Financial Services UK

  • May 27, 2022

    PGMBM Launches Global Securities Litigation Practice

    Group litigation specialist PGMBM has launched a global securities litigation practice to represent institutional investors against companies accused of misconduct that sends share prices tumbling.

  • May 27, 2022

    Regulator Testing Finds Major Flaws At Accounting Firms

    The U.K. accounting watchdog published results on Friday of quality inspections at the country's seven largest auditors, which revealed that the companies are failing to detect problems in nearly a third of their corporate audits.

  • May 27, 2022

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

    The past week in London has seen eBay sued over a soured acquisition, a hacked cryptocurrency company caught up in a data protection suit, and the Financial Conduct Authority launch a case against a wealth manager. Here, Law360 looks at these and other news claims in the U.K.

  • May 27, 2022

    Developers Can't Pare Down Standard Life's £70M Suit

    A London judge refused on Friday to let several businesses involved in the construction of a real estate project for Standard Life Assurance trim parts of its £70 million ($88 million) claim over delays and unexpected costs.

  • May 27, 2022

    Top UK Court Takes Fight Over €36M Share Sale Suit

    Britain's highest court will hear a Malaysian businessman's appeal in a €36 million ($39 million) lawsuit over his stake in a telecommunications project that he has argued should be blocked by an earlier court proceeding.

  • May 27, 2022

    Financial Safety Net Cap Cuts Payouts By £1B Over Six Years

    The "lifeboat" program for victims of failed financial services companies has said it could not pay about £1 billion ($1.26 billion) to customers over the past six years because of compensation limits in its policy.

  • May 27, 2022

    FRC Plan On Pension Portals Could Backfire, Insurer Warns

    A proposed change to the way retirement savings information is presented to consumers on landmark new online "dashboards" could undermine the project and make pensions harder to understand, experts have warned.  

  • May 27, 2022

    London Insurance Brokers Push Gov't For Real Reforms

    Insurance brokers in London have urged the government to enact stronger reforms to bolster the sector's competitiveness after the U.K. left the European Union's regulatory orbit in January 2020.

  • May 27, 2022

    Isolated Russian Banks Reconsidering Basel Rulebook

    The head of a major bank in Russia has called for the country to replace the international Basel banking regulations with a wholly Russian version, which could put the country still reeling from Western sanctions into deeper economic isolation.

  • May 27, 2022

    Financial Watchdog Shifting Sights To Operational Security

    Financial firms face growing regulatory pressure to invest more to detect and resolve vulnerabilities in their operating systems such as exposure to cyberattacks or cash-dispensing machine failure, lawyers have warned.

  • May 26, 2022

    Fried Frank Shuffles Leaders Amid London Head's Sabbatical

    Fried Frank Harris Shriver & Jacobson LLP has temporarily reshuffled its London leadership as office managing partner Mark Mifsud takes a six-month sabbatical, the firm confirmed to Law360 Pulse on Thursday.

  • May 26, 2022

    Dentons Extends WFH Policy In UK, Ireland And Middle East

    Dentons' work-from-home policy for its U.K., Ireland and Middle East locations, enacted in May 2021, has been extended until December 2022, Law360 Pulse confirmed on Thursday.

  • May 26, 2022

    Good Law Project To Launch New Law Firm

    Legal campaign group Good Law Project is launching an independent not-for-profit law firm to provide support for its litigation challenging the U.K. government's actions amid concerns of corruption and cronyism in public contracts.

  • May 26, 2022

    Whistleblowing Led To Dismissal, Gulf Bank Employee Says

    A lawyer representing a Gulf International Bank employee told an appeals court Thursday that she was unfairly dismissed after hurting the feelings of the lender's legal chief when she questioned the terms of a financial product agreement.

  • May 26, 2022

    Financial Safety Net Cuts Levy Even As Payouts Rise

    The compensation program for failed financial services companies said Thursday it expects the annual fee it charges businesses to drop by £92 million ($116 million) for the coming year, but that the payouts it makes to consumers will rise.

  • May 26, 2022

    Tycoon Can't Take Fraud Dispute With UAE Fund To Top Court

    An aviation magnate has been denied permission by the U.K. Supreme Court to challenge findings that he defrauded a Middle Eastern investment authority before a retrial on whether the fund had his personal details hacked and leaked online.

  • May 26, 2022

    Solvency Reform Balancing Act For Pension Sector, BoE Says

    The Bank of England said Thursday it is facing a balancing act in its plans to reform capital adequacy rules for the insurance sector, as it juggles encouraging investment in a wider range of assets with protecting policyholders.

  • May 26, 2022

    More Pension Advisers Pushing Sustainable Investments

    A growing number of investment advisers are considering sustainable investments when building retirement portfolios for their clients, an insurer said on Thursday.

  • May 26, 2022

    FCA Repeats Calls For Meta To Crack Down On Fraud Ads

    The Financial Conduct Authority "will lose patience" with Facebook owner Meta if the social media giant does not take action against fraudulent ads for financial products, a senior regulator told lawmakers on Thursday.

  • May 26, 2022

    FCA To Make London Listing Rules 'Fit For The Future'

    Britain's financial watchdog set out plans on Thursday to merge the standard and premium segments of the main market to entice high-growth companies to London, part of ambitious reforms to the rules governing U.K. listings.

  • May 25, 2022

    Gov't Urges Justices To Reject Terror Financing Liability Suits

    The federal government has urged the U.S. Supreme Court not to revive cases seeking to hold two banks liable for terrorism for providing services to an organization accused of helping fund Hamas, saying lower courts correctly interpreted anti-terrorism law.

  • May 25, 2022

    Watchdog Clears Bank Of Ireland's $5.3B KBC Deal

    Ireland's competition enforcer is requiring Bank of Ireland to support non-bank lenders and agree to other commitments as conditions for its €5 billion ($5.3 billion) acquisition of assets from KBC Group NV.

  • May 25, 2022

    Payments Watchdog Eyes Wider Adoption Of Anti-Scam Rules

    The Payment Systems Regulator has proposed forcing 400 more companies to implement anti-fraud rules, citing concern about the slow uptake of the measures on a voluntary basis amid a rise in scams.

  • May 25, 2022

    EU Plans New Powers For Seizing Russian Oligarch Assets

    The European Commission said Wednesday that it wants violations of sanctions to become a standardized crime across the bloc, as it rolled out new proposals to strengthen asset recovery and enforcement rules following Russia's invasion of Ukraine.

  • May 25, 2022

    Commerzbank Exec Accuses Bank Of 'Sexist Culture'

    A Commerzbank executive told a London tribunal on Wednesday that she was passed over for a role at the bank after coming back from maternity leave because of the German lender's "sexist culture."

Expert Analysis

  • Opinion

    FCA Proposal Fails British Steel Pension Scandal Victims

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    The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.

  • How New Framework Could Ease EU-US Data Transfer Burden

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    The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.

  • What EU Corporate Sustainability Plan Means For Contracts

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    The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.

  • When Investment Funds Are Not As Green As They Suggest

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    With the growing demand for funds that offer sustainable investment, there is increasing potential to discover that funds have misled investors, which in certain situations could result in a claim for legal redress for misselling, say attorneys at Keller Lenkner.

  • How A New Law Tightens The Screw On Dirty Money In The UK

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    By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.

  • Opinion

    The SFO Needs To Find Its Prosecutorial Mojo Again

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    As protracted investigations and low conviction rates continue to abound, the Serious Fraud Office has strayed too far from its original purpose as a specialist prosecuting authority to justify its existence in its current form, says David Corker at Corker Binning.

  • UK Ruling Is A Win For Fraud Victims At Banks' Expense

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    The U.K. Court of Appeal's decision in Philipp v. Barclays holds banks potentially liable for executing any payment that is suspected to be fraudulent, heightening already significant pressure on banks to identify and prevent fraud, say attorneys at Signature Litigation.

  • Latest Commercial Court Guide Reflects A Shifting Landscape

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    While the latest version of the Commercial Court Guide focuses on the future of litigation both culturally and practically, the guide covers many aspects of litigation procedure, some of which arguably signal shifting dynamics prompted by the COVID-19 pandemic, says Elizabeth Warwick at King & Spalding.

  • A Landmark UK Enforcement Case For Crypto-Assets

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    HM Revenue and Customs' recent seizure of nonfungible tokens from three people under investigation for value-added tax fraud promises to be the first of many such actions against crypto-assets, so investors should preemptively resolve potential tax matters with U.K. law enforcement agencies to avoid a rude awakening, says Andrew Park at Andersen.

  • Emerging Economic Effects From Russia-Ukraine War

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    While the full economic effects of Russia's invasion of Ukraine will only become clear with time, some of the geopolitical and financial consequences are already becoming apparent, such as a possible shift from the petrodollar, Russian debt default and investor asset recovery complications, say attorneys at King & Spalding.

  • Rulings Offer Insight On Interim Remedies For Asset Recovery

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    While there are limits on what English courts will do to assist claimants with asset recovery before proceedings are heard in full, several recent rulings provide guidance on the scope of interim remedies, particularly as they relate to asset disclosure orders and the reliefs ancillary to those orders, say Kate Gee and Olivier Swain at Signature Litigation.

  • What Tighter Sanctions Against Russia Mean For Companies

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    Amid U.S. sanctions on Russia in response to its invasion of Ukraine, companies and individuals with business relationships in that region should expect disruptions to payment and transactions systems, and should prepare for increased diligence and compliance requirements, say George Wang and Abram Ellis at Simpson Thacher.

  • Unexplained Wealth Orders' Role In UK Dirty Money Bill

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    A bill passed by Parliament on Monday that targets Russian oligarchs who have substantial U.K. assets may embolden agencies who use unexplained wealth orders to take action against others who were not previously viewed as suitable candidates for UWOs, says Aziz Rahman at Rahman Ravelli.

  • Complex Funding Questions In Fight Against Financial Crime

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    A new report from Spotlight on Corruption suggests state agencies tackling financial crimes can add revenue from penalties and fines to their budgets, but the idea raises some complicated questions and might ultimately do more harm than good, says John Binns at BCL Solicitors.

  • How EU Proposal Would Affect Corporate Sustainability Duties

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    The European Commission recently released its proposal for a directive on corporate sustainability, human rights and environmental due diligence, that, if adopted, will have a substantial impact on the external corporate regulation and the internal corporate governance of the largest companies operating in the EU, says François Holmey at Carter-Ruck.

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