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Financial Services UK
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October 16, 2024
EU Watchdogs Warn Digital Act Changes Will Hinder Rollout
The European Union's financial market regulators have said amendments proposed by the bloc's executive arm under the Digital Operational Resilience Act around registering information will cause "unnecessary complexity" and hinder the rollout of the legislation.
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October 16, 2024
Fresh Warnings Issued Over FCA Value-For-Money Rules
The Financial Conduct Authority's proposed new assessment of pension schemes' value is so complex it risks failing savers, trade body the Pensions and Lifetime Savings Association has warned.
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October 16, 2024
Gov't Launches Taskforce To Combat Spiraling Insurance Cost
The government said Wednesday that it would take on the surging car insurance rates faced by drivers, with a cross-party group of politicians, experts and regulators looking to get to the bottom of the problem.
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October 16, 2024
FCA Launches Probe Into Premium Finance Insurance Market
Britain's finance watchdog said Wednesday that it will investigate premium finance practices over concerns that consumers who pay for cover in installments might not be getting fair deals.
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October 16, 2024
US Fails To Revoke Bail Of Crypto Chief Wanted In Fraud Case
The U.S. government failed on Wednesday to keep the former chief executive of a $7.5 billion crypto-asset business in custody while he fights extradition for allegedly manipulating the market for his company's virtual tokens, as a judge deemed him a low flight risk.
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October 16, 2024
Argentina Denied UK Top Court Appeal In €1.3B Bond Dispute
Argentina cannot dodge paying out on an outstanding €1.3 billion ($1.4 billion) to bondholders after wrongly adjusting the way it calculates yields for government securities after Britain's highest court refused to consider the case.
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October 15, 2024
Wyndham Says Vacation Group Awaze Withheld TM Royalties
Hotel chain operator Wyndham has told a London court that a vacation group that it licensed its trademarks to as part of the purchase of Wyndham's European holiday rentals business cannot unilaterally reduce its royalty payments following an internal reorganization.
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October 15, 2024
Sustainability Assurance Market Lacks Choice, FRC Says
Market players are concerned that the U.K. sustainability assurance market could become dominated by the Big Four accounting giants, limiting choice and effective competition, the industry's regulator said Tuesday.
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October 15, 2024
Bankers Say WSJ Articles Used Criminal Data In GDPR Claim
Two investment bankers alleged Tuesday that Wall Street Journal articles on court proceedings in the Cayman Islands falsely suggested they defrauded nearly $1 billion from a Chinese entrepreneur, in an early stage of their London claim against the publisher.
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October 15, 2024
Starmer Hints At National Insurance Hike Over Capital Gains
British Prime Minister Keir Starmer on Tuesday again refused to rule out raising employers' National Insurance, a payroll levy used to fund social programs, after downplaying claims that his government is planning to raise the capital gains tax.
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October 15, 2024
Trustees Urged To Do More Than Minimum On ESG
Trustees of retirement saving schemes should do more than just what's required to comply with ESG duties, The Pensions Regulator's climate change lead said.
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October 15, 2024
StanChart Wins UK Test Case Over Alternative To Libor Rate
Standard Chartered PLC on Tuesday was granted permission by a London court to use an alternative to the defunct London interbank offered rate to help set the interest it pays on $750 million in shares, without having to repay the investment now.
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October 15, 2024
Barclays Challenges UK Motor Finance Ruling In Test Case
Barclays launched a legal challenge Tuesday against a decision that found it had treated a consumer unfairly by paying a commission to a car finance broker, in a test case with potential implications for future complaints over motor financing arrangements.
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October 15, 2024
EU To Create Governance Structure For Faster Settlements
The financial watchdogs and executive arm of the European Union said Tuesday that they will establish a governance structure that will work with the sector to oversee a move toward faster one-day settlements of securities trades.
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October 15, 2024
UBS Told To Bolster Crisis Plans After Credit Suisse Deal
UBS must boost its emergency plans after buying stricken rival Credit Suisse to ensure that the combined group can wind down or be sold without cost to taxpayers, Switzerland's finance watchdog said on Tuesday.
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October 14, 2024
Tycoon Sentenced To 8 More Years Over Real Estate Fraud
A businessman imprisoned for a £2.5 million ($3.3 million) property fraud has been sentenced to another eight years in prison for defaulting on a £4.5 million court order that was part of legal proceedings to recover money taken in a failed deal to develop a luxury apartment.
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October 14, 2024
Finance Firms Urge EU To Back Shorter Settlement Period
Europe's financial institutions urged the bloc's public authorities on Monday to commit to moving to one-day settlement of securities trades in coordination with the U.K. and Switzerland.
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October 14, 2024
African Bank Sues Engineering Biz For $111M In Unpaid Debt
One of Africa's largest trade banks has sued Kaztec Engineering Ltd. for $111 million, accusing the Nigerian business of failing to pay back a loan it used to acquire oil assets in the country.
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October 14, 2024
Crypto-CEO Faces US Extradition In Market Manipulation Case
The former chief executive of a $7.5 billion crypto-asset company appeared at a London court Monday accused by the U.S. government of manipulating the market for the company's dog-themed "Saitama Inu" crypto-tokens before selling them for tens of millions in profit.
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October 14, 2024
FCA Applies Consumer Duty To Tackle Fraud Reimbursement
The Financial Conduct Authority has applied its consumer protection framework to banks to ensure that they tackle authorized push payment fraud and reimburse victims, beyond the rules set by the payments watchdog, according to lawyers.
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October 11, 2024
Bird & Bird Adds DLA Piper Legal Director To London Office
Bird & Bird LLP has added a former DLA Piper legal director as a partner to its London tax team.
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October 11, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen billionaire Lakshmi Mittal sue steel magnate Sanjeev Gupta in a long-running clash to claw back €140 million ($153 million) of debt, a high-profile AI researcher take action against the Intellectual Property Office to register his software as a listed patent inventor and troubled housing trust Home Reit face a claim by a real estate developer. Here, Law360 looks at these and other new claims in the U.K.
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October 11, 2024
G-20 Regulators Told To Learn From Credit Suisse Collapse
A global banking standards setter reminded regulators from G-20 countries Friday of the lessons they can learn from what led to the collapse of Credit Suisse and other banks during the 2023 crisis, including failures in risk management, governance and supervision.
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October 11, 2024
Market Abuse Behind Majority Of €71M EU Fines
The European Union's markets authority said Friday the bloc's national regulators issued fines totaling €71.3 million ($93.2 million) in 2023 as they doubled down their efforts to curb insider trading and market manipulation.
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October 11, 2024
Art Dealer's Ex-Wife Denies Liability For His Loan
The former wife of Andrew Valmorbida, an art dealer to the stars who was involved in a multi-million dollar art fraud, has said she should not pay back an investment firm part of $33.4 million taken by her then-husband, arguing the business can pursue other assets first.
Expert Analysis
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What Green Claims Directive Proposal Means For Businesses
With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
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£43M Legal Bill Case Shows Courts' View On Exchange Rates
A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.
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Examining The EU's New Payments Services Package
Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.
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Examining The State Of Paccar Fixes After General Election
Following the U.K. Supreme Court's Paccar decision last year, which made many litigation funding agreements for opt-out collective actions in the Competition Appeal Tribunal unenforceable, the judiciary will likely take charge in implementing any fixes — but the general election has created uncertainty, says Ben Knowles at Clyde & Co.
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EU Reports Signal Greenwashing Focus For Financial Sector
Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
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Opinion
Without Change, Fighting Fraud Is A Losing Battle For The UK
To successfully fight fraud cases in the U.K. — like the Russian Coms scam recently shut down by the National Crime Agency — it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country’s intelligence platforms, says Anthony Hanratty at Howard Kennedy.
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Embedding Consumer Duty: 6 Areas Firms Should Prioritize
The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.
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2 UK Rulings Highlight Persistent Push Payment Fraud Issues
Two recent High Court decisions, Larsson v. Revolut and Terna DOO v. Revolut, demonstrate that authorized push payment fraud continues to cause headaches for consumers and financial institutions alike, and with forthcoming mandatory reimbursement requirements, more APP fraud litigation can be expected, say lawyers at Charles Russell.
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Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling
The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.
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Key Points From UK Prospectus Regime Reform Consultation
The Financial Conduct Authority's current consultation on U.K. prospectus regime reform proposals, including when a prospectus will be required and the requirements concerning content, is designed to enhance the attractiveness of the U.K.'s capital markets, say lawyers at Sullivan & Cromwell.
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Why NCA's 1st Seizure Of Sanctioned Funds Is Significant
The National Crime Agency’s recently secured forfeiture of a Russian oligarch's sanctioned funds was a landmark achievement, and is particularly notable because it was made under the Proceeds of Crime Act, illustrating how U.K. authorities can coordinate their respective powers to confiscate assets, says Lindsey Cullen at WilmerHale.
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Takeaways From New FCA Rules On Research Payments
The Financial Conduct Authority’s recently published final rules on payment optionality for investment research, which involve a client disclosure obligation option, will be welcome news for U.K. managers who buy investment research from U.S. brokers, and for global asset management groups, says Anna Maleva-Otto at Schulte Roth.
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What To Expect From Labour's Pension Schemes Bill
The Labour government’s recently announced Pension Schemes Bill, outlining key policy areas affecting the retirement savings sector, represents a positive step forward for both defined contribution scheme members and defined benefit superfunds, but there are some missing features, says Sonya Fraser at Arc Pensions.
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Int'l Treaties May Aid Investors Amid UK Rail Renationalization
The recently introduced Passenger Railway Services Bill seeks to return British railways to public ownership without compensating affected investors, a move that could trigger international investment treaty protections for obligation breaches, says Philipp Kurek at Signature Litigation.
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What EU Opinion May Mean For ESG Product Classification
The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.