Financial Services UK

  • September 14, 2022

    Fintech Sees M&A Surge In 2022 Despite Ongoing Value Shifts

    Global fintech M&A activity in the first half of 2022 jumped by nearly half compared with the same period last year, driven by a surge of deals in the payments, crypto and blockchain, and banking and lending sectors, according to a report released Wednesday.

  • September 14, 2022

    RPC Adds Financial Disputes Pro From Foot Anstey

    Reynolds Porter Chamberlain LLP has hired a financial services disputes specialist as a partner in its office in the southwestern English city of Bristol, where he will defend executives, financial firms and pension professionals from negligence claims.

  • September 14, 2022

    Ex-Risk Exec Takes On Bank Over Regulation Concerns

    A former head of risk at an Anglo-Pakistani bank said in a hearing Wednesday that the lender fired him from his job after he raised the alarm about potential risks of a new financial product the company was due to launch.

  • September 14, 2022

    Allen & Overy Settles $1M Fee Fight With Crypto Exec

    Allen & Overy LLP has reached a settlement with the founder of a defunct cryptocurrency company over dueling allegations from the law firm that it was shorted almost $1 million and from the executive that the firm inflated its fees and charged for services it didn't provide.

  • September 14, 2022

    European President Pledges To Update Bloc's Graft Laws

    The president of the European Commission said on Wednesday that the European Union will introduce corruption offenses to the bloc's human rights sanctions regime as part of wide-ranging updates to its anti-corruption laws.

  • September 14, 2022

    SRA To Replace Fund For Claims After 6-Year Limit

    The Solicitors Regulation Authority said on Wednesday that it will replace a statutory insurance fund that provides cover for negligence claims brought more than six years after a law firm has closed with its own indemnity scheme from September 2023.

  • September 14, 2022

    Falling Performance Shuts £319M Emerging Markets Trust

    Fundsmith Emerging Equities Trust PLC is looking to wind up one of its funds, the company said on Wednesday, to claw back invested capital as it reported that performance has "fallen below our expectations."

  • September 14, 2022

    Orrick Hires Fintech Pro From Baker Botts For London Team

    Orrick Herrington & Sutcliffe LLP has hired a fintech specialist as a partner in its London technology practice to provide regulatory counsel to companies and financial institutions.

  • September 14, 2022

    Businesses Look To Recover COVID Losses From Insurer

    A hairdresser and two gyms in London have accused Ageas Insurance Ltd. of violating their policy by failing to pay out £1.1 million ($1.3 million) in losses resulting from national COVID-19 lockdowns.

  • September 13, 2022

    UK IT Firm CTS Acquires Tech Consultancy Tiger Eye

    CTS, a U.K.-based supplier of cloud and managed information technologies for law firms, acquired legal tech consulting firm Tiger Eye, CTS' investor Tenzing announced Tuesday.

  • September 13, 2022

    EU Sets Out Liability Limits For Central Banks

    A top European court ruled Tuesday that central banks can in theory be liable if they cancel financial instruments to keep systemically-key lenders solvent, but set limits on the circumstances on when and how they can be required to pay up.

  • September 13, 2022

    Bank Fights Back In £3.7M Suit Over 'Fraud' Payments

    An Anglo-South African bank has fired back in a battle with liquidators of a property firm over the bank's alleged negligence when the company was allegedly defrauded of more than £3.7 million ($4.2 million).

  • September 13, 2022

    Stablecoin Biz Looks To Get Into FCA Sandbox

    A Singapore-headquartered fintech company said Tuesday it was seeking regulatory approval to get its stablecoin business to be accepted into the U.K. financial services watchdog's testing ground for companies experimenting with new technology in a bid to eventually get an e-money license.

  • September 13, 2022

    Quinn Emanuel EU Competition Chief Nadine Herrmann Dies

    Dr. Nadine Herrmann, the chair of the EU and German competition law practice at Quinn Emanuel Urquhart & Sullivan LLP and also the managing partner of its Hamburg office, has died at the age of 45 after battling a serious illness.

  • September 13, 2022

    Litigation Funding Regulation Gets EU Parliament Support

    European lawmakers on Tuesday voted overwhelmingly in favor of introducing a new regulatory framework to prevent abuses caused by third-party-funded lawsuits, teeing up the bloc's executive to introduce formal proposals.

  • September 13, 2022

    UBS Boosts Returns To Shareholders After Failed Deal

    Swiss bank UBS Group AG said Tuesday it plans to further increase its $5 billion share buyback program and boost its dividend by 10% after its planned $1.4 billion acquisition of automated wealth manager Wealthfront fell through.

  • September 13, 2022

    Justice Minister's Talks With Criminal Attys Group Postponed

    The Criminal Bar Association said Tuesday that planned talks with the new British justice secretary about a dispute over the pay criminal barristers get for legal aid work have been postponed until after the national mourning period for the queen's death has ended.

  • September 13, 2022

    Former Citigroup Exec Sues Law Firm Over Expert Fees

    A former Citigroup executive has sued law firm Tollers LLP as he seeks fees for work as an expert witness in claims against Royal Bank of Scotland and KPMG.

  • September 13, 2022

    Law Firm, Accountants Sued For £1M Over Loan Advice

    An investment company is taking its accountants and solicitors to court, alleging their negligent investment and conveyancing advice cost it more than £1 million ($1.2 million) on loans it "would not have entered."

  • September 13, 2022

    Skadden Adds PE Pro From Winston & Strawn To Paris Team

    Skadden Arps Slate Meagher & Flom LLP has hired a private equity specialist as a partner in its Paris office as the firm looks to expand its European practice.

  • September 13, 2022

    Pinsent Masons Advises On Fintech Investor's London Listing

    Investment company Fintech Asia said on Tuesday that it intends to float on London's main market after raising £1.46 million ($1.68 million) through a placement of shares guided by Pinsent Masons LLP.

  • September 13, 2022

    Lifeboat Fund Braces For Tough Winter For Pension Plans

    The safety net for pension schemes in Britain said on Tuesday that it has sufficient financial backing to be able to weather an anticipated period of economic uncertainty, as funding for retirement plans has improved by £59.5 billion ($68.6 billion) over the last month.

  • September 13, 2022

    Ex-Head Of Kuwaiti Pensions Fund Fights $874M Bribery Suit

    The former director general of Kuwait's Public Institution for Social Security has hit back at the pensions authority, accusing it of pursuing a "politically motivated" $874.2 million corruption case against him without proper approval. 

  • September 13, 2022

    Gateley Sees Consulting Demand Spur Revenues To £137M

    Legal and professional services group Gateley PLC said in its audited preliminary financial results on Tuesday that it has enjoyed 13% growth in revenue across the business, fueled by a large increase in demand from clients for consultancy services.

  • September 12, 2022

    Dubai Court Rejects Trader's Extradition Over $1.8B Tax Fraud

    Citing a lack of supporting evidence, a Dubai court on Monday rejected Denmark's request to extradite a British hedge-fund trader who Danish prosecutors say was central to a £1.5 billion ($1.75 billion) tax fraud scheme, his attorney confirmed.

Expert Analysis

  • Lloyds EU Operations Highlight Challenges For UK Insurers

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    Potential problems facing Lloyd's Europe could be shared by other U.K. insurers operating in the European Union's more stringent post-Brexit regulatory landscape, but individual countries' discrete provisions allowing for certain cross-border activities could enable a more nuanced approach, says Jeremy Irving at Browne Jacobson.

  • A Look At UK's Divergence Priorities After Brexit

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    The U.K.'s post-Brexit policy has been to focus on divergence from the European Union in sectors where it has a competitive advantage — particularly, financial services and dispute resolution — as evidenced by a series of recent regulatory and judicial developments, say attorneys at Covington.

  • First 2021 Corporate FCPA Case Offers Compliance Reminders

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    Foster Wheeler's recent Foreign Corrupt Practices Act settlement — the first corporate enforcement action since President Joe Biden took office — highlights the FCPA risks related to public contracting and tenders, the use of third-party agents, successor liability following M&A activity, and the U.S. authorities' aggressive assertion of jurisdiction in international corruption cases, says Robert Johnston Jr. at Lowenstein Sandler.

  • How UK Binance Ban Is Putting Cryptocurrency On Notice

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    The U.K. Financial Conduct Authority's ban on Binance Group, following concerns about insufficient oversight, conveys a significant warning that regulatory scrutiny on cryptocurrency exchanges is increasing and also that crypto users should exercise caution in their transactions, says Josie Welland at Rahman Ravelli.

  • How EU Sanctions On Belarus Affect The Broader Economy

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    The recent European Union sanctions on Belarus' air carriers, potash producers, oil companies and other major state firms following a journalist's forced plane landing and arrest aim to discourage political repression, but they could also affect the local economy and several EU sectors, say Kartik Mittal and Daria Sakhno at Zaiwalla.

  • AmEx Fine Offers Lessons For Navigating UK Privacy Laws

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    The U.K. data protection regulator's fine against an American Express division for unsolicited marketing emails serves as a handy reminder that the General Data Protection Regulation isn't the only game in town — a separate directive regulates all electronic direct marketing whether personal data is processed or not, say Matthew Getz and Michael Smyth at Boies Schiller.

  • The UK Bribery Act At 10, And What's Next

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    Lauded as a gold standard that put the U.K. in step with modern commercial practices, the Bribery Act turns 10 years old with just a few unmet goals, mostly at the prosecutorial end — and those charged with enforcement will likely face some real tests in the next decade, says Anneka Randhawa at White & Case.

  • The Risky Reality Of GDPR Noncompliance

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    With the General Data Protection Regulation remaining in force in the post-Brexit European Union, businesses should be aware not only of the increasing fines levied for noncompliance, but also of the expenses incurred for lost management time, the professional costs and the reputational damage, says Alexander Egerton at Seddons Law.

  • An Underused Group Litigation Tool Could Help UK Claimants

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    Though the Financial Markets Test Case Procedure has only been used as a collective redress mechanism for the first time recently in Financial Conduct Authority v. Arch Insurance, hopefully it will be called on more often to resolve future post-Brexit issues and other pandemic cases, says Becca Hogan at Signature Litigation.

  • How Global Markets Are Preparing For Potential SPAC Growth

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    As the rising popularity of special purpose acquisition companies extends beyond the U.S., attorneys at Morgan Lewis look at how governments in Asia and Europe are positioning themselves through regulatory shifts, and what market trends can be expected in the U.S.

  • Risk Management Lessons From Recent Finance Co. Failures

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    Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.

  • What New UK Money Laundering Law Means For Fintech

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    New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.

  • Warnings And Guideposts From EU Sanctions Blocking Case

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    An advocate general's recent opinion in Bank Melli Iran v. Telekom Deutschland, a European Union sanctions blocking case, highlights serious new international regulatory compliance risks but also presents helpful guidance for navigating conflicting EU and U.S. rules, say Thomas Grant at Cambridge University and Scott Kieff at George Washington University.

  • UK Bill Must Navigate Crosscurrents Of Internet Regulation

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    The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.

  • Islamic Financing Faces A Post-Libor Test

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    Libor's impending demise and replacement by near risk-free reference rates throw up a set of unique challenges for Islamic financial transactions, which necessitate compliance with both Sharia pricing requirements and regulations of the relevant jurisdiction, say attorneys at King & Spalding.

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