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Financial Services UK
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July 30, 2024
FCA Could Extend Deadline On Motor Finance Complaints
Britain's financial watchdog is considering whether to extend the deadline for motor finance companies to deal with complaints from customers about commission arrangements while the regulator investigates whether past deals were compliant with a 2021 ban.
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July 30, 2024
Pension Firms Meeting Equity Investment Goals, Insurers Say
Pension firms that signed up to an agreement to allocate a minimum of 5% of defined contribution funds to unlisted equities by 2030 have laid "strong foundations" in line with the target, British insurers said Tuesday.
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July 30, 2024
UK Crypto Biz To Raise £6.5M Via Private Share Placing
Argo Blockchain PLC said on Tuesday that it has agreed to sell shares worth approximately £6.5 million ($8.4 million) to an institutional investor, which the cryptocurrency miner will use to finance general working capital and pay back debt.
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July 29, 2024
Crypto Investors Get Provisional OK For £9B Binance Claim
Binance Holdings Ltd. must face a £9 billion ($11.5 billion) proposed class action brought by investors after a tribunal dismissed the cryptocurrency exchange's bid to strike out the claim, finding the evidence "just about" shows the case has a realistic chance of success.
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July 29, 2024
Gov't Consults On Tax Hikes For Fund Managers, Non-Doms
Chancellor Rachel Reeves said Monday that an autumn Budget planned for Oct. 30 will include feature selected tax rises, a warning accompanied by strong hints from HM Treasury that fund managers and non-domicile taxpayers could take a bigger hit.
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July 29, 2024
NFT Game Collaborator Says She Was IP Co-Owner
A cryptocurrency expert has said that her former business partner has improperly accused her of stealing confidential business information for an NFT-winning game they co-developed, despite having proof that she had not shared anything with his competitors.
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July 29, 2024
Marketer Told She Had Baby 'At The Wrong Time' Wants £30K
A marketer for an international accountancy accreditation body asked a tribunal on Monday to order her employer to pay her £30,000 ($38,500) for injury to her feelings after her boss told her that she "had a baby at the wrong time."
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August 05, 2024
Morgan Lewis Adds Investment Pro From Paul Hastings
Morgan Lewis & Bockius LLP has hired a seasoned expert in private equity secondary markets as a partner in London, as the firm moves to consolidate its presence as a major player in the sector.
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July 29, 2024
New Defined Benefit Funding Code Laid Before Parliament
Britain's pensions watchdog on Monday said its long-awaited funding code for defined benefit retirement savings plans has been laid before Parliament, marking what it called a "significant step."
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July 29, 2024
Top Corporate Crime Cases To Watch For The Rest Of 2024
The Serious Fraud Office's intention to charge individuals with bribery over Glencore's dealings in Nigeria, a major bitcoin money laundering trial and the ongoing legal battles between ENRC and the SFO are some of the major white-collar crime cases on the horizon.
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July 29, 2024
Zurich Invests $60M In Cyber Insurance Provider For SMEs
Swiss insurance giant Zurich has invested $60 million in Cowbell, a provider of cyberinsurance for small businesses, the digital risk company said, amid growing industry concerns over cyberthreats.
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July 29, 2024
FCA Weighs Taking Protection From Some Insurance Clients
The Financial Conduct Authority proposed on Monday a change to the criteria of classifying a small business as a commercial insurance client by removing consumer protection rules from some firms when they buy insurance products.
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July 29, 2024
NCA Seizes Assets As Russian Oligarch Ends Sanctions Fight
The National Crime Agency seized more than £768,000 ($986,000) belonging to Russian oligarch Petr Aven on Monday after reaching a settlement in its first attempt to recover frozen assets linked to suspected sanctions evasion since sweeping restrictions came into force.
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July 29, 2024
Mozambique Claims Victory In UK Tuna Bond Scandal Case
Mozambique largely won its mammoth corruption claim against a shipbuilding company on Monday over a bribery scheme used to pay kickbacks to public officials to tie it into a financing package for a tuna fishing fleet that wrecked the southern African country's economy.
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July 26, 2024
UK Gov't Denies Leaked Greensill Probe Caused Him Harm
The Insolvency Service leaked private details of an investigation into Lex Greensill, the founder of collapsed finance company Greensill Capital, to the national press, the government has admitted in court filings — but denied it caused him any harm.
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July 26, 2024
NCA Data Project Set To Catch Financial Criminals
The National Crime Agency and seven U.K. banks have forged a major public-private partnership to use account data to help catch financial criminals and prevent fraud and money laundering, the agency said Friday.
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August 02, 2024
Fieldfisher Adds Banking Litigation Pro From Hausfeld
Fieldfisher LLP has hired "the perfect" banking and finance litigation expert as a partner in its London office, as the firm moves to strengthen its financial practice both in the U.K. and abroad.
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July 26, 2024
Valderrama Golf Course Owner Heir Blocked From Sale Profits
The heir to the former owner of the Valderrama golf course in Spain lost his fight Friday for a slice of a €39.1 million ($42.5 million) sale as an appellate court rejected his interpretation of a profit-sharing agreement.
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July 26, 2024
FCA To Overhaul Prospectus Rules To Boost Capital Markets
The Financial Conduct Authority set out plans to shake up the U.K.'s prospectus regime Friday, including new rules for public offers and risk disclosures, to help boost the country's ailing capital markets.
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July 26, 2024
EU Banks Must Improve Cyberattack Protection, ECB Says
Lenders in the eurozone still suffer from "shortcomings" in fighting against and recovering from a severe — but plausible — cyberattack, the European Central Bank said Friday after it conducted a resilience stress test.
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July 26, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen U.K. band The 1975 face action by Future Sound Asia after its performance in Malaysia resulted in a festival's cancelation, Spectrum Insurance hit by The Motoring Organization following their dispute over information misuse, and a former police constable pursue defamation against a colleague for allegedly instigating a campaign of harassment against her. Here, Law360 looks at these and other new claims in the U.K.
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July 26, 2024
Consultant Claims $2M From Port Co. For Unpaid Fees
A Swiss business consultancy has claimed that an English port operator owes it more than $2 million in unpaid fixed and variable fees it alleged were tied to shareholder dividends of which it was not informed.
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July 26, 2024
Fraudster Sentenced For Instagram Motor Insurance Scam
A man who made almost £18,000 by operating as a "ghost broker" and selling invalid car insurance policies on Instagram has been handed a suspended prison sentence of 24 months at a London court, City Police has said.
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July 26, 2024
NatWest To Buy £2.5B Mortgage Portfolio From Metro Bank
NatWest will acquire a £2.5 billion ($3.2 billion) portfolio of U.K. residential mortgages from Metro Bank as it seeks to expand its retail book without taking on unnecessary risk, the lenders said on Friday.
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July 25, 2024
Natwest Seeks €155M Swap Funds From Dutch Mortgage Co.
NatWest's investment banking arm, which alleges a Dutch financial services company owes it €155 million ($168.3 million) under deeds in swaps transactions, argued at the opening of a London trial Thursday that the company wrongly relied on contractual terms to delay payment.
Expert Analysis
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The Top 7 Global ESG Litigation Trends In 2023
To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.
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UK Takeover Code Changes: Key Points For Bidders, Targets
Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.
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Russia Ruling Shows UK's Robust Jurisdiction Approach
An English High Court's recent decision to grant an anti-suit injunction in the Russia-related dispute Renaissance Securities v. Chlodwig Enterprises clearly illustrates that obtaining an injunction will likely be more straightforward when the seat is in England compared to when it is abroad, say lawyers at Linklaters.
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How New Loan Origination Regime Will Affect Fund Managers
Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.
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How EU Sustainability Directive Will Improve Co. Reporting
The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.
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PPI Ruling Spells Trouble For Financial Services Firms
The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
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What Lawyers Can Learn From FDI Screening Report Findings
The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.
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UK Review May Lead To Lower Investment Screening Burden
The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.
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Economic Crime Act Exposure: What Companies Can Expect
The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.
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FCA Promotions Review Sends A Strong Message To Firms
The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
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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.