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Financial Services UK
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June 06, 2025
Reed Smith Hires Cohen & Gresser London White-Collar Pro
Reed Smith LLP has recruited a senior expert in financial crime from Cohen & Gresser LLP in London to boost its capabilities representing clients in complex disputes and investigations.
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May 30, 2025
UK Audit Regulator Finalizes Project To Unlock Financial Data
Britain's accounting regulator said on Friday that it has now completed an 18-month project designed to make structured financial data more accessible in the U.K.
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May 30, 2025
Isle Of Man Agrees To Work With UK Against Tax Avoidance
Isle of Man authorities reached an agreement with the U.K. government to work together in a crackdown on promoters of tax avoidance schemes, according to a joint statement.
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May 30, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Entain face yet more investor claims in the fallout from its bribery probe, UEFA face class action from Liverpool fans over chaos at the 2022 World Cup, and a venture capitalist sue journalists for misuse of his private information over a forged police report. Here, Law360 looks at these and other new claims in the U.K.
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May 30, 2025
FCA Names Ex-Pensions Minister Head Of Consumer Panel
The Financial Conduct Authority said Friday that it has appointed Chris Pond, a former work and pensions minister, as chair of an independent panel that advises the regulator on consumer issues.
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May 30, 2025
FCA Wins OK For £1M Fine On Pensions Transfer Pros
The finance watchdog said Friday that a tribunal has approved its decision to ban two financial advisers from working in financial services and impose approximately £1 million ($1.3 million) in fines over their pension transfers that put clients' retirement money at risk.
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May 30, 2025
Pension Credit Applications Rise 28% Since Winter Fuel Cut
The number of applications for pension credit in the U.K. increased 28% in the past year since the government said that it will ax winter fuel payments for millions of retirees, Department for Work and Pensions data shows.
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May 30, 2025
Pension Adviser Declared In Default Over Unpaid Claims
The Financial Services Compensation Scheme confirmed on Friday that a pensions advisory company has been declared in default after it was unable to pay out on claims brought by clients.
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May 29, 2025
Bahamas Businessmen Can't Nix $2.7M Yacht Sale Ruling
Two Bahamas businessmen can't dodge a $2.7 million debt to a subsidiary of Caterpillar Inc., after the Judicial Committee of the Privy Council declined on Thursday to find that a yacht intended to repay a loan had been sold at an undervalue.
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May 29, 2025
UK Eyes Alignment With Int'l Sustainability Standard
Britain's accounting regulator proposed on Thursday introducing a U.K. version of the international standard used for sustainability assurance in a bid to ensure consistency in the sector.
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May 29, 2025
Accountants Deny Negligence In Kebab Biz Share Deal Fraud
An accounting firm has denied negligently accepting a fraudulently signed share transfer form that a business director claims cost him his stake in a meat supplier of almost £2.5 million ($3.4 million), arguing that there was "nothing obviously suspicious" about the document.
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May 29, 2025
HSBC Denies Blame For £12M Transfers Tied To Alleged Fraud
HSBC has accused a corporate client of attempting to hold the bank liable for an alleged fraud committed by the company, denying that it failed to question and block more than £12 million ($16.1 million) in allegedly fraudulent account transfers.
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May 29, 2025
US Tariffs Spark Profit Warnings For UK Pension Sponsors
British businesses might seek to tap into pension surpluses because of ongoing financial losses caused by U.S. tariffs, a professional services firm has warned.
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May 29, 2025
Argentex Left With Single Bidder As 2 Investors Exit
Argentex said Thursday that two potential investors have withdrawn their interest in buying the U.K.-based foreign exchange provider, leaving its rival IFX Payments as the only entity in line to acquire the company.
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May 29, 2025
Bigger Isn't Better In £25B Pensions Megafund Reform
The U.K. government unveiled on Thursday a sweeping reform program to drive the creation of new pension megafunds with the firepower to invest more in the U.K. economy — but experts warn this could stifle competition and "put a gun" to providers' heads.
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May 29, 2025
Toymaker Says Ex-CFO Must Sell Property To Pay £300K Debt
A toymaker has asked a London court to compel its former finance director to sell his apartment to cover a rising debt of more than £300,000 ($404,000) that it says he owes.
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May 29, 2025
FCA To Update Regulatory Directions For UK Finance Firms
The Financial Conduct Authority said Thursday that it will amend and update approximately 11,000 legal requirements, obligations and restrictions for more than 9,000 financial firms in the U.K.
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May 29, 2025
Mastercard Settlement Shows Court's Active Role In Payouts
The final decision by the Competition Appeal Tribunal on who gets what from a £200 million ($270 million) Mastercard settlement shows the willingness of the courts to rewrite distribution plans to ensure that the overall objectives of the collective action regime are met, lawyers say.
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May 28, 2025
Online Scams Surge With £1B Stolen Through Fraud In 2024
Criminals stole £1.17 billion ($1.6 billion) through fraud in 2024, largely through a 22 percent rise in customers being duped into disclosing online login passcodes, banking body UK Finance revealed Wednesday.
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May 28, 2025
UK Firms Plan To Tap Pension Surpluses Amid Rule Changes
Most U.K. businesses with defined benefit pension plans larger than £500 million ($673 million) have said they would access their retirement plan surplus once the government allows them to tap into the money, new research shows.
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June 04, 2025
Ex-Credit Karma GC Tapped As Legal Chief At UK Fintech Co.
Financial technology company Liberis Ltd. said Wednesday that it has hired Jane Moon as its new legal chief to help the business navigate regulatory challenges amid an expansion into new international markets.
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May 28, 2025
Ex-Russian Politician Appeals UK's First Sanctions Conviction
A former Russian politician who became the first person to be found guilty of breaching the U.K.'s sanctions regime is challenging his conviction and sentence, his lawyer confirmed Wednesday.
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May 28, 2025
Social Media Giants Urged To Curb Unauthorized Finance Ads
The European Union's financial markets watchdog urged the world's major social media and online companies on Wednesday to stop promoting unauthorized financial services on their platforms.
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May 28, 2025
UniCredit To Double Stake In Greek Bank Alpha To 20%
UniCredit said on Wednesday that it has arranged to more than double its holding in the owner of major Greek lender Alpha to approximately 20%.
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May 28, 2025
New FCA Crypto Rules Focus On Stablecoin Value, Security
The Financial Conduct Authority on Wednesday proposed rules aimed at ensuring stablecoins hold their value and firms keep cryptocurrencies safe, as the U.K. progresses on its plans to oversee regulation of the risky assets.
Expert Analysis
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The Outlook For UK Restructuring Plans At Home And Abroad
The U.K. continues to be a center for large-cap, cross-border restructurings, though its competitive edge over the EU in this regard may narrow, while small and medium-sized enterprises are already likely to avoid costly formal processes by reaching out to their secured lenders for restructuring solutions, say Paul Keddie and Timothy Bromley-White at Macfarlanes.
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Foreign Assets Ruling Suggests New Tax Avoidance Approach
The U.K. Supreme Court's recent ruling in His Majesty's Revenue & Customs v. Fisher, which found that the scope of the transfer of foreign assets is narrow, highlights that the days of rampant tax avoidance have been left behind, and that the need for wide-ranging and uncertain tax legislation is lessening, says James Austen at Collyer Bristow.
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Lessons To Be Learned From 2023's Bank Failures
This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.
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An Overview Of European Private Investments in Public Equity
Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.
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Cos. Must Monitor Sanctions Regime As Law Remains Unclear
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.
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Unpacking The UK's Proposals To Regulate Crypto-Assets
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.
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The Top 7 Global ESG Litigation Trends In 2023
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.
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UK Takeover Code Changes: Key Points For Bidders, Targets
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.
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Russia Ruling Shows UK's Robust Jurisdiction Approach
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.
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How New Loan Origination Regime Will Affect Fund Managers
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.
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How EU Sustainability Directive Will Improve Co. Reporting
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.
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PPI Ruling Spells Trouble For Financial Services Firms
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.
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What Lawyers Can Learn From FDI Screening Report Findings
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.
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UK Review May Lead To Lower Investment Screening Burden
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.
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Economic Crime Act Exposure: What Companies Can Expect
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.