Financial Services UK

  • September 12, 2022

    FCA Puts Conditions On $1.7B Link Group Takeover

    The Financial Conduct Authority told software company Dye & Durham on Monday to set aside up to £306 million ($358 million) in redress if it wants to go ahead with its AU$2.47 billion ($1.7 billion) acquisition of financial data services firm Link Group.

  • September 12, 2022

    Crypto Biz Hits Back At Developer In Fight Over $1M In Tokens

    A cryptocurrency developer has hit back at a Danish software engineering company's lawsuit over more than $1 million worth of tokens and a software development contract to bring the digital asset online.

  • September 12, 2022

    Insurance Agent Calls Strip Club's COVID Claim 'Premature'

    An agent for a London strip club's insurance policy says that the establishment's owners brought a COVID-19 business interruption case "prematurely," claiming that more information is required to respond properly.

  • September 12, 2022

    Law Firm Investment Co. Expands To Create UK Network

    A law firm investment company announced Monday that it has taken a majority stake in regional law firm Bermans, with plans to add more to its portfolio in the coming months to create "a significant" legal services network nationwide.

  • September 12, 2022

    Ince Removes Former Chief Over Conflict Of Interest

    Ince Group PLC said Monday that it has removed former chief executive Adrian Biles as a director from the firm "with immediate effect" over a potential conflict of interest.

  • September 12, 2022

    EU Regulators Warn Of Increased Cyber Risk From War

    European regulators said Monday that financial institutions are facing increased operational challenges because of amplified cyber risks as a result of the Russian war in Ukraine, warning that a successful attack on a major financial institution or critical infrastructure could spread across the financial system.

  • September 12, 2022

    Banker Gets 6 Years In Absentia In €100M Shipping Fraud

    A London court sentenced a former Liechtenstein banker to six years in prison on Monday after he was convicted in connection with a €100 million ($101 million) fraud against a maritime contractor.

  • September 12, 2022

    Insurers Say EU Should Minimize Green Finance Rules

    European insurers urged the EU on Monday to consider using existing human rights laws instead of introducing more measures to tackle sustainable finance, opposing "overly prescriptive" minimum standards to help investors assess a project's green bona fides.

  • September 12, 2022

    SFO Kicks Off $150M Fraud Case Against Steel Traders

    Executives at collapsed Anglo-Iranian steel trader Balli Group lied and falsified documents to defraud lenders out of $150 million in trade finance, a Serious Fraud Office prosecutor said on the opening day of their trial in London on Monday.

  • September 09, 2022

    Freshfields Adds Finance Pro From Ropes & Gray To PE Team

    Freshfields Bruckhaus Deringer LLP has hired a leveraged finance specialist as a partner for its private equity practice in London to advise the firm's financial sponsor clients on complex cross-border debt financing transactions.

  • September 09, 2022

    Litigation Funder Sues Law Firm Over Poor Case Handling

    A London-based litigation funder has taken a law firm to court, alleging the solicitors had breached their funding agreement by poorly handling a claim that it financially backed.

  • September 09, 2022

    Watchdog Warns Benchmark Firm CEOs To Manage Conflicts

    The Financial Conduct Authority has warned benchmark administrators they may have conflicts of interest and said it will engage with them where it has evidence of related poor oversight and governance in a "dear CEO" letter.

  • September 09, 2022

    Shareholders Boost G4S Scandal Claims To More Than £100M

    Investors have increased their primary and backup claims against private security giant G4S PLC to more than £100 million ($115 million) each, the latest development in an attempt by shareholders to secure damages from the company over its government overcharging scandal.

  • September 09, 2022

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

    The past week in London has seen Pfizer and BioNTech seeking a declaration that their COVID-19 vaccine doesn't infringe CureVac's European patents, Zurich Insurance suing those caught up in a superyacht fire in a limitation of liability claim, and British vodka brand Au Vodka suing its rival in a trademark claim.

  • September 09, 2022

    Attys Warn Gov't Risks Ruining Financial Regs With Reforms

    The appointment of a new prime minister gives the U.K. the opportunity to conduct a root-and-branch overhaul of the regulatory regime to keep it competitive rather than risking politicized government intervention in rule-making that could compromise the watchdogs' independence, according to lawyers.

  • September 09, 2022

    EU OKs $650M Daimler, BlackRock, NextEra Truck Project

    The European Commission signed off Friday on Daimler Truck AG, BlackRock Financial Management and NextEra Energy's plans to invest $650 million in a joint venture to create a U.S. electric trucking network.

  • September 09, 2022

    Courts Fall Silent But Continue After Queen's Death

    As hearings began on Friday at London's venerable Royal Courts of Justice, judges and barristers paused for two minutes of silence following the death of Queen Elizabeth, which has ushered in immediate changes across the English and Welsh judicial system.

  • September 09, 2022

    Barrister Fined Over Links To 'Offensive' Twitter Account

    The Bar Standards Board has fined a former Doughty Street Chambers barrister £500 ($579) for allowing a Twitter account he allegedly helped to set up to be used to send a series of "inappropriate and offensive" tweets toward another advocate at the same set.

  • September 09, 2022

    Standard Chartered Backs Tech To ID Trade Finance Fraud

    Standard Chartered has wrapped up an industry-first trial of a system designed to detect fraudulent trade finance transactions over global payment messaging system SWIFT, and is now urging other major lenders to adopt the service.

  • September 09, 2022

    LSE's £274M Fintech Buyout Provisionally Cleared By CMA

    Britain's antitrust authority said on Friday that it has provisionally cleared London Stock Exchange Group's £274 million ($318 million) buyout of Quantile Group Ltd., after concluding the markets giant would have little reason to hinder rivals of the financial technology business.

  • September 09, 2022

    Squire Patton Boggs Beats Unfair Dismissal Claim

    A former Squire Patton Boggs associate has lost her unfair dismissal claim against the law firm, as an employment judge ruled on Friday she had been selected for redundancy from the international arbitration team in a "procedurally fair" process.

  • September 08, 2022

    Ex-Associate Sues Squire Patton Boggs For 'Unfair Dismissal'

    A former associate at Squire Patton Boggs' U.K. arm is suing over her dismissal after the law firm went into a complex dispute with a Bulgarian gas company that refused to pay a legal bill worth around £1 million ($1.14 million).

  • September 08, 2022

    Cost Of Living Crisis Will Spark Scams, FCA Warns

    The City watchdog has warned that financial crime will become more "prolific" as the cost of living crisis continues to intensify across the U.K.

  • September 08, 2022

    Investment Platform Parmenion To Buy £1.9B Fund Manager

    Investment company Parmenion Capital Partners LLP has said it will acquire fund manager EBI Portfolios Ltd. which manages £1.9 billion ($2.2 billion) of funds for an undisclosed amount.

  • September 08, 2022

    Irwin Mitchell Sees Revenues Dip To Just Over £275M

    Irwin Mitchell's overall group revenues have fallen slightly based on the latest financial results released Thursday after the firm left the volume personal injury market to focus on high-value cases.

Expert Analysis

  • Serco Exec Acquittals Are Fueling Criticism Of SFO

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    The recent collapse of the U.K. Serious Fraud Office's case against two former Serco Geografix Ltd. directors underscores the SFO's continued challenges in turning lucrative deferred prosecution agreements into the guilty verdicts it seeks, raising concerns about the agency's success rates, say Richard Sallybanks and Alex Swan at BCL Solicitors.

  • 2 UK Pension Cases Guide On 3rd-Party Due Diligence

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    The U.K. Court of Appeal's recent decision in Adams v. Options UK, and upcoming hearing in Financial Conduct Authority v. Avacade, highlight important precautions self-invested personal pension operators should take when dealing with unauthorized third parties, says Paul Ashcroft at Wedlake Bell.

  • How Fraudsters Have Abused UK's Pandemic Relief Efforts

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    The COVID-19 pandemic has provided many new opportunities for fraudsters to exploit resulting assistance measures or changes in victims' behavior, and the U.K. government's efforts to combat fraud and recover public funds may be insufficient, say Cameron Brown at Red Lion Chambers and Kabir Sondhi at 9 Bedford Row.

  • FCA's NatWest Scrutiny Suggests Enforcement Sea Change

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    The U.K. Financial Conduct Authority’s recent criminal proceedings against NatWest over Money Laundering Regulation compliance failures show how the regulator may be positioning itself to take on a more active role as a prosecutor, says Jemma Sherwood-Roberts at Constantine Law.

  • Asset Disclosure Can Help Claimants Enforce Judgments

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    Amid the economic turmoil of COVID-19, a proactive approach to asset disclosure should be central to a strong strategy for enforcing judgments, enabling civil fraud claimants to identify and freeze all manner of assets while applying pressure and gaining information, say Kate Gee and Olivier Swain at Signature Litigation.

  • UK's Backdoor Cum-Ex Strategy May Shape Int'l Enforcement

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    The U.K. Financial Conduct Authority's recent fine against Sapien Capital for money laundering failures related to the cum-ex trading scandal never actually touched upon the practice's legality, foreshadowing a roundabout strategy regulators outside the affected countries may employ to hold those responsible to account, says Syed Rahman at Rahman Ravelli.

  • Lifting US Sanctions On Iran Would Increase Financial Activity

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    If recent talks for the U.S. to rejoin the Iran nuclear deal pan out, financial activity between formerly sanctioned entities and European counterparties will likely increase, and demand for certain types of legal work may shift, say Kartik Mittal and Stephanie Limaco at Zaiwalla.

  • Financial Sanctions Guidance Shows Subtle Policy Shift

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    Although the U.K. Office of Financial Sanctions Implementation’s recently released guidance seems like a simple policy update, it demonstrates a desire to maximize the reach of its enforcement powers and the intention to take a harder approach going forward, says Syed Rahman at Rahman Ravelli.

  • UK Ruling Shows Tool For Taming Multijurisdictional Disputes

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    In PJSC National Bank Trust v. Mints, the U.K. High Court imposed costs on the prevailing party for failure to notify the court of related proceedings, demonstrating an approach that judges may use to mitigate the risk of discordant outcomes in multijurisdictional litigation, say Thomas Grant at Cambridge University and Scott Kieff at George Washington Law School.

  • Opinion

    DPAs May Not Be Receiving Sufficient Judicial Scrutiny

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    Bribery Act-related deferred prosecution agreements lack sufficient defense analysis, are heard too quickly and may contain defective indictments among other signs that point to insufficient judicial scrutiny of the agreements, says David Corker at Corker Binning.

  • 3 Lessons For UK Litigators In Virtual Trials

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    UK litigators should note several best practices for adapting to the hurdles, and capitalizing on the benefits, of virtual trials, and expect the new hearing format to persist beyond the end of the pandemic, say Christopher Boyne and Emma Laurie-Rhodes at Debevoise.

  • Opinion

    The UK Needs Safe Harbors For Libor's Wind-Down

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    A synthetic Libor could come to the aid of tough legacy contracts when Libor ceases to exist later this year, but the U.K. should legislate safe harbors to mitigate transaction risk during the transition, say former Federal Reserve Bank of New York general counsel Thomas Baxter and former London Commercial Court Judge Sir William Blair.

  • UK Rules Revamp Offers Shot At Post-Brexit IPO Boom

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    The raft of regulatory changes recently recommended by the independent U.K. Listing Review report represents a golden opportunity to overhaul the U.K. public markets regulations, allay fears of a post-Brexit slump and ensure the London Stock Exchange remains one of the prime destinations for initial public offerings, say Marcus Young and William Charnley at King & Spalding.

  • SEC Data Transfer Safe Harbor Raises Questions For UK Cos.

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    The U.K. Information Commissioner's Office recently authorized British companies to transfer U.K. subjects’ personal data to facilitate U.S. Securities and Exchange Commission investigations, but companies need more detail on how to invoke the safe harbor or handle EU data subjects, say attorneys at Davis Polk.

  • Analyzing Cost Issues After Top Court MasterCard Ruling

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    The U.K. Supreme Court recently directed MasterCard v. Merricks back to the Competition Appeal Tribunal after clarifying the tests for class action certification, likely resulting in a green light for the action and a review of the regime-specific costs and funding models of the opt-out class action, says Andy Ellis at Practico.

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