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Financial Services UK
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July 30, 2024
Consumers Can Appeal Some Blocked UK Mastercard Claims
The United Kingdom's specialty antitrust court gave the go-ahead Tuesday for a partial appeal of its June decision scrubbing as time-barred a swath of claims from a £10 billion ($12.7 billion) class action against Mastercard, while concluding some grounds of appeal have no "real prospect of success."
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July 30, 2024
UK Healthcare Ex-Directors Banned For £30M In Unpaid Taxes
Two former directors of a defunct U.K. healthcare company are banned from holding executive positions at any business after failing to pay more than £30 million ($38.5 million) in taxes, the government's insolvency agency said Tuesday.
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August 06, 2024
WFW Partner Moves To Dubai To Join Ship Finance Offering
Assets and structured finance partner Emily Widdrington of Watson Farley & Williams LLP is relocating to Dubai from London.
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July 30, 2024
NCA Ducks Litigation Risk In 1st Seizure Of Sanctioned Assets
The decision by the National Crime Agency to secure the forfeiture of the assets of a sanctioned Russian oligarch is a pragmatic victory that avoids the risk of setting a damaging legal precedent, lawyers say.
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July 30, 2024
Regulator Highlights Quality Gaps Among Top Auditors
The Financial Reporting Council said Tuesday that there is a widening gap between BDO LLP and Forvis Mazars LLP and the better performance of the Big Four accounting firms for high-quality audits of major U.K. companies.
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July 30, 2024
Pension Tax Reform Could Unlock £100B For UK Growth
Changing how pensions are taxed in the U.K. could potentially unlock more than £100 billion ($128 billion) for domestic investment over the next five years, according to a recent analysis by a pensions consultancy.
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July 30, 2024
Bank Of England Plans New Scrutiny Of Foreign Banks In UK
The Bank of England's regulatory arm proposed Tuesday new requirements for overseas banks with U.K. operations, to help detect some risks to financial stability that had arisen in the collapsed Silicon Valley Bank UK, sold to HSBC.
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July 30, 2024
Pensioner Welfare Cuts Create 'Cliff Edge,' LCP Says
The Labour government's decision to cut annual winter fuel payments worth up to £300 ($385) for retirees not on pension credit or other means-tested benefits will create an unwelcome "cliff edge" for savers, a consultancy has said.
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July 30, 2024
StanChart Launches Record $1.5B Share Buyback Program
Standard Chartered PLC unveiled plans on Tuesday to reward investors with its biggest-ever share buyback program worth $1.5 billion as it reported a 20% surge in profits to nearly $4 billion.
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July 30, 2024
FCA Could Extend Deadline On Motor Finance Complaints
Britain's financial watchdog is considering whether to extend the deadline for motor finance companies to deal with complaints from customers about commission arrangements while the regulator investigates whether past deals were compliant with a 2021 ban.
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July 30, 2024
Pension Firms Meeting Equity Investment Goals, Insurers Say
Pension firms that signed up to an agreement to allocate a minimum of 5% of defined contribution funds to unlisted equities by 2030 have laid "strong foundations" in line with the target, British insurers said Tuesday.
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July 30, 2024
UK Crypto Biz To Raise £6.5M Via Private Share Placing
Argo Blockchain PLC said on Tuesday that it has agreed to sell shares worth approximately £6.5 million ($8.4 million) to an institutional investor, which the cryptocurrency miner will use to finance general working capital and pay back debt.
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July 29, 2024
Crypto Investors Get Provisional OK For £9B Binance Claim
Binance Holdings Ltd. must face a £9 billion ($11.5 billion) proposed class action brought by investors after a tribunal dismissed the cryptocurrency exchange's bid to strike out the claim, finding the evidence "just about" shows the case has a realistic chance of success.
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July 29, 2024
Gov't Consults On Tax Hikes For Fund Managers, Non-Doms
Chancellor Rachel Reeves said Monday that an autumn Budget planned for Oct. 30 will include feature selected tax rises, a warning accompanied by strong hints from HM Treasury that fund managers and non-domicile taxpayers could take a bigger hit.
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July 29, 2024
NFT Game Collaborator Says She Was IP Co-Owner
A cryptocurrency expert has said that her former business partner has improperly accused her of stealing confidential business information for an NFT-winning game they co-developed, despite having proof that she had not shared anything with his competitors.
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July 29, 2024
Marketer Told She Had Baby 'At The Wrong Time' Wants £30K
A marketer for an international accountancy accreditation body asked a tribunal on Monday to order her employer to pay her £30,000 ($38,500) for injury to her feelings after her boss told her that she "had a baby at the wrong time."
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August 05, 2024
Morgan Lewis Adds Investment Pro From Paul Hastings
Morgan Lewis & Bockius LLP has hired a seasoned expert in private equity secondary markets as a partner in London, as the firm moves to consolidate its presence as a major player in the sector.
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July 29, 2024
New Defined Benefit Funding Code Laid Before Parliament
Britain's pensions watchdog on Monday said its long-awaited funding code for defined benefit retirement savings plans has been laid before Parliament, marking what it called a "significant step."
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July 29, 2024
Top Corporate Crime Cases To Watch For The Rest Of 2024
The Serious Fraud Office's intention to charge individuals with bribery over Glencore's dealings in Nigeria, a major bitcoin money laundering trial and the ongoing legal battles between ENRC and the SFO are some of the major white-collar crime cases on the horizon.
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July 29, 2024
Zurich Invests $60M In Cyber Insurance Provider For SMEs
Swiss insurance giant Zurich has invested $60 million in Cowbell, a provider of cyberinsurance for small businesses, the digital risk company said, amid growing industry concerns over cyberthreats.
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July 29, 2024
FCA Weighs Taking Protection From Some Insurance Clients
The Financial Conduct Authority proposed on Monday a change to the criteria of classifying a small business as a commercial insurance client by removing consumer protection rules from some firms when they buy insurance products.
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July 29, 2024
NCA Seizes Assets As Russian Oligarch Ends Sanctions Fight
The National Crime Agency seized more than £768,000 ($986,000) belonging to Russian oligarch Petr Aven on Monday after reaching a settlement in its first attempt to recover frozen assets linked to suspected sanctions evasion since sweeping restrictions came into force.
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July 29, 2024
Mozambique Claims Victory In UK Tuna Bond Scandal Case
Mozambique largely won its mammoth corruption claim against a shipbuilding company on Monday over a bribery scheme used to pay kickbacks to public officials to tie it into a financing package for a tuna fishing fleet that wrecked the southern African country's economy.
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July 26, 2024
UK Gov't Denies Leaked Greensill Probe Caused Him Harm
The Insolvency Service leaked private details of an investigation into Lex Greensill, the founder of collapsed finance company Greensill Capital, to the national press, the government has admitted in court filings — but denied it caused him any harm.
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July 26, 2024
NCA Data Project Set To Catch Financial Criminals
The National Crime Agency and seven U.K. banks have forged a major public-private partnership to use account data to help catch financial criminals and prevent fraud and money laundering, the agency said Friday.
Expert Analysis
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Technology And AI: 2024's Legal And Regulatory Landscape
Alexander Amato-Cravero at Herbert Smith discusses what businesses and their lawyers can expect in the year ahead in terms of regulation, policies and associated risks related to advancing technologies and artificial intelligence, including the need for increased internal governance and workforce engagement.
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US And UK Law Firms Continue Trend Of EU Expansion
A broad spectrum of U.S. and U.K. law firms are now seeking fresh opportunities in Europe's fastest growing and constantly evolving sectors by opening offices in strategic locations across the continent, says James Lavan at Buchanan Law.
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A Look At 2023's Landmark Insolvency Developments
The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.
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Pension Industry Should Monitor Evolving ESG Issues In 2024
ESG thinking in the pensions industry has substantially evolved from focusing on climate change and net-zero to including nature and social considerations, and formalizing governance processes — illustrating that, in 2024, continually monitoring ESG issues sits squarely within trustee fiduciary duties, says Liz Ramsaran at DWF.
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What 2024 Has In Store For White Collar Crime Enforcement
Changes in Serious Fraud Office leadership and corporate crime laws in the U.K. signal a chance to kickstart enforcement in 2024, and companies need to stay alive to risks within their business, preparing in particular for the new offense of failure to prevent fraud, say lawyers at Latham.
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Emerging Trends From A Busy Climate Litigation Year
Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.
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Regulating Digital Platforms: What's Changing In EU And UK
Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.
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How Boards Can Mitigate Privacy, Cybersecurity And AI Risks
In 2023, data privacy, cybersecurity and AI persist as prominent C-suite concerns as regulators stepped up enforcement, and organizations must develop a plan for handling these risks, in particular those with a global footprint, say lawyers at Latham.
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The Outlook For UK Restructuring Plans At Home And Abroad
The U.K. continues to be a center for large-cap, cross-border restructurings, though its competitive edge over the EU in this regard may narrow, while small and medium-sized enterprises are already likely to avoid costly formal processes by reaching out to their secured lenders for restructuring solutions, say Paul Keddie and Timothy Bromley-White at Macfarlanes.
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Foreign Assets Ruling Suggests New Tax Avoidance Approach
The U.K. Supreme Court's recent ruling in His Majesty's Revenue & Customs v. Fisher, which found that the scope of the transfer of foreign assets is narrow, highlights that the days of rampant tax avoidance have been left behind, and that the need for wide-ranging and uncertain tax legislation is lessening, says James Austen at Collyer Bristow.
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Lessons To Be Learned From 2023's Bank Failures
This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.
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An Overview Of European Private Investments in Public Equity
Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.
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Cos. Must Monitor Sanctions Regime As Law Remains Unclear
While recent U.K. government guidance and an English High Court's decision in Litasco v. Der Mond Oil, finding that a company is sanctioned when a designated individual is exercising control over it, both address sanctions control issues, disarray in the law remains, highlighting that practitioners should keep reviewing their exposure to the sanctions regime, say lawyers at K&L Gates.
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Unpacking The UK's Proposals To Regulate Crypto-Assets
Recent proposals for crypto-asset regulation in the U.K. demonstrate support for crypto's potential, but there is concern around the authorization process for organizations undertaking crypto-asset activities, and new regulations will require a more detailed assessment of firms' compliance not previously addressed, say Jessica Lee and Menelaos Karampetsos at Brown Rudnick.
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The Top 7 Global ESG Litigation Trends In 2023
To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.