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Financial Services UK
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June 25, 2024
Disability Care May Leave Parents' Pension Funds Short
Employers must create more flexible workplace cultures to ensure parents can balance caring and working after research shows that those with disabled children could be worse off in retirement because of caring responsibilities, People's Partnership said Tuesday.
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June 25, 2024
Cantor Fitzgerald Loses Appeal Over $7.5M Unpaid Fees
Cantor Fitzgerald cannot demand a $7.5 million finder's fee for its services to the Indian bank Yes Bank Ltd., a London appeals court ruled Monday, finding the broker did not help the bank raise the private capital as stipulated in their contract.
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July 02, 2024
Paul Hastings Hires Finance Pro Reena Gogna From Weil
Paul Hastings LLP has recruited a finance specialist from Weil Gotshal & Manges LLP in London to boost its offering to lenders in leveraged finance transactions and other complex deals.
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June 24, 2024
Businessman Sentenced For Disclosure Failings In Fraud Suit
A real estate investor was given a suspended sentence by a London judge Monday for failing to hand over information about his financial assets to investors suing him for alleged fraud, despite a court order.
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June 24, 2024
Ex-Luminance CEO Joins The Barrister Group As COO
The Barrister Group, which serves clients in England and Wales, announced on Monday the appointment of a chief operating officer with experience leading legal artificial intelligence co-pilot Luminance Technologies Ltd.
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June 24, 2024
BHS Asks For £133M In Damages From Former Director
Liquidators for now-defunct retail chain British Home Stores argued Monday that one of the company's former directors owes it £133.5 million ($169.2 million), maintaining that the court should calculate damages from the day he was found to have agreed to a loan that was not in the interests of shareholders and not likely to save the business.
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June 24, 2024
German Banker's Cum-Ex Trial Dropped Due To Health
The former chairman of M.M. Warburg & Co. KGaA will not face trial for alleged dividend-tax evasion linked to cum-ex transactions spanning from 2006 to 2019 after a German court halted the trial due to his health, according to a Monday court statement.
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June 24, 2024
Ex-Chief Of EU Lender Probed Over Corruption Allegations
Werner Hoyer, the former head of the European Union's lending arm, is being investigated by the bloc's public prosecutor over corruption, abuse of influence and misappropriation allegations that he said on Monday were "unfounded and baseless."
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June 24, 2024
Dentons' Inadvertent AML Error Wasn't SRA Misconduct
Dentons' U.K. arm failed in handling anti-money laundering checks on a politically exposed former client, but its oversight was entirely inadvertent and therefore did not amount to professional misconduct, a London tribunal has ruled.
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June 24, 2024
Herbert Smith Launches ESG Regulations Monitoring Tool
Herbert Smith Freehills LLP on Monday launched a tool designed to help businesses stay up to date with the evolving landscape of environmental, social and governance regulations and reporting requirements.
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June 24, 2024
CEO Can Sue Nickel Mining Co. In UK Over 'Ambiguous' Firing
An employment tribunal has ruled that the former CEO of a Zambian mining company can pursue his unfair dismissal claim in the U.K. after concluding that his contract was subject to English law.
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June 24, 2024
UAE Fund Can't Shake Asset Freeze As Mogul Chases £20M
A London court agreed on Monday to continue a worldwide asset freezing order against a UAE sovereign wealth fund to allow an aviation tycoon to attempt to recover more than £20 million ($25.4 million) after a fraud allegedly assisted by a Dechert LLP partner.
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June 24, 2024
Charity Urges Better Ways To Fight Investment Greenwashing
A legal environmental charity on Monday called for stronger measures to address the practice of misrepresenting financial products as environmentally friendly when they do not meet the necessary sustainability criteria.
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June 24, 2024
Prudential Launches First Tranche Of $2B Buyback Program
Insurer and asset manager Prudential PLC has commenced an initial $700 million share buyback program, the first phase of a wider up to $2 billion repurchase scheme, advised by Slaughter and May.
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June 24, 2024
FCA Takes Action Against 3 Fund Mngrs On Risky Investments
The financial watchdog said Monday that it has decided to ban and fine three individuals who ran fund manager SVS Securities PLC after it invested clients' pension money into high-risk bonds that have defaulted, threatening their retirement security.
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June 24, 2024
CMS-Led Aareal Bank To Sell Unit To TPG For €3.9B
German lender Aareal Bank AG and investment company Advent International said Monday that they have agreed to sell a property management and maintenance software company to U.S. private equity firm TPG and Canada's CDPQ for approximately €3.9 billion ($4.2 billion).
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June 21, 2024
UK Tax Fraud Cases Rose 49% Over One-Year Period
The U.K. tax authority launched more criminal cases for tax fraud for the year ended June 30, 2023, increasing 49% from 63 cases for the previous year to 94, Pinsent Masons LLP said Monday.
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June 21, 2024
Russian Bank Founder Hit With Asset Freeze In $850M Claim
A London judge froze the assets of the co-founder of a Russian bank in a hearing Friday, in the latest development of an $850 million fraud claim in which two Russian lenders are seeking to claw back allegedly embezzled funds.
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June 21, 2024
OECD Official Sees Amount B Deal Helping With Amount A
The Organization for Economic Cooperation and Development is close to a final deal on a key part of its efforts to establish new international taxing rights under Amounts A and B of its Pillar One plans, according to the organization's tax chief.
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June 21, 2024
Austrian Bank Beats Challenge To 'Easybank' TM
Italian bank Intesa Sanpaolo lost its challenge to an Austrian bank's "easybank" trademark, after the Austrian bank persuaded the European Union's intellectual property office that it had put its direct banking brand to good use.
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June 21, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen JD Wetherspoon sue a Welsh pub over its name in the Intellectual Property Court, ex-professional boxer Amir Khan and his wife file libel action against an influencer, the Performing Right Society hit with a competition claim over music licensing, and Manolete Partners bring action against the directors of a bust investment firm. Here, Law360 looks at these and other new claims in the U.K.
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June 21, 2024
European Funds Want Laxer Rules On Derivatives Calls
A European investment fund industry trade body has called for a reduction in proposed global rules to manage calls for extra money supporting derivatives positions intended to reduce the risk of a market crisis.
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June 21, 2024
Axiom Stays £65M Action As Directors Claim Bankruptcy
A London judge ruled on Friday that shuttered firm Axiom Ince can stay its almost £65 million ($82 million) claim against its ex-director and several of his companies for allegedly misappropriating client funds, saying the main defendant has been declared bankrupt.
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June 20, 2024
Pensioners Still Taxed With 'Triple Lock Plus,' LCP Says
The ruling Conservative Party's pledge to add a tax break to the anti-inflation "triple lock" on pensions would still mean that 2.5 million U.K. pensioners will be taxed, consultancy Lane Clark & Peacock LLP said Thursday.
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June 20, 2024
WTW Says Professional Trustee Appointments Up 11%
Professional trustee appointments have surged by 11% over the past year, with corporate sole trustee appointments rising at 14%, according to WTW's 2024 professional trustee survey published Thursday.
Expert Analysis
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Recent Cases Mark Maturation Of CAT Class Cert. Approach
The Competition Appeal Tribunal's recent refusal to grant collective proceedings applications against Visa and MasterCard in the Commercial and Interregional Card Claims case shows that the tribunal takes its role as a gatekeeper seriously, and that it will likely continue to be difficult for defendants to defeat certification first time around, say lawyers at Linklaters.
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Why The UK Needs Tougher Fraud Enforcement
The Crown Court's recent conviction of Anthony Constantinou for running a Ponzi scheme is a rare success for prosecutors, highlighting the legal system's painfully slow course when it comes to complex fraud, and the need for significant funds and resources in the fight against financial crime, says James Clark at Quillon Law.
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What New FCA Management Will Mean For Enforcement
Therese Chambers’ first speech since becoming the U.K. Financial Conduct Authority’s joint executive director provided insightful observations about the expected behaviors of firms and their legal advisers during investigations, indicating the advent of a proactive, prosecution-minded enforcement agency trying to do the right thing, says Richard Burger at WilmerHale.
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Global M&A Outlook: Slow But Moving Along
Global merger and acquisition markets had a tough start to the year, with inflation, rising interest rates and the Ukraine conflict knocking sentiment, but in the macroeconomic, deal makers have continued to unearth pockets of activity to keep deal volumes ticking over, say lawyers at White & Case.
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Why Int'l Investors Should Keep An Eye On German M&A Regs
While German reform proposals will digitize corporate law formalities that have long been immune to change, international limitations remain, particularly for countries outside the European Union, as Germany moves to tighten regulatory hurdles to control inbound investment, say Marcus Geiss and Sonja Ruttmann at Gibson Dunn.
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How B2B Data Sharing Could Unlock Untapped Value
B2B data sharing offers organizations an opportunity to extract greater value from an existing asset, and although it is essential to consider the legal and regulatory framework and maintain a sound governance structure, with strong support businesses that share data are likely to grow more than those that do not, say Jocelyn Paulley and Helen Davenport at Gowling WLG.
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Why Coordinated UK Crypto Regulation Is Needed
The slew of recently published crypto-sector consultations and reports differ in their treatment of the currency, so the industry must coordinate to establish regulations that can weather the proliferation of fraud while supporting the U.K.'s race to become a world leader in digital assets, says Nicola McKinney at Quillon Law.
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5 Code Of Ethics Recommendations For FTSE 350 Companies
In light of the U.K. Institute of Business Ethics' recent report on the FTSE 350, companies should regularly update their code of ethics in order to emphasize to employees and business partners the importance they place on following good practice, say attorneys at Norton Rose.
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Examining The Effects Of Increased Construction Insolvency
With a significant rise in construction firm insolvencies, proactive monitoring of key counterparties is paramount, and if early warning signs such as failure to pay suppliers or a turnover in key management are triggered, parties should take steps to minimize exposure and potential losses, say lawyers at Reynolds Porter.
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What TPR's Guidance On DEI Means For Pensions Industry
The Pension Regulator is one of the first regulators to issue guidance on equality, diversity and inclusion, and employers and trustees should incorporate its advice by developing policies and monitoring progress to ensure that improvements are made regularly, say lawyers at Linklaters.
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The Many Challenges Of Post-Brexit Regulatory Divergence
As the regulatory effects of the U.K.'s departure from the EU emerge and the geopolitical landscape continues to evolve, firms must monitor compliance with fast-changing trade sanctions and the foreign investment screening regime that continues to add cost and complexity to the cross-border acquisitions market, say lawyers at Shepherd & Wedderburn.
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Economic Issues To Watch In The Libor Transition
With the London Interbank Offered Rate officially retiring June 30, market participants and their counsel should consider how the economic questions presented by outstanding contracts and the pros and cons of different alternative reference rates may lead to litigation around Libor cessation, say analysts at The Brattle Group.
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Reserved Investor Fund Would Plug Gap In UK Finance Market
The reserved investor fund recently proposed by HM Treasury has the potential to be a welcome tax-efficient addition to the U.K.’s canon of products for real estate investments, with attractive features for companies and, in particular, large asset managers, say lawyers at Herbert Smith.
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What Firms Need To Know About The FCA Consumer Duty
The Financial Conduct Authority's new consumer duty, in force from July 31, presents an opportunity for manufacturers and distributors of financial services to understand the importance of fair value for consumers, and the regulator will be taking a close interest in this, say Julie Patient, Mark Aengenheister and Virginia Montgomery at Hogan Lovells.
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Examining The Growing Strength Of FRC Enforcement Actions
As the U.K. Financial Reporting Council prepares to broaden its powers and transition into the Audit, Reporting and Governance Authority in 2024, it is already demonstrating an increased appetite for enforcement, with greater expectations placed on auditors, say Kathleen Harris, Sean Curran and Melissa Dames at Arnold & Porter.