Financial Services UK

  • October 23, 2024

    Aviva Deal 'Rescues' Pension Plan From Lifeboat Scheme

    Pensions consultant BESTrustees said it has managed to secure the benefits for 59 members of a client that went under liquidation almost a decade ago in a £6 million ($7.7 million) deal with insurance heavyweight Aviva.

  • October 23, 2024

    SAP Faces Trademark Infringement Claim Over 'Joule' AI Tool

    A financial trading platform provider has sued SAP for trademark infringement in a London court, alleging that the software giant's "Joule" artificial intelligence tool infringes its trademarks over the same word.

  • October 23, 2024

    Firms Say FCA Could Better Encourage Innovation

    The Financial Conduct Authority could do more to facilitate growth and innovation and to act proportionately when making requests on firms, according to industry feedback published by the regulator Wednesday.

  • October 23, 2024

    FCA Warns Investors In Novus Black Investment Fund

    The financial watchdog said Wednesday it has written to investors into an alternative investment fund, warning them that it suspected the firm failed to tell them about "significant losses."

  • October 23, 2024

    Aegon Calls For 'Cool Heads' Ahead Of Autumn Budget

    Dutch life insurance giant Aegon Ltd. called on Wednesday for "cool heads" in the lead-up to the autumn budget, urging caution from both the sector and savers against acting recklessly on rumors surrounding changes to pension rules.

  • October 22, 2024

    Commerzbank Urges Contempt Case Over False Assault Claim

    Commerzbank AG asked a London court in a hearing Tuesday to allow it to bring contempt of court proceedings against a former employee who made false sexual assault allegations against a colleague as part of his failed harassment case against the bank.

  • October 22, 2024

    Pensions Watchdog Urges Industry To Embrace New Tech

    The Pensions Regulator published its digital, data and technology strategy for 2025 on Tuesday with the intent to modernize its operations and encourage similar changes within the pensions industry, including reducing administrative burdens for pension schemes and improving competition.

  • October 22, 2024

    Bird & Bird Hires M&A Pro In Milan From A&O

    Bird & Bird LLP has added an experienced M&A and private equity expert as a partner to its main office in Milan, as part of the law firm's long-term strategy to bolster its global corporate platform.

  • October 22, 2024

    FCA Restricts Financial Services Platform After Failings

    London-based financial firm Business Agent Ltd. has been restricted from acting as an individual savings accounts manager due to major regulatory breaches, including the unauthorized handling of client funds, the Financial Conduct Authority said Tuesday.

  • October 22, 2024

    Budget Fears Spark Surge Of Savers Raiding Pensions

    A third of financial advisers have seen an uptick in customers tapping into their pensions, an investment platform company said, amid speculation the government could reduce the amount that Britons can withdraw without being taxed.

  • October 22, 2024

    UK To Loan Ukraine £2.3B Backed By Frozen Russian Assets

    The U.K. government announced Tuesday that it will loan Ukraine approximately £2.3 billion ($3 billion) to support its military and reconstruction efforts in an arrangement backed by profits from sanctioned Russian assets.

  • October 22, 2024

    Kirkland Guides Wendel's $1.13B Bid For Monroe Capital Stake

    French investor Wendel Group said Tuesday that it will take an initial 75% stake in U.S. asset manager Monroe Capital LLC for $1.13 billion to expand its private credit services as demand surges.

  • October 21, 2024

    FCA Cracking Down On Illegal 'Finfluencing'

    Britain's financial watchdog is cracking down on individuals who may be promoting financial services products illegally, announcing Tuesday that it is interviewing 20 "finfluencers."

  • October 21, 2024

    BDO Appoints Former HMRC Official, 3 Others To UK Offices

    An HM Revenue & Customs official is among four tax professionals BDO LLP has appointed to its offices in the U.K., the firm announced.

  • October 21, 2024

    UK Director's Use Of Tax Planning Data Subject For Retrial

    Whether a director of a U.K. company is liable for a breach of confidence over the misuse of information in marketing a complex tax structure is an issue to be retried, a London court ruled.

  • October 21, 2024

    Campaigners To Submit Whistleblowing Protections Bill

    Campaigners announced plans Monday to submit a new bill before Parliament that would establish a new government office to crack down on retaliation against whistleblowers who reveal fraud, corruption and misconduct.

  • October 21, 2024

    Amex To Take Over Swisscard Joint Venture From UBS

    UBS Switzerland AG on Monday said American Express has agreed to take over its 50% stake in credit card provider Swisscard, getting control of the former Credit Suisse joint venture as the credit card giant looks to expand its business in Switzerland.

  • October 21, 2024

    Kirkland Hires 2 Structured Finance Attys In NY, London

    Kirkland & Ellis LLP is continuing the build-out of its structured finance and private credit practice, announcing on Saturday the lateral hiring of two partners in New York and London.

  • October 21, 2024

    FCA Sustainability Labels Prompt Worries From Trade Groups

    Financial advisers and wealth managers remain concerned about the low range of labels the U.K.'s financial watchdog has included in its new sustainability disclosure regime, a trade group said in research released Monday.

  • October 21, 2024

    Trade Body 'Extremely Concerned' Over Pension Value Rules

    The Financial Conduct Authority's proposed framework for gauging pension scheme value could have "significant consequences for customer outcomes" as currently set out, an investment trade body has warned.

  • October 21, 2024

    Startup Funder Wants Co-Founder To Pay £7.1M In Fraud Case

    A Paris-based startup funder asked a London court on Monday to order one of its co-founders to pay £7.1 million ($9.2 million) after his defense to allegations of "substantial and wide-ranging fraud" was struck out over failures to comply with court orders.

  • October 21, 2024

    Insurance Premium Finance Costs Fall Under FCA Scrutiny

    Insurers have dropped the interest they charge customers for finance arrangements on their annual premiums over the past year amid greater regulatory scrutiny, analysts said Monday.

  • October 21, 2024

    Billionaire Fights PE Giant Over Software Co. Stakes

    An Irish venture capitalist has accused a unit of a major private equity firm of stopping him from forcing it out of its stake in a major management software company to make him buy them out at a premium, in documents disclosed at a London court hearing.

  • October 21, 2024

    FCA Fines Volkswagen £5.4M For Mistreating Customers

    Britain's financial watchdog fined Volkswagen nearly £5.4 million ($7 million) on Monday after it found that the German automaker's financial arm had treated thousands of vulnerable customers unfairly for more than six years.

  • October 21, 2024

    Norwegian Bank DNB To Buy Carnegie Holding For $1.14B

    DNB Bank ASA said Monday it has inked a deal to snap up investment bank Carnegie for 12 billion Swedish kronor ($1.14 billion) in cash, advised by Swedish law firm Mannheimer Swartling.

Expert Analysis

  • Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.

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    Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.

  • A Look At UK, EU And US Cartel Enforcement Trends

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    The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.

  • Testing The Limits Of English Courts' Pro-Arbitration Stance

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    Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.

  • What Green Claims Directive Proposal Means For Businesses

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    With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.

  • £43M Legal Bill Case Shows Courts' View On Exchange Rates

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    A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.

  • Examining The EU's New Payments Services Package

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    Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.

  • Examining The State Of Paccar Fixes After General Election

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    Following the U.K. Supreme Court's Paccar decision last year, which made many litigation funding agreements for opt-out collective actions in the Competition Appeal Tribunal unenforceable, the judiciary will likely take charge in implementing any fixes — but the general election has created uncertainty, says Ben Knowles at Clyde & Co.

  • EU Reports Signal Greenwashing Focus For Financial Sector

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    Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.

  • Opinion

    Without Change, Fighting Fraud Is A Losing Battle For The UK

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    To successfully fight fraud cases in the U.K. — like the Russian Coms scam recently shut down by the National Crime Agency — it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country’s intelligence platforms, says Anthony Hanratty at Howard Kennedy.

  • Embedding Consumer Duty: 6 Areas Firms Should Prioritize

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    The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.

  • 2 UK Rulings Highlight Persistent Push Payment Fraud Issues

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    Two recent High Court decisions, Larsson v. Revolut and Terna DOO v. Revolut, demonstrate that authorized push payment fraud continues to cause headaches for consumers and financial institutions alike, and with forthcoming mandatory reimbursement requirements, more APP fraud litigation can be expected, say lawyers at Charles Russell.

  • Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling

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    The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.

  • Key Points From UK Prospectus Regime Reform Consultation

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    The Financial Conduct Authority's current consultation on U.K. prospectus regime reform proposals, including when a prospectus will be required and the requirements concerning content, is designed to enhance the attractiveness of the U.K.'s capital markets, say lawyers at Sullivan & Cromwell.

  • Why NCA's 1st Seizure Of Sanctioned Funds Is Significant

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    The National Crime Agency’s recently secured forfeiture of a Russian oligarch's sanctioned funds was a landmark achievement, and is particularly notable because it was made under the Proceeds of Crime Act, illustrating how U.K. authorities can coordinate their respective powers to confiscate assets, says Lindsey Cullen at WilmerHale.

  • Takeaways From New FCA Rules On Research Payments

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    The Financial Conduct Authority’s recently published final rules on payment optionality for investment research, which involve a client disclosure obligation option, will be welcome news for U.K. managers who buy investment research from U.S. brokers, and for global asset management groups, says Anna Maleva-Otto at Schulte Roth.

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