Financial Services UK

  • June 06, 2025

    Labour Gov't Eases Carried Interest Rules On Fund Managers

    The Labour government has unveiled a series of concessions on changes to the tax rules for carried interest, the investment income passed onto fund managers, following a consultation on the plans.

  • June 06, 2025

    Court Rebukes Lawyers For Fake AI-Generated Citations

    A London court referred a barrister and solicitor to their professional regulators on Friday for citing cases that do not exist and warned that freely available generative artificial intelligence tools such as ChatGPT are not capable of conducting reliable legal research.

  • June 06, 2025

    Switzerland Plans Tax Data Reporting For Crypto

    The Swiss government said Friday that it has approved a plan to extend the automatic exchange of information for tax matters to apply to crypto-assets.

  • June 06, 2025

    Mental Health Moratorium Can't Stop Principal Debt Recovery

    A London appellate court ruled Friday that a man in a mental health crisis cannot prevent lenders from repossessing properties used to secure loans worth approximately £1.9 million (£2.6 million), concluding that the principal amounts were not affected by a moratorium on repayments.

  • June 06, 2025

    FCA Proposes Lifting Ban On Crypto ETNs For Consumers

    The Financial Conduct Authority proposed Friday to lift its ban on crypto exchange-traded notes for consumers in a move to support U.K. growth and competitiveness, with similar products already available in other countries.

  • June 06, 2025

    UK To Launch Delayed Second Phase Of Pensions Review

    The government said it will soon launch the delayed second phase of its pensions review, in what experts hope could be the biggest shakeup for the sector for 20 years.

  • June 06, 2025

    UK Pensions Bill To Transform Trustees' Role, Watchdog Says

    Britain's retirement savings watchdog has said it will look to other regulators and governance standards for guidance to ensure that pensions trusteeship is ready for the "transformational" impact of reforms that have recently been announced.

  • June 06, 2025

    From Russia With Love? UK Lawyers Mull Sanctions U-Turn

    Finance companies are enlisting white-collar lawyers to draw up plans for tapping back into Russia if the U.S. breaks with its Western allies and eases sanctions, although experts warn that unpredictable political winds mean there are as many risks as opportunities.

  • June 06, 2025

    UK Floats Legislative Fix For Virgin Media Pensions Case

    The government has said it will push through legislation to deal with the legal fallout for pension trustees from a landmark Court of Appeal ruling in 2024.

  • June 06, 2025

    EY Law Steers AIB On Sale Of 49.9% Stake In Payments Biz

    Financial services giant AIB Group PLC revealed on Friday it has signed an agreement to sell its 49.9% holding in its payment systems business to Fiserv, Inc., a global fintech company based in the U.S.

  • June 06, 2025

    Macquarie Completes £700M Takeover Of Dutch Waste Biz

    Australian financial services giant Macquarie Group has completed its takeover of Dutch waste management business Renewi PLC in a deal worth approximately £700 million ($949 million), the companies said on Friday.

  • June 05, 2025

    Meta Pressed By MPs Over Slow Removal Of Harmful Content

    A group of influential MPs said Friday that they have written to Meta asking the Facebook-owner to explain its tardy responses to requests by the City watchdog for the removal of harmful content from financial influencers appearing on its platforms.

  • June 05, 2025

    UK Pension Assets Hit £3.2T Amid Shift To Private Markets

    The total value of U.K. pensions grew by 11% in 2024 to £3.2 trillion ($4.3 trillion), the Pensions Policy Institute has said, noting a movement to private market investment in a "period of transition" in Britain.

  • June 05, 2025

    Trading Biz Can't Short Circuit Trial Against Former GC

    A London judge said Thursday that a trading services company must go to trial to prove that its former general counsel misused confidential information, citing a possibility that the business abused the lawyer-client relationship.

  • June 05, 2025

    Credit Suisse Says Greensill Deals Left $440M Debt Unpaid

    Greensill Capital coordinated with SoftBank to enter into "improper" transactions which caused Credit Suisse investors to lose $440 million in debt, a lawyer for a sub-fund for the collapsed Swiss bank told the first day of trial Thursday.

  • June 05, 2025

    Cooley-Led Fintech Biz Weighs Switching Main Listing To US

    Payments company Wise PLC said on Thursday it is planning to move its main listing from London to the U.S., becoming the latest British company to shift its main funding focus across the Atlantic.

  • June 05, 2025

    Oligarch Can't Appeal Tossed $14B Asset-Stripping Claim

    Imprisoned oligarch Ziyavudin Magomedov cannot challenge a decision to dismiss his $14 billion claim against Transneft, Rostatom, a private equity firm and other entities over an alleged Russian state-led conspiracy to strip his assets in two major port operators, a London appeals court has ordered.

  • June 05, 2025

    FCA Warns Of Tensions On Motor Finance Redress Plan

    The City watchdog highlighted on Thursday tensions underlying its potential future motor finance consumer redress program, warning that payouts estimated by some law firms and claims management companies were "highly speculative."

  • June 05, 2025

    Gov't Unveils Landmark Pension Reforms To Boost Savings

    The government has unveiled a raft of pension reforms that it said will dramatically boost the savings of millions of British workers.

  • June 05, 2025

    Ombudsman Eyes Interest Rate Cut On Compensation Awards

    The financial disputes body has proposed lowering the interest rate it applies to compensation awarded to people who have lost money as it pushes to modernize redress in the U.K. 

  • June 05, 2025

    JPMorgan Blocks VTB's Russian Case Over Frozen $156M

    JPMorgan won its fight on Thursday to block VTB Bank from bringing a $156 million case in Russia over frozen funds, as a London court ruled that the Russian lender's claims were "vexatious and oppressive."

  • June 05, 2025

    Court Sanctions Miami's £70M Bid For European Exchanges

    A court in Jersey has given its nod to the owner of the Bermuda Stock Exchange for the takeover of The International Stock Exchange Group in a deal worth approximately £70.4 million ($96 million), the companies said Thursday.

  • June 04, 2025

    VTB Bank Unit Beats 'Thinnest Possible' Corporate Raid Case

    A British unit of Russian state-owned VTB Bank has beaten claims in a London court that it was part of a Kremlin-approved corporate raid, with a judge ruling that a steel businessman's evidence against the lender was "the thinnest possible gruel."

  • June 04, 2025

    Most UK Pension Plans Mulling Surplus Use, LCP Says

    Most defined benefit pension plans are either actively considering or already planning to use their retirement plan surplus amid government rule changes, according to consultancy Lane Clark & Peacock.

  • June 04, 2025

    Billionaire Defends Asset Freeze Amid $415M Fraud Case

    Mexican billionaire Ricardo Salinas Pliego on Wednesday told a London appeals court Wednesday that a man who allegedly defrauded him out of more than $415 million was "grasping at straws" in an attempt to escape an asset-freezing order. 

Expert Analysis

  • 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.

  • ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring

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    A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.

  • Economic Crime Act Offers Welcome Reform To AML Regime

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    The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.

  • 3 Financial Services Hot Topics To Watch In 2024

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    Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.

  • What Venice Swaps Ruling Says About Foreign Law Disputes

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    The English appeals court's decision in Banca Intesa v. Venice that the English law swaps are valid and enforceable will be welcomed by banks, and it provides valuable commentary on the English courts' approach toward the interpretation of foreign law, say Harriet Campbell and Richard Marshall at Penningtons Manches.

  • Key Litigation Funding Rulings Will Drive Reform In 2024

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    Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.

  • How Draft Trading Regs Provide Framework For UK Regime

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    Representing an important part of the U.K. government's post-Brexit regulatory reform agenda, the most recent draft of the proposed Trading Regulations seeks to provide a framework for a new rules-based regime for regulating public offers of securities and admissions to trading on a U.K.-regulated market, say lawyers at Davis Polk.

  • Breaking Down The New Rules For High Net Worth Individuals

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    Andrew Northage at Walker Morris outlines what businesses need to be aware of to ensure ongoing compliance with revised conditions in the U.K. government's updated financial promotion exemptions for high net worth individuals and sophisticated investors, and suggests a few practical tips for businesses to follow.

  • How Data Privacy Law Cases Are Evolving In UK, EU And US

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    To see where the law is heading in 2024, it is worth looking at privacy litigation and enforcement trends from last year, where we saw a focus on General Data Protection Regulation regulatory enforcement actions in the U.K. and EU, and class actions brought by private plaintiffs in the U.S., say lawyers at Morgan Lewis.

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