Financial Services UK

  • October 09, 2024

    BoE To Give Big Banks More Time For Resolution Reports

    The Bank of England has proposed to give large banks and building societies more flexibility on the timing of their reporting and disclosure obligations in resolution assessments of their risk of "successful" failure.

  • October 08, 2024

    SocGen Bids To Force €140M Clifford Chance Case To France

    Societe Generale SA relaunched its fight on Tuesday to force its €140 million ($154 million) negligence case against Clifford Chance LLP out of England, arguing before the Court of Appeal that it should be heard in France.

  • October 08, 2024

    Ex-F1 Boss Accepted £57M Bond Risk, HSBC Says

    HSBC has denied giving ex-Formula One team boss Eddie Jordan negligent investment advice that lost him £5.5 million ($7.2 million), claiming he was an experienced investor who knew the risks.

  • October 08, 2024

    Finance World Must Prepare For Constant Volatility, FCA Says

    The financial sector should be prepared to face market volatility constantly, the chief executive of Britain's financial watchdog said Tuesday, likening today's financial landscape to a challenging tennis match where "the grounds keep changing and the opponents are tougher."

  • October 08, 2024

    EU Removes Antigua And Barbuda From Tax Blacklist

    The Council of the European Union removed Antigua and Barbuda from its blacklist of noncooperation jurisdictions on global tax standards, the EU's Economic and Financial Affairs Council announced Tuesday.

  • October 08, 2024

    Wirecard Loses £12M Fraud Claim Against Greybull Capital

    Greybull Capital has defeated an £11.8 million ($15.5 million) fraud claim brought by Wirecard's insolvency administrator, which alleges that the private equity company lied about the source of money injected into Monarch Airlines a year before the carrier collapsed.

  • October 08, 2024

    Travers Smith Leads Wealth Manager On £45M Purchase

    Brooks Macdonald Group PLC said Tuesday that it has agreed to buy financial planners Lift in a deal worth up to £45 million ($59 million) to expand its client reach and accelerate growth in the planning sector, advised by Travers Smith LLP.

  • October 08, 2024

    Bear 'Polluter Pays' Liability For Redress, FCA Tells Firms

    The finance watchdog has warned investment firms that they must take responsibility for holding sufficient resources to pay redress to clients, saying it has seen significant liabilities being pushed onto the country's financial compensation program.

  • October 08, 2024

    FCA Warns Banks To Improve Anti-Fraud Systems To Cut APP

    The financial watchdog has ordered banks and other payments firms to improve their anti-fraud systems and controls, as it expects businesses to target authorized push payment scams in this way.

  • October 07, 2024

    Socialite Claims Ignorance In £200M Money Laundering Trial

    A socialite accused of being at the heart of an £200 million ($262 million) money laundering scheme was "taken advantage of" while engaging in what he believed to be legitimate gold trading business, his lawyer argued at trial on Monday.

  • October 07, 2024

    Walker Crips Must Classify Investment Manager As Worker

    An investment manager on Monday won his bid for worker status after an employment tribunal ruled that a lax agreement with Walker Crips giving him free rein over his hours and investment style didn't mean he owned a separate business.

  • October 07, 2024

    Rosenblatt Rejects Negligence Claims Over Jaeger Collapse

    Rosenblatt Solicitors has denied being negligent in its handling of a claim for a fashion retail entrepreneur against Lloyds Bank over the bank's alleged role in the demise of fashion brand Jaeger, arguing it had to take a narrow focus to bolster the weak case.

  • October 07, 2024

    Covington UK White Collar Chief Heads To Litigation Boutique

    Covington & Burling LLP's former co-head of white collar defense for Europe joined litigation boutique Quillon Law LLP on Monday to boost its capabilities in major fraud cases and investigations.

  • October 07, 2024

    Investors Urge UK Pension Reforms To Boost Returns

    Investors have urged the U.K. to adopt new pension reforms designed to improve how pension schemes invest and operate following a call for evidence as the government carries out a review of pensions investment.

  • October 07, 2024

    LME Beats US Hedge Fund's Appeal Over $12B Nickel Trade

    A London court has dismissed a U.S. hedge fund's appeal against a decision by the London Metal Exchange to cancel more than $12 billion in nickel trades, ruling on Tuesday that its actions were lawful, justified and proportionate.

  • October 07, 2024

    Watchdog Now Orders Banks To Pay Back APP Fraud Victims

    The Payment Systems Regulator said Monday that new rules will provide world-leading protections to consumers who have been tricked into sending money to fraudsters through the banking system.

  • October 04, 2024

    SFO Seizes £295K From Convicted Tycoon In $700M Fraud

    Britian's financial crime enforcer has seized £295,000 ($386,000) from a convicted fraudster imprisoned three times in connection with an international metal trading scam that defrauded lenders worldwide out of nearly $700 million more than two decades ago. 

  • October 04, 2024

    G7 Antitrust Chiefs Vow To Scope Collusion In AI Tech Sector

    U.S. and international antitrust regulators said Friday they intend to scrutinize any anticompetitive practice in the market for artificial intelligence technologies or any use of the emerging tech to circumvent competition.

  • October 04, 2024

    WealthTek Distribution Plan Was Approved For Expediency

    England's High Court had the power to approve a plan to distribute client assets held by collapsed wealth manager WealthTek LLP even though the plan does not conform with investors' "strict rights" to their investment, a judge said Friday in giving his full reasons for sanctioning the plan earlier this year.

  • October 04, 2024

    ECJ Says Interest Deduction Limits Align With EU Law

    Governments across the European Union can legislate to block businesses from getting corporate tax deductions on interest paid as part of noncommercial loans, the European Court of Justice ruled Friday.

  • October 04, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen GMB Union sued by the makers of Tetley Tea after a staff walkout in September, boxer Mike Tyson hit with legal action from a marketing company and the Met Police face a misuse of private data claim from a woman who had a relationship with an undercover police officer. Here, Law360 looks at these and other new claims in the U.K.

  • October 04, 2024

    Experian To Acquire Brazil's ClearSale For $350M

    Credit ratings agency Experian PLC said Friday that it has agreed to acquire Brazil-based digital fraud prevention company ClearSale SA for 1.90 billion Brazilian real ($350 million) to complement its existing identity and fraud business in the South American country.

  • October 04, 2024

    McDermott Taps Big 4 Partner As Senior Tax Pro In London

    McDermott Will & Emery LLP announced it has recruited a former U.K. partner from KPMG to join its firm as a tax partner, bringing an expert in private equity to its London office.

  • October 11, 2024

    Dechert Hires Fund Finance Pro From DLA Piper

    Dechert LLP has recruited a fund finance specialist as a partner from DLA Piper to boost its offerings for asset management firms, financial institutions and alternative lenders.

  • October 04, 2024

    FCA's £29M Fine Of Starling Sends Wider Compliance Warning

    The Financial Conduct Authority hit Starling Bank Ltd. with a £28.9 million ($38.4 million) fine on Wednesday for inadequate anti-money laundering and sanctions controls. This has sent a wider warning to companies that compliance levels must match growth.

Expert Analysis

  • Crypto As A Coin Of The Corporate Realm: The Pros And Cons

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    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.

  • Comparing UK And EU's View On 3rd-Party Service Providers

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    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.

  • Key Points Of BoE Response To Digital Pound Consultation

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    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.

  • Goldman Prosecution Delivers A Clear Sign Of FCA Strength

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    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.

  • The Good, The Bad And The New Of The UK Sanctions Regime

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    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.

  • A Look At Environment Agency's New Economic Crime Unit

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    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.

  • Opinion

    UK Whistleblowers Flock To The US For Good Reason

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    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.

  • 4 Legal Privilege Lessons From Dechert Disclosure Ruling

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    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.

  • BT Case May Shape UK Class Action Landscape

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    The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.

  • Key Points From EC Economic Security Screening Initiatives

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    Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.

  • Following The Road Map Toward Quantum Security

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    With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.

  • Why EU Ruling On Beneficial Ownership May Affect The UK

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    Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.

  • Key Changes In FRC Code Aim To Promote Good Governance

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    The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • Breaking Down The New UK Pension Funding Regs

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    Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.

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