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Financial Services UK
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September 06, 2024
UK Lags Globally In Pensions Allocation To Domestic Stocks
British pension funds have a "significantly lower" allocation of their assets to the domestic stock market than most of their counterparts around the world, a think tank has said.
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September 06, 2024
UK Regulators Back Nationwide's £2.9B Deal For Virgin Money
Two U.K. financial regulators have given their consent for Nationwide Building Society's £2.9 billion ($3.8 billion) acquisition of Virgin Money UK PLC, the lenders said Friday.
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September 06, 2024
City Task Force Calls For Shake-Up Of UK Capital Markets
The U.K. must encourage risk-taking in its capital markets in order to remain competitive in the global stage and help fund £1 trillion ($1.32 trillion) of fresh investment needed to hit economic targets, a task force of City heavyweights said on Friday.
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September 06, 2024
Companies Failing To Oversee Reps Properly, FCA Finds
The Financial Conduct Authority warned Friday that firms are failing to properly oversee the agents that carry on regulated activities for them without having to be individually authorized.
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September 06, 2024
Pensions Campaigners Say Gov't Meeting 'Start Of Something'
The chair of a campaign group working to secure compensation for women after the government failed to tell them that their retirement age had changed said Friday that its first meeting with the pensions minister was "the start of something."
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September 06, 2024
British Savers Urged To Track Down Lost Pension Pots
British insurers urged U.K. savers on Friday to take action and track down their lost pension pots in a new campaign aimed at raising awareness about planning for retirement.
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September 05, 2024
Investors Claim £12.6M Bank Investment Started With A Lie
An investment company and its owner have sued two business partners for more than £12.6 million ($16.6 million) paid to set up a specialist bank, accusing the pair of lying by saying less than half that amount would be needed to get the bank off the ground.
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September 05, 2024
FCA Boasts Accelerated Authorizations For Firms
The Financial Conduct Authority said Thursday in its 2023-2024 annual report that it has significantly improved its authorization process, but has missed some targets in relation to processing applications of payments firms.
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September 05, 2024
'Act Now' On Dashboard Prep, Pensions Watchdog Warns
Pension scheme trustees should "act now" to be ready for the long-awaited government project designed to connect workers with lost pots and avoid enforcement action for failing to meet their duties, The Pensions Regulator warned Thursday.
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September 05, 2024
Gov't Consults On Plans For Pension Market Consolidation
The U.K. government is seeking feedback on the potential benefits and risks for pension savers and the economy if the pension market becomes more consolidated with larger schemes managing more assets.
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September 05, 2024
Surge In Pension Deal Demand Expected In 2nd Half Of 2024
There is likely to be a record number of transactions in the U.K. pensions market in 2024, according to a study published Thursday by accounting giant PwC, despite what many have described as a slower start to the year.
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September 05, 2024
Visa Boosts Consumer Protection In Bank Transfers
Visa Inc. said Thursday that it is launching a new U.K. service that will provide a safer and more user-friendly way for consumers to make payments directly from their bank accounts.
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September 05, 2024
FRC Warns Against Misuse Of Offsetting Financial Data
Companies that record a gain which nullifies the effect of its entry into their balance sheets — a practice known as offsetting — have caused "material errors" in their financial statements, Britain's accounting watchdog said Thursday.
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September 05, 2024
CVC Raises €7.4B Of Capital In 1st Results After Listing
European private equity firm CVC Capital Partners PLC said Thursday that it has raised €7.4 billion ($8.2 billion) in fresh capital during the first six months of 2024 as it published its first set of results since its €2 billion flotation in Amsterdam.
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September 04, 2024
FCA Tells Banks To Protect Customers From Being Debanked
Banks must do more to ensure consumers are not being denied accounts unfairly, the Financial Conduct Authority said Wednesday.
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September 04, 2024
BNP Paribas Seeks To Move VietJet Litigation To UK
BNP Paribas SA has pushed to move a claim filed by VietJet Aviation to the English courts, arguing that disputes over their financial agreements with the Vietnamese low-cost airline belong in England, not Vietnam.
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September 04, 2024
Pension Pot Needs For 'Basic' Retirement Rose 60% In 3 Years
Pensioners need 60% more retirement savings to meet basic costs compared to just three years ago, according to a think tank's research published Wednesday.
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September 11, 2024
Hausfeld Snaps Up Litigation Pro From Covington In London
Hausfeld LLP has hired a partner from Covington & Burling LLP in London to boost its profile in commercial disputes, after its office in the U.K. capital recently underwent changes in leadership.
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September 04, 2024
Cap On Push-Payment Fraud Payouts To Plummet To £85K
The payments watchdog said Wednesday that it plans to cut the cap on compulsory reimbursement by companies of authorized push payment fraud from £415,000 ($546,000) to £85,000.
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September 04, 2024
Fraud, Scam Complaints Reach Highest-Ever Level
Fraud complaints in the U.K. reached a record high with 8,734 cases reported between April and June, according to data from the Financial Ombudsman Service published Wednesday.
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September 03, 2024
Tech Co. Accused Of Defrauding 'Plasma Reactor' Investor
A Chinese businessman and his company have sued a U.K. technology company claiming they were defrauded of nearly £2.9 million ($3.8 million) by the firm and its directors after being led under false pretenses into investing in the development of a so-called "plasma reactor."
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September 03, 2024
CMA Clears Tate & Lyle Sugar Biz Deal
Britain's competition authority said Tuesday it has now cleared Tate & Lyle's planned purchase of sugar producer Tereos' U.K. business, as the unit was at risk of shutting down without the deal, which would lead to reduced competition in the industry anyway.
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September 03, 2024
SFO Seizes Watches Worth £500K In £76M Fraud Probe
Serious Fraud Office investigators seized watches on Tuesday from a suspect arrested in a £76 million ($100 million) investment fraud probe into the collapse of a luxury care home provider in 2019.
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September 03, 2024
BBVA Gets UK Regulatory OK For €12B Bid For TSB Owner
Spanish lending giant BBVA said Tuesday the U.K.'s Prudential Regulation Authority has given the approval for it to indirectly acquire control of British-based TSB Bank PLC as part of its €12 billion ($13.3 billion) hostile takeover bid of rival Banco de Sabadell.
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September 03, 2024
Bahamian Bank Hit With $15M Claim Over Loan Deal Breach
The director of a U.S. biotech company has filed a $15 million legal claim against a Bahamian bank, as he accused it of improperly terminating a $3 million loan agreement because of several defaults.
Expert Analysis
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When Can Bonuses Be Clawed Back?
The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.
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The State Of UK Litigation Funding After Therium Ruling
The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.
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UK Shareholding Report A Missed Opportunity For New Tech
The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.
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Tools M&A Deal Makers Can Use To Bridge Valuation Gaps
As macroeconomic headwinds reset valuation expectations, parties to merger and acquisition are increasingly looking to methods such as earnouts, vendor financing and minority transactions to bridge the valuation gap and get deals done, says Philip Herbst at Cleary.
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Navigating The Novel Challenges Facing The Legal Profession
The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
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Deal Over Jets Stranded In Russia May Serve As Blueprint
In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.
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Economic Crime Act Brings Changes For Limited Partnerships
The recently passed Economic Crime Act introduces significant financial transparency obligations for new and existing U.K. limited partnerships, and with criminal consequences for noncompliance, a degree of advance consideration is strongly advised, say Amelia Stawpert and Alex Jones at Hogan Lovells.
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ESMA Report Offers A Glimpse At EU's Securitization Future
The European Securities and Markets Authority’s recent overview of the EU securitization sector suggests a growing market for both investors and businesses and offers useful insight into future regulatory priorities, says Alan Bunbury at Matheson.
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What The Auto-Enrollment Law Means For UK Workforce
In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.
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UAE Bank Case Offers Lessons On Enforcing Foreign Rulings
The High Court recently clarified in Invest Bank v. El-Husseini that foreign judgment debts may be enforceable in England, despite being unenforceable in their jurisdiction of origin, which should remind practitioners that foreign judgments will be recognized in England if they are final and conclusive in their court of origin, say lawyers at Macfarlanes.
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Revised OECD Guidelines Key In Shaping Business Standards
The OECD’s recent revised guidelines on responsible business conduct, supported by a domestic government agencies’ grievance referral mechanism, have already influenced EU due diligence standards, and enterprises engaging in the unique procedure will benefit from case-specific nuances, parallel proceedings and the availability of confidentiality protections, say lawyers at Debevoise.
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Libor Fallback To Prime May Increase Corporate Loan Costs
Despite preparations and legislative actions related to the transition away from Libor earlier this year, there remains a contingent of corporate borrowers that have fallen through the cracks and could face increased costs if their loans default to prime rates, say Nathan Moore and Dana Bradley at WilmerHale.
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Report Can Aid With Sustainable Finance Disclosure Filings
The European Supervisory Authorities recently issued a report on companies' consideration of the principal adverse impacts of their investment decisions on sustainability factors, providing examples of good and bad disclosure practices under the Sustainable Finance Disclosure Regulation, which firms should note in their future reporting, say lawyers at Debevoise.
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Protecting The Arbitral Process In Russia-Related Disputes
Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.
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Audit Reform Takeaways After Record KPMG Fine
The Financial Reporting Council’s recent £21 million fine against KPMG for its Carillion audit work failures is representative of the agency’s increasing proactivity in policing audit quality, and brings to light the U.K. government’s slow-moving but ongoing efforts to majorly reform audit sector regulations, says Paul Brehony at Signature Litigation.