Financial Services UK

  • January 27, 2023

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

    The past week in London has seen Twitter sued over alleged unpaid rent at its London headquarters, a new claim in the battle for a Russian oligarch's £3 billion ($3.7 billion) fortune, and legal action against Grant Thornton (UK) LLP from a data center company. 

  • January 27, 2023

    Financial Adviser's £4M Suit Against Car Insurer Falls Short

    A London court has rejected a bid by a corporate financial adviser to claim £4 million ($4.9 million) from AA Ltd. for failing to pay for advice on the potential sale of part of the motor insurance and roadside assistance giant's business.

  • January 27, 2023

    British Steel Pension Advisers Told To Hold Assets Longer

    The Financial Conduct Authority on Friday said firms that gave transfer advice to British Steel Pension Scheme members must keep their assets for longer.

  • January 27, 2023

    Taylor Wessing Pursues 'Strategic Alliance' With Madrid Firm

    Taylor Wessing LLP said on Friday that it is pursuing a "strategic alliance" with a leading continental European law firm, with a deal expected to be finalized by the end of next month.

  • January 27, 2023

    Luxembourg Asset Managers Urge Clarity On Greenwashing

    The Association of the Luxembourg Fund Industry has called for a clear definition of "greenwashing," saying that a wide definition could see firms shy away further developing sustainable products.

  • January 27, 2023

    MPs To Probe Diversity Gaps At Venture Capital Firms

    A group of senior MPs announced plans on Friday to investigate concerns about a lack of gender and ethnic diversity at venture capital businesses.

  • January 27, 2023

    Sanctions Can't Stop Russian Banks' $850M Fraud Lawsuit

    Two Russian state-backed lenders can take their $850 million fraud lawsuit to trial, the High Court said Friday — one of the first instances the U.K.'s sanctions regime has tested the ability of Russian litigants to use the English legal system since Russia invaded Ukraine. 

  • January 27, 2023

    Amigo Struggling To Raise £45M, Faces Possible Wind-Down

    Subprime lender Amigo said Friday that it is struggling to raise the £45 million ($56 million) it needs to fund a redress program or face being wound down under conditions set out by the Financial Conduct Authority.

  • January 26, 2023

    Attys Seek $4.5M Award In Yen-Libor Benchmark-Rigging Suit

    Lowey Dannenberg PC has asked a Manhattan federal judge to approve a $4.5 million award for its work representing investors in a sprawling benchmark-rigging action on the heels of a $22.5 million settlement resolving claims against certain major financial institutions, including Barclays PLC and broker ICAP Europe Ltd.

  • January 26, 2023

    Forex Biz Says Transfer Deal Looked Like Money Laundering

    Foreign exchange business Ebury Partners UK Ltd. is pushing back on claims that it owes a Dubai law firm more than $1.8 million for backing out of a transfer deal, claiming that it suspected that the payment was for money-laundering purposes.

  • January 26, 2023

    No Tax Penalties For Innocent Errors, HMRC Boss Tells MPs

    The U.K. tax authority doesn't penalize innocent errors with additional fees, the head of HM Revenue & Customs told British parliamentarians Thursday when questioned over the scandal surrounding former Chancellor Nadhim Zahawi's taxes.

  • January 26, 2023

    Tradition Brokerage Disputes Liability In Carbon Credit Fraud

    A major brokerage firm argued on appeal Thursday that it was not close enough to the management and control of companies used as a vehicle for a U.K. carbon credits tax fraud to be liable to liquidators for millions of pounds.

  • January 26, 2023

    Slow UK Approval Process Hurting Business, Says City Group

    The U.K finance regulators' authorization processes for firms can be slow and unpredictable, according to a report published on Thursday by an industry-led body.

  • January 26, 2023

    Parts Of Crypto Biz A 'Wild West', Treasury Committee Warns

    Approximately 85% of cryptocurrency firms that applied to the Financial Conduct Authority for registration failed to meet the minimum standards required by the regulator, the House of Commons Treasury Committee said Thursday.

  • January 26, 2023

    Watchstone Accuses PwC Of Leaking Info At £63M Trial

    Watchstone Group PLC accused PwC of leaking confidential information that gave law firm Slater and Gordon the upper hand during sale negotiations for a part of the insurance and technology provider's business as a trial got underway in London on Thursday.

  • January 26, 2023

    UK, EU Watchdogs To Swap Info On Benchmarks Enforcement

    The European Union's securities watchdog and the Financial Conduct Authority have agreed to swap information on enforcement and supervisory action directed against U.K. benchmark administrators that are recognized in the bloc.

  • January 26, 2023

    FCA Warns Over 'Misleading' British Steel Pensions Redress

    The finance watchdog said on Thursday that it will take action against retirement advisers if it discovers they are miscalculating redress for former members of the British Steel Pension Scheme, as it faces a legal challenge over its £49 million compensation program.

  • January 26, 2023

    Corlytics Buys ING's Regulatory Platform In €5M Deal

    Irish regulatory risk business Corlytics Ltd. said it has purchased ING Group's regulatory monitoring tool SparQ in a €5 million ($5.4 million) deal it believes could boost its compliance technology business.

  • January 26, 2023

    UK Eyes Investment Consultant Regulation After Bond Crisis

    The Financial Conduct Authority has said that it wants to extend supervision to the investment consultant market to prevent a repeat of the September 2022 government bond crisis that spilled over into the country's pension funds.

  • January 26, 2023

    Fountain Court Chambers Increases Pupillage Pay To £80,000

    Fountain Court Chambers said on Thursday that it will increase its pupillage award to £80,000 as competition for talent among leading barristers' chambers heats up.

  • January 26, 2023

    SPAC To Buy Back 95% Of Shares After Merger Talks End

    Disruptive Capital Acquisition Co. has set out plans to buy back 95% of its shares for up to £128.5 million ($159.3 million), after the blank-check company struggled in its attempts to find a merger target.

  • January 26, 2023

    Crypto Giant Coinbase Fined €3.3M By Dutch Regulator

    The central bank of the Netherlands said on Thursday that it has handed a fine of €3.3 million ($3.6 million) to Coinbase Europe, a cryptocurrency exchange, for operating in the country without the correct registration.

  • January 25, 2023

    Trader Blasts Deutsche Bank For 'Malicious' Libor Prosecution

    A former Deutsche Bank trader whose 2018 Libor-rigging conviction was overturned initiated a $30 million civil action in New York state court on Wednesday accusing his former employer of malicious prosecution.

  • January 25, 2023

    2nd Circ. Postpones Ruling On Standard Chartered FCA Suit

    The Second Circuit has decided to hold off on considering the Justice Department's request for dismissal of a whistleblower suit against Standard Chartered Bank until the Supreme Court has decided whether such dismissal bids should be allowed.

  • January 25, 2023

    Former Bank Boss Fails Again To Nix £65M Freezing Order

    A London judge on Wednesday denied for the second time a bid from a former bank owner and his ex-wife to drop a £65 million ($80 million) freezing order against them, agreeing that the repeated attempt to revoke the injunction was "abusive."

Expert Analysis

  • 7 Areas To Look Out For In The Edinburgh Reforms Package

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    Most of the proposed Edinburgh Reforms to facilitate the growth of U.K. financial services are already in progress, and while they may take months or even years to come to fruition, regulated firms should be aware of the considerable reach of the changes outlined and bookmark the areas of particular relevance, says Jill Lorimer at Kingsley Napley.

  • EU Double Jeopardy Ruling May Complicate US Extraditions

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    The European Court of Justice’s recent judgment in Germany v. HF refines the European Union’s double jeopardy protections, weakening U.S. authorities’ ability to extradite defendants if charges involving the same set of facts are resolved in any EU member state, says Gabrielle Friedman at Lankler Siffert.

  • Why 2023 Could Be The Year Of The Restructuring Plan

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    As U.K. businesses face a challenging economic environment going into 2023, the stage may be set for a rise in restructuring plans, with early signs such as an increasing body of case law, the pragmatic approach taken by the judiciary to date and the cross-class cramdown mechanism, say Rachael Markham and Charlotte Møller at Squire Patton.

  • ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake

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    The European Court of Justice's recent ruling in the WM and Sovim cases, holding that making information on a register of beneficial owners publicly available interferes with the Charter of Fundamental Rights of the EU, has been criticized as a step backward in the fight against money laundering and financing of terrorism, and its impact is not yet clear, say Michael Marschall and Verena Krikler at Schoenherr.

  • UK Sustainability Disclosure Regime Complicates Compliance

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    The U.K. Financial Conduct Authority's new sustainability disclosure rules — likely to be finalized later this year — are the latest piece in an evolving compliance puzzle that fund managers may struggle with, due to conflicting interplay between regulatory requirements and investor expectations, say attorneys at Akin Gump.

  • FCA Sends Banks Strong AML Message With Santander Fine

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    The recent nine-figure financial penalty imposed on Santander by the U.K. Financial Conduct Authority shows the regulator's appetite to go after big banks for AML failings remains undiminished after the landmark case against National Westminster Bank in 2021, says Tom Bushnell at Hickman Rose.

  • Why Your Fund Name Needs To Be Trademarked

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    It is a common misconception that the mere formation of a fund vehicle provides a trademark for its name — but the rights of brand owners are not safeguarded without trademark registration, and the fund is vulnerable if a third party registers the same or a similar mark and seeks to enforce it, says Sophie Peat at Ogier.

  • ESG Initiative From FCA Likely To Inform Future Regulation

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    The code of conduct for environmental, social and governance data and ratings providers to be developed by the U.K. Financial Conduct Authority may be voluntary, but market participants should be aware that compliance will likely offer the best mitigation against potential regulatory and litigation risks, say Ferdisha Snagg and Andreas Wildner at Cleary.

  • 5 Tips For Adding Value To Legal Clients' Experience In 2023

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    Faced with a potential economic downturn this year, attorneys should look to strengthen client relationships now by focusing on key ways to improve the client experience, starting with a check-in call to discuss client needs and priorities for the coming year, say attorneys at Troutman Pepper.

  • ECJ Fiat Ruling Sets Clear Boundaries For EU State Aid Law

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    The European Court of Justice's recent landmark decision in Fiat v. Commission limiting the commission’s attempts to circumvent the lack of EU powers in the area of tax law has important implications in EU state aid law and beyond, say Andreas Reindl and Pietro Stella at Van Bael.

  • Key Considerations For Charities Receiving Crypto Legacies

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    With an increase of cryptocurrency donations, charities should ensure they are aware of the implications of being a beneficiary of a crypto legacy and understand what to expect from executors, say Natasha Stourton and Hannah Brearley at Withers.

  • A Look Ahead At ESG Expectations For 2023

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    There are a number of themes that will shape market developments and legislative agendas in the environmental, social and corporate governance sphere in 2023, and a continuing shift from the development of standards to their implementation is likely, say Rebecca Perlman and Ernst Muller at Herbert Smith.

  • Cos. Can Expect Intense Antitrust Enforcement This Year

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    In 2023, authorities in the U.K. and Europe are expected to push the boundaries of antitrust enforcement, merger control and foreign investment screening with the goal of achieving positive outcomes for consumers, say Nicole Kar and Tara Rudra at Linklaters.

  • What Slovak Labor Code Changes Will Mean For Employers

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    With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.

  • An ICO Reminder On Managing Subject Access Requests

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    Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.

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