Financial Services UK

  • June 05, 2020

    EY Wins Fight To Challenge $11M Gold Smuggling Suit

    Ernst & Young won permission Friday to fight findings that the accountant owes a former partner $11 million in damages for helping cover up a client's gold smuggling, after a London judge said that his conclusions rested on a "novel" concept. 

  • June 05, 2020

    Appeals Court Revives $20M Negligence Suit Against Trustee

    The Court of Appeal on Friday revived a $20 million lawsuit brought by the son of a wealthy South African businessman who accuses Swiss trustees of dishonesty for allowing his father to withdraw his inheritance despite allegedly knowing that he suffered from dementia.

  • June 05, 2020

    Woodford Investors In Line For £224M After Assets Sale

    Investors in money manager Neil Woodford's suspended equity fund are set for a payout of more than £200 million ($252 million) after administrators agreed to sell its healthcare portfolio to a U.S buyer.  

  • June 05, 2020

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

    The past week in London has seen a Chinese billionaire dissident launch another legal fight with UBS AG, a demolition company lodge a negligence claim against Hiscox and an asbestos solutions provider and an airport sim card seller target telecommunications giant Vodafone. Here, Law360 looks at those and other new claims in the U.K.

  • June 05, 2020

    Europe Accuses UK Of Straying From Brexit Promises

    The European Union said Friday that Brexit trade negotiations remain stalled after four rounds of talks because the U.K. has strayed from pledges agreed to in 2019 that set out general terms for future relations.

  • June 05, 2020

    EU Launches Financial Crime Unit Amid Virus Threat

    The European Union's law enforcement agency launched a financial and economic crime unit on Friday, which it said will help member states tackle a surge in criminal activity during the coronavirus pandemic.

  • June 05, 2020

    FCA Bracing For Firms To Leave The Market Amid Crisis

    Britain's financial regulator is preparing for thousands of businesses to fold under the weight of compensation bills and investors' liabilities as a result of the COVID-19 pandemic, a senior official has said.

  • June 05, 2020

    FCA Cracks Down On Pension Advice With Ban On Fee Deals

    The Financial Conduct Authority introduced sweeping changes on Friday to the way pensions advisers are paid, a move it says will remove conflicts of interest and drive up standards across the market.

  • June 04, 2020

    CFPB Tackles Libor Transition In New Guidance, Reg Proposal

    The Consumer Financial Protection Bureau on Thursday moved to address the Libor transition's implications for certain consumer credit regulatory requirements, issuing compliance guidance and floating rules changes to help smooth creditors' paths away from the benchmark for their variable-rate products.

  • June 04, 2020

    Denmark Says Case Against Tax Co. 'Cries Out' For A Full Trial

    Denmark's tax authority said Thursday its claim that a U.K. tax management company negligently aided an alleged $2 billion fraud against the Danish government "cries out to be tested at trial," telling a London court the case should not be struck out.

  • June 04, 2020

    Financier Sues Aircraft Leasing Co. Owners For £18M Loan

    European business financier Proventus Capital Partners is suing the husband and wife business owners of an aircraft leasing company for £18 million ($23 million) after they allegedly defaulted on loan agreements.  

  • June 04, 2020

    Zumax Can't Delay Bank's Fight To Strike Out $3.7M Suit

    A London judge refused Thursday to give a Nigerian engineering company extra time to obtain documents it says will help prove the whereabouts of money at the heart of its $3.7 million dispute with First City Monument Bank PLC.

  • June 04, 2020

    Adviser Loses Bid To Appeal Decision On Pension Misselling

    A London judge on Thursday denied a bid by Towergate Financial to appeal her decision holding that its financial advisers aren't on the hook for part of the £50 million ($62.9 million) the U.K.-based firm might have to pay over missold pension products.

  • June 04, 2020

    Broker Fights For Card Refunds In Bankrupt Insurer's Case

    U.K. insurance broker J&M has told a London court it is owed more than £300,000 ($376,000) after it handled credit card chargeback requests from thousands of Alpha customers when the insurer collapsed, as it fought back against a breach of contract lawsuit.

  • June 04, 2020

    Jailed Businessman Gets Chance To Attend UK Fraud Trial

    An Indian businessman accused of tricking a hedge fund into buying $70 million in securities won a chance at defending himself in London when a judge adjourned the trial on Thursday to allow him to find a way to take part from a jail cell.

  • June 04, 2020

    UK Prosecutors' Job Made Easier By Dishonesty Test Ruling

    The Court of Appeal handed more power to prosecutors in a recent decision by lowering the bar for proving dishonesty in criminal cases, a move that could encourage more prosecutions against individuals for complex frauds.

  • June 04, 2020

    EU Moves To Tighten Control Of Asset Managers' Fees

    The European Securities and Markets Authority set out guidance on Thursday to ensure that national regulators across the European Union prevent asset managers from overcharging retail investors for a fund's performance.

  • June 04, 2020

    BoE Asks Banks For Loan Loss Info To Assess Virus Impact

    British banks must hand over estimates of the hit they expect to take from loan defaults, the Bank of England said Thursday, as it works to calculate the toll of the coronavirus pandemic on the U.K. economy.

  • June 04, 2020

    Payments Firms Told To Discuss Dividend Plans With BoE

    The Bank of England said Thursday it expects the country's critically important financial institutions not to make payments to shareholders during the COVID-19 crisis unless they have discussed it with the watchdog.

  • June 04, 2020

    EU Fines German Ratings Co. For Bonds Compliance Breach

    Europe's markets watchdog said Thursday that it has fined German ratings agency Scope Ratings GmbH €640,000 ($712,000) for failings in the methodology it used for assessing covered bonds.

  • June 03, 2020

    NY Regulator Inks Fintech Cooperation Accord With France

    New York state's top financial services regulator on Wednesday announced a fintech coordination agreement with French authorities to promote regulatory compliance and ensure that fintech innovators have a smooth entry into both markets.

  • June 03, 2020

    Accountant Owes Tax On Shares Buyback, UK Court Affirms

    An accountant must pay nearly £600,000 ($750,000) after a U.K. tax court ruled his purchase of shares in a technology company and resale to it on the same day for the same amount was taxable to him as a distribution.

  • June 03, 2020

    Wealth Manager Gets OK To Fight Suit's Scope Before Talks

    A London judge on Wednesday delayed settlement talks between former professional soccer players and a British wealth manager accused of giving them bad advice on tax schemes, saying the lawsuit may need to be pared before negotiations. 

  • June 03, 2020

    Fieldfisher Adds Disputes Partner As Gibson Dunn Raids UBS

    European law firm Fieldfisher has brought on a new partner from BDB Pitmans to join its London disputes team, while Gibson Dunn & Crutcher LLP has announced the return of one of its former attorneys from UBS.

  • June 03, 2020

    Tax Co. Seeks Quick Exit From Denmark's $2B Fraud Suit

    A U.K. tax management firm urged a London court on Wednesday to dismiss Denmark's claim it aided an alleged $2 billion tax fraud against the Danish government by negligently submitting fraudulent tax refund claims on behalf of clients.

Expert Analysis

  • Opinion

    Reflections On The UK Bribery Act 10 Years On

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    While the U.K. Bribery Act has been positive overall, regulators should seek urgent reform to better enable the investigation and prosecution of companies and individuals for economic crimes, especially in cases directly harming people and the environment, says Chris Phillips at Alvarez & Marsal.

  • UK Lawyers Can Adapt Due Diligence To Screen New Clients

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    As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.

  • A Post-COVID-19 Road Map For UK Financial Services

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    From setting realistic recovery expectations to anticipating regulatory zeal to strategizing internal operations, attorneys at King & Spalding offer a road map for U.K. financial services stakeholders attempting to return to "normal" when the pandemic subsides.

  • FCA Has Strong-Arm Lending Tactics Under The Microscope

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    Even by the usual standards of a "Dear CEO" letter, the Financial Conduct Authority's April 28 letter is strongly worded — signaling no tolerance for banks using their corporate clients' cash-flow problems as leverage to obtain roles on equity mandates they otherwise would not have obtained, says Claire Cross at Corker Binning.

  • A Look Forward To UK Banking Litigation In The 2020s

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    With an eye on the impact of COVID-19 and the evolving threat of financial crime, Christa Band and Jane Larner at Linklaters provide an overview of the near-future challenges financial institutions should expect.

  • A UK Business View Of COVID-19's Economic Fallout

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    Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.

  • Potential Silver Linings In European Leveraged Loan Defaults

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    Since the last financial crisis, borrowers and private equity sponsors have cut distressed investors out of most European leveraged loan deals, but the recent economic turmoil due to the pandemic could create opportunities for distressed investors to return to the market, say attorneys at Orrick.

  • Time For Presumptive Virtual Mediation In The UK

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    While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.

  • UK Decision Highlights Contract Enforceability Considerations

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    The U.K. Court of Appeals' recent decision in Filatona Trading v. Navigator Equities — concluding that an unnamed party could seek enforcement of a contract — sheds light on undisclosed principals' rights and obligations, and the interaction between agency and contract law, says Jonathan Swil at Shearman & Sterling.

  • UK 'Property' Classification Boosts Confidence In Bitcoin

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    In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.

  • 3 EU And UK Data Protection Tips During COVID-19

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    Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.

  • COVID-19 Is Prompting EU To Protect Strategic Health Assets

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    The European Commission's call for EU member states to exercise vigilance in screening new foreign investments in health care confirms a shift away from historical free trade principles in response to the coronavirus pandemic, says Mathieu de Korvin at FTPA Avocats.

  • Opinion

    UK Rescue Procedure For Corporate Directors Is No Panacea

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    The U.K. government's plans to protect company directors from wrongful trading liability is a laudable attempt to mitigate COVID-19's harm to the economy, but they may create problems by keeping unviable businesses artificially afloat, says Howard Morris at MoFo.

  • COVID-19 Unlikely To Excuse UK Financial Reg Violations

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    Despite the significant disruption that COVID-19 is causing in the U.K., the Financial Conduct Authority and Prudential Regulation Authority still expect that financial services firms appropriately protect their increasingly vulnerable consumers, say Tracey Dovaston and Matt Getz at Boies Schiller.

  • Leveling Tax Playing Field For Non-UK Resident Landlords

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    Starting Monday, non-U.K. resident landlords are subject to broadly the same U.K. tax treatment as residents with respect to income derived from U.K. property, and landlords and lenders should be considering the impact on transaction cashflows and covenant compliance, say James Spencer and Sherry Scrivens at Alston & Bird.

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