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Financial Services UK
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July 01, 2024
Monzo Introduces New Anti-Fraud Controls
Monzo Bank Ltd. launched Monday three new security features to add a layer of protection for payments and pot withdrawals exceeding a daily allowance while addressing the growing concern of phone theft and fraud.
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July 01, 2024
EU Bans Giving Tax Consulting Services To Belarus
The European Union has introduced a ban on providing tax consulting and many other professional services to Belarus in a wide-ranging package of measures largely aimed at preventing the circumvention of the bloc's sanctions against Russia, a statement said.
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July 01, 2024
Payment Services Business Begins £20M Share Buyback
PayPoint PLC on Monday commenced its up to £20 million ($25 million) share repurchase program, part of the payment services company's three-year scheme aimed at returning capital to investors.
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July 01, 2024
Skadden-Led BlackRock To Buy Data Group Preqin For £2.6B
Investment firm BlackRock said Monday that it has agreed to acquire private markets data provider Preqin for £2.55 billion ($3.2 billion) to boost its investment management in a deal guided by Skadden Arps Slate Meagher & Flom LLP and Macfarlanes LLP.
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July 01, 2024
Osborne Clarke Guides Aviva's School Pension Deal
Insurance giant Aviva has completed a full scheme buy-in for a pension plan sponsored by Taunton School, consultancy Broadstone said Monday, in a deal guided by Osborne Clarke LLP.
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June 28, 2024
EU Insurance Watchdog Warns Of Real Estate Risk Exposure
The European pensions and insurance industries are increasingly exposed to the possibility of a real estate collapse, the sector watchdog warned in a newly published report into the financial stability for the region.
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June 28, 2024
EU Adds 4 Pro-Russian Companies To Sanctions List
The Council of the European Union added four Russian companies and two individuals to its sanctions list Friday for actions that threaten Ukraine amid Russia's waging war against it.
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June 28, 2024
Taxation With Representation: Kirkland, Vinson, Skadden
In this week's Taxation with Representation, Aareal Bank AG and Advent International sell a property management and maintenance software company, Webtoon Entertainment Inc. and Tamboran Resources Corp. price initial public offerings, SM Energy Company acquires oil and gas assets, and Nokia sells Alcatel Submarine Networks to the French state.
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June 28, 2024
Firms Face Increased Scrutiny Amid FCA Focus On Resilience
The Financial Conduct Authority and the Prudential Regulation Authority have challenged two thirds of general insurance and investment firms about their ability to prevent disruption by threats like cyberattacks, according to an industry study.
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June 28, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Uber hit with claims from Addison Lee and the former CEO of the Kabbee app, animal by-product company Leo Group file a defamation claim against a local anti-odor campaigner, and a self-styled lord who claims to be the illegitimate son of the late Prince Phillip resume legal action against his cousins for a share in his late aunt's estate. Here, Law360 looks at these and other new claims in the U.K.
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June 28, 2024
Turkey Taken Off Global AML Monitoring List After Rule Fixes
The Financial Action Task Force said Friday that it has removed Turkey from its "gray list" after the country improved its anti-money laundering rules and strengthened its regulations combating the financing of terrorism.
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June 28, 2024
ING Claim Would Fund Sanctioned Billionaire, Tecnimont Says
ING cannot recover money from Tecnimont in a €212 million ($227 million) bond dispute because compensating the Dutch lender would directly fund a sanctioned Russian billionaire, the Italian industrial group said in London court filings.
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June 28, 2024
Fidelis Claims No Liability In $23M Stranded Jet Spat
Fidelis Underwriting Ltd. has hit back at another claim that it must pay out in a $23 million row over a leased plane stranded in Russia, arguing that no insured event has occurred, and that an Irish aviation lessor is not covered by the country's law.
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June 28, 2024
Manolete Sues MSR Partners For £15.6M Over Audit Failure
Manolete Partners PLC has sued MSR Partners LLP for £15.6 million ($19.7 million), alleging that the accounting firm failed in auditing a peer-to-peer lending platform that went into administration in 2019.
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June 27, 2024
Barclays Says Businessmen Breached £13.7M Freezing Order
Barclays Bank PLC told a London court Thursday that three businessmen breached a freezing order by moving assets offshore as it sued them, claiming they conspired to take £13.7 million ($17.4 million) by exploiting its overdraft mechanism.
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June 27, 2024
NFT Game CEO Accuses Collaborator Of Keeping Biz Info
The CEO of an NFT-winning online game has accused his former collaborator of refusing to hand over confidential information belonging to his gaming company after the pair's professional relationship broke down.
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June 27, 2024
DWF Buys Australian Claims Management Business
Private equity-backed DWF LLP said Thursday it has agreed to buy Australian claims management company Proclaim for an undisclosed amount to bolster its presence in the country.
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June 27, 2024
EasyGroup Can't Claim TM It Isn't Using, Van Rental Biz Says
Car and van rental firm Easihire has hit back in London court at easyGroup's claims of trademark infringement, arguing that the low-cost giant should lose the "easyHire" mark it relied on because it hadn't even used it.
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June 27, 2024
Xeinadin Sues Ex-Director, Wife Over Breach Of Duties
Xeinadin has sued the former director of an accountancy firm it acquired and his wife for more than £1 million ($1.2 million) it claims it is owed from the deal to buy their stake in the firm after it sacked him amid allegations of fraud.
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June 27, 2024
FCA Official Vows To Pick Up The Pace Of Fraud Probes
The Financial Conduct Authority is working to increase the "pace" of its investigations of fraud and other financial crimes as a law enforcer and regulator, the watchdog's joint head of enforcement said.
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June 27, 2024
DXC Wins TM Battle Against German Firm
American information technology DXC can now register its trademark after U.K. intellectual property officials ruled against a German investment firm's claim that the name was too similar to its own and would confuse customers.
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June 27, 2024
A&O Shearman Steers Ireland's €593M AIB Stake Sale
The Irish government said Thursday it has sold a further 5% stake in AIB for €592.9 million ($633.8 million), as it continues to shrink its ownership after nationalizing the lender during the global financial crisis.
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June 26, 2024
Financier Seeks Absolution In Vatican Real Estate Deal Trial
An Italian financier and his companies argued at a London trial Wednesday that the Vatican's allegations that he was involved in an unlawful conspiracy over a London property deal are "incoherent and confused," claiming he acted in good faith throughout the transactions.
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June 26, 2024
Ex-BHS Director Ordered To Pay £50M Over Firm's Collapse
A London judge has ordered a former director of the now-defunct British Home Stores to pay £50 million ($63.2 million) in damages after concluding he had committed trading misfeasance and wrongful trading during the company's high-profile downfall.
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June 26, 2024
Fidelis Says Aircraft Lessors Not Covered Under Russian Law
Fidelis Underwriting Ltd. has said that the lessor and owners of three aircraft stranded in Russia after the country's invasion of Ukraine cannot reclaim $77.2 million for the planes from the reinsurer because they are not insured parties under Russian law.
Expert Analysis
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Important Generative AI Considerations In M&A
The recent surge of interest in generative artificial intelligence and its use of machine learning algorithms means there are novel concerns as well as inherent risks for those engaging in M&A activity, and acquirers should pay careful attention to a target’s scope of ownership and licensing rights, say attorneys at Davis Polk.
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Pension Trustee Case Could Lead To Fossil Fuels Divestment
While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.
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Outbound Screening May Be Next EU Investment Control Step
Following the European Commission’s recent commitment to reduce dependence on third countries by developing an outbound investment review mechanism, it will be interesting to see whether member states will take a united stand or whether national security interests will trump such an approach, say Christoph Barth and Neil Hoolihan at Linklaters.
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Barclays Ruling Narrows Banks' Fraud Recovery Duty
The U.K. Supreme Court's recent ruling in Philipp v. Barclays decided against the so-called Quincecare duty's application in authorized push payment fraud, shining light on how banks should balance their responsibility to follow customers' instructions against making reasonable inquiries, say lawyers at Ontier.
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Green Loans May Be Hungary's Path To Sustainable Financing
Fueled by a rising trend in the use of green loans, Hungary is making impressive progress in its journey toward achieving a net-zero future, although the development of social and sustainability-linked loans is still a work in progress, say Gergely Szalóki and Bálint Bodó at Schönherr.
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How The Law Must Change To Accommodate Digital Assets
The Law Commission's recent report shows that the common law of England and Wales is well suited to adapt to digital assets, and with targeted statutory reform to unlock the possibility of recognizing property in intangible things, the U.K. can become an ideal hub for parties to transact with emerging technology, says Sarah Green at the commission.
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Tackling Global Inflation Is A Challenge For Antitrust Agencies
Recent events have put pressure on antitrust agencies to address the global cost-of-living crisis, but the relationship between competition and inflation is complex, and with competition agencies’ reluctance to act as price regulators, enforcement is unlikely to have a meaningful impact, say lawyers at Linklaters.
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Key Findings From EBA's Money Laundering Report
The European Banking Authority's recent report on money laundering and terrorist financing risks, highlighting that payment institutions may be ineffectively assessing or managing those risks, makes clear that addressing its findings will be essential to protecting the European Union from financial crime, say lawyers at Hogan Lovells.
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Cos. Using AI Should Note Regulators' Privacy Concerns
The past year’s unprecedented explosion in the use of artificial intelligence tools has sparked fears over the way personal data may be collected and treated, and organizations adopting AI will need to ensure that they have a lawful basis to use data collected in this way, says Paula Williamson at Excello Law.
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Comparing EU And UK Proposals To Regulate ESG Ratings
Ferdisha Snagg and Andreas Wildner at Cleary examine the key aspects of the EU proposal for regulating environmental, social and governance rating activities and draw comparisons to the U.K. proposal regarding scope, substantive provider obligations on regulated providers and the likely timeline for adoption and implementation.
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Digital Assets Consultation Offers First Step In Regulation
The recently published International Organization of Securities Commissions consultation intending to establish coordinated international regulation of cryptocurrency and digital assets, will benefit and protect retail investors against financial crime risk, also allowing legitimate market entrants to distinguish themselves from less scrupulous participants, says Fred Saugman at WilmerHale.
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EU And UK Crypto-Asset Consumer Rights Look Set To Differ
The U.K. government's recent consultation paper lacks an extended cooling off period to cancel crypto-asset purchases, which notably deviates from the European Union Markets in Crypto Assets Regulation, but depending on feedback, the U.K. may eventually adopt similar consumer protection measures, say Felicity Forward and Matt Green at Shoosmiths.
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EU Sustainability Initiatives Will Affect Emissions Trading
The measures recently adopted by the EU in its "Fit for 55" legislative package to revise its emissions trading system and establish a carbon border adjustment mechanism have far-reaching implications for companies needing to implement changes to offset the potential effects of their business operations, say Melanie Bruneau, Giovanni Campi and Annette Mutschler-Siebert at K&L Gates.
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The Benefits Of Uniformity In EU Anti-Corruption Proposals
The proposed directive requiring European Union member states to incorporate uniform anti-bribery measures would bring greater harmony and consistency, doing much to facilitate the prevention of bribery and drive common standards in the compliance culture of companies, say lawyers at White & Case.
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What To Know About 'Prior Obligations' Sanctions Exemption
The U.K. Office of Financial Sanctions Implementation recently issued a "prior obligations" general license authorizing U.K. persons to receive funds or economic resources owed to them by any person targeted by U.K. asset freeze sanctions, and it is novel for its scope but by no means a panacea, say Jane Shvets and Konstantin Bureiko at Debevoise.