, 2024
Direct Line Reveals Capital Ratio Accounting Error
Direct Line Insurance Group PLC said Friday it has corrected a miscalculation in its accounting that distorted its capital buffer in its financial results for the year ending December 2023.
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August 23, 2024
UK Terrorism Reinsurer Appoints Howden, Aon As Advisers
Britain's terrorism reinsurer has said it has appointed Aon Securities Ltd. and Howden Capital Markets as advisers for insurance-linked securities transactions.
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August 23, 2024
Swiss Watchdog Recognizes Insurance Self-Regulation Plan
The financial watchdog of Switzerland said Friday that it has officially recognized the insurance industry's self-regulation concerning the training and education of insurance intermediaries, but warned that it will intervene if necessary to protect consumers.
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August 22, 2024
Fidelis Denies Liability For $238M Over Stranded Planes
Fidelis has argued it should not be liable for paying out claims totaling more than $238 million over planes stranded in Russia, arguing the lessors had not been irretrievably deprived of the aircraft under the terms of the policies.
Expert Analysis
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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4 Legal Privilege Lessons From Dechert Disclosure Ruling
The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.
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BT Case May Shape UK Class Action Landscape
The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.
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Key Points From EC Economic Security Screening Initiatives
Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.
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Following The Road Map Toward Quantum Security
With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.
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Why EU Ruling On Beneficial Ownership May Affect The UK
Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.
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Key Changes In FRC Code Aim To Promote Good Governance
The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.
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Ruling In FCA Case Offers Tips On Flexible Work Requests
In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.
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Breaking Down The New UK Pension Funding Regs
Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.
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Predicting DeFi Regulations At Home And Abroad In 2024
Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.
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Consultation Docs Can Help EU Firms Prep For Crypto Regs
Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.
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A Closer Look At Novel Jury Instruction In Forex Rigging Case
After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.
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Investors' Call For Voting Changes Faces Practical Challenges
A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.
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Litigation Funding Implications Amid Post-PACCAR Disputes
An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.
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What Extension Of French FDI Control Means For Investors
The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.