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Financial Services UK
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June 11, 2025
UBS Sues Chelsea Group For $20.6M Over Greensill Deal
UBS' asset management unit has brought a $20.6 million claim in an English court against three companies in a Cyprus-based group alleging unpaid debt resulting from a supply chain finance deal with the now-defunct Greensill Capital.
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June 11, 2025
Accountant Gets Maternity Bias Payout Boosted To £32K
A property development company must pay its former accountant £31,900 ($43,200) for maternity discrimination after she won her appeal against an initial figure of £5,000, a tribunal has ruled.
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June 11, 2025
EU Lawmakers Urged To Boost Share Settlement Competition
A trade body for financial institutions in Europe has asked lawmakers to prioritize making clearing and settlement service more competitive in plans to integrate and grow European Union capital markets.
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June 11, 2025
FCA Warns Financial Advisers Of Retirement Advice Failings
The City watchdog said Wednesday that it has found that companies providing retirement income advice are failing to record clients' financial situations or revisit their attitude to risk in a thematic review.
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June 11, 2025
Nearly 80% Of Trustees Plan To Access Pension Surplus
More than three-quarters of retirement savings plan trustees have said they are planning to use new powers floated by the government that will allow them to distribute surpluses tied up in their schemes, a consultancy has said.
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June 10, 2025
Innsworth Seeks Review Of £200M Mastercard Settlement Split
Litigation funder Innsworth announced Tuesday it was launching a High Court challenge to how the Competition Appeal Tribunal decided to distribute a £200 million ($270 million) settlement reached between Mastercard and Walter Merricks to end litigation over credit card fees.
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June 10, 2025
CMS Faces £10M Negligence Claim Over Investec Debt Advice
A property developer has alleged that law firm CMS owes him at least £10 million ($14 million) for negligent advice concerning a debt-restructuring plan that he says he never would have agreed to if he had been given proper warning.
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June 10, 2025
Greensill Says He Was Trapped In Katerra Restructuring Deal
Lex Greensill said Tuesday that he was "between a rock and a hard place" in a restructuring deal involving his eponymous firm and SoftBank, a Japanese investment company, as the former banker gave evidence in a $440 million trial in London of a claim brought by a collapsed Credit Suisse fund.
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June 10, 2025
UK Treasury Committee Warns HMRC Over Phishing Attack
A British treasury committee warned HM Revenue & Customs in a letter published Tuesday that its failure to report details of a breach affecting around 100,000 taxpayers is unacceptable.
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June 10, 2025
Apple, Sony Fight Class Reps Over New Legal Funding Deals
Apple, Visa, Mastercard and Sony told the Court of Appeal Tuesday that funding agreements driving multiple competition class action claims in the U.K. are unlawful and unenforceable.
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June 10, 2025
Insolvency Service Hires Crypto-Specialist To Aid Recoveries
A U.K. government agency responsible for investigating company insolvencies has appointed its first crypto-specialist to help recover digital assets such as bitcoin for creditors.
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June 10, 2025
Expanding FCA Taps Ex-Crime Agency Exec As Deputy CEO
The Financial Conduct Authority said Tuesday that it has appointed Sarah Pritchard, a qualified litigator and former director of the National Economic Crime Centre, as deputy chief executive to handle its expanding remit.
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June 10, 2025
FCA's Rathi Tries To Gauge Gov't Risk Appetite For Crypto
The Financial Conduct Authority warned a cross-party group of MPs on Tuesday it needed a steer on the government's risk appetite for crypto-assets amid the push for U.K. competitiveness and economic growth.
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June 10, 2025
Ex-Sky Sports Host Gets 11-Year Director Ban Over £10M Debt
Former Sky Sports presenter Alan Bentley has been banned from running companies for 11 years after his football betting business collapsed with debts to investors of more than £10 million ($13.5 million), the Insolvency Service revealed Tuesday.
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June 10, 2025
FCA Unveils Rules For Private Stock Market Launch
The Financial Conduct Authority set out rules on Tuesday for its world-first regulated stock market for private companies in the latest bid by Britain to boost growth and provide alternatives to London's ailing equity capital market.
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June 09, 2025
Media Biz Chair Who Misled Investors Told To Buy Out Shares
The chairman of a media company has been ordered to buy out a minority shareholder after a London appeals court said Monday that he had deliberately deceived investors about his attempts to work towards selling the company.
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June 09, 2025
Lex Greensill Claims SoftBank Hid Deal With 'Code Of Silence'
Lex Greensill testified in a $440 million London trial Monday that SoftBank, a Japanese investment company, had designed a restructuring agreement involving his firm to avoid putting potential losses on its accounts in his first public appearance since his eponymous firm's collapse.
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June 09, 2025
Investment Biz CEO Hit For £2.8M Over Exec's Drinks Loan
A former executive at a U.S. subsidiary of a London investment fund is suing the firm and its founder for about $3 million after they allegedly failed to repay a short-term loan to cover the costs of the company's investment in a drinks company.
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June 09, 2025
Ex-Commerzbank Analyst Denies Faking Sex Assault Claims
A former Commerzbank analyst on Monday fought claims that he lied to a court by making false sexual assault allegations in his failed harassment case against the bank, telling a London court he was being truthful.
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June 09, 2025
UK Leads Europe On FDI In Financial Services, EY Says
The U.K. continues to be Europe's most attractive destination for foreign direct investment into financial services, despite a drop in the number of projects across the region, Ernst & Young said on Monday.
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June 09, 2025
FCA Proposes Reporting Changes For Fund Managers
The Financial Conduct Authority has proposed that it will reduce requirements for U.K. fund managers on how they report on value for investors, a move that would enable significant cost cuts.
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June 09, 2025
Broking Group Howden Buys Peruvian Reinsurance Biz
Howden Group said Monday that it has bought Peruvian reinsurance broker Innova Re, marking a further broadening of the insurance broking giant's footprint in Latin America.
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June 09, 2025
FCA, NVIDIA Team Up To Launch AI Testing Sandbox
The Financial Conduct Authority said Monday it will launch a supercharged sandbox in collaboration with multinational technology company NVIDIA to help firms experiment safely with artificial intelligence to support innovation.
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June 06, 2025
Reality TV Gallery Owner Gets 2½ Years On Terrorism Charges
An art gallery owner and reality TV art expert was sentenced to over two years' imprisonment at a London criminal court on Friday for failing to report his suspicions when selling around £140,000 ($189,400) worth of art to a suspected terrorist financier.
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June 06, 2025
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen MGM and the owners of the "Addams Family" trademark sue a private equity firm, two Cambridge colleges file for injunctions against Pro-Palestine student protest groups and a former NBA player brings a claim against Orrick Herrington & Sutcliffe LLP.
Expert Analysis
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4 Legal Privilege Lessons From Dechert Disclosure Ruling
The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.
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BT Case May Shape UK Class Action Landscape
The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.
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Key Points From EC Economic Security Screening Initiatives
Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.
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Following The Road Map Toward Quantum Security
With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.
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Why EU Ruling On Beneficial Ownership May Affect The UK
Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.
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Key Changes In FRC Code Aim To Promote Good Governance
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.
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Ruling In FCA Case Offers Tips On Flexible Work Requests
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.
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Breaking Down The New UK Pension Funding Regs
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.
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Predicting DeFi Regulations At Home And Abroad In 2024
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.
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Consultation Docs Can Help EU Firms Prep For Crypto Regs
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.
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A Closer Look At Novel Jury Instruction In Forex Rigging Case
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.
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Investors' Call For Voting Changes Faces Practical Challenges
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.
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Litigation Funding Implications Amid Post-PACCAR Disputes
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.
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What Extension Of French FDI Control Means For Investors
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.
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What To Expect For Private Capital Investment Funds In 2024
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.