Financial Services UK

  • August 28, 2024

    Collapsed Forex Broker To Pay Whistleblowing Exec £564K

    A compliance director at a foreign exchange brokerage who reported the firm to the financial services watchdog over its alleged illicit activities has won more than £560,000 ($740,000) after a tribunal ruled the company had unlawfully sacked him.

  • August 28, 2024

    BoE To Widen Checks On How Finance Absorbs Disruption

    The Bank of England has said it will develop its approach to assessing how financial markets deal with disruption to cover new technologies and more risks, potentially extending its scrutiny beyond the payments sector.

  • August 28, 2024

    LDI Managers Urged To Influence Gov't Climate Policy

    Liability-driven investment managers ought to be doing more to influence climate policy to protect members' pensions as government debt plays an increasingly large role in retirement savings portfolios, Lane Clark & Peacock LLP said.

  • August 28, 2024

    Swiss Life To Acquire Green Hydrogen Biz For $106M

    The asset management arm of insurer Swiss Life will buy Everfuel AS of Denmark in a deal that values the green hydrogen producer at $106 million and will take it off of the Euronext Growth market, the companies said Wednesday.

  • August 27, 2024

    Money Laundering Cases Surge At Crown Courts, KPMG Says

    The overall value of fraud cases involving money laundering heard at crown courts has risen nearly fourfold in the first half of this year, according a report issued by KPMG on Wednesday.

  • August 27, 2024

    Ex-Barclays Exec Loses Appeal Over FCA Ban On Senior Job

    Former Barclays wealth boss Thomas Kalaris has lost his appeal against the Financial Conduct Authority's decision banning him from holding a regulated senior management position at the firm he founded, as a London tribunal found in a judgment made public Tuesday he had given false evidence during interviews with the regulator. 

  • September 03, 2024

    Kirkland Hires German Restructuring Pair From Gleiss Lutz

    Kirkland & Ellis LLP said on Tuesday that it has recruited two restructuring and insolvency specialists from German outfit Gleiss Lutz, as the firm continues to expand after unveiling plans to open a new office in Frankfurt.

  • August 27, 2024

    Hong Kong Woman's Asset Freeze Extended Over Fraud Case

    A London judge on Tuesday allowed a freezing order to be extended against a woman accused of defrauding her former employers of 164 million Hong Kong dollars ($21 million).

  • August 27, 2024

    Starmer Warns Of 'Painful' Budget As UK Braces For Tax Hikes

    U.K. Prime Minister Keir Starmer warned Tuesday of "painful" decisions to plug budget gaps, including tax increases and spending cuts, looming in the Oct. 30 budget statement.

  • August 27, 2024

    25 Banks To Adopt Tool For Survivors Of Economic Abuse

    Twenty-five banks and building societies have committed to working with a new tool designed to help survivors of economic abuse, Britain's banking trade body said on Tuesday.

  • August 27, 2024

    BCLP Guides Fintech Plus500 On $110M Buyback Program

    Plus500 Ltd. rolled out a $110 million share repurchase program Tuesday aimed at rewarding investors,which the financial technology business said reflects its "continued confidence" in its prospects.

  • August 27, 2024

    Pinsent Masons Steers Insurer On £42M Pensions Deal

    British insurer Just Group said on Tuesday that it has taken on pension liabilities valued at £42 million ($56 million) from a retirement savings plan sponsored by a British farmer-owned dairy co-operative, First Milk.

  • August 27, 2024

    Gov't Urged To Reform Pension Tax To Fill Budget Gaps

    The Labour government should reform £66 billion ($87 billion) worth of pension tax relief to raise extra revenue to help plug the black hole in public finances, a think tank affiliated to the party has said.

  • August 27, 2024

    Santander To Buy Back Shares Worth €1.5B To Trim Capital

    Banco Santander SA said Tuesday that it is launching a €1.5 billion ($1.7 billion) buyback program as the Spanish group looks to reward shareholders with approximately 50% of its underlying profit.

  • August 24, 2024

    Italian Prosecutors Open Criminal Probe Into Yacht Sinking

    Italian prosecutors said Saturday that they have opened a criminal investigation into the sinking of a superyacht that claimed the lives of seven people including a partner at Clifford Chance LLP and his client, British technology mogul Mike Lynch.

  • August 23, 2024

    Ex-Iraqi Minister Foils Reporting Org.'s Defense In Libel Case

    An Iraqi politician has successfully persuaded a judge to throw out an investigative reporting organization's qualified privilege defense to his defamation claim, with the judge ruling Friday that an article about alleged corruption in the Iraqi oil business did not accurately reflect court proceedings.

  • August 23, 2024

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen Google sue several Russian media outlets in response to challenges to the tech giant's response to international sanctions, easyGroup bring an intellectual property claim against delivery company Easycargo, and e-money business Nyavo challenge action by the Financial Conduct Authority.

  • August 23, 2024

    Oligarch Denied Bid To ID Client Linked To $20M Transfer

    A judge refused Friday to let an imprisoned Russian oligarch force a group of companies to disclose the identity of a client who requested a $20 million transfer, saying that revealing the person's identity runs the risk of violating criminal law in Liechtenstein.

  • August 23, 2024

    Direct Line Reveals Capital Ratio Accounting Error

    Direct Line Insurance Group PLC said Friday it has corrected a miscalculation in its accounting that distorted its capital buffer in its financial results for the year ending December 2023.

  • August 23, 2024

    UK Terrorism Reinsurer Appoints Howden, Aon As Advisers

    Britain's terrorism reinsurer has said it has appointed Aon Securities Ltd. and Howden Capital Markets as advisers for insurance-linked securities transactions.

  • August 23, 2024

    Swiss Watchdog Recognizes Insurance Self-Regulation Plan

    The financial watchdog of Switzerland said Friday that it has officially recognized the insurance industry's self-regulation concerning the training and education of insurance intermediaries, but warned that it will intervene if necessary to protect consumers.

  • August 22, 2024

    Fidelis Denies Liability For $238M Over Stranded Planes

    Fidelis has argued it should not be liable for paying out claims totaling more than $238 million over planes stranded in Russia, arguing the lessors had not been irretrievably deprived of the aircraft under the terms of the policies.

  • August 22, 2024

    Barclays Denies Losing Trader £6.7M On Investor Platform

    Barclays has denied costing a customer £6.7 million ($8.7 million) after he was blocked from trading on the bank's investor platform, claiming the market trader was aware of the uncertain situation of his shares and any loss was his own.

  • August 22, 2024

    Mike Lynch's Path From Tech Founder To DOJ Target

    Friends and colleagues paid tribute to Mike Lynch following his death in a yachting accident on Thursday, hailing the British tech entrepreneur for the decades he spent furthering the industry despite the legal troubles that threatened to overshadow his career.

  • August 22, 2024

    EU Decision Keeps Tax Relief For UK Investment Schemes

    The European Commission will allow U.K. government-backed programs that encourage private investment in small companies to continue offering favorable tax terms for investors, according to a decision published Thursday.

Expert Analysis

  • Important Generative AI Considerations In M&A

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    The recent surge of interest in generative artificial intelligence and its use of machine learning algorithms means there are novel concerns as well as inherent risks for those engaging in M&A activity, and acquirers should pay careful attention to a target’s scope of ownership and licensing rights, say attorneys at Davis Polk.

  • Pension Trustee Case Could Lead To Fossil Fuels Divestment

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    While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.

  • Outbound Screening May Be Next EU Investment Control Step

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    Following the European Commission’s recent commitment to reduce dependence on third countries by developing an outbound investment review mechanism, it will be interesting to see whether member states will take a united stand or whether national security interests will trump such an approach, say Christoph Barth and Neil Hoolihan at Linklaters.

  • Barclays Ruling Narrows Banks' Fraud Recovery Duty

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    The U.K. Supreme Court's recent ruling in Philipp v. Barclays decided against the so-called Quincecare duty's application in authorized push payment fraud, shining light on how banks should balance their responsibility to follow customers' instructions against making reasonable inquiries, say lawyers at Ontier.

  • Green Loans May Be Hungary's Path To Sustainable Financing

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    Fueled by a rising trend in the use of green loans, Hungary is making impressive progress in its journey toward achieving a net-zero future, although the development of social and sustainability-linked loans is still a work in progress, say Gergely Szalóki and Bálint Bodó at Schönherr.

  • How The Law Must Change To Accommodate Digital Assets

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    The Law Commission's recent report shows that the common law of England and Wales is well suited to adapt to digital assets, and with targeted statutory reform to unlock the possibility of recognizing property in intangible things, the U.K. can become an ideal hub for parties to transact with emerging technology, says Sarah Green at the commission.

  • Tackling Global Inflation Is A Challenge For Antitrust Agencies

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    Recent events have put pressure on antitrust agencies to address the global cost-of-living crisis, but the relationship between competition and inflation is complex, and with competition agencies’ reluctance to act as price regulators, enforcement is unlikely to have a meaningful impact, say lawyers at Linklaters.

  • Key Findings From EBA's Money Laundering Report

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    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.

  • Cos. Using AI Should Note Regulators' Privacy Concerns

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    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.

  • Comparing EU And UK Proposals To Regulate ESG Ratings

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    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.

  • Digital Assets Consultation Offers First Step In Regulation

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    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.

  • EU And UK Crypto-Asset Consumer Rights Look Set To Differ

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    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.

  • EU Sustainability Initiatives Will Affect Emissions Trading

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    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.

  • The Benefits Of Uniformity In EU Anti-Corruption Proposals

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    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.

  • What To Know About 'Prior Obligations' Sanctions Exemption

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    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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