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Featured
Experts See Risks In FCA's Soft-Touch Response To AI
The Financial Conduct Authority has so far failed to detail its rules on artificial intelligence and is moving toward a reliance on companies to self-report, putting it at risk of deferring excessively to the sector it regulates, legal experts say.
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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.
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July 25, 2024
Audit Watchdog Sanctioned Firms £48M Last Year
The Financial Reporting Council revealed Thursday that it fined firms a total of £48.2 million ($62 million) in the financial year ended March 31, including a £21 million fine against auditor KPMG related to its accounting for construction giant Carillion prior to its collapse in 2018.
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July 25, 2024
Hayes Can Appeal Rate Rigging Conviction At Top UK Court
Two traders convicted of manipulating benchmark interest rates have been granted permission to appeal their cases to the U.K.'s highest court, their representatives said on Thursday.
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July 25, 2024
Plan To Return WealthTek Clients' Money Gets Green Light
The Financial Conduct Authority said Thursday that the High Court has approved a plan by the joint special administrators of collapsed regulated wealth manager WealthTek LLP to return money and investments it held for clients.
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July 25, 2024
Labour Gov't Faces 'Tricky Balancing Act' On Policy Priorities
The Labour government faces a "tricky balancing act" in implementing policies that meet the financial needs of different generations, pensions provider Aegon said Thursday,
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July 25, 2024
4 Banks Ordered To Comply With UK Retail Competition Rules
HSBC, Lloyds, TSB and Allied Irish Banks have broken rules designed to help customers find the best deals, Britain's antitrust authority said Thursday, adding that it has ordered the lenders to comply with competition regulation.
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July 25, 2024
Belgium Taken To EU Court Over Deposit Exemption Rules
The European Union's executive branch said Thursday that it is taking Belgium to court alleging that the country's system of exempting remuneration of savings deposits from tax violates EU law.
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July 25, 2024
FCA Consumer Duty Deadline May Spark Clash With UK Gov't
The new Labour government and the Financial Conduct Authority could be heading for a clash over what constitutes a vulnerable consumer and how the laws protecting them from abuse should be enforced.
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July 25, 2024
Coinbase Unit Fined £3.5M For Crypto-Related Breaches
The Financial Conduct Authority said Thursday it has fined a payments company £3.5 million ($4.5 million) for "repeatedly breaching" restrictions against enabling crypto-asset trading, the first time the watchdog has taken enforcement action under regulations governing electronic money.
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July 25, 2024
Revolut Gets UK Banking License To Permit Expansion
An online banking subsidiary of Revolut Group Holdings Ltd. has been granted a U.K. banking license, allowing it to expand its financial services and potentially offer customers in Britain traditional banking products such as loans and savings accounts, the lender said Thursday.
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July 24, 2024
Ex-Barclays CEO Told To Testify In Appeal Of Qatar Fees Fine
Former Barclays CEO John Varley was ordered by a London tribunal Wednesday to give evidence in the bank's appeal against a £50 million ($64.6 million) fine over its emergency fundraising with Qatar during the 2008 financial crash.
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July 24, 2024
EU Trade Body Warns Against FCA Enforcement Plans
A trade body for European financial firms has warned that the Financial Conduct Authority's proposed naming of companies in enforcement investigations would make the U.K. an international outlier, damaging competitiveness.
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July 24, 2024
Cuban Bank Denies Transferring €72M Debt To Offshore Fund
Cuba's former central bank told an English appeals court Wednesday that an offshore fund cannot sue it over €72 million ($78.2 million) of unpaid sovereign debt, because it did not consent to the assignment of the debt to the fund.
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July 24, 2024
Asset Recovery Firms Deny Profit-Stripping Rule Is Too Harsh
Two asset recovery companies told Britain's top court Wednesday that a law to strip profits from people who quit jobs to chase the business of a former employer is not "too harsh," in a case with potentially wide implications for "bad-faith resignations."
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July 24, 2024
Russia Sanctions Enforcement Lacks Bite, UK Charity Says
Britain must develop a clearer sanctions enforcement strategy, an anti-corruption charity said on Wednesday, as it revealed that the government has issued no fines for breaches of rules since Russia invaded Ukraine in February 2022, more than two years ago.
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July 24, 2024
UniCredit To Buy Vodeno, Aion Bank For €370M
Italy's UniCredit said Wednesday that it will buy cloud-based digital banking services provider Vodeno and online bank Aion for approximately €370 million ($401 million) in total as a foray into new financial technology.
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July 24, 2024
UK Bans 830 Directors For COVID Loan Abuse In 12 Months
Hundreds of company directors have been banned in the last year as a result of COVID loan abuse, the Insolvency Service said Wednesday, adding that it has recovered almost £3 million ($3.8 million) of taxpayers' money.
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July 24, 2024
British Steel Pension Redress Scheme Pays Out £8.7M
The Financial Conduct Authority said Wednesday that its redress program for steelworkers given poor pensions advice has paid out a total of just £8.7 million ($11.2 million) in compensation.
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July 24, 2024
Can New Pensions Minister 'Serve Two Masters'?
A new British pensions minister with a foot in two competing government departments could help create a more coherent pensions reforms, although some analysts warn of a potential Treasury takeover of pensions policy to prioritize economic stimulus.
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July 23, 2024
FCA Confirms Plan To Protect Access To Cash
The Financial Conduct Authority confirmed plans on Tuesday to secure adequate access to cash for businesses and consumers, rules that will come into force in September.
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July 23, 2024
'Mortgage Prisoners' Sue TSB In £800M Trial Over Contract
Homeowners have alleged that TSB Bank PLC breached the contracts that underpin their mortgages by charging a "disproportionately higher" interest rate, as a preliminary trial of a group claim worth up to £800 million ($1 billion) gets underway.
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July 23, 2024
EU Urged To Give Finance Watchdogs More Powers
A financial trade body on Tuesday called on European Union legislators to give regulators the power to modernize financial markets and make them more globally competitive.
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July 23, 2024
Employees Fight 'Harsh' Penalty In Bad Faith Resignation Test
Three former employees of asset recovery companies urged Britain's top court on Tuesday to reconsider the "harsh" remedy against people who quit their jobs to pursue business opportunities said to belong to their employers, a case with potentially wide implications for "bad faith resignations."
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July 23, 2024
Lloyds Sued Over Payments Linked To Alleged £1.2B Fraud
Lloyds and its Bank of Scotland subsidiary have been hit with a £287 million ($370 million) claim brought by liquidators of the external broadcaster Arena Television for allegedly processing payments linked to an alleged £1.2 billion fraud.
Editor's Picks
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UK Draft Pay Fraud Rules Open Tricky Legal Liabilities
The government's new draft legislation, which will give banks longer to investigate suspicions of fraud before they send payments instructed by customers, will create a wave of new legal liabilities and lead to regulatory hurdles, according to lawyers.
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FCA Fires Warning Shot Over City's Consumer Duty Failings
The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.
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5 Questions for Osborne Clarke Partner Nick Price
The Payment Systems Regulator is due to start forcing payment firms to reimburse victims of scams who have been tricked by a fraudster into transferring them money. Here, Law360 talks to Osborne Clarke partner Nick Price about how this new regime could mean uncertainty about compliance.
Expert Analysis
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Key Takeaways From Proposed EU Anticorruption Directive
The European Union Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.
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How Regulation Of Tech Providers Is Breaking New Ground
The forthcoming EU regulation on digital operational resilience and the U.K. critical third-party regime, by expanding the direct application of financial services regulation to designated technology providers, represent a significant development that is not to be underestimated, say David Berman and Emily Lemaire at Covington.
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What EU Net-Zero Act Will Mean For Tech Manufacturers
Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.
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Complying With EU Commission's Joint Purchasing Rules
One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.
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Tips For Implementing EU Sustainability Reporting Guidance
Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
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Why Ukraine Aircraft Insurance Case Failed To Take Off In UK
In Aercap v. PJSC Insurance, the High Court decided the claimants could not avoid an exclusive jurisdiction clause and advance their case in England rather than Ukraine, and the reasoning is likely to be of relevance in future jurisdiction disputes, say Abigail Healey and Genevieve Douglas at Quillon Law.
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Labour's 'Fresh Approach' To Tackling Financial Crime
Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.
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Unpacking Pressures, Trends Affecting Global Supply Chains
A recent HSBC report reveals a number of trends and challenges for global supply chains in the current uncertain geopolitical landscape, and with constant emerging opportunities, companies that can stay informed, be proactive and adapt to change will be well positioned to succeed, says Michelle Craven-Faulkner at Shoosmiths.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.
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What New UK Labour Gov't Is Planning For Financial Services
Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.
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Companies Trading In The EU Should Heed Mondelēz Ruling
The European Commission’s recent €337.5 million fine of Mondelēz is the latest decision targeting restrictions on EU cross-border trade, and serves as a warning to companies active in the region to check their contracts and practices for illegal restraints, and to perform audits to ensure compliance, says Matthew Hall at McGuireWoods.
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Why Reperforming Loan Securitization In UK And EU May Rise
The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.
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What French Watchdog Ruling Means For M&A Landscape
Although ultimately dismissed due to lack of evidence, the French competition authority’s recent post-closing review of several nonreportable mergers is a landmark case that highlights the increased complexity of such transactions, and is further testament to the European competition authorities’ willingness to expand their toolkit to address below-threshold M&As, say lawyers at Cleary.
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New Directors' Code Of Conduct May Serve As Useful Guide
Although the Institute of Directors’ current proposal for a voluntary code of conduct is strongly supported by its members, it must be balanced against the statutory requirement for directors to promote their company’s success, and the risk of claims by shareholders if their decisions are influenced by wider social considerations, says Matthew Watson at RPC.
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Exploring The EU's Draft Standards On Crypto Authorization
The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.