AI-Led Attacks Are Growing Risk For Finance Cos., FCA Says

By Alex Davidson

The Financial Conduct Authority said Friday that financial services companies are facing growing risks from artificial intelligence-led attacks and finding it difficult to get senior manager support in developing defenses.

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Regulator Urges Pension Plans To Sharpen Dashboard Data

By Martin Croucher

The Pensions Regulator has warned that retirement savings plans are falling behind in preparing their members' data for new online pensions dashboards, with six months to go before a hard deadline for the landmark project.

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Fintech Countersues NFT Firms Over Miscoded Transactions

By Ronan Barnard

A Maltese fintech company has denied unlawfully withholding €2.2 million ($2.6 million) from two U.K. nonfungible token businesses, countersuing them in a London court for around €2.8 million for allegedly incorrectly coding gambling transactions, causing it to lose its payment provider.

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Tycoon's Son Can't Appeal £3.1M Howard Kennedy Bill

By Sophia Dourou

The son of a diamond tycoon accused of swindling $1 billion from banks has lost his latest bid to challenge his legal bills from Howard Kennedy LLP, as a judge held Friday that he understood his "ongoing liability" from the international fraud case.

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Father Admits He Misled Sons Amid £5M Row Over Loan

By Sophia Dourou

The father of two brothers accused of owing almost £5 million ($6.8 million) in outstanding payments on an investment loan has admitted that he misled them, but has denied liability for the lender's claimed loss.

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Roundup

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

By Laura Stewart Liberty

The past week in London has seen a Hong Kong company sue the government and a COVID-19 PPE company linked to Tory peer Michelle Mone, an oligarch bring a fresh claim against a rival in a long-running feud, a rugby league club sue over a canceled mass dance event, and Visa and Mastercard hit with legal action from H&M, Eurostar, and Bang & Olufsen. Here, Law360 looks at these and other new claims in the U.K.

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FCA Leads Global Crackdown On Illegal 'Finfluencers'

By Alex Davidson

The Financial Conduct Authority said Friday that it has spearheaded a week of global action to stop illegal "finfluencers" who put consumers' money at risk.

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EU Sanctions 20 More Russian Banks, Crypto, Shipping

By Najiyya Budaly

The European Union said Friday that it has hit Russia with a fresh round of sanctions that target financial services, including cryptocurrency companies, as part of a broader package.

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Insights From FCA's Latest Customer Due Diligence Review

The Financial Conduct Authority’s recent report on customer due diligence controls explains what distinguishes good policies and procedures from those that are lacking, and should encourage firms to check that their processes are detailed, practical and relevant to the business, say lawyers at Womble Bond.

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