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Financial Services UK
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September 26, 2024
FCA Chair Never Considered Resignation Over Whistleblowers
The chair of the Financial Conduct Authority said Thursday that it did not cross his mind to resign over allegations of having mishandled whistleblowing reports.
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September 26, 2024
FCA Plans New Measures On Non-Financial Misconduct
The Financial Conduct Authority said Thursday that it will set out new policies on non-financial misconduct such as sexual harassment before the end of 2024, as an executive at the watchdog warned that "cultural issues" remain a problem at companies.
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September 26, 2024
EU Mulls Greater Protection For Pensions From Market Risk
Retirement savings plans across Europe should improve their management of liquidity risk and governance procedures to protect themselves against market volatility, the bloc's insurance and pensions watchdog said on Thursday.
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September 26, 2024
BoE Plans To Fast-Track Insurance Special Purpose Vehicles
The Bank of England on Thursday revealed plans to speed up the approval process for insurance special purpose vehicles used by insurers to manage risk, aimed at boosting the competitiveness of London's insurance market.
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September 25, 2024
More Oversight On Professional Pension Trustees Expected
Half of the pension schemes in the U.K. are now under professional or sole trustee management for the first time, Lane Clark & Peacock has said, suggesting that growing numbers will lead to greater oversight from the retirement savings watchdog.
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September 25, 2024
FCA Accuses 3 Of £1.4M Fraudulent Investment Scheme
Prosecutors accused three people of helping to run a £1.4 million ($1.8 million) fraudulent investment scheme through front companies and false identities in a London criminal court Wednesday.
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September 25, 2024
FCA Unveils Customer Protections For Bust Payment Firms
Britain's financial regulator on Wednesday proposed new safeguarding rules for when payments and e-money institutions go bust in a bid to strengthen consumer protection.
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September 25, 2024
French Finance Minister Signals Higher Taxes On Rich
The new French government is considering raising taxes on the wealthy and businesses to help reduce the country's budget deficit amid concerns over debt, according to remarks by the new finance minister.
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September 25, 2024
HMRC Arrests 11 Suspected Of R&D Tax Fraud
HM Revenue & Customs arrested 11 people, including tax agents, at several locations on suspicion of defrauding research and development tax relief programs, officers said.
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September 25, 2024
Crypto-Investors Can't Appeal Parts Of £10B Class Action
The Competition Appeal Tribunal has denied crypto-investors permission to challenge its decision to dismiss parts of their claim over the approval of a £9.9 billion ($13 billion) collective action against Binance and other trading platforms.
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September 25, 2024
Smaller UK Pension Deals Behind Record Numbers In 2024
Smaller pension deals worth less than £100 million ($133.7 million) drove the "staggering" number of retirement savings de-risking transactions penned in the first half of the year, Lane Clark & Peacock LLP said Wednesday.
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September 25, 2024
UniCredit To Base Bigger Commerzbank Stake On Benefits
The chief executive of UniCredit said Wednesday that his Italian bank is considering a further increase to its 21% stake in Commerzbank but would take the step only on terms that are beneficial for shareholders and clients of both lenders.
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September 25, 2024
TSB Wins Early Round In £800M 'Mortgage Prisoners' Case
A group of former Northern Rock customers has lost the initial round of an £800 million ($1.1 billion) group action against TSB Bank PLC, as a London court ruled on Wednesday that the lender that bought their loans did not breach their mortgage contracts.
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September 24, 2024
UK Gov't Brings Forward New Laws To Fight Welfare Fraud
The British government said Tuesday it is getting ready to introduce a new bill in this parliamentary session to tackle social security fraud that could save taxpayers £1.6 billion ($2.1 billion) over the next five years.
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September 24, 2024
PRA Sets Date For Final Package Of Solvency II Rules
The Bank of England said it would publish the final set of rules for its solvency reform of the insurance sector by mid-November.
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September 24, 2024
FCA Extends Deadline On Motor Finance Complaints
The Financial Conduct Authority on Tuesday pushed back the deadline for motor finance companies to respond to complaints about discretionary commission arrangements until Dec. 4, 2025.
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September 24, 2024
Most UK Financial Firms Are Risk-Averse About New Tech
Financial services companies in the U.K. have delayed the adoption of new technology, such as artificial intelligence and machine learning, because they have concerns over risks, a survey by a professional services provider suggested on Tuesday.
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September 24, 2024
Pension Trustees Urged To Look At Insurers' Carbon Targets
Trustees of retirement savings plans should look at how well insurers perform against their interim carbon-reduction targets when they choose a partner for a bulk annuities transaction, a consultancy has said.
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September 24, 2024
Nasdaq, Deutsche Boerse Targeted In EU Antitrust Raids
Nasdaq and Deutsche Boerse said Tuesday that they are among the financial services firms being investigated by the European Commission over alleged violations of EU competition laws in derivatives trading.
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September 24, 2024
Half Of Local Gov't Pension Plans Have No Net-Zero Target
Half of the local government pension schemes in Britain have yet to set a net-zero emissions target, according to a report published Tuesday, which reveals that just 49% of local authority retirement funds have committed to a strategy.
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September 23, 2024
7 Questions For Ashurst White-Collar Partner Judith Seddon
Judith Seddon, a partner at Ashurst LLP, made her mark by working on major cases arising from the 2008 financial crisis. Here, she sits down with Law360 to talk about her career, trends in white-collar work and how she ended up in criminal law entirely by accident.
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September 23, 2024
FCA Chair Cleared Over Whistleblower Complaints Handling
Britain's finance watchdog said Monday that its chair had been cleared of wrongdoing over his handling of two whistleblower complaints but that it will strengthen protection for people who sound the alarm after it reviewed its internal policy.
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September 23, 2024
FCA Faults City Bodies' AML Policing As Inconsistent
The Financial Conduct Authority on Monday raised concerns over the inconsistent enforcement of anti-money laundering regulations by City professional bodies, particularly in the legal and accountancy sectors.
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September 23, 2024
UK Insurers' Tax Contribution Hits Record High £18.5B
Members of the Association of British Insurers contributed a record £18.5 billion ($24.6 billion) in tax to the U.K. economy last financial year, the trade body said Monday.
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September 23, 2024
UniCredit Boosts Commerzbank Stake To 21%, Eyes More
Italian lender UniCredit said Monday that it has boosted its stake in German rival Commerzbank from 9% to 21% and is eyeing further investment as it appeared to be laying the groundwork for a possible full takeover.
Expert Analysis
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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.
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Crypto As A Coin Of The Corporate Realm: The Pros And Cons
The broadened range of crypto-assets opens up new possibilities for employers looking to recruit, incentivize and retain employees through the use of crypto, but certain risks must be addressed, say Dan Sharman and Sunny Mangatt at Shoosmiths.
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Comparing UK And EU's View On 3rd-Party Service Providers
The U.K. is taking welcome steps to address the lack of direct oversight over critical third-party service providers, and although less onerous than that of the EU Digital Operational Resilience Act, the U.K. regime's proportionate approach is designed to make providers more robust and reliable, say lawyers at Shearman.
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Key Points Of BoE Response To Digital Pound Consultation
Lawyers at Hogan Lovells analyze the recent Bank of England and U.K. government response to a consultation on the launch of a digital pound, finding that the phased approach to evaluating the issues makes sense given the significant potential impact on the U.K. economy.
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Goldman Prosecution Delivers A Clear Sign Of FCA Strength
The recent successful prosecution of a former Goldman Sachs analyst for insider dealing and fraud is a reminder to regulated individuals that economic crime will never be tolerated, and that the Financial Conduct Authority is willing to bare its teeth in the exercise of its prosecutorial remit, says Doug Cherry at Fladgate.
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The Good, The Bad And The New Of The UK Sanctions Regime
Almost six years after the Sanctions and Money Laundering Act was introduced, the U.K. government has published a strategy paper that outlines its focus points and unveils potential changes to the regime, such as a new humanitarian exception for financial sanctions, highlighting the rapid transformation of the U.K. sanctions landscape, says Josef Rybacki at WilmerHale.
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A Look At Environment Agency's New Economic Crime Unit
Sophie Wood at Kingsley Napley explains how the Environment Agency’s newly established Economic Crime Unit will pursue criminal money flows from environmental offenses, and discusses the unit’s civil powers, including the ability to administer account freezing and forfeiture orders, says Sophie Wood at Kingsley Napley.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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4 Legal Privilege Lessons From Dechert Disclosure Ruling
The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.