Financial Services UK

  • February 27, 2024

    Global Pension Assets Total $55T In 2023, Broker Says

    Global pension assets rose by 11% to reach $55.7 trillion in 2023, according to research published by broker WTW, showing a rebound from weaker economic performance across the previous year. 

  • February 27, 2024

    Ex-Linklaters Pro Penalized Over Conduct In Saudi Fund Trial

    A former Linklaters LLP partner was hit on Tuesday with an indemnity costs order by a judge who dismissed his bid to challenge a $25 million ruling against him for failing to return an investment fund to a Saudi princess.

  • February 27, 2024

    Grim UK Fiscal Outlook Precludes Tax Cuts, Think Tank Warns

    The U.K. government should focus on reducing the national debt rather than tax cuts in the March 6 Budget statement, according to research published Tuesday by the Institute for Fiscal Studies, an influential think tank.

  • February 27, 2024

    Financial Ombudsman Braced For APP Fraud Claims

    Britain's financial dispute-resolution body told a cross-party group of members of Parliament on Tuesday it is braced for an avalanche of extra claims later this year when banks must recompense victims duped into transferring money to fraudsters.

  • February 27, 2024

    PE Fund Nets $24B In EQT's Largest-Ever Fundraising Drive

    Private equity giant EQT said Tuesday that it has raised €22 billion ($23.8 billion) for its latest flagship fund EQT X from global investors, exceeding a €20 billion target.

  • February 27, 2024

    FCA To Start Naming Finance Firms Under Investigation

    The Financial Conduct Authority said on Tuesday that it plans to publicly name the firms it probes and publish information about its investigations at an earlier stage to increase the deterrent effect of its enforcement actions.

  • February 27, 2024

    Bank of Ireland Kicks Off €520M Buyback After Profit Gains

    Bank of Ireland Group PLC started a share buyback program on Tuesday worth up to €520 million ($564 million) as it looks to downsize the amount of its outstanding capital and bolster returns to investors after reporting strong earnings.

  • February 27, 2024

    British Pensions Sector Backs FCA 'Advice Gap' Review

    The U.K. pensions industry has thrown its support behind a sweeping review designed to plug a growing advice gap among workers approaching retirement.

  • February 27, 2024

    Abramovich Ally Loses Test Appeal To Upend UK Sanctions

    A billionaire with ties to Roman Abramovich lost his attempt on Tuesday to overturn sanctions imposed on him following Russia's invasion of Ukraine, in the first substantive appeal to challenge the U.K. government's sanctions regime since the war began.

  • February 26, 2024

    Consumers Face Big Setback In £10B Mastercard Class Action

    Britain's antitrust court dealt a blow to consumers Monday in a £10 billion ($12.68 billion) class action over Mastercard's fees by ruling that the credit card titan's European interchange fees didn't influence its domestic rate in the United Kingdom.

  • February 26, 2024

    Woman Denies Lying To Citibank To Launder Stolen Bitcoin

    A British-Chinese woman accused of laundering bitcoin converted from a £5 billion ($6.32 billion) investment fraud denied Monday knowingly giving Citibank false information about her transactions, saying at her London trial that at the time she thought she was being truthful.

  • February 26, 2024

    1 Pilot For Billionaire Cops Plea, But 2nd Says He's Innocent

    A pilot employed by British billionaire Joe Lewis pled guilty in Manhattan federal court Monday to insider trading, while counsel for a second Lewis pilot charged with profiting from illegal stock tips said his client is innocent and preparing for trial.

  • February 26, 2024

    European Council Adopts Instant Credit Payments In Euros

    The Council of the European Union has adopted a new program that will make it possible to make payments in euros across the EU in just 10 seconds, establishing a rival service to major credit card companies.

  • February 26, 2024

    Justices Decline Standard Chartered Sanction Evasion Suit

    The U.S. Supreme Court on Monday refused to consider whether a whistleblower should've been granted a hearing in a lower court to support allegations that Standard Chartered Bank cleared roughly $56 billion in violation of U.S. sanctions against Iran.

  • February 26, 2024

    Judge Wrong To Bar Ex-Barclays VP From Recording Trial

    A former Barclays vice president was unlawfully prevented from recording a hearing into his race discrimination claim against the lender, an appellate tribunal has ruled.

  • February 26, 2024

    10 Years And £1.6B Later, DPAs Are Only A Qualified Success

    Corporate plea deals promised to transform the prosecution of bribery and corruption in Britain — but, a decade after the agreements were introduced, the jury is still out on whether they have lived up to the billing.

  • February 26, 2024

    UK Unveils Plan For £1.4T Surplus In Pension Sector

    The government has said it is exploring proposals to allow companies to tap into the £1.4 trillion ($1.8 trillion) defined benefit pension sector, but trade bodies and consultants warned that the plan could undermine the security of savers.

  • February 26, 2024

    EU Strengthens Investors' Protection On Investment Funds

    The European Union adopted new rules on Monday for investment funds that are designed to make the market integrate better and strengthen protection for investors.

  • February 26, 2024

    Addleshaw Goddard Hires Macfarlanes Pro For Wealth Team

    Addleshaw Goddard LLP has appointed former Macfarlanes LLP lawyer Laura Uberoi as partner and head of its newly created private wealth team in London.

  • February 23, 2024

    Barclays Must Face Trimmed Suit Over $17.6B Over-Issuance

    Barclays PLC and a number of its top executives must face a trimmed version of a proposed class action over a financial reporting error that led to Barclays selling more than $17.6 billion in securities over its maximum registered amount, a New York federal judge ruled Friday.

  • February 23, 2024

    VAT Refunds For Tax Errors Don't Require Interest, ECJ Rules

    European Union law does not require interest to be paid on value-added tax reimbursements if they are being made as a result of administrative errors or changes in tax calculations, the European Court of Justice determined.

  • February 23, 2024

    Ex-Kurdish Energy Minister Largely Fails To Ax Libel Defense

    An Iraqi politician largely failed to throw out an investigative reporting organization's defense to his defamation claim, after a London judge ruled that journalists had a real chance of showing they fairly and accurately reported legal proceedings in an article about alleged corruption in the Iraqi oil business.

  • February 23, 2024

    Russian Tycoon Can Take Sanctions Case To UK's Top Court

    An oligarch can take his attempt to halt a $850 million fraud claim brought by two Kremlin-backed banks to the U.K.'s highest court after it granted him permission to challenge a decision allowing the case to proceed despite one of the lenders being under British sanctions.

  • February 23, 2024

    Lawyers Question UK's Sanction Muscle 2 Years After Invasion

    A lack of enforcement over suspected sanctions breaches two years on from Russia's invasion of Ukraine has left lingering doubts about the effectiveness of the U.K.'s response — even though prosecutors recently opened the first such criminal case, legal experts say.

  • February 23, 2024

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

    This past week in London has seen Tesco target competing retailer Lidl with a copyright claim as they battle in the Court of Appeal over the design of Tesco’s Clubcard, the directors of a taxi business sue the creator of an AI route mapping app for professional negligence, Global Aerospace Underwriting Managers tackle an aviation claim by an Irish investment company, and Robert Bull hit with a general commercial contracts claim by Hancock Finance.

Expert Analysis

  • 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.

  • Predicting DeFi Regulations At Home And Abroad In 2024

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    Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.

  • Consultation Docs Can Help EU Firms Prep For Crypto Regs

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    Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • Investors' Call For Voting Changes Faces Practical Challenges

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    A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.

  • Litigation Funding Implications Amid Post-PACCAR Disputes

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    An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

  • What To Expect For Private Capital Investment Funds In 2024

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    As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • Cos. Should Plan Now For Extensive EU Data Act Obligations

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    The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn. 

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

  • What New Digital Sandbox Regs Hold In Store For UK Markets

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    The recently enacted Digital Sandbox Regulations will be key to incorporating distributed ledger technology into the activities of a central securities depository, but despite being a potentially transformative innovation, a number of considerations may need to be addressed to accommodate the trading, settlement and maintenance of shares, say Tom Bacon and Andrew Tsang at BCLP.

  • Why Investment In Battery Supply Chain Is Important For UK

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    The recently published U.K. battery strategy sets out the government’s vision for a globally competitive battery supply chain, and it is critical that the U.K. secures investment to maximize opportunities for economic prosperity and net-zero transition, say lawyers at Watson Farley & Williams.

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