Financial Services UK

  • May 01, 2024

    FCA's Investigation Regime May Tarnish Unnamed Individuals

    Financial Conduct Authority proposals to name companies early in investigations will damage the careers of many individuals involved, according to lawyers, with some unnamed employees coming under suspicion that puts them at risk of losing their jobs.

  • May 01, 2024

    Pension Body Warns On Gov't Equity Investment Plan

    U.K. government plans to impose public disclosures on pension funds would increase the burden on the industry and harm savers by encouraging investment in low-return businesses, according to an industry paper published Wednesday.

  • April 30, 2024

    Ex-Autonomy VP Says CEO Lynch Told Him To Lie To Investors

    A former Autonomy business development executive testified Tuesday that CEO Mike Lynch directed him to lie to a hedge fund investor about prepaid royalty deals that boosted the company's upfront revenue numbers, saying at Lynch's criminal fraud trial that it was hard to say no to the "big boss."

  • April 30, 2024

    German Banker Gets 3 Years For €93M Cum-Ex Tax Evasion

    A German court on Tuesday sentenced a former bank board member to three years and two months in prison for his part in a €93.4 million ($100 million) so-called cum-ex dividend tax fraud.

  • May 07, 2024

    Kingsley Napley Hires M&A Pro From Deloitte

    Kingsley Napley LLP has hired a partner from Deloitte LLP as it seeks to expand its corporate practice and its focus on mergers and acquisitions despite the slowdown in the U.K. deals market.

  • April 30, 2024

    Garrigues-Led BBVA Eyes Deal For Rival Spanish Bank

    Spanish banking giant BBVA confirmed Tuesday it is eyeing a merger with Banco de Sabadell SA for an undisclosed amount.

  • April 30, 2024

    EU Banking Watchdog Warns Of New Payment Scams

    The European Union's banking watchdog has warned of the emergence of new forms of payment scams facing consumers and proposed new measures to "future proof" the bloc's anti-fraud rules in an opinion published Tuesday.

  • April 30, 2024

    Insurers Warn Of 'Irreparable Damage' From FCA's New Rules

    An association of insurers in the U.K. warned the country's financial regulator Tuesday that its new proposal to name the firms it probes and publish information about investigations at an earlier stage will cause more harm than good.

  • April 30, 2024

    Payment Co. Hits Back Over Failed Domain Name Deal

    Several payments companies and their bosses have hit back at claims by a Nuvei Group subsidiary, denying that they broke a promise to use the company's payments technology as part of a deal to use a website domain.

  • April 30, 2024

    Vanquis Bank Seeks £4.5M For Law Firm's Complaints Deluge

    Vanquis Bank Ltd. is seeking an estimated £4.5 million ($5.6 million) from a law firm it says has sent it thousands of meritless complaints, accusing it of irresponsible lending in a "reckless and indiscriminate" approach to earn commission if a claim happens to succeed.

  • April 30, 2024

    Banks Urged To Improve Global Risk Management

    The global standards setter for banking published on Tuesday a consultation on new guidelines to update rules on how regulators manage counterparty credit risk.

  • April 30, 2024

    HSBC To Return Another $3B To Shareholders After Strong Q1

    British banking giant HSBC said Tuesday that it plans to initiate a buyback program of up to $3 billion to reward its shareholders after having a profitable first quarter, following the $2 billion buyback it completed earlier in the year.

  • April 30, 2024

    Insured Disaster Losses Already At $17B In 2024, Broker Says

    Losses from natural disasters covered by insurance reached $17 billion in the first three months of 2024, reinsurance broker Aon has reported, with devastating storms in the U.S. and Europe driving up the costs for the sector.

  • April 29, 2024

    'I Don't Want To Try That Case,' Judge Tells Mike Lynch's Atty

    The California federal judge overseeing Autonomy founder Michael Lynch's fraud trial over claims he duped HP into paying an inflated $11.7 billion for his company pushed back Monday against an attempt by Lynch's lawyer to introduce evidence of events that took place after the acquisition, saying, "I don't want to try that case."

  • April 29, 2024

    UK Car Insurance Cost Up 33% Over Year, ABI Says

    The average cost of car insurance was around 33% higher in the first three months of 2024 than the same period a year ago, figures published by the Association of British Insurers on Monday show.

  • April 29, 2024

    Fugitive Money Launderer Forfeits Auerbach Painting, Gold

    A painting estimated to be worth £1.6 million ($2 million) and gold bars have been taken from a convicted money launderer after the National Crime Agency succeeded in a bid to have them forfeited at a London court Monday.

  • April 29, 2024

    Trade Bodies Want Gov't Action Over 'Damaging' FCA Rules

    A group of 16 financial services trade bodies has called on HM Treasury to intervene over recent Financial Conduct Authority proposals to name companies under investigation, saying the plans could have "damaging consequences" for the U.K.

  • April 30, 2024

    CORRECTED: Marketing Boss Said LC&F Was A Legitimate Biz, Not A 'Rinse'

    The head of a marketing company who referred to London Capital & Finance as a "not a rinse" insisted he was not aware of an alleged Ponzi scheme as he gave evidence on Monday at the trial over the £237 million ($296 million) investment scandal. Correction: An earlier version of the story misstated the content of Careless' 2015 email exchange. The error has been corrected.

  • April 29, 2024

    FCA To Get Extra Data To Police Consumer Credit Lending

    The City watchdog set out on Monday final rules that will require consumer credit lenders to give it more detailed data, enabling it to act against problem companies.

  • April 29, 2024

    Hipgnosis Backs Blackstone's New $1.6B Offer In Bidding War

    Blackstone said on Monday that the directors of music rights company Hipgnosis Songs will back a new $1.6 billion offer by the private equity giant after they said they would withdraw their backing for an earlier $1.5 billion bid from a U.S. competitor, Concord Chorus.

  • April 29, 2024

    Simmons-Led REIT Buys Carrefour Stores For €75M

    Supermarket Income REIT PLC said on Monday that it has bought a portfolio of Carrefour supermarkets for €75.3 million ($80.6 million) in a sale and leaseback transaction, as the property investor eyes entry into the French real estate market.

  • April 26, 2024

    ECJ OKs Later Limits For Borrowers Stuck With Unfair Contracts

    Consumers should not be time-barred from seeking repayment of costs stemming from unfair contract terms because they were unaware of the unfairness, but the clock should start ticking in the event of a court decision to that effect, the European Court of Justice ruled Thursday.

  • April 26, 2024

    Freshfields Guides PE Giant CVC Capital's Upsized $2.1B IPO

    European private equity giant CVC Capital Partners PLC rose in debut trading Friday after the firm priced an upsized €2 billion ($2.1 billion) initial public offering, marking the latest high-profile listing in Europe, represented by Freshfields Bruckhaus Deringer LLP.

  • April 26, 2024

    UK Gov't Rejects Lawmakers' Criticism Of Edinburgh Reforms

    The U.K. government has rejected criticisms from the Treasury Committee that the post-Brexit financial services reform program is moving too slowly, claiming the changes are on track in a letter published Friday.

  • April 26, 2024

    FCA Defends Naming Firms Under Investigation

    The Financial Conduct Authority on Friday defended its proposed naming of companies under investigation in a letter to a House of Lords committee.

Expert Analysis

  • Cos. Must Monitor Sanctions Regime As Law Remains Unclear

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    While recent U.K. government guidance and an English High Court's decision in Litasco v. Der Mond Oil, finding that a company is sanctioned when a designated individual is exercising control over it, both address sanctions control issues, disarray in the law remains, highlighting that practitioners should keep reviewing their exposure to the sanctions regime, say lawyers at K&L Gates.

  • Unpacking The UK's Proposals To Regulate Crypto-Assets

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    Recent proposals for crypto-asset regulation in the U.K. demonstrate support for crypto's potential, but there is concern around the authorization process for organizations undertaking crypto-asset activities, and new regulations will require a more detailed assessment of firms' compliance not previously addressed, say Jessica Lee and Menelaos Karampetsos at Brown Rudnick.

  • The Top 7 Global ESG Litigation Trends In 2023

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    To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.

  • UK Takeover Code Changes: Key Points For Bidders, Targets

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    Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.

  • Russia Ruling Shows UK's Robust Jurisdiction Approach

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    An English High Court's recent decision to grant an anti-suit injunction in the Russia-related dispute Renaissance Securities v. Chlodwig Enterprises clearly illustrates that obtaining an injunction will likely be more straightforward when the seat is in England compared to when it is abroad, say lawyers at Linklaters.

  • How New Loan Origination Regime Will Affect Fund Managers

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    Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.

  • How EU Sustainability Directive Will Improve Co. Reporting

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    The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.

  • PPI Ruling Spells Trouble For Financial Services Firms

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    The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.

  • What Lawyers Can Learn From FDI Screening Report Findings

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    The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.

  • UK Review May Lead To Lower Investment Screening Burden

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    The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.

  • Economic Crime Act Exposure: What Companies Can Expect

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    The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.

  • FCA Promotions Review Sends A Strong Message To Firms

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    The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.

  • When Can Bonuses Be Clawed Back?

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    The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.

  • The State Of UK Litigation Funding After Therium Ruling

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    The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.

  • UK Shareholding Report A Missed Opportunity For New Tech

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    The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.

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