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Financial Services UK
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July 04, 2024
Lender Hits Elite Law For £1.9M Over Alleged Loan Breach
A lender has sued Elite Law Solicitors after it allegedly failed to spot that its client was a fraud and did not secure necessary protections over a £1.9 million ($2.4 million) property loan, telling a court that this has left it unable to recover its cash.
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July 04, 2024
Emirati Scrap Metal Sellers Lied To Secure $45M Loan
A Dubai shipping broker and his son made false and fraudulent representations when they secured a $45 million loan arrangement from a Norwegian security agent and other lenders, a London court has ruled.
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July 04, 2024
Insurers Disadvantaged By EU Sustainability Reporting Rules
European insurers have warned that bloc-wide rules on sustainability reporting for the sector are incomplete and inconsistent, meaning they are not reliable for investors.
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July 04, 2024
Briton Wins Bid To Challenge $99M Wine Fraud Extradition
A British businessman accused of defrauding investors out of $99 million by persuading them to make interest-bearing loans using valuable wine collections as collateral won a chance on Thursday to challenge his extradition to the U.S.
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July 04, 2024
Pension Deals Market 'Driven By Transactions Under £100M'
The record number of pension deals in the U.K. last year was driven primarily by smaller transactions of less than £100 million ($127.6 million), a consultancy has said.
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July 04, 2024
London IPO Market Gaining Momentum, EY Study Finds
The London Stock Exchange attracted eight companies to take a listing in the first sixth months of 2024, raising a total of £513.8 million ($655.3 million), EY has said, signaling that the IPO market is gaining some momentum after a challenging couple of years.
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July 04, 2024
Barclays Sells €4.7B German Consumer Biz To Austrian Bank
Barclays PLC said Thursday that it will sell its €4.7 billion ($5.1 billion) German consumer finance business to Austrian lender BAWAG as the British bank moves to simplify its operations.
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July 03, 2024
Ukraine Bank Slams Stay Request In $1.1B Suit Against Russia
A Ukrainian bank is challenging the Russian Federation's bid to stay litigation to enforce a $1.1 billion arbitral award against the Kremlin pending efforts to annul the award in France, saying Russia's argument involves a string of contingencies that a D.C. federal judge should not entertain.
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July 03, 2024
M&G Lands £309M Pension Deal For Machinery Co.
A subsidiary of finance and insurance company M&G PLC has taken on £309 million ($394.3 million) worth of pension liabilities from a scheme sponsored by machinery manufacturer NSK, in a deal guided by Shoosmiths, CMS and Hogan Lovells.
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July 03, 2024
PIC Seals £1.2B 2nd TotalEnergies UK Pension Plan Buy-in
Pension Insurance Corporation PLC on Wednesday concluded a £1.2 billion ($1.5 billion) second buy-in with the trustee of TotalEnergies UK Pension Plan, a deal considered the largest completed pension scheme buy-in thus far this year, according to an announcement by PIC.
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July 03, 2024
Credit Suisse Units Fined $19.5M For South Korea Breaches
South Korea's financial services watchdog said Wednesday it has fined two subsidiaries of the Credit Suisse group, which was absorbed by UBS in 2023, a record total of 27.17 billion South Korean won ($19.5 million) for breaching short selling rules.
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July 03, 2024
WTW Launches Insurance Policy For Asset Managers
WTW has launched a new policy designed to provide a single comprehensive cover for asset managers rather than traditional insurance options that often require multiple policies.
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July 03, 2024
Financial Intel Biz Buys Abrdn's Compliance Unit For £14.6M
Financial data intelligence provider Fintel said Wednesday that it has acquired Threesixty Services, a business support company, from British investment giant Abrdn for £14.6 million ($18.5 million) to boost its portfolio.
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July 02, 2024
Gambling Biz Settles €273M Buyout Dispute With Financier
Gambling hall operator MaxBet has settled a host of international legal disputes with Luxembourg-based financial holdings company Maximus stemming from a deal for Maximus to purchase various MaxBet-owned businesses that went south, lawyers for MaxBet told Law360 on Tuesday.
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July 02, 2024
£8.5M Property Deal Said To Defraud Creditors In Debt Row
A British Virgin Islands-registered company has asked a London court to declare that the transfer of an estimated £8.5 million ($10.8 million) property by one of its debtors was done to intentionally hinder the company's chances to reclaim the money it is allegedly owed.
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July 02, 2024
Worldpay Faces Demand For Client Info In Alleged FX Fraud
An architecture firm has asked a London court to order merchant service provider Worldpay to hand over a virtual ledger of one of its customer's accounts in an attempt to track down $1.17 million allegedly missing in a forex broker fraud.
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July 02, 2024
EU Watchdog Requires Regulatory Liaison On Insurer Moves
The European Union's insurance watchdog has published ground rules for regulators from departure and destination countries of insurers relocating within the bloc to engage actively and clearly.
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July 09, 2024
Latham Hires Finance Trio In London From Cahill Gordon
Latham & Watkins LLP has recruited a trio of partners from Cahill Gordon & Reindel LLP as it continues to grow its banking practice in London.
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July 09, 2024
Lawrence Stephens Hires 2 Directors From Rosling King
Ann Ebberson and Alex Edwards have joined Lawrence Stephens Ltd. from Rosling King LLP as directors on the real estate finance and banking teams.
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July 02, 2024
FCA Approves PE Firm's £432M Bid For Wealth Manager
Wealth management firm Mattioli Woods said Monday that the U.K.'s financial regulator has given a green light to its approximately £432 million ($546 million) acquisition by London private equity firm Pollen Street Capital.
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July 02, 2024
City Body Calls For Digital Gilt To Boost Retail Investing
Britain's leading financial services trade body called Tuesday for a U.K. digital gilt to encourage retail investors, in a set of briefing papers aiming to improve competitiveness of capital markets.
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July 02, 2024
Liechtenstein Bank To Buy Austria's Kantonalbank
Liechtensteinische Landesbank AG, a Liechtenstein-based lender known as LLB, said Tuesday that it agreed to buy Austrian bank Zürcher Kantonalbank Österreich AG in an all-cash deal. The purchase price was not disclosed.
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July 02, 2024
Just Group Lands £260M Aviation Co. Pension Deal
Insurer Just Group on Tuesday announced it has taken on £260 million ($328.7 million) worth of pension liabilities from a retirement savings plan sponsored by aviation company John Menzies Ltd., in a deal guided by Brodies LLP and Gowling WLG.
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July 02, 2024
HSBC Beats Former Risk Chief's Race Bias Case
HSBC has dodged claims of discrimination and unfair dismissal from a former financial risk chief after the High Street bank proved that it let him go because his role had become redundant, convincing a tribunal that race played no part in the decision.
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July 01, 2024
Accountant Loses Employee Status Bid In Partnership Fight
A tax accountant has failed to convince an appeals tribunal that he was an employee at the time of his dismissal, because despite a "shambolic" transition and lack of a written agreement, the genuine intention was to promote him to partner.
Expert Analysis
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EU And UK Crypto-Asset Consumer Rights Look Set To Differ
The U.K. government's recent consultation paper lacks an extended cooling off period to cancel crypto-asset purchases, which notably deviates from the European Union Markets in Crypto Assets Regulation, but depending on feedback, the U.K. may eventually adopt similar consumer protection measures, say Felicity Forward and Matt Green at Shoosmiths.
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EU Sustainability Initiatives Will Affect Emissions Trading
The measures recently adopted by the EU in its "Fit for 55" legislative package to revise its emissions trading system and establish a carbon border adjustment mechanism have far-reaching implications for companies needing to implement changes to offset the potential effects of their business operations, say Melanie Bruneau, Giovanni Campi and Annette Mutschler-Siebert at K&L Gates.
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The Benefits Of Uniformity In EU Anti-Corruption Proposals
The proposed directive requiring European Union member states to incorporate uniform anti-bribery measures would bring greater harmony and consistency, doing much to facilitate the prevention of bribery and drive common standards in the compliance culture of companies, say lawyers at White & Case.
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What To Know About 'Prior Obligations' Sanctions Exemption
The U.K. Office of Financial Sanctions Implementation recently issued a "prior obligations" general license authorizing U.K. persons to receive funds or economic resources owed to them by any person targeted by U.K. asset freeze sanctions, and it is novel for its scope but by no means a panacea, say Jane Shvets and Konstantin Bureiko at Debevoise.
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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.