Financial Services UK

  • April 10, 2024

    Swiss To Beef Up Banking Rules After Credit Suisse Rescue

    The Swiss government said Wednesday that it plans to beef up rules for its largest domestic lenders, including giving its financial watchdog an expanded toolkit after the near-collapse of Credit Suisse revealed holes in the current regime.

  • April 10, 2024

    Compensation For Poor Pensions Advice At Record Low

    Compensation for retirement savers who were wrongly advised to transfer out of their defined benefit pension has hit a record low, a consultancy said on Wednesday.

  • April 10, 2024

    EU Bank Rescue Agency Overcharged Institutions By €3.7B

    A European Union court ruled Wednesday that the eurozone's rescue agency for financial institutions overcharged for contributions to its safety net fund by almost €3.7 billion ($4 billion) but has given the authority at least six months until it has to repay.

  • April 10, 2024

    FCA Eyes Revisions To Payments For Investment Research

    The Financial Conduct Authority on Wednesday said it plans to revise how asset managers pay for investment research, seeking to simplify and expand access across the sector.

  • April 10, 2024

    Fraudsters Behind £50M Benefits Scam Get Sentencing Date

    Five Bulgarians who pleaded guilty to fraud and money laundering have been convicted at a London criminal court, the European Agency for Criminal Justice Cooperation said Wednesday, a crime the agency described as the largest benefits fraud to have hit the U.K.

  • April 10, 2024

    Lifeboat Fund Opens Probe Into British Steel Pension Adviser

    The compensation program for financial services said it has opened an investigation into an advice firm in connection with the British Steel Pension Scheme scandal.

  • April 10, 2024

    EY Law Helps Alisa Bank Merge With Fintech In €10.4M Deal

    Finnish digital lender Alisa Bank PLC said it plans to merge with PURO Finance Ltd. in a deal that values the invoice financing company at €10.4 million ($11.3 million).

  • April 10, 2024

    FCA Records Decline In Households In Financial Difficulty

    The number of households in financial difficulty tumbled by 38% in the 12 months to January, the finance watchdog said Wednesday, adding that more than seven million people were struggling to pay bills and credit repayments compared with almost 11 million a year earlier.

  • April 10, 2024

    Russian Tycoons Win Initial Fight Over EU Sanctions

    Russian businessmen Mikhail Fridman and Petr Aven have beaten the initial European sanctions imposed against them as a European Union court ruled Wednesday that they were unjustifiable, although their assets will continue to be restrained under newer measures.

  • April 09, 2024

    'You're Going To Lose These People,' Judge Tells Lynch Atty

    U.S. District Judge Charles Breyer on Tuesday chided a Steptoe partner representing former Autonomy CEO Michael Lynch in his criminal fraud jury trial, saying that his hourslong questioning of a Deloitte partner shouldn't go on much longer, or "you're going to lose these people."

  • April 09, 2024

    Pension Scheme End-Game Options Rising, Consultancy Says

    A rise in funding means U.K pension schemes have more end-game options, consultancy Broadstone said Tuesday, as the aggregate surplus of thousands of defined benefit schemes increased to £455.5 billion ($578.4 billion) by the end of March.

  • April 09, 2024

    Labour Party Pledges £5.1B Tax Crackdown If Elected

    Britain's opposition Labour Party pledged Tuesday to raise £5.1 billion ($6.5 billion) by closing tax loopholes and cracking down on tax avoidance schemes if it wins the next election, expected later this year.

  • April 09, 2024

    Gov't Urged To Ban Cash Incentives For Pension Switching

    The government should ban pension providers from offering cash incentives for savers to switch plans because the practice encourages people to ignore the "fine print" and move over to a worse option, new research by a provider of retirement savings plans suggests.

  • April 09, 2024

    HSBC To Take $1B Hit From Sale Of Argentina Unit

    HSBC said Tuesday that it will book a $1 billion loss on the sale of its business in Argentina to local lender Grupo Financiero Galicia, as the London-based bank continues to shift its focus to Asia.

  • April 16, 2024

    Charles Russell Speechlys Hires Banking And Finance Lawyer

    Charles Russell Speechlys LLP has appointed Philip Withey, a lawyer from Womble Bond, as partner in its banking and finance practice in a move the firm believes will boost its business.

  • April 08, 2024

    Ex-Autonomy Exec Says Boss's Invoice Ask Caused Concern

    A former Autonomy finance employee took the stand Monday in the criminal fraud trial of ex-CEO Michael Lynch and finance director Stephen Chamberlain, telling a California federal jury that he was "not comfortable" with one of Chamberlain's invoice requests and was sacked after raising concerns about accounting irregularities.

  • April 08, 2024

    Canada's High Court Enforces Award In Greek Defense Suit

    The Supreme Court of Canada has affirmed the enforcement of an arbitral award in a dispute over a contract between aircraft manufacturer Bombardier Inc. and Greece's Ministry of National Defence, saying a Canadian bank had to refuse payment to the beneficiary of a letter of credit because of fraud.

  • April 08, 2024

    £54M Claimed From Failed Financial Services Last Year

    The U.K.'s lifeboat scheme said Monday it has recovered £54 million ($68 million) in the financial year ended March 31 from the estates of failed financial services companies.

  • April 15, 2024

    Kirkland Hires Leveraged Finance Pro From Allen & Overy

    Kirkland & Ellis LLP has recruited a debt finance specialist from Allen & Overy LLP as it continues to rebuild in the United Kingdom after undergoing a string of departures to rival U.S. law firm Paul Weiss Rifkind Wharton & Garrison LLP in late 2023.

  • April 08, 2024

    Attwells Denies Breaking Promise In £1.2M Loan Dispute

    Attwells Solicitors LLP has denied promising that it was acting on behalf of a man who, the law firm says, was probably fraudulently posing as the owner of two properties in a move to borrow £775,000 ($980,000) from a finance company.

  • April 08, 2024

    Gowling, Osborne Clarke Steer £60M Tech Co. Pension Deal

    Insurer Just Group said Monday it has completed a £60 million ($75.7 million) buy-in of a pension scheme sponsored by technology companies Epson (UK) Ltd. and Epson Europe BV, in a deal guided by Gowling WLG and Osborne Clarke.

  • April 08, 2024

    Pension Schemes Considering Alternatives For End Goal

    Pension plans need to carefully weigh a range of options for their end game strategies, a professional services firm said, as retirement savings scheme funding continues to hover around near record levels.

  • April 08, 2024

    Grant Thornton Fined For Audit Compliance Breaches

    The Financial Reporting Council said Monday it has fined accounting firm Grant Thornton £40,000 ($50,500) for failing to comply with audit regulations in its work on a local authority's pension fund.

  • April 15, 2024

    Hill Dickinson Hires 2 Teams From Irwin Mitchell

    Hill Dickinson LLP has recruited two groups of real estate specialists from Irwin Mitchell LLP for its new office in Birmingham after a corporate team made a similar move earlier in the year.

  • April 05, 2024

    High Court Limits Use Of Confidential Info In $3.7B Asset Fight

    Relatives of a dead Russian oligarch and an investment company accused of international fraud on Friday partially succeeded in obtaining an order to prevent the alleged misuse of their confidential information.

Expert Analysis

  • 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.

  • What Extending Corporate Liability Will Mean For Foreign Cos.

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    Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.

  • A Consequential Moment For Sanctions Activity

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    It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.

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