Financial Services UK

  • May 12, 2021

    UK Fraudsters Convicted For £36M Carbon Credit Scheme

    Two men were convicted Wednesday of defrauding vulnerable investors out of £36 million ($50.6 million) as part of scam to sell carbon credits, the Crown Prosecution Service said.

  • May 12, 2021

    Suspect In Vatican Extortion Probe Arrested In London

    A London-based Italian broker who was the middleman for the Vatican in a U.K. property investment deal has been arrested in the British capital on fraud and money laundering allegations at the request of Italian authorities.

  • May 12, 2021

    FCA Looks To Challenge Amigo Loans' Restructuring Plan

    Britain's financial services regulator is looking to oppose Amigo Loans Ltd.'s restructuring plan by challenging the subprime lender at a court hearing scheduled to take place next week.

  • May 12, 2021

    FCA To Review Regulatory Extension Scheme After Greensill

    The Financial Conduct Authority told MPs on Wednesday that it plans to review a regime that allowed collapsed Greensill Capital to provide investment services to U.K. investors without itself being regulated.

  • May 12, 2021

    EU Courts Told To Let Iranian Cos. Use Sanction Blocking Law

    Iranian banks and businesses should be allowed to ask European Union courts to invoke a blocking law if they think a company has cut ties over fears of violating U.S. sanctions, a legal adviser told the bloc's top court on Wednesday.

  • May 12, 2021

    Top EU Court Rules Double Jeopardy Ban Can Halt Arrest

    Individuals prosecuted for crimes in one European Union country should not face arrest in another at the behest of nations outside the bloc — but only if their legal troubles are behind them, Europe's top court ruled Wednesday.

  • May 12, 2021

    Developer Loses Appeal To Avoid Fees For Ex-Lehman Banker

    A U.K. property developer lost its bid on Wednesday to avoid handing over performance fees and interest worth more than £1.3 million ($1.8 million) to a financier who stopped working on a joint venture.

  • May 12, 2021

    Retailers Seek Quick Win In MasterCard, Visa Swipe Fees Suit

    Hundreds of retailers asked a tribunal on Wednesday to rule that Visa and Mastercard overcharged them to process card purchases, arguing that it is bound by a U.K. Supreme Court ruling against the credit card companies over their merchant fees.

  • May 12, 2021

    EU Weighs New Protections For Retail Investors

    The European Commission floated plans on Wednesday to introduce greater protection for retail investors in a wider program of reform to the functioning of capital markets.

  • May 12, 2021

    Pension Introducer Avoids Closures Over Steelworker Scandal

    Two companies linked to an unregulated pension introducer avoided being shut down by the government when a judge ruled Wednesday that there was no evidence they did anything wrong in connection with an investment advice scandal involving steelworkers.

  • May 12, 2021

    UK, Spanish Police Recover €6M For Ponzi Scheme Victims

    An international law enforcement effort has recovered over €6 million ($8.5 million) for more than 200 victims who were duped into investing in a €15 million Ponzi scheme, the European Union's police agency said Wednesday.

  • May 12, 2021

    Irish Firms Using AI Trading Urged To Improve Controls

    The Central Bank of Ireland has called on businesses that use computer systems with limited human interaction to improve their controls, and given some companies time to work on risk programs.

  • May 12, 2021

    Victory For Campaigners As Scams Slotted Into Online Bill

    The government published draft digital safety laws on Wednesday aimed at protecting consumers in Britain from fake investment opportunities advertised on social media, after finance trade groups campaigned for technology companies to act against the fraud.

  • May 11, 2021

    FCA Investigates Greensill As Founder Defends Biz Model

    Britain's financial watchdog said Tuesday it is formally investigating collapsed Greensill Capital as the supply-chain company's founder Lex Greensill defended his business model to lawmakers who suggested it resembled a fraudulent scheme.

  • May 11, 2021

    Investigators Reveal Britain's Hot Spots For Car Crash Scams

    Britain's three biggest cities are among the top five areas in Britain worst hit by bogus schemes that involve people deliberately crashing cars in order to make insurance claims, according to figures published Tuesday.

  • May 11, 2021

    Jailed Billionaire Sues Rival Co. Over Alleged Corporate Raid

    A company owned by jailed Russian businessman Ziyavudin Magomedov is suing a rival firm over an alleged corporate raid at transportation giant FESCO, after the shipping company launched a $1 billion arbitration to claw back loans from Magomedov.

  • May 11, 2021

    Turkish Bank Sues In London To Collect £88M Loan

    One of Turkey's largest banks is suing a company based in the Marshall Islands to collect more than £88 million ($124 million) it lent to industrial conglomerate Çukurova Holding AS in 2012.

  • May 11, 2021

    Markel Settles Surveyor Fraud Row With Farm Lender

    Specialist British insurer Markel struck a settlement with a farm lender over property valuations on the eve of a Court of Appeal hearing on Tuesday, ending a long-running dispute about alleged misrepresentations by a surveying company. 

  • May 11, 2021

    Three Charged In UK Over Alleged £14M Pension Scam

    Two men and a woman were charged with fraud on Tuesday following an investigation by Britain's pensions regulator into an alleged multimillion-pound pension scam.

  • May 11, 2021

    Nigeria Wins JPMorgan US Docs Disclosure In $875M Suit

    JPMorgan must disclose documents from five senior U.S. executives and compliance officers at the bank who were involved in the decision to transfer $875 million in government funds to Nigeria's corrupt former energy minister, a judge said on Tuesday.

  • May 11, 2021

    Savers Fear They Will Fall For Pension Scams, Survey Shows

    More than 25% of Britons fear they will fall victim to a pensions scam, a survey carried out by an insurance giant suggests, as fraudsters use increasingly sophisticated attempts to con people out of their life savings.

  • May 11, 2021

    Accounting Firm Fined Over Audit Failures At Engineering Co.

    Britain's accounting regulator said on Tuesday that it has fined and reprimanded chartered accountant Haysmacintyre LLP and a partner for failures when it audited the financial statements of a U.K. engineering company.

  • May 11, 2021

    Judge Knocks Denmark's 'Ill-Judged' Words In Cum-Ex Ruling

    Denmark's failed attempt to recover £1.5 billion ($2.1 billion) from a dividend tax scandal through the English courts was politically motivated litigation marred by "ill-judged public statements" from senior Danish lawmakers, a London judge said on Tuesday.

  • May 11, 2021

    Cypriot Trader Barred For Pressure Tactics On Risky Products

    Britain's financial watchdog has banned a Cypriot trading firm from operating in Britain after receiving repeated complaints that that company put pressure on consumers to purchase risky financial products.

  • May 11, 2021

    LuxLeaks Whistleblower Loses Human Rights Appeal

    Europe's human rights court upheld on Tuesday the conviction of a former PricewaterhouseCoopers manager who was convicted of breaching his professional duty by passing confidential documents that exposed widespread tax avoidance to journalists.

Expert Analysis

  • 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.

  • Remote Working Tips For Lawyer Trainees And Their Firms

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    The prospect of joining a law firm during the pandemic can cause added pressure, but with a few good practices — and a little help from their firms and supervising attorneys — lawyer trainees can get ahead of the curve while working remotely, say William Morris and Ted Landray at King & Spalding.

  • High Court Ruling Checks Growth Of Bank Protection Duty

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    A number of recent claimant-friendly decisions have considered and broadened a bank's common law duty to refrain from making payments where fraud is suspected, but the High Court's recent judgement in Philipp v. Barclays Bank suggests a turn in the tide, say Paul Brehony and Kate Gee at Signature Litigation.

  • 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.

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