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Financial Services UK
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August 12, 2024
Westfield Sues Clearpay Over Brand Deal Breach
Shopping giant Westfield has sued Clearpay Finance Ltd. for more than £665,000 ($848,722), claiming the payment processing provider wrongly terminated two "buy now, pay later" partnerships with its London shopping centers.
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August 12, 2024
EU Watchdog Warned Of Crypto Risk For Retail Funds
Fund managers warned the European Union markets regulator Monday that there is no consensus on how to value crypto-assets, in a consultation on whether such products should be accessible to retail funds.
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August 12, 2024
UK Pensions Body Calls For Reform For Investment Plan
The government should consider introducing planning reform and tax incentives to encourage pensions providers to invest more in U.K. assets, a trade body said on Monday, as the new administration considers how to tap into the sector to fuel a national economic recovery.
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August 12, 2024
LCP Launches Tool To Check Gov't Pension Payment Errors
Consultancy Lane Clark & Peacock LLP has launched an online tool designed to help retirement savers check what state pension they can get amid "worrying evidence" that some widows and widowers are not receiving their full entitlement.
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August 09, 2024
Ex-Mozambique Finance Minister Convicted For $2B Scheme
Mozambique's former finance minister was convicted of wire fraud and money laundering conspiracy charges in connection with his role in the $2 billion "tuna bonds" scandal, prosecutors announced.
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August 09, 2024
Kuwaiti Investment Arm Immune From Ex-CEO's Claim
The Kuwait Investment Authority has succeeded in getting a whistleblowing claim from its former chief executive thrown out of a London tribunal after a judge ruled that he was employed as a diplomat, and therefore the authority has sovereign immunity against his claim.
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August 09, 2024
Pension Protection Fund Marks Progress On Climate Goals
The U.K. Pension Protection Fund has said it is making good progress on its climate ambitions but needs to "keep pushing" for better quality climate data across its portfolio.
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August 09, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen China Evergrande Group file a commercial fraud claim against its founder's ex-wife, legal action by Manolete Partners against the directors of an insolvent construction company, VietJet tackle a claim by French banking group Natixis and more developments in the "Dieselgate" scandal. Here, Law360 looks at these and other new claims in the U.K.
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August 09, 2024
Plane Stuck In Russia 'Not Lost,' Reinsurers Argue
A batch of reinsurers has denied they must pay out in a row over $44 million to cover the alleged loss of a plane leased to a Russian airline, arguing the plane is not lost and would not be covered by the policy.
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August 09, 2024
UK Tightens Disclosure Rules For Greensill-Type Finance
The U.K.'s accounting watchdog on Friday set out amendments to reporting exemptions from international accounting standards available to subsidiaries of groups, including around disclosure of supplier finance arrangements, as used by collapsed Greensill Capital.
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August 09, 2024
The Top Commercial Dispute Trials & Rulings Of 2024 So Far
So far in 2024 disputes lawyers have been treated to the first trial in the U.K. of an opt-out collective action, the Pope's chief of staff giving evidence, and Mozambique being awarded more than $825 million for the tuna bond scandal.
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August 09, 2024
FCA Warned Over Risks From Value-For-Money Pension Rules
The Financial Conoduct Authority's new "traffic light" system for assessing the value-for-money offered by a pension scheme could create unintended consequences, experts warned Friday.
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August 09, 2024
Hargreaves Lansdown Agrees To £5.4B CVC Takeover Offer
Hargreaves Lansdown PLC said Friday that its board has agreed to a £5.4 billion ($6.9 billion) take-private offer from a consortium of private equity companies, including CVC and the sovereign wealth fund of Abu Dhabi.
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August 08, 2024
SEC Wins Jurisdiction Over German As Sanction For Default
A German national who the U.S. Securities and Exchange Commission says has ignored discovery requests in its attempt to recover proceeds from a $150 million international pump and dump scheme involving his son is subject to personal jurisdiction in the U.S., a Boston federal judge ordered as a sanction.
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August 08, 2024
Derivatives Co. Fails To Refreeze Assets In Global Fraud Case
Multibank has failed to revive a freezing order against two investment companies and an executive it alleges were involved in an unlawful conspiracy, after an appeals court upheld a ruling that the international derivatives provider had made serious disclosure failings.
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August 15, 2024
Sidley, Milbank Tap Latham For Finance Hires In London
Sidley Austin LLP is set to recruit five finance partners from Latham & Watkins LLP in London, adding to the U.S. outfit's woes after Milbank LLP said that it has snapped up its own six-lawyer team in the English capital.
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August 08, 2024
EU Watchdog Finds Poor Practices In Nonbank Lenders
The European Union's banking watchdog has found that nonbank lenders are often failing to verify the accuracy of information they gather on borrowers, helping to put them in too much debt.
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August 08, 2024
Finance Co. Botched Risk Outline In Fire Claim, Insurer Says
A subsidiary of U K Insurance Ltd. has denied having to pay out on a policy with Parker Asset Management Ltd. over a fire that destroyed a property costing around £4.2 million ($5.3 million), saying the company did not fairly present its insurance risk.
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August 08, 2024
UK Gov't Refunds £57M In Pension Freedoms Overtaxation
The government has been forced to repay £59.6 million ($75.5 million) in the three months between April and June to people who overpaid tax after they tapped into their pensions for the first time, according to HM Revenue and Customs.
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August 08, 2024
The Top Corporate Crime Cases Of 2024 So Far
The partial acquittal of two retired British executives on bribery charges as part of a major Serious Fraud Office investigation, the first bribery conviction of a foreign official and Julian Assange's shock plea deal are just a few of the blockbuster cases so far in 2024.
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August 08, 2024
FCA Proposes Framework For Long-Term Pensions Value
The finance watchdog has said it is planning a new "traffic light" guide for retirement investment plans as it seeks to improve long-term value in workplace pensions, shifting the emphasis for providers from a simple consideration of costs.
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August 08, 2024
Bank Of Cyprus To Quit LSE, Weighs Athens Move
Bank of Cyprus said Thursday that it plans to ditch its place on the London Stock Exchange in favor of a proposed listing on the Athens bourse, to boost its profile among investors in the region and enhance the liquidity of its shares.
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August 07, 2024
Asset Freeze Continuing In OneCoin Investor Claim
A London judge allowed a freezing order to continue Wednesday against eight people and four companies alleged to have been involved in the $4 billion OneCoin cryptocurrency scam, in an early stage of a group action claim brought by the scheme's investors.
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August 07, 2024
Adviser Tells Investor To Pay Up After €150M Investment
A real asset adviser has accused an investor of failing to pay for its services securing a €150 million ($164 million) investment.
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August 07, 2024
Thurrock Sues Advisers Over Bond Investment Guidance
A cash-strapped English local authority has sued Laven Advisors LLP for more than £20 million ($25.4 million), arguing that fraudulent statements by a representative of the regulatory host caused it to invest in high-risk bonds.
Expert Analysis
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Key Findings From EBA's Money Laundering Report
The European Banking Authority's recent report on money laundering and terrorist financing risks, highlighting that payment institutions may be ineffectively assessing or managing those risks, makes clear that addressing its findings will be essential to protecting the European Union from financial crime, say lawyers at Hogan Lovells.
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Cos. Using AI Should Note Regulators' Privacy Concerns
The past year’s unprecedented explosion in the use of artificial intelligence tools has sparked fears over the way personal data may be collected and treated, and organizations adopting AI will need to ensure that they have a lawful basis to use data collected in this way, says Paula Williamson at Excello Law.
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Comparing EU And UK Proposals To Regulate ESG Ratings
Ferdisha Snagg and Andreas Wildner at Cleary examine the key aspects of the EU proposal for regulating environmental, social and governance rating activities and draw comparisons to the U.K. proposal regarding scope, substantive provider obligations on regulated providers and the likely timeline for adoption and implementation.
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Digital Assets Consultation Offers First Step In Regulation
The recently published International Organization of Securities Commissions consultation intending to establish coordinated international regulation of cryptocurrency and digital assets, will benefit and protect retail investors against financial crime risk, also allowing legitimate market entrants to distinguish themselves from less scrupulous participants, says Fred Saugman at WilmerHale.
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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.