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Financial Services UK
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October 30, 2024
Cripps Steers BP Marsh's Buy Of Stake In Lloyd's Broker
Private equity firm B.P. Marsh and Partners PLC announced Wednesday that it has acquired a 30% interest in Lloyd's broker SRT & Partners for £2.5 million ($3.2 million) in equity and loans, in a deal guided by Cripps LLP and Nockolds Solicitors Ltd.
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October 30, 2024
Lloyds Says Broadcaster Liable In £287M Fraud Claim
Lloyds Bank and a subsidiary have hit back against a £287 million ($373 million) claim brought by the liquidators of Arena Television, arguing they should not be liable for payments they processed for the broadcaster that were linked to an alleged £1.2 billion fraud.
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October 30, 2024
UK Capital Gains Hike Casts Shadow Over Gov't LSE Aims
The decision by Chancellor Rachel Reeves to raise the tax paid on gains made when shares are sold could hinder the government's work on making the London Stock Exchange more attractive for stock listings and investors, regulatory experts warn.
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October 30, 2024
Last UK Gov't 'Did Not Share' Spending Info With Watchdog
The independent fiscal watchdog said Wednesday that the last Conservative administration had failed to disclose public spending information, adding that it would have resulted in a "materially different" forecast for government spending if it had been given the data.
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October 30, 2024
Pension Pros Say Shutting Inheritance Tax Loophole Overdue
Retirement industry professionals said Wednesday that the budget announcement by the U.K. government that it would remove a loophole that allowed the transfer of more than £1 million ($1.3 million) of inherited pension wealth without paying inheritance tax was overdue.
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October 30, 2024
Disabled Barclays Worker Wins Harassment Claim
An employment judge has upheld two complaints by a former Barclays employee who said she was prevented from doing her job because of her painful bone condition, as the tribunal that agreed her manager's comments amounted to harassment.
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October 30, 2024
Mortgage Adviser Not Unfairly Sacked Over Fraud Fears
A mortgage adviser who was sacked over concerns that he might have committed fraud by providing false information to lenders and insurers has lost his claim of unfair dismissal, as a tribunal ruled that his employer's decision to fire him was reasonable.
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October 30, 2024
Labour Gov't Unveils £40B Tax Boost In First Budget
A £40 billion ($52 billion) tax package unveiled on Wednesday by Britain's new Labour government targets business and investors and aims to plug fiscal gaps with plans including higher levies on payrolls and capital gains.
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October 29, 2024
SPG Steers £18M Buy-In Pension Deal For Housebuilder
Housebuilder St Modwen Properties Ltd. has offloaded £18 million ($23.4 million) of its pension liabilities with Just Group PLC, the insurer said Tuesday, in a transaction guided by Squire Patton Boggs LLP.
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October 29, 2024
WSJ Articles On $1B Fraud Did Not Contain Criminal Data
Two articles in the Wall Street Journal about court proceedings in the Cayman Islands did not contain criminal offense data, a judge ruled Tuesday, in a preliminary stage of a data protection claim against its publisher over reports on allegations of a $1 billion fraud.
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October 29, 2024
Santander Delays Results To Weigh Motor Finance Ruling
Santander said Tuesday that it will delay the publication of its third-quarter results as it seeks to review the implications of a landmark court ruling that lenders must fully disclose to customers the commission that is paid to car dealers.
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October 29, 2024
Ex-Cardiff FC Director's Insurance Voided Over 'False' Claims
An insurance company and its agent have argued that their cancelation of a policy intended to cover the legal costs of a former director of Cardiff City Football Club was valid because he unfairly represented his risk when taking out protection.
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October 29, 2024
CMS Guides £1.1B Pension Deal For Deutsche Bank Unit
A subsidiary of Deutsche Bank AG has offloaded £1.1 billion ($1.4 billion) of its pension liabilities with Legal & General Assurance Society, the insurer said Tuesday, in a transaction led by CMS Cameron McKenna Nabarro Olswang LLP and DLA Piper.
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October 29, 2024
HSBC Unveils $3B Buyback As Profits Rise 10%
Banking giant HSBC Holdings PLC said Tuesday that it will line shareholders' pockets with an additional $3 billion as the British lender reported a 10% rise in pre-tax profits during the third quarter of the year.
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October 28, 2024
Dexia Can Bring €10M Italian Swap Deal Fight In England
Dexia's €10 million ($10.8 million) interest rate swap deal fight with an Italian asset manager belongs in the U.K. because the pair agreed to resolve their differences through the English courts, a London court has ruled.
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October 28, 2024
Cerberus, Spanish Bank Clash In Asset Dispute At UK Trial
Cerberus kicked off a London trial Monday by accusing one of Spain's largest banks of going "through the looking glass" regarding claims that units of the private equity firm breached investment agreements linked to the bank's Spanish real estate portfolios.
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October 28, 2024
Labour Budget Expected To Target Taxes At Biz, Investors
The U.K. government is set to unveil its budget statement Wednesday after months of hinting at higher taxes, and experts say businesses and investors are bracing to bear the brunt of the possible tax changes, such as through increases to capital gains and payroll taxes.
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November 04, 2024
Mishcon Hires US-Qualified Partner For VC Practice
Mishcon de Reya LLP has recruited a new partner for its emerging companies team in London to strengthen its capability advising British and European clients on their transatlantic strategies, the firm announced Monday.
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October 28, 2024
Wise Boss Hit With FCA Fine For Not Disclosing Tax Penalty
The finance regulator said on Monday that it has fined the chief executive of a money transfer company £350,000 ($454,500) for his failure to tell the watchdog he had been penalized by HM Revenues and Customs for not paying his taxes.
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October 28, 2024
Pensions Provider PSG SIPP Falls Into Administration
A self-invested personal pension provider has entered into administration after facing financial difficulties that arose from its connection with an Australian financial adviser, the City watchdog said Monday.
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October 28, 2024
Gov't Urged To Clarify Implications Of Major Pensions Case
The U.K. government must clarify the scope of new requirements on retirement savings plans following a landmark Court of Appeal ruling in July, a trade body has warned, after members registered a surge in queries from pension holders.
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October 28, 2024
Law Firm Scores Own Goal In Footballers' Data Row
A sports law firm cannot prevent a lender from advertising a winding-up petition over an unpaid loan of £500,000 ($650,000) to fund litigation over the alleged misuse of professional footballers' data, a London court has ruled.
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October 25, 2024
Barclays Slashes £330M From UK Investors' 'Dark Pool' Claim
Barclays on Friday won its bid to more than halve the value of a £560 million ($726 million) securities fraud claim brought by investors at the High Court in London based on allegations it misled them about its "dark pool" trading platform.
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October 25, 2024
Close Brothers Lose Appeal In Landmark Motor Finance Case
Close Brothers Ltd. and other motor finance lenders must fully disclose commissions charged to customers taking out a car loan, or face repaying the secret fee, a London appeal court ruled Friday in a landmark test case.
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October 25, 2024
'Business Guru' Denies Claim Of £5.6M Ponzi Scheme
A self-styled "business guru" has hit back at a £5.6 million ($7.3 million) fraud claim in the High Court, denying running a Ponzi scheme and duping an investor into funding a bogus loan scheme for a luxury hotel development.
Expert Analysis
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What To Know About The UK Overseas Funds Regime
The U.K.’s overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
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Takeaways From SRA Consumer Protection Review
While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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What Updated Guide Means For Jersey's Private Funds
The Jersey Financial Services Commission's recent updates to the Jersey Private Fund Guide clarify existing provisions and introduce new requirements for fund managers, service providers and investors, demonstrating a clear commitment to maintaining Jersey's reputation as an attractive jurisdiction for investment, say lawyers at Walkers Global.
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The Road Ahead For Tokenized Investment Funds In The UK
With an HM Treasury working group expected to release the final phase of a road map for tokenized investment funds by the end of the year, Andrew Tsang and Tom Bacon at BCLP discuss the advantages for investors and fund administrators, the proposed model for implementation, and what the regulatory landscape may look like.
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Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.
Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.
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A Look At UK, EU And US Cartel Enforcement Trends
The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
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Testing The Limits Of English Courts' Pro-Arbitration Stance
Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.
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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.