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Financial Services UK
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September 13, 2024
UK Pensions Lifeboat Sets £100M Levy Amid Calls For Change
Britain's pensions protection body has said that it is likely to maintain its £100 million ($131 million) levy on the sector for the next financial year, as analysts call for legislative change that would allow the redress program to lower it further.
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September 13, 2024
Shell Companies Shuttered By Court For £1.6M COVID Fraud
The High Court has shut down two connected companies that fraudulently received £1.6 million ($2.1 million) in COVID-19 support loans, a U.K. government agency said Friday.
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September 13, 2024
UK Consumer Credit Firms Face New Reporting Requirements
The Financial Conduct Authority has proposed issuing a new reporting obligation for consumer credit firms as it seeks to prevent harm to consumers earlier and avoid another scandal such as the collapse of London Capital & Finance.
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September 13, 2024
Retraining Offer No Reason For NCA Investigator To Quit
A National Crime Agency investigator who quit his job a day after he was offered the opportunity to regain his official accreditation has lost his claim that he was forced to resign.
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September 12, 2024
Employment Firm GQ Littler Hires Pro From Baker McKenzie
GQ Littler has hired a long-serving employment lawyer at Baker McKenzie to its office in London to represent U.K. and international clients, particularly in the financial services, technology and media sectors.
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September 12, 2024
Pensions Watchdog To Focus More On Investment Strategies
Britain's retirement savings watchdog has said it will be "stepping up" its focus on investment strategies to try to ensure pension schemes deliver the best possible results for savers.
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September 12, 2024
BNP Paribas Attempts To Prune London Banker's Claim
BNP Paribas attempted to trim a manager's claim at a London employment tribunal on Thursday, arguing that the employee had taken a "kitchen sink approach" by adding excessive legal claims onto some of her allegations.
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September 12, 2024
UK Gov't Warned Over Pension Tax Changes In Budget
A trade body for actuaries said on Thursday that the government should consult widely and take time to implement any reform to pension taxation as it joins a growing number of organizations urging caution over potential tax changes ahead of the upcoming Budget.
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September 12, 2024
Crypto-Scam Victim Can't Trace Lost £2M To Thai Exchange
A judge at a London court ruled Thursday that a victim of crypto-fraud had failed to trace the stolen money to an exchange in Thailand, the first ruling to deal with the status and treatment of cryptocurrency in English law after a full trial.
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September 12, 2024
UK Watchdog Waters Down New Capital Rules For Banks
The Prudential Regulation Authority published Thursday the second part of its rules on capital requirements for banks and has delayed their implementation by six months to the beginning of 2026.
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September 12, 2024
Austrian Bank Can't Recover Licence Axed Over AML Controls
The European Union's highest court upheld on Thursday a decision by the bloc's central bank to strip an Austrian lender of its license over alleged anti-money laundering failures and regulatory breaches.
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September 11, 2024
Lloyd's Sued For $3.7M Over Cargo Ship Damaged In Ukraine
An investment and wealth advisory business has sued Lloyd's of London's Belgian unit for over $3.7 million to cover its alleged losses after a cargo ship was damaged by a mine strike in Ukraine.
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September 11, 2024
EU Court Upholds Sanctions On Russian Clearinghouse
Russia's securities clearinghouse has lost its appeal challenging sanctions imposed by the European Union in response to the invasion of Ukraine, after a Luxembourg court ruled Wednesday that the decisions were backed up by evidence.
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September 11, 2024
Watchdog Warns Small Banks To Improve Lending Controls
The Bank of England's regulatory arm warned smaller banks and building societies in a letter Tuesday to improve their lending controls and affordability assessments.
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September 11, 2024
UK Gov't To Classify Cryptocurrency As Personal Property
The U.K. government introduced a bill on Wednesday that classifies bitcoin and other cryptocurrencies as personal property, a move that will give owners of digital assets certainty and protection under the law if it passes.
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September 11, 2024
Solaris Sues Binance For €144M After Debit Card Deal Axed
Online banking group Solaris has sued Binance in London for €144 million ($159 million) it claims to be owed in guaranteed fees after the cryptocurrency exchange operator terminated an agreement for the provision of debit cards to customers of Binance companies.
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September 11, 2024
Oligarchs Fridman, Aven Fail To Ax Sanctions Reporting Rules
European Union measures that require oligarchs including Mikhail Fridman and Petr Aven to disclose their assets and cooperate in investigations are lawful and "necessary" for maintaining the bloc's sanctions regime, a European court ruled Wednesday, saying the rules were "unprecedented."
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September 11, 2024
Ex-PE Boss Denies Owing Fee For €150M Investment In Fund
A former partner at private equity firm TPG has denied that he owes an asset adviser any fees for securing an alleged €150 million ($165 million) investment in his own fund.
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September 11, 2024
UK Pension Funding Surplus Dips £500M After BoE Rate Cut
The funding surplus of U.K. pension plans fell by £500 million ($653 million), according to official figures, after the Bank of England cut interest rates in August.
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September 11, 2024
TV Property Developer Appears In Court On Fraud Charges
A television property developer appeared at a London criminal court on Wednesday to face charges for the first time that he defrauded a U.S. rental company out of £2 million ($2.6 million).
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September 11, 2024
Latham Hires Senior Tax Pro From Travers Smith In London
Latham & Watkins LLP said on Wednesday that it has recruited a former head of tax at Travers Smith LLP for its office in London, a blow for the U.K. law firm, which has been hit by the departure of a series of partners.
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September 10, 2024
TPG, Rosatom Seek To Bar Jailed Oligarch's $14B Fraud Claim
Russia's state atomic energy corporation and private equity firm TPG Group on Tuesday urged a London judge to block an imprisoned oligarch's $14 billion fraud conspiracy claim over the alleged seizure of his port and transport businesses led by the Russian state.
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September 10, 2024
V&E Launches New Dublin Office In Aviation Finance Push
Vinson & Elkins LLP has launched a new office in Ireland to provide New York and English law advice to clients on aviation leasing and financing matters.
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September 10, 2024
Crypto-Biz Loses 'Mara' TM Over Virtual Coin Services
British officials have partially pulled the plug on an African technology company's trademark for "Mara," ruling that a rival business had already cornered the virtual coin market with a similar-looking name.
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September 10, 2024
Local Gov't Audit Deadlines 'Necessary Step,' Watchdog Says
Legislation recently tabled in Parliament that introduces statutory deadlines for local authorities and their auditors to publish accounts is a "necessary step" to rebuild a system hampered by delays, Britain's accounting watchdog said Tuesday.
Expert Analysis
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
FCA Greenwashing Rules Need To Be Stronger To Be Effective
The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.
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EU Ruling Exposes Sovereignty Fissures In Int'l Arbitration
The European Court of Justice's recent ruling that the U.K. had breached EU law by allowing an arbitral award to proceed underscores the diminished influence of EU jurisprudence in the U.K., hinting at the EU courts' increasingly nominal sway in international arbitration within jurisdictions that prize legal autonomy, says Josep Galvez at 4-5 Gray’s Inn.
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Companies House False Filings Raise Issues Of Integrity
A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.
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UK Courts Continue To Struggle With Crypto-Asset Cases
Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.
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Comparing The UK And EU Approaches To AI Regulation
While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.
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Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases
The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.
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A Look At The Latest EU Alternative Investment Regulation
Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.
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Unpacking The Law Commission's Digital Assets Consultation
The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.
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Unpacking The FCA's Approach To AML Compliance Failures
In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.
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New Russia Sanctions Reveal Int'l Enforcement Capabilities
Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.
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What COVID Payout Ruling Means For Lockdown Loss Claims
While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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EEA Equivalence Statement Is Welcomed By Fund Managers
The recent statement confirming European Economic Area equivalence to undertakings for collective investment in transferable securities for U.K. overseas funds regime purposes removes many managers’ concerns in the wake of Brexit, giving a clear pathway out of temporary marketing permissions and easing the transition from one regime to another, says Catherine Weeks at Simmons & Simmons.
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In Int'l Arbitration Agreements, Be Clear About Governing Law
A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.