Financial Services UK

  • August 30, 2022

    UAE Fines Fintech Firm For Money Laundering Breaches

    The regulator of Abu Dhabi's international financial center said Tuesday that it has fined a subsidiary of U.K. money services provider Wise PLC $360,000 for failing to maintain anti-money laundering controls.

  • August 30, 2022

    Broker Sues Bike Parts Biz For €4.7M Over Missed Margin Call

    A financial technology brokerage is suing a high-end motorcycle parts retailer for €4.7 million ($4.7 million) for allegedly failing to pay on a margin call on foreign exchange contracts.

  • August 30, 2022

    Another Lebanese Bank Sued For Refusing To Transfer Funds

    A British national has sued Bank Audi for failing to transfer more than £1 million ($1.17 million) to his HSBC account in the U.K., marking the latest claim against a Lebanese lender for failing to fulfill transfers during the country's financial crisis.

  • August 30, 2022

    5 Questions For Mayer Brown's Kate Ball-Dodd

    Mayer Brown LLP's Kate Ball-Dodd speaks to Law360 about what she likes most about her sector, her experience as a woman in the industry and how mergers and acquisitions has changed throughout her career.

  • August 26, 2022

    Investor Must Pay £1.5M To Keep Freezing Order In Fraud Suit

    A London judge ruled Friday that a company run by property entrepreneur Nick Candy must stump up £1.5 million ($1.8 million) to continue a worldwide freezing order against a dotcom-era tech investor he has accused of fraud.

  • August 26, 2022

    Travers Smith Sees Revenue Grow To £195M

    London law firm Travers Smith LLP said Friday that it had seen robust growth in its business despite challenges caused by COVID-19, rising levels of inflation and the war in Ukraine.

  • August 26, 2022

    Baby Gifts Retailer Sues Broker For Underinsurance After Fire

    An online baby gifts retailer has sued its insurance broker claiming it failed to adequately explain how the retailer's business interruption coverage functioned before a fire destroyed its warehouse, causing it to lose out on over £4 million ($4.7 million).

  • August 26, 2022

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

    The past week in London has seen easyJet’s parent company launch a trademark claim against an auctioneer, law firm Hamlins face a professional negligence claim from an events management company, and a London-based digital bank sue Simmons & Simmons. Here, Law360 looks at these and other new claims in the U.K.

  • August 26, 2022

    Greenwashing Draws Scrutiny From Gov't And Litigators Alike

    Increasing scrutiny by investors and regulators of companies' environmental credentials is likely to prompt more enforcement action and litigation over greenwashing allegations as the rules governing disclosure linked to climate change develop, attorneys say.

  • August 26, 2022

    Solicitors' Annual Practicing Fees To Rise 7.5% In October

    The Legal Services Board approved on Friday a 7.5% increase in the amount of money solicitors must pay annually to renew their permit to practice that will fund the profession's regulatory ecosystem to the tune of more than £110 million.

  • August 26, 2022

    SRA Fines Law Firm Over Money-Laundering Risks

    The Solicitors Regulation Authority has fined a law firm based in northeast England £1,300 ($1,540) for failing to put in place policies and procedures to guard against money-laundering risks.

  • August 26, 2022

    UK Bank Regulators To Take No Action Into HBOS Bankers

    Britain's banking regulators have wrapped up a six-year investigation into the collapse in 2009 of Halifax Bank of Scotland during the financial crisis, declaring on Friday that they will take no enforcement action against senior managers.

  • August 26, 2022

    Eversheds Sutherland Taps Wales Leader As New Chair

    Eversheds Sutherland International's partnership has elected the law firm's Cardiff, Wales, office leader, Kathryn Roberts, to be the firm's new chair, effective Sept. 1, the firm announced Friday.

  • August 26, 2022

    Suspected Crypto-Scam Biz Shut Over COVID Fraud Concerns

    The U.K. Insolvency Service said on Friday a company that may have been involved in virtual currency fraud has been shut down amid concerns it abused a government-backed lending program designed to support companies affected by COVID-19.

  • August 26, 2022

    Nostrum Oil Gets OK For $1.1B Debt Restructuring Plan

    Nostrum Oil & Gas got the green light from a London court on Friday for a restructuring after the Dutch company was unable to pay its $1.1 billion debt, overcoming legal hurdles involving two sanctioned Russian banks that are among the creditors.

  • August 26, 2022

    Australia's Link Group Buys UK Pensions Administrator

    Australian financial services giant Link Group said on Friday that it will buy HS Pensions, a retirement savings administrator, as it plans a wider expansion in the U.K. market.

  • August 26, 2022

    Lebanese Bank Loses Bid To Appeal $7.8M Transfer Award

    The Bank of Beirut was refused permission on Friday to appeal a decision awarding a British doctor $7.8 million in damages after the lender refused to honor international transfer requests, blaming the country's currency crisis.

  • August 26, 2022

    Accountant Admits Defrauding UK Publisher Egmont

    An accountant pleaded guilty on Friday to defrauding major U.K. publisher Egmont over more than a year, leaving him facing a potential prison sentence.

  • August 26, 2022

    US PE Firms Must Weigh Risk Before Buying UK Soccer Clubs

    Once viewed as money-draining investments reserved mostly for fan owners and ultrawealthy individuals, elite English soccer clubs have become an attractive proposition for U.S. private equity investors as broadcasting deals send team values skyrocketing. But sports attorneys caution not to underestimate the risks that can come with PE funds playing in the Premier League.

  • August 25, 2022

    Ukrainian Bank's Liquidator Loses $25.8M Fraud Suit

    A London judge threw out a lawsuit Thursday from the liquidator of a Ukrainian bank seeking to force a Liechtensteiner bank to pay out nearly $26 million after one of its accounts was used in an alleged plot to defraud the bankrupt lender.

  • August 25, 2022

    New Solicitors Exam Still Displays Diversity Gap

    More than 75% of candidates have passed the second installment of the new exam for training solicitors, although candidates from underrepresented groups continued to perform worse than others, the regulator for solicitors in England and Wales said Thursday.

  • August 25, 2022

    Credit Suisse, UBS Object To Texas Investment Ban

    Credit Suisse Group and UBS Group said Thursday they are protesting a decision by the Texas comptroller of public accounts to place them on a list of 10 mostly European financial institutions that allegedly "boycott" energy companies, a step that requires Texas state pension funds to pull investments.

  • August 25, 2022

    Ince Raises £9.5M With Stock Sale To Tackle Financial Woes

    Publicly listed law firm Ince Group PLC said Thursday that it has raised £9.5 million ($11.3 million) from selling shares as it continues its battle to stave off financial difficulties.

  • August 25, 2022

    Digital Gambler Spreadex Penalized £1.36M Over Poor AML

    Britain's gambling regulator said Thursday that online gambling business Spreadex Ltd. was ordered to pay £1.36 million ($1.61 million) to socially responsible causes as part of a settlement reached after a regulatory review exposed weak social responsibility processes and anti-money laundering controls.

  • August 25, 2022

    UK To Probe Czech Billionaire's Stake In Royal Mail

    Royal Mail PLC told investors on Thursday that the U.K. government is investigating whether an investment firm owned by Czech billionaire Daniel Kretinsky is planning to boost its equity stake in the national mail carrier to more than 25%.

Expert Analysis

  • A Road Map For US Involvement In Europe's Cum-Ex Probe

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    The dividend arbitrage trading strategy known as cum-ex continues to face regulatory scrutiny in Europe, and stateside regulators may soon follow suit with the U.S. Securities and Exchange Commission’s recent American depositary receipt probe as a guide for enforcement, says Joshua Ray at Rahman Ravelli.

  • 4 Lessons From Record Money Services Biz Fine

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    HM Revenue & Customs recently imposed a record fine on MT Global over anti-money laundering law violations, highlighting several AML enforcement and supervision considerations for money services businesses and their advisers, says Jessica Parker at Corker Binning.

  • UK Approach To AML Remains Robust Despite Brexit

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    Despite the seismic shifts that Brexit has brought to many other issues, the U.K. will likely continue to maintain and potentially heighten its regulatory oversight of anti-money laundering practices and procedures, says Nicola Sharp at Rahman Ravelli.

  • Finance Firms May See Increased FCA Enforcement This Year

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    Financial firms will likely see increased investigation and enforcement actions from the U.K. Financial Conduct Authority following Brexit and the COVID-19 pandemic, including in the areas of financial crime, customer protection, operational resilience and conduct, says Tracey Dovaston at Boies Schiller.

  • SEC Settlement With Hedge Fund Offers Corporate AI Lessons

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    The U.S. Securities and Exchange Commission's recent settlement with BlueCrest, over alleged failures to disclose its use of an algorithmic trading tool, highlights key governance, supervision, conflicts and enforcement considerations for companies using artificial intelligence and algorithmic-based applications, say attorneys at Debevoise.

  • Evaluating Ethical And Legal Risk In Ransomware Payments

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    Deciding whether to pay the demanded ransom during a cyberattack is complex and requires a careful balancing of the risks to the firm's business against the reputational and regulatory risks, but companies can also prepare for this eventuality by taking concrete steps now, say Rob Dedman and Kim Roberts at King & Spalding.

  • Top Court MasterCard Ruling Lowers Bar For UK Class Suits

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    Although the U.K. Supreme Court's recent decision in MasterCard v. Merricks removes some certification barriers for collective actions, aspects of the court's opinion may provide comfort for defendants, say Louise Freeman and Harry Denlegh-Maxwell at Covington.

  • UK Biz Relief Extensions Back Debtor-Friendly Restructuring

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    New extensions of the Corporate Insolvency and Governance Act's temporary protections for struggling businesses, allowing delays to creditor enforcement actions, indicate that the U.K.'s restructuring process is increasingly prioritizing the survival of businesses amid the ongoing pandemic, say attorneys at Haynes and Boone.

  • ECJ Ruling Could Extend Double Jeopardy Protections In EU

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    If the European Court of Justice decides to extend the principle of double jeopardy throughout the EU's free travel zone in WS v. Bundesrepublik Deutschland, it would allow individuals who have received a final judgment on criminal charges from any member state to travel freely within the bloc without fear of arrest or extradition for the same offense, says Edward Grange at Corker Binning.

  • How Climate, Finance And Trade Will Intersect In 2021

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    In the coming year, the Biden administration will likely align its policies on climate change, finance and trade more closely with those of international partners and organizations, leading to more coordinated action on climate standards that will be applied across the global economy, say consultants at C&M International.

  • What UK Art Market Participants Must Know About AML Law

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    Jonah Anderson and Lucy Rogers at White & Case discuss how and why U.K. anti-money laundering regulation has evolved to include the art market, what the regulation means for participants, and the extent to which the U.K.'s increased separation from the EU is likely to affect the requirements.

  • UK Whistleblowing Laws May Be Ripe For Reform

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    COVID-19 has reignited calls to expand U.K. whistleblowing laws, with many advocating for enhanced reporting protections and independent oversight of cases, says Pia Sanchez at CM Murray.

  • 5 GDPR Compliance Tips From UK Ticketmaster Fraud Fine

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    The U.K. Information Commissioner's Office's £1.25 million fine against Ticketmaster over cybersecurity failings that exposed customer payment card data offers several technical and organizational compliance lessons for companies subject to the EU's General Data Protection Regulation, say attorneys at Debevoise.

  • Response Options For Danish Cum-Ex Interview Targets

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    As the Danish tax authority prepares for the first of a three-part U.K. trial involving cum-ex fraud, U.K. recipients of interview requests from the Danish prosecutorial agency should neither automatically accept, nor ignore the invitations, despite that agency's seeming lack of power to compel their attendance, says David Corker at Corker Binning.

  • What UK Corporate Criminal Liability Reform Might Look Like

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    The Law Commission's recently announced review of Britain's corporate criminal liability laws could lead to reform options such as the introduction of a strict liability offense, which would be sure to improve prosecutorial chances of corporate convictions, says Aziz Rahman at Rahman Ravelli.

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