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Financial Services UK
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October 14, 2024
FCA Applies Consumer Duty To Tackle Fraud Reimbursement
The Financial Conduct Authority has applied its consumer protection framework to banks to ensure that they tackle authorized push payment fraud and reimburse victims, beyond the rules set by the payments watchdog, according to lawyers.
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October 11, 2024
Bird & Bird Adds DLA Piper Legal Director To London Office
Bird & Bird LLP has added a former DLA Piper legal director as a partner to its London tax team.
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October 11, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen billionaire Lakshmi Mittal sue steel magnate Sanjeev Gupta in a long-running clash to claw back €140 million ($153 million) of debt, a high-profile AI researcher take action against the Intellectual Property Office to register his software as a listed patent inventor and troubled housing trust Home Reit face a claim by a real estate developer. Here, Law360 looks at these and other new claims in the U.K.
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October 11, 2024
G-20 Regulators Told To Learn From Credit Suisse Collapse
A global banking standards setter reminded regulators from G-20 countries Friday of the lessons they can learn from what led to the collapse of Credit Suisse and other banks during the 2023 crisis, including failures in risk management, governance and supervision.
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October 11, 2024
Market Abuse Behind Majority Of €71M EU Fines
The European Union's markets authority said Friday the bloc's national regulators issued fines totaling €71.3 million ($93.2 million) in 2023 as they doubled down their efforts to curb insider trading and market manipulation.
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October 11, 2024
Art Dealer's Ex-Wife Denies Liability For His Loan
The former wife of Andrew Valmorbida, an art dealer to the stars who was involved in a multi-million dollar art fraud, has said she should not pay back an investment firm part of $33.4 million taken by her then-husband, arguing the business can pursue other assets first.
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October 11, 2024
UK Insurer Saga In Talks Over £140M 20-Year Deal With Ageas
Travel and insurance company Saga PLC confirmed Friday that it was in "exclusive negotiations" with Ageas over a two-decade partnership, as well as the sale of its underwriting unit to the Belgian business.
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October 10, 2024
Miner Liable To PE Firm Over Axed $1B Brazilian Mine Deal
South African miner Sibanye-Stillwater is liable to pay damages to private equity firm Appian Capital Advisory LLP for withdrawing from a $1 billion deal to buy two Brazilian copper and nickel mines, a London court ruled Thursday.
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October 17, 2024
Sidley Boosts Global Finance Practice With 5 Partner Hires
Sidley Austin LLP has bolstered its global finance practice with the hire of five new partners in the firm's London office from Latham & Watkins LLP.
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October 10, 2024
Ex-Goldman Manager Claims £3.8M In Paternity Sex Bias Case
A former Goldman Sachs compliance manager launched his sex discrimination case against the investment bank on Thursday, claiming £3.8 million ($5 million) and alleging that his bosses used redundancy as a smokescreen to sack him for taking paternity leave.
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October 10, 2024
Ireland's Finance Bill Sets Out Foreign Dividend Exemption
The Irish government set out its plans for a new participation tax exemption for foreign dividends as part of a finance bill published Thursday.
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October 10, 2024
HSBC Appeals To Throw Out Job Applicant's Race Bias Claim
HSBC Bank PLC urged a London appeals court Thursday to dismiss a job applicant's discrimination claim that alleged it unfairly refused to hire her for a director role, arguing that an employment tribunal had made factual errors when it revived the case.
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October 10, 2024
Risk Co. Can't Pursue Bankruptcy Against Guernsey Resident
A risk management company lost its attempt to bring bankruptcy proceedings against a man in Guernsey that owes it around £2 million ($2.6 million), after a London court ruled the business couldn't meet the conditions to file outside England and Wales.
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October 10, 2024
Gupta Prosecuted Over Missing Accounts For 76 Companies
British businessman Sanjeev Gupta and four other executives in his industrial group face criminal charges over their alleged failure to file accounts for more than 70 listed companies, the U.K. corporate registry confirmed Thursday.
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October 10, 2024
Lebanese Bank Claims It Was Told Not To Repay $234M Debt
Lebanon's largest private lender has claimed that the central bank of the Middle East state advised it not to repay foreign loans and interests totaling more than $234 million it owed to a member of the World Bank Group because of an economic crisis.
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October 10, 2024
£300B Of Pension Assets Could Be Invested In UK, PwC Says
The largest pension funds in Britain could potentially invest up to £300 billion ($391 billion) into the U.K. economy, PwC said Thursday, after the sector logged a record funding surplus in September.
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October 10, 2024
FCA Warns Of Rise In Market Abuse Through Regulated Firms
The Financial Conduct Authority has said it has seen a rise in potential market abuse from trading accounts administered by authorized companies working with overseas firms.
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October 10, 2024
Advisers Say Council's 'Extreme' Risk Appetite Lost It £20M
Laven Advisors LLP has denied that one of its representatives made fraudulent misrepresentations about high-risk bonds to an English local authority, claiming the £20 million ($26.1 million) investment loss incurred by the council was a result of its own "extreme" risk appetite.
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October 10, 2024
TSB Bank Fined £11M For Mistreating Vulnerable Customers
The finance watchdog said Thursday that it has hit TSB Bank PLC with a fine of £10.9 million ($14.2 million) after finding that the lender had unfairly treated tens of thousands of customers in arrears or facing financial difficulties between 2014 and 2020.
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October 09, 2024
Bank Of Scotland Forced £18.5M Hotel Asset Sale, Court Hears
The Bank of Scotland acted in bad faith by forcing a high-end hotel group it partly owns to sell valuable premises at a reduced price, a lawyer for the hospitality chain said on the first day of trial Wednesday.
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October 09, 2024
UK Gov't Greenlights Film Industry Tax Credit
U.K. film companies will be able to gain over 50% tax relief for their films' costs from a tax credit approved Wednesday by the Labour government.
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October 09, 2024
EU Launches Consultation On Securitization Rules
The European Commission on Wednesday started a consultation on the European Union's securitization framework, with a focus on due diligence and transparency requirements, supervision and the prudential treatment of securitizations for banks and insurers.
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October 09, 2024
Litigation Funder Sues After-The-Event Insurer For £61M
A legal loans company has sued an insurer for around £61.4 million ($80.3 million) over its alleged failure to pay out under a litigation funding arrangement.
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October 09, 2024
Trader Fights Insider Dealing US Extradition At Top UK Court
A former securities trader asked the U.K. Supreme Court Wednesday to overturn his extradition to America to face insider trading charges, arguing that he cannot be sent to the U.S. over offenses alleged to have taken place in Britain.
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October 09, 2024
Tech Co. Denies Claim That Plasma Reactor Was Never Built
A developer of graphene-based materials has denied misusing money that a Chinese businessman invested in the British company in the belief that it would build a so-called plasma reactor.
Expert Analysis
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Continuation Funds: What You Need To Know
As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.
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EU Anti-Greenwashing Guide Analyzed For Fund Managers
Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.
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FCA 'Finfluencer' Trial Exposes Social Media Promo Risks
The upcoming Financial Conduct Authority prosecution of nine individuals for Financial Services and Markets Act 2000 violations is the first time an online influencer will be tried for using social media to promote investments, demonstrating the need to be wary of the specific legal requirements surrounding financial product promotion, says David Claxton at Red Lion.
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A Look At US-EU Consumer Finance Talks' Slow First Steps
The unhurried and informal nature of planned discussions between the U.S. Consumer Financial Protection Bureau and the European commissioner for justice and consumer protection suggests any coordinated regulatory action on issues like AI and "buy now, pay later" services is still a ways off, say attorneys at DLA Piper.
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FCA Doubles Down On New Priorities With Target ID Plan
Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.
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Examining Senior Managers' Accountability For AI Use
With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
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FCA Brokerage Changes Offer Asset Managers Wider Options
The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.
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What Cos. Should Know About The EU Greenwashing Rules
The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
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Sanctions Ruling Opens Door For Enforcer To Clear Up Rules
In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.
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'Debanking' Complaints Highlight Need For Flexibility In AML
The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.
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Decoding Arbitral Disputes: The Benefits Of Non-EU Venues
In Spain v. Triodos, a Swedish appeal court recently annulled an intra-EU investment treaty award, reinforcing a growing trend in the bloc against enforcing such awards, and highlighting the advantages of initiating enforcement proceedings in common law jurisdictions, such as the U.K., says Josep Galvez at 4-5 Gray's Inn Square.
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How Proposed Platforms For Unlisted Co. Trading May Work
The U.K. government is continuing development of its proposed private intermittent securities and capital exchange system to facilitate secondary share trading in private companies through a regulatory sandbox while ironing out details, representing an innovative step for unlisted company liquidity, say lawyers at Sullivan & Cromwell.
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Experian Ruling Helps Cos. Navigate GDPR Transparency
In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.
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Clarity Is Central Theme In FCA's Greenwashing Guidance
Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.