Financial Services UK

  • April 22, 2024

    Freshfields-Led CVC Unveils Range On $1.7B Amsterdam IPO

    European private equity giant CVC Capital Partners PLC, represented by Freshfields Bruckhaus Deringer LLP, on Monday set a price range on initial public offering estimated to raise about €1.6 billion ($1.7 billion), mostly benefiting selling shareholders.

  • April 22, 2024

    Trader Behind £1.4B Fraud Thought Trades Were Valid

    A British trader accused of being the mastermind of a fraudulent trading scheme that cost Denmark's tax authority £1.4 billion ($1.7 billion) genuinely believed that the trades worked, his lawyer told a London court on Monday.

  • April 22, 2024

    Med Tech Founder Denies Deceiving Investors For $20M Sale

    The co-founder of a medical technology business has denied concealing his financial interest in a $20 million deal to purchase shares in his company, claiming he was never told it was important to reveal the seller's identity to the investment company.

  • April 22, 2024

    Leaked Doc Undermines Court's Libor Findings, Hayes Says

    A leaked document from Britain's former banking trade association casts doubt over a key finding in the Court of Appeal's decision to uphold the convictions of two traders jailed for rigging interest rate benchmarks, one of the men claimed Monday.

  • April 22, 2024

    Commerzbank Did Not Pay Analyst Less Due To His Gender

    Commerzbank did not pay an axed compliance analyst a lower salary than his female colleagues based on his sex, a London tribunal has held, ruling that the bank based its pay offers on salary expectations among other benchmarking factors.

  • April 22, 2024

    Complaints Of Closed Bank Accounts To Ombudsman Surge

    Customer complaints to the Financial Ombudsman Service about closure of or refusal to open bank accounts have risen sharply in the last year, particularly from businesses, according to figures recently released by a select group of members of Parliament.

  • April 22, 2024

    FCA To Consider Big Tech Data-Sharing With Finance Firms

    The Financial Conduct Authority said on Monday it will examine how Big Tech's access to data could be valuable to firms in the finance sector if it reveals consumers' preferences, and will consider setting out incentives to encourage information-sharing.

  • April 22, 2024

    FCA Defends Response To British Steel Pension Scandal

    The Financial Conduct Authority on Monday said it took "appropriate regulatory action" amid complaints over its handling of the British Steel Pension Scheme transfer scandal and would not uphold any of the grievances it has received over its approach.

  • April 22, 2024

    Fund Administrator Eyes $21M Deal For JPMorgan Chase Biz

    Jersey-based fund administrator JTC PLC said Monday it has offered to buy a trust administration business owned by JP Morgan Chase Bank NA for $21 million, a move it believes will strengthen its presence in the U.S.

  • April 22, 2024

    Kirkland-Led Blackstone Bids $1.2B For Music Biz Hipgnosis

    Private equity firm Blackstone has tabled an enhanced $1.2 billion bid for U.K. music royalties investment company Hipgnosis, countering an offer from U.S. royalties firm Concord Chorus.

  • April 22, 2024

    FCA Urged To Halt Plan To Publicize Enforcement Probes

    The Financial Conduct Authority's plan to name the firms it probes and publish information about investigations at an earlier stage risks an unjustified departure from the "fundamental principle" of being innocent until proven guilty, a House of Lords committee warned in a letter published Monday.

  • April 19, 2024

    Reed Smith Can't Escape £21M Suit Says Shipping Co.

    A United Arab Emirates shipping company suing Reed Smith LLP for £21 million ($26.1 million) has accused the law firm of "surreptitiously" telling Barclays Bank that the shipping company was sanctioned by the U.S. resulting in its funds being frozen.

  • April 19, 2024

    Verifone Gets Manager's Victimization Claim Tossed

    Electronic payment tech company Verifone convinced an appellate judge Thursday to overturn an employment tribunal's ruling that it victimized a senior manager when it denied her the chance to appeal her dismissal.

  • April 19, 2024

    Sudan Granted Two-Year Grace Period In £1.5B Debt Row

    Long-standing creditors of Sudan were granted a two-year stay of their claim against the nation on Friday, with a London judge agreeing with the creditors that the country should be given time to stabilize its financial situation in the wake of political turmoil.

  • April 19, 2024

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

    This past week in London has seen U.K. holiday resort chain Butlins target Aviva and a huddle of insurers, Meta and WhatsApp tackle a patents claim by telecommunications company Semitel, an ongoing construction dispute between Essex County Council and Balfour Beatty, and Formycon AG hit a pharmaceutical company for infringing medical products. Here, Law360 looks at these and other new claims in the U.K.

  • April 19, 2024

    Bank Of Cyprus Rolls Out €25M Share Buyback

    Bank of Cyprus Holdings PLC on Friday launched a share buyback program worth up to €25 million ($26.6 million) aimed at lowering its outstanding share capital.

  • April 19, 2024

    Gov't Urged To Drop Plans For Small UK Pension Pots

    The government must abandon its controversial plans to tackle the proliferation of small pension pots and instead revisit a solution that was passed into law a decade ago, a consultancy said Friday.

  • April 19, 2024

    EU Firms Say Strict ESG Rules Risk Chasing Off Clients

    Large banks have warned the European Union's banking regulator that its proposed guidelines for managing sustainability risks are too demanding and could drive clients away to banks outside the bloc.

  • April 19, 2024

    UK Probes Suspected Charity Funding For Pro-Hamas Agency

    The Charity Commission said Friday it has opened an investigation into the possible misuse of funds raised by charities linked to the director of a pro-Hamas news outlet who is subject to government sanctions.

  • April 18, 2024

    Ex-BigLaw Atty Can Stay Free During OneCoin Fraud Appeal

    A Manhattan federal judge Thursday granted a former Locke Lord LLP partner's motion for bail pending appeal of his 10-year prison sentence after he was found guilty of laundering around $400 million in proceeds from the global OneCoin cryptocurrency scam, saying he does not pose a flight risk given his medical conditions.

  • April 18, 2024

    Ex-Autonomy CEO Wanted Whistleblower Fired, Ex-GC Says

    Former Autonomy CEO Michael Lynch thought a finance department whistleblower was "trying to destroy the company" and wanted him fired, the software company's former U.S. general counsel testified Thursday in a criminal fraud trial over claims Lynch conned HP into buying the British company at an inflated price of $11.7 billion.

  • April 18, 2024

    Coventry Building Society Makes £780M Offer For Co-Op Bank

    The Coventry Building Society is offering to buy the Co-operative Bank for £780 million ($970 million) in a move that comes after the two revealed in December that they were in exclusive talks to merge.

  • April 18, 2024

    HMRC Opens Consultation On Payroll Tax In Freeports

    The U.K. tax authority is mulling changes to National Insurance, a payroll levy used to fund state pensions and healthcare, for employees working in special economic zones known as freeports.

  • April 18, 2024

    Negligence Claims Against Law Firm May Go To Trial

    A London court has ordered 35 investors to clarify their claims against a law firm that they say failed to properly advise them on the risks of sinking an estimated £2.7 million ($3.4 million) into a "worthless" property development.

  • April 18, 2024

    Monex Unit And Drug Co. Settle £19M Contract Dispute

    An Indian drugmaker has settled its £19.4 million ($24.1 million) claim against a unit of foreign exchange giant Monex, alleging it unfairly canceled currency exchange contracts with "no basis."

Expert Analysis

  • 3 Notable Pensions Reforms In Spring Budget

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    The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.

  • Assessing The FCA Data Study's Response To User Concerns

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    The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.

  • Focus On Private Funds Will Boost Ireland's Global Standing

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    As the market increasingly pivots to private funds, Ireland's recent introduction of particular products — such as an updated, flexible European long-term investment fund — provides more structuring opportunities and paves the way for a brighter outlook in the country, say lawyers at Dechert.

  • Cum-Ex Prosecutions Storm Shows No Sign Of Abating

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    The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • Opinion

    FCA Greenwashing Rules Need To Be Stronger To Be Effective

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    The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.

  • EU Ruling Exposes Sovereignty Fissures In Int'l Arbitration

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    The European Court of Justice's recent ruling that the U.K. had breached EU law by allowing an arbitral award to proceed underscores the diminished influence of EU jurisprudence in the U.K., hinting at the EU courts' increasingly nominal sway in international arbitration within jurisdictions that prize legal autonomy, says Josep Galvez at 4-5 Gray’s Inn.

  • Companies House False Filings Raise Issues Of Integrity

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    A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.

  • UK Courts Continue To Struggle With Crypto-Asset Cases

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    Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.

  • Comparing The UK And EU Approaches To AI Regulation

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    While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.

  • Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases

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    The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.

  • A Look At The Latest EU Alternative Investment Regulation

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    Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.

  • Unpacking The Law Commission's Digital Assets Consultation

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    The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.

  • Unpacking The FCA's Approach To AML Compliance Failures

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    In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.

  • New Russia Sanctions Reveal Int'l Enforcement Capabilities

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    Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.

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