Financial Services UK

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Asset Managers Eye Loopholes In FCA Greenwashing Rules

The Financial Conduct Authority's proposed anti-greenwashing rules leave global asset managers room for regulatory arbitrage because they mostly do not apply to overseas funds, giving foreign-domiciled competitors an advantage in attracting investors, legal experts say.
June 07, 2023
Watson Farley Adds Transactions Pro From Curtis In London

Watson Farley & Williams LLP has hired a corporate expert as a partner in London, where he will specialize in complex cross-border transactions across a range of sectors, with a focus on Africa.
June 07, 2023
Lloyds Bank May Force Telegraph Sale Over Debt Dispute

Lloyds Banking Group may force the auction of the Daily Telegraph and Spectator newspaper businesses after putting the media group's parent company into receivership to claw back unpaid debt, the company's receiver said Wednesday.
June 07, 2023
EU Withholding Law Not On Calendar, Leaving Timing Up In Air

A European Union proposal that would simplify the system of reclaiming withholding tax refunds was dropped from the most recent European Commission calendar, leaving the timing of the measure uncertain.
June 07, 2023
Pension Watchdog Warns Trustees Over Economic Volatility

The Pensions Regulator has said trustees must take steps to minimize the impact of recent economic volatility on workers approaching retirement.
June 07, 2023
UK Confirms Mandatory Fraud Reimbursement For Firms

The Payment Systems Regulator confirmed on Wednesday that it will require banks and other businesses in the sector to reimburse fraud victims, as it looks to act in "bold new ways" to tackle the country's top crime.
June 07, 2023
Danske Bank To Restart Dividends, Sell Norway Retail Unit

Danske Bank A/S said Wednesday that it will restart paying out dividends to shareholders and sell its Norwegian retail banking subsidiary, as it looks to turn a corner after paying out more than $2 billion to authorities as part of a money laundering scandal.
June 06, 2023
Big Wall Street Banks Must Face CDS Auction Rigging Suit

A New Mexico federal judge has ruled that a slew of Wall Street banks must face a proposed investor class action accusing them of conspiring to rig credit default swap auctions, largely rejecting a joint effort by the banks to dismiss the case.
June 06, 2023
2 Arrested In Netherlands And Finland In $18M Fraud Probe

Two people suspected of so-called cum-ex activities and other forms of tax fraud were arrested in the Netherlands and Finland, European Union authorities announced Tuesday.
June 06, 2023
Sheikh Sues Lebanon Bank For Refusing £24M Transfer

A Saudi national living in the U.K. has sued Bank Audi SAL for failing to move more than £23.8 million ($29.5 million) to his Swiss bank account, marking the latest claim against a Lebanese lender for refusing to transfer client funds abroad amid the country's financial crisis.
June 06, 2023
EU Agrees On Rules To Access Crime Suspects' Bank Info

European Union policymakers have reached a deal on new rules allowing law enforcement "better and faster" access to suspected criminals' financial information, in the bloc's latest move to crack down on organized crime.
June 06, 2023
Finance Bodies Worry Over EU Retail Investing Reforms

European finance trade bodies on Tuesday voiced "multiple concerns" about planned European Union rules aimed at benefiting retail investors, arguing they could drive customers to make poor choices.
June 06, 2023
Pension Funding Surges £40B Amid Rising Buyout Demand

Rising yields on long-dated government bonds have driven a £40 billion ($49.6 billion) increase in funding levels for retirement saving plans in the U.K., according to analysis published on Tuesday by PwC.
June 06, 2023
Lifeboat Scheme Boss Caroline Rainbird Steps Down

Britain's financial compensation scheme has announced that Caroline Rainbird has left the organization, stepping down from the role she has held since May 2019.
June 06, 2023
Aviva Becomes First Insurer To Join Idle Assets Scheme

Insurance giant Aviva PLC has said it will start shifting dormant assets from its customers to a government-owned fund that can be used to finance good causes across the U.K.
June 06, 2023
Property Biz Lender To Return £50M To Shareholders

Paragon Banking Group PLC said on Tuesday that it has launched a new share buyback program worth up to £50 million ($62 million) in a bid to reduce the specialist U.K. property and business lender's share capital.
June 06, 2023
HMRC Faces Suit Over £600M Carried Interest Tax 'Loophole'

A legal activist group said Tuesday it has begun legal proceedings against HM Revenue & Customs in a bid to close what it says is a £600 million ($745 million) loophole that allows private equity fund managers to pay significantly less tax than they owe.
June 05, 2023
PE Firm, Pharma Cos. Fight £31M Fine For Colluding Over Drug

Three pharmaceutical companies and a private equity group fined over alleged price gouging accused the U.K.'s antitrust regulator at an appeal Monday of mischaracterizing and misinterpreting evidence in an "eagerness to find unlawfulness."
June 05, 2023
Visa Loses Pretrial Fight Over Payment Card Co. Fees Claim

A London court on Monday rejected Visa's challenge to a French pre-payment card provider's claim for more than €2.5 million ($2.6 million) in unpaid fees, ruling that Visa had not proved that the card company wrongly relied on French law.
June 05, 2023
3 Firms Guide Goldman Sachs' $596M Deal For Salmon Biz

Goldman Sachs Asset Management will acquire approximately 72% of the shares of Frøy ASA for 6.6 billion Norwegian kroner ($596 million), the Norwegian aquafarming services company said Monday.
June 05, 2023
UK Gov't To Revamp Worker Share Schemes To Boost Growth

The U.K. Treasury on Monday proposed improvements to investment schemes that would enable employees to take shares in their own companies, drive growth and give them a stake in the company's performance.
June 05, 2023
Investors Want Collapsed Law Firm's Insurer To Pay For Scam

Twenty investors in a decade-old carbon credit scam have sued XL Insurance Company SE, claiming that it should pay out to cover their losses following the collapse of the British law firm that facilitated the scheme.
June 05, 2023
Broker ED&F Fined £17.2M For Cum-Ex Trading Failings

Britain's financial watchdog said on Monday that it has fined brokerage ED&F Man Capital Markets Ltd. £17.2 million ($21.3 million) for "serious" oversight failings in its largest fine linked to cum-ex trading.
June 05, 2023
Crypto Assets Need Regulation Fast, MP Group Says

A cross-party group of U.K. lawmakers on Monday called for urgent regulation of the cryptocurrency industry and the appointment of a "crypto tsar" to coordinate the government's approach to making digital cash reliable and safe for consumers.
June 05, 2023
FCA Censures 3 More British Steel Pension Advisers

The financial watchdog warned three advice companies on Monday for "seeking to avoid their liabilities" under a £49 million ($61 million) redress scheme for steelworkers.
June 05, 2023
Banker Can Be Sent To US On Money Laundering Charges

An Austrian banker should be extradited to the U.S. to face money laundering charges over his alleged role in a massive corruption scandal involving Brazilian construction conglomerate Odebrecht SA, a London judge ruled Monday.

Expert Analysis

Growing EU Scrutiny Increases Hurdles For Foreign Investors

The application of the EU Foreign Subsidies Regulation from July will bring further oversight to many large deals, and together with bolt-on strategies, foreign investment regulation and antitrust enforcement, financial sponsors will need to start planning for compliance to avoid potential delays, say Anna Mitchell and Neil Hoolihan at Linklaters.
How Ambitious New EU Directive Seeks To Fight Corruption

If enacted, the European Union’s recently proposed directive to combat corruption, with its substantive rules, specialized bodies and aim of raising public awareness, would form another milestone in the long-term creation of a genuine European criminal law system, say Katharina Humphrey and Andreas Dürr at Gibson Dunn.
How The FCA Is Using Its New Powers To Make Changes

The recent sentence of the former London Capital CEO is the latest development in the firm's scandal that prompted a damning report on the Financial Conduct Authority's regulatory conduct, leading the regulator to much soul-searching and a continuing clamp down on firms that misuse their approvals, says Ben Rees at Keller Postman.
How The US And UK Differ On Crypto Regulation

While the U.K. and U.S. share strong economic ties, their approaches to crypto regulation differ wildly, with the U.K. setting bespoke rules through legislation and the U.S. taking a fragmented, and arguably hostile, approach to regulating crypto-assets, most often happening through enforcement, say attorneys at BCLP.
Judicial Review Lessons From Financial Ombudsman Case

Even though the judicial review claim was dismissed in the recent High Court decision Shawbrook Bank v. Financial Ombudsman Service, it has important legal and practical takeaways for lenders who can obtain real value by challenging FOS decisions, say lawyers at Linklaters.
Understanding ESG Considerations In Social Lending

In light of recent updates to sustainable finance guidance by loan market associations, lenders should ensure they request compliance information for projects intended to provide social benefits in order to encourage borrowers to hold environmental, social and corporate governance factors as a priority, says Jasmine Robinson at Taylor Wessing.
How To Approach Different Data Types In E-Disclosure Matters

The High Court's recent decision in Terre Neuve v. Yewdale highlights the importance of practitioners adequately approaching e-disclosure obligations, including understanding their data landscapes and the nuances of different data types, say Fiona Campbell at Fieldfisher and Alejandro Gomez-Igbo at Forensic Risk Alliance.
Why FCA Proposals For UK Listing Rules May Need Tweaking

Although many of the Financial Conduct Authority’s recently published proposals for listing rules reform are to be welcomed, a few further changes are needed if the regulator's objective of making the U.K. public markets more attractive is to be achieved, says Nigel Gordon at Fladgate.
Exploring UK Regulatory Reform Amid Global Bank Failures

In light of recent high-profile bank failures and the publication of a feedback statement to a U.K. regulatory review, the concern that banks are overly reluctant to use their stock begs the question whether regulators now need to rethink the operation of the liquidity coverage ratio, say Alix Prentice and Carl Hey at Cadwalader.
Key Takeaways From Recent UK Insolvency Disputes

As recent insolvency statistics show that U.K. registered company insolvencies are up 16% compared to last year, having a strong understanding of recent key U.K. decisions and how insolvency disputes operate is more important for companies now than it has ever been, say attorneys at Crowell & Moring.
Why The Draft UK Fraud Offense May Not Be A Game Changer

Although the U.K.’s proposed "failure to prevent fraud" offense will generate a need for large businesses to reassess their existing processes, given the long lead-in times for prosecutions and the Serious Fraud Office's current success rate, it seems unlikely that the corporate fraud landscape will be immediately transformed, say Charles Kuhn and Charlotte Gill at Clyde & Co.
A Review Of The EU FDI Screening Regulation And Its Scope

The EU advocate general’s recent broad interpretation of the EU Foreign Direct Investment Screening Regulation takes account of some of the geopolitical challenges faced by the bloc, and may foreshadow a revision of the regulation and widen the scope of investments screened, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.
Key Takeaways From EU Proposal For Greenwashing Rules

If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.
How EU ESG Regs Affect US Financial Market Participants

The European Commission recently confirmed that the Sustainable Finance Disclosure Regulation applies to all funds marketed in the EU, so affected U.S. financial market participants will need to consider the new guidance on principal adverse impacts, sustainable investments and promotion of carbon emissions reductions, say attorneys at Debevoise.
UK Plan For AI Rules Raises Compliance Questions For Cos.

The U.K. government's proposal for a new, clear and pro-innovation regulatory framework on artificial intelligence diverges from the European Union's approach, which may create incoherence and compliance burdens for businesses operating in both jurisdictions, says attorneys at Akin Gump.