Financial Services UK

  • September 30, 2024

    FCA Secures 1st Conviction Of Illegal Crypto ATM Operator

    A businessman pled guilty on Monday in London to running an illegal crypto ATM network in the U.K. in what the Financial Conduct Authority said was the first conviction in the country of its kind.

  • September 30, 2024

    FCA And BoE Launch Digital Securities Sandbox

    The Financial Conduct Authority and Bank of England said Monday they have opened a digital securities sandbox for applications, enabling entrants to use new technologies to issue and trade securities in traditional financial markets.

  • September 30, 2024

    UK Urged To Help Tackle Global £420B "Fraudemic"

    Britain must do more to tackle the global "fraudemic," as one in five adults in the world has fallen victim to fraudsters at total cost of £420 billion ($560 billion) in the past three years, according to a think-tank's new report.

  • September 30, 2024

    Trustees Urged To Rethink Longevity Trends Over NHS Crisis

    U.K. pension trustees should be aware of the impact of longer National Health Service waiting times on longevity figures when they come to calculate long-term liabilities, experts warned.

  • September 27, 2024

    FCA Efforts To Curb Misconduct Surge Behind The Scenes

    The Financial Conduct Authority has brought a record number of criminal prosecutions against individuals, yet its crackdown on corporations is happening largely behind the scenes as the regulator challenges misconduct without opening formal investigations.

  • September 27, 2024

    Santander, Skipton Beat Attempts To Reopen PPI Settlements

    Santander Cards UK Ltd. and Skipton Building Society have fought off attempts by customers to revive claims alleging the lenders' offers to compensate them for misselling payment protection insurance were invalid.

  • September 27, 2024

    OFSI Issues 1st Fine For Breach Of Ukraine-Tied Sanctions

    Britain's sanctions' enforcer has slapped a fine on a concierge company, marking the watchdog's first financial penalty for an alleged breach of the far-reaching financial restrictions imposed following Russia's invasion of Ukraine. 

  • September 27, 2024

    Watchdog Targets Underperforming Pension Schemes

    Nearly one in five of the defined contribution pension schemes targeted by The Pensions Regulator as part of a regulatory improvement drive have chosen to wind up after the plans themselves concluded their schemes do not offer good value for customers.

  • September 27, 2024

    Ex-Linklaters Partner Loses Fight To Block Charge On Homes

    An ex-Linklaters LLP partner failed to stop a Saudi princess from securing charges over two of his family members' homes to settle a $25 million judgment, with a London court on Friday rejecting his claim to have no interest in the properties.

  • September 27, 2024

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

    This past week in London has seen Coca-Cola bring a trademark infringement claim against its former marketing director, Glencore face legal action by American Century ETF Trust, law firm Bishop Lloyd & Jackson defend itself against two solicitors it worked alongside during inquiries into Grenfell Tower, and a U.K. cruise line face a claim by a subsidiary of the sanctioned gambling platform GTLK.

  • September 27, 2024

    StanChart Seeks Approval For Rate Change In Libor Test Case

    Standard Chartered on Friday asked two judges to approve a change in the interest rate it pays on its preferred shares, in the first dispute to come before the High Court over the transition from the Libor benchmark.

  • September 27, 2024

    Annuity Buyers Encouraged To Shop Around For Best Deal

    Annuity buyers should shop around to secure the best value deals, Just Group said Friday, highlighting recent figures that show large numbers of savers purchasing from their existing pension provider despite more competitive offers being available.

  • September 27, 2024

    Crypto-Biz Owner's 'Bitcoin Bank America' TM Refused In EU

    The owner of a cryptocurrency company cannot register his "Bitcoin Bank America" brand as a trademark in the European Union because it is not distinctive, officials have ruled — as Bank of America Corp. geared up to oppose the application.

  • September 26, 2024

    'Positive' Pension Investing Said To Drive Saver Engagement

    Greater investment by pension schemes in assets like affordable housing or clean energy infrastructure would boost saver engagement and overall contributions, Legal & General has said.

  • September 26, 2024

    Syrian Refugees' Terror Finance Case At Risk Over Costs

    Syrian refugees must provide £1.6 million ($2.2 million) in security or risk having their case dismissed against two major Qatari banks they accuse of waging a "campaign of intimidation" because of their claims that the lenders funded a terrorist group.

  • September 26, 2024

    Ex-Linklaters Pro Accused Of Lying To Dodge $25M Judgment

    A former partner at Linklaters LLP forged documents in an attempt to avoid handing over two homes to settle a $25 million judgment against him, lawyers representing a Saudi princess told a London court on Thursday.

  • September 26, 2024

    Companies House Cracks Down On Misuse With New Powers

    Companies House said Thursday that it has introduced new penalties for businesses that misuse the national register, the latest stage in implementing the U.K.'s sweeping anti-fraud reforms to tackle economic crime.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

Expert Analysis

  • 3 Financial Services Hot Topics To Watch In 2024

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    Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.

  • What Venice Swaps Ruling Says About Foreign Law Disputes

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    The English appeals court's decision in Banca Intesa v. Venice that the English law swaps are valid and enforceable will be welcomed by banks, and it provides valuable commentary on the English courts' approach toward the interpretation of foreign law, say Harriet Campbell and Richard Marshall at Penningtons Manches.

  • Key Litigation Funding Rulings Will Drive Reform In 2024

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    Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.

  • How Draft Trading Regs Provide Framework For UK Regime

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    Representing an important part of the U.K. government's post-Brexit regulatory reform agenda, the most recent draft of the proposed Trading Regulations seeks to provide a framework for a new rules-based regime for regulating public offers of securities and admissions to trading on a U.K.-regulated market, say lawyers at Davis Polk.

  • Breaking Down The New Rules For High Net Worth Individuals

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    Andrew Northage at Walker Morris outlines what businesses need to be aware of to ensure ongoing compliance with revised conditions in the U.K. government's updated financial promotion exemptions for high net worth individuals and sophisticated investors, and suggests a few practical tips for businesses to follow.

  • How Data Privacy Law Cases Are Evolving In UK, EU And US

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    To see where the law is heading in 2024, it is worth looking at privacy litigation and enforcement trends from last year, where we saw a focus on General Data Protection Regulation regulatory enforcement actions in the U.K. and EU, and class actions brought by private plaintiffs in the U.S., say lawyers at Morgan Lewis.

  • Misleading Airline Ads Offer Lessons To Avoid Greenwashing

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    Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.

  • An Overview Of UK Short Selling Regulation Reforms

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    The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.

  • Supreme Court Ruling Is A Gift To Insolvency Practitioners

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    As corporate criminal liability is in sharp focus, the Supreme Court's recent decision in Palmer v. Northern Derbyshire Magistrates' Court that administrators are not company officers and should not be held liable under U.K. labor law is instructive in focusing on the substance and not merely the title of a person's role within a company, say lawyers at Greenberg Traurig.

  • What Can Be Learned From Adobe-Figma Merger Termination

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    The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.

  • How FCA Listing Regime Reform Proposals Are Developing

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    The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.

  • Major EU AI Banking Ruling Will Reverberate Across Sectors

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    Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.

  • Key Points From Ireland's New Accountability Framework

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    The recently introduced Individual Accountability Framework is a positive step for the financial services industry in Ireland, and in contributing to cultural and practical change will encourage positive behavior and good governance for the benefit of the industry and investors, say Aongus McCarthy and Niall Esler at Walkers Global.

  • Technology And AI: 2024's Legal And Regulatory Landscape

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    Alexander Amato-Cravero at Herbert Smith discusses what businesses and their lawyers can expect in the year ahead in terms of regulation, policies and associated risks related to advancing technologies and artificial intelligence, including the need for increased internal governance and workforce engagement.

  • US And UK Law Firms Continue Trend Of EU Expansion

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    A broad spectrum of U.S. and U.K. law firms are now seeking fresh opportunities in Europe's fastest growing and constantly evolving sectors by opening offices in strategic locations across the continent, says James Lavan at Buchanan Law.

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