Try our Advanced Search for more refined results
Financial Services UK
-
June 03, 2024
Squire Patton Steers WH Ireland On £5M Asset Sale
Wealth manager WH Ireland Group PLC said Monday it has conditionally agreed to sell its capital markets arm and some of its assets to Zeus Capital Ltd. for up to £5 million ($6.4 million).
-
June 03, 2024
IT Biz To Buy Tech Consultant's Banking Software For €330M
Franco-American information technology company Axway said Monday that it will buy most of the banking software activities of Sopra Steria Group, in a deal that values the platform at €330 million ($358 million).
-
June 03, 2024
Geale Takes Helm At Payments Watchdog, Hemsley Resigns
The Payment Systems Regulator said on Monday that its managing director Chris Hemsley has resigned and Financial Conduct Authority Director David Geale will replace him temporarily with almost immediate effect.
-
May 31, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen financier Crispin Odey file a defamation claim against the Financial Times, Ford hit with the latest "Dieselgate" claim and a human rights activist bring a privacy claim against Saudi Arabia. Here, Law360 looks at these and other new claims in the U.K.
-
May 31, 2024
UK Insurers Sign Cooperation Deal With Gibraltar
The Association of British Insurers has said it has penned an agreement with the Gibraltar Insurance Association it hopes will promote better cooperation between the two trade bodies on areas of common interest.
-
May 31, 2024
Investor Sues Wealth Managers, Lawyers For Negligence
A real estate investor has sued a law firm and two finance companies in a London court, claiming they negligently advised her on an investment worth almost £20 million ($25.5 million).
-
May 31, 2024
Law Firm Denies Promoting Misleading Investment Scheme
A law firm has denied an accusation by the Financial Conduct Authority that it assisted a client in promoting a misleading care home investment scheme, arguing it provided legal advice in "good faith" based on the information it was given.
-
May 31, 2024
UBS Formally Completes Merger Of Credit Suisse
UBS Group AG said Friday that it has formally completed the legal merger of stricken Credit Suisse AG, 18 months after regulators brokered the deal to prevent the collapse of its rival.
-
June 07, 2024
Quillon Law Strengthens Litigation Team With Commercial Pro
Quillon Law LLP has recruited Alina Neal, an experienced litigator, from Stephenson Harwood LLP as counsel as the litigation boutique seeks to expand its commercial and financial disputes practice.
-
May 31, 2024
EU Watchdog Warns Retail Investment Firms Of AI Pitfalls
The European Union's markets regulator has issued guidance for firms using artificial intelligence to give investment services to retail clients, warning of risks like biased decision-making.
-
May 31, 2024
Freshfields Guides Gov't Sale Of £1.2B In NatWest Shares
HM Treasury said Friday it has sold more NatWest Group PLC shares worth £1.24 billion ($1.57 billion) back to the lender, as the U.K. government continues its planned exit from the bank it nationalized during the global financial crisis.
-
May 31, 2024
Anti-Fraud Agency Sued For £144K Over Unjustified Suspicion
The operator of the U.K.'s national fraud database is being sued for £144,000 ($183,000) for allegedly marking a London resident's bank activity for suspected fraud without any justification and severely affecting his credit rating.
-
May 31, 2024
BBVA To Tap Shareholders To Fund €12B Hostile Takeover
Spanish banking giant BBVA said Friday that it has called a shareholders' meeting to approve the sale of new shares in a package to finance the €12 billion ($13 billion) hostile takeover of its smaller rival, Banco de Sabadell SA.
-
May 31, 2024
Nationwide's Planned £2.9B Virgin Money Deal Gets UK Probe
The Competition and Markets Authority said Friday it has opened a formal probe into Nationwide Building Society's plans to buy Virgin Money for £2.9 billion ($3.7 billion), which they say would create a combined group with assets of approximately £366 billion.
-
May 30, 2024
Autonomy VP Declines To Take Stand As Fraud Trial Nears End
Testimony wrapped Thursday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, as Chamberlain opted not to testify in his own defense after Lynch stepped off the witness stand.
-
May 30, 2024
Russia Looks To Pause Ukrainian Bank's $1.1B Award Suit
Russia has asked a D.C. federal court to pause a case initiated by one of Ukraine's largest banks to enforce a $1.1 billion arbitral award against the Kremlin, saying it has renewed its efforts to annul the award before the French courts.
-
May 30, 2024
Bulgarian Fraudsters Get 25 Years For Major Benefits Scam
Five Bulgarian individuals were sentenced to more than 25 years in prison Thursday after admitting to making £54 million ($68.7 million) in fraudulent benefits claims, the largest-ever scam of its kind.
-
May 30, 2024
Ex-BigLaw Atty Fights 10-Year Sentence In OneCoin Case
A former Locke Lord LLP partner urged the Second Circuit Wednesday to ax his 10-year prison sentence and conviction for laundering around $400 million in proceeds from the global OneCoin cryptocurrency scam, saying the case was contaminated by perjury and errors at the trial court level.
-
May 30, 2024
Manager Claims Wealth Fund Has Shorted His Fees For Years
A wealth fund manager has sued his employer for £252,900 ($321,300) in missing management fees and bonuses, alleging at a London court that his trust in bosses meant he didn't realize they had underpaid him for several years.
-
May 30, 2024
Co-Founder Says French Incubator Wants To 'Destroy' Him
A co-founder of a French incubator has urged a London court to throw out a claim brought against him by his former company over allegedly misappropriated funds, saying the aim of the "vexatious and oppressive" litigation was to "destroy" him.
-
May 30, 2024
Big Tech Must Help Reimburse Fraud Victims, City Group Says
The next U.K. government should implement legislation that forces big tech and social media giants to shoulder some of the financial burden for victims of online fraud, a financial services trade group said Thursday.
-
May 30, 2024
Freeze On UK Tax Thresholds Set To Expire in 2028, Hunt Says
Chancellor Jeremy Hunt said on Thursday that the freeze on income tax thresholds will continue until 2028, despite promises by the Conservative government to reduce the overall taxation burden in the future.
-
May 30, 2024
Divorcee Of Putin Ex-Son-In-Law Sues Investment Co. For £1M
The ex-wife of Vladimir Putin's former son-in-law has claimed that a venture capital firm owes her £1.1 million ($1.4 million) for allegedly failing to help her to secure her divorce proceedings and a $60 million prenuptial agreement.
-
May 30, 2024
EU Adopts Rules To Make Banks Withstand Economic Shock
European Union negotiators formally adopted a raft of new rules on Thursday to make banks operating in the bloc more resilient against market downturns and economic shocks.
-
May 30, 2024
EU Adopts New AML Measures, Sets Up Supervisory Agency
The Council of the European Union adopted anti-money laundering measures on Thursday in a move to close loopholes exploited by organized crime, which include setting up a dedicated agency to fight illicit financial activities across the bloc.
Expert Analysis
-
What Venezuelan Gold Fight Means For UK One Voice Doctrine
The Court of Appeal's judgment in Deutsche Bank v. Central Bank of Venezuela clarifies the application of the "one voice" doctrine to foreign court judgments, highlighting that the reasoning depends on the recognition or nonrecognition of a head of state or government that is contrary to the U.K. government's position, say lawyers at Latham.
-
Report On UK Investment Act Offers Welcome Insights
The U.K. government's recent report on the National Security and Investment Act's first full year of operation is to be applauded for disclosing more information on the act's notification system than was required, enabling a better understanding of what has taken place and what the next year may hold, say Andrea Hamilton and Ajal Notowicz at Milbank.
-
Preparing For M&A Under The Foreign Subsidies Regulation
The EU Foreign Subsidies Regulation introduces requirements that companies operating in the region must consider in M&A transactions, and any foreign financial contributions received by a target should be checked during the due diligence stage, with specific provisions for commission approval if a notification requirement is triggered, say Hendrik Viaene and Stéphane Dionnet at McDermott.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.