Try our Advanced Search for more refined results
Financial Services UK
-
May 22, 2024
Citigroup Fined £61.6M For Trading Systems Failings
Two finance regulators said Wednesday they have fined Citigroup Global Markets Ltd. a total of £61.6 million ($78.4 million) for failures in trading systems that led to the lender mistakenly selling $1.4 billion in equities into European markets.
-
May 21, 2024
EU Gives Final Approval To World's First AI Rulebook
European Union law negotiators gave the final green light on Tuesday to the first worldwide rules on artificial intelligence across most sectors including financial services, classifying its usage in bank lending risk assessments or insurance underwriting for EU citizens as high-risk.
-
May 21, 2024
Denmark's Sydbank To Acquire Local Coop Bank For $50M
Danish lender Sydbank said Tuesday that it has agreed to acquire the country's Coop Bank AS from its parent company for a preliminary purchase price of 345 million Danish kroner ($50.2 million), in addition to signing a partnership agreement.
-
May 21, 2024
I Am An Honest Man, British Trader Tells £1.4B Fraud Trial
Sanjay Shah, a former hedge fund owner who is accused of defrauding Denmark's tax authority out of £1.4 billion ($1.8 billion), told a London court on Tuesday that he is an "honest man" who traded using a legal "loophole."
-
May 21, 2024
Finance Pros 'Too Afraid' To Blow Whistle On Fraud
More than three-quarters of finance professionals in the U.K. stayed silent after spotting or suspecting internal fraud in their workplaces, a survey published on Tuesday showed, with nearly half saying they feared a backlash.
-
May 21, 2024
Credit Union In Default, £2.6M Compensation Expected
The Financial Services Compensation Scheme said Tuesday it will protect the members of Castle & Crystal Credit Union Ltd. as the financial company entered into administration.
-
May 21, 2024
UK Pension Reform Could Create 'Too Big To Fail' Providers
The proposed government fix for the spiraling number of retirement savings pots could create pension giants that are too big to fail, an industry body warned on Tuesday.
-
May 21, 2024
Mastercard, Visa Fee Hikes Face UK Competition Scrutiny
The Payment Systems Regulator said Tuesday that the two biggest card operators, Mastercard and Visa, do not give value for money on their services and that it will take steps to hold them more accountable.
-
May 21, 2024
Ex-Insurance Exec's Wife Denies Knowledge Of Illegal Money
The wife of a former executive at Gable Insurance has denied cashing in on unauthorized payments from her husband who, the Liechtenstein insurer alleges, siphoned off millions of pounds from the company to accounts he had links to.
-
May 21, 2024
Hayes Gets Lifeline In Bid To Overturn Libor Conviction
An English appellate court on Tuesday opened the door for two traders convicted of manipulating benchmark interest rates to appeal to the U.K.'s top court but said that the justices must decide whether to hear the case.
-
May 20, 2024
Autonomy CEO Reaped $516M From HP Acquisition, Jurors Told
Ex-Autonomy CEO Michael Lynch took home more than $516 million from the software company's $11.7 billion sale to HP, an FBI agent testified Monday as the government's last witness in a trial over allegations Lynch duped HP into overpaying to buy the company.
-
May 20, 2024
SFO Seizes Cash In Bank Account Linked To Nigerian Bribery
Britian's anti-corruption agency has seized more than £36,000 ($46,000) from the former managing director of an African state-owned banknote printing company after prosecutors traced the money to a bribery scheme.
-
May 20, 2024
Collapsed Firm Escapes Fine For Making Unapproved Claims
The solicitors' watchdog for England and Wales on Monday waived a £65,300 ($83,000) fine for a shuttered law firm that submitted claims without clients' approval, scrapping the penalty to safeguard the outfit's creditors.
-
May 20, 2024
Lessors File Russia-Stranded Planes Cases After Major Ruling
Two aircraft lessors have filed details of claims against insurers in London for a combined total of $62.1 million over planes stranded in Russia because of the invasion of Ukraine after a landmark ruling tossed attempts to move the cases and others to Russia.
-
May 20, 2024
UK Leads Europe In Financial Services Investment, EY Says
The U.K. has solidified its position as Europe's top destination for foreign direct investment in financial services as it attracted 108 investment projects in 2023 compared to 76 a year earlier, the Big Four accounting firm EY said Monday.
-
May 20, 2024
Step Up Action On Financial Abuse, FCA Tells Firms
The Financial Conduct Authority has called on regulated firms to take further steps to stop financial abuse of individuals through manipulation of banking or insurance products as it looks through the lens of the Consumer Duty.
-
May 20, 2024
Crypto 'Inventor' Used Court As Vehicle For Fraud, Judge Says
A London court ruled Monday that the man who claimed to be Satoshi Nakamoto in a weekslong trial lied extensively and committed forgery "on a grand scale," finding that the computer scientist had used the courts as a "vehicle for fraud."
-
May 20, 2024
Addleshaw Helps British Land Sell Stake In Mall To Norway
British Land said Monday that it has sold its remaining 50% stake in a mall in northern England to Norway's sovereign wealth fund for £360 million ($457 million), as the property investor looks to reduce its exposure to indoor shopping centers.
-
May 17, 2024
Imprisoned Oligarch Partly Wins Bid To Expand $14B Claim
An imprisoned Russian billionaire partly succeeded in a London court Friday in adding new allegations to his $13.8 billion claim alleging his business empire was fraudulently taken in a wide-ranging Russian state conspiracy.
-
May 17, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a wave of claims filed against Verity Trustees Ltd., Harley-Davidson hit retailer Next with an intellectual property claim, Turkish e-commerce entrepreneur Demet Mutlu sue her ex-husband and Trendyol co-founder Evren Üçok and the Solicitors Regulation Authority file a claim against the former boss of collapsed law firm Axiom. Here, Law360 looks at these and other new claims in the U.K.
-
May 17, 2024
SEC Can Try To Show Jurisdiction Over German In $3M Claim
The U.S. Securities and Exchange Commission will be allowed to pursue evidence to support its case for disgorgement of $3.3 million in allegedly ill-gotten gains from a German man whose son was implicated in a $150 million pump-and-dump scheme, a federal judge in Boston ruled on Thursday.
-
May 17, 2024
Pensioners Lose £80M In Credit Over Submission Errors
The Department for Work and Pensions has said that retirees lost out on £80 million ($102 million) in payments to help top up their weekly income to a minimum level because they submitted inaccurate information about themselves in the last financial year.
-
May 17, 2024
FCA Sets Out Consumer Duty Priorities For Closed Products
The Financial Conduct Authority has sent "Dear CEO" letters to multiple financial service firms, setting out its priorities for the July deadline to apply the Consumer Duty guidelines to closed-off products such as old savings accounts or insurance policies.
-
May 17, 2024
ABN Amro To Sell Stake In Life Insurance JV Neuflize Vie
BN Amro Bank NV said Friday that its Neuflize OBC French private bank branch has entered "exclusive negotiations" to sell the unit to the insurance subsidiary of BNP Paribas SA to form a strategic partnership in life insurance in France.
-
May 17, 2024
Asset Manager Alpha Growth To Buy Insurance Manager
British wealth manager Alpha Growth PLC said Friday that it will buy Guernsey-based insurance management company Jeometri for £450,000 ($569,000) to help it grow its insurance offering across the U.K.
Expert Analysis
-
More UK Collective Actions On The Horizon After Forex Ruling
A U.K. appeals court's recent decision in Forex case Evans v. Barclays is likely to significantly widen the scope of opt-out collective proceedings that can be brought, paving the way for more class actions by prospective claimants who have previously been unable to bring individual claims, say Robin Henry and Tamara Davis at Collyer Bristow.
-
FCA Listing Reform Proposals Aim To Modernize UK Markets
The U.K. Financial Conduct Authority's recent proposals to reform listing rules will enhance equities while retaining protections and high governance standards, and will also make the capital markets work more efficiently and competitively with other global markets, say lawyers at Greenberg Traurig.
-
Takeaways From ICO's Action In NatWest Privacy Dispute
The U.K. Information Commissioner’s Office's latest intervention in the Nigel Farage NatWest Bank dispute highlights the importance of the legal responsibilities of all data processors in possession of sensitive information, and is a reminder that upholding bank customers' privacy rights is paramount, says James Kelliher at Keller Postman.
-
How The OECD Global Tax Proposal Could Affect M&A
Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.
-
How Russia Sanctions May Complicate Contract Obligations
Against the backdrop of recent comprehensive sanctions against Russia and Belarus, a review of recent U.K. case law clarifies that certain force majeure clauses likely cover trade sanctions, and that future litigation will further develop the scope of force majeure and frustration in the context of sanctions, says Frances Jenkins at Quillon Law.
-
New Guidance Offers Clarity For Charities On ESG Investing
The need for charities to understand investing in line with environmental, social and governance aspirations has never been more pressing, and recently updated U.K. Charity Commission guidance should give trustees confidence to make decisions that are right for their organization, says Robert Nieri at Shoosmiths.
-
US And EU Poised For Closer Ties In Tech Financial Market
The Consumer Financial Protection Bureau and the European Commission are both concerned about the challenges posed by the increasing digitalization of financial products, such as the use of AI and new forms of credit, and by working together, the two regulators can share information and best practices, says Yulia Makarova at Cooley.
-
FCA Case Failures Highlight Value Of Robust Investigation
The recent U.K. upper tribunal judgment in Seiler, Whitestone and Raitzin v. The Financial Conduct Authority, criticizing the regulator for accepting a narrative advanced by the firm, makes clear that such admissions must not get in the way of a proper investigation to enable agencies to target the correct individuals, say Tom Bushnell and Olivia Dwan at Hickman & Rose.
-
UK Shares-Tax Proposals Offer Long-Awaited Modernization
The U.K. government's recent consultation on the introduction of a new tax on transactions in securities raises detailed legal and practical issues, but the prospect of a single digital stamp tax offering both streamlined legislation and administration will be welcomed, say Zoë Arnautov and Mark Sheiham at Simmons & Simmons.
-
Directors Should Beware Reinvigorated UK Insolvency Service
The recent lengthy disqualification of Carillion directors serves as a salutary lesson to executives on the level of third-party scrutiny to which their actions may be exposed, and a reminder that the directors’ fiduciary duty to creditors is paramount once a company is irretrievably insolvent, says Ben Drew at Fladgate.
-
The New Accountability Landscape For Financial Regulators
The preliminary-stage success of a group of U.K. lawmakers in a case against the Financial Conduct Authority highlights the significant hurdles for review of regulatory actions, but the Financial Services and Markets Act 2023 creates additional visibility into the regulators' decision making, which may lead to an increase in judicial review activity, say attorneys at Cleary.
-
Director Responsibilities Amid Russian Asset Seizures
Following Russia's recent takeover of several companies, shareholders may argue that directors failed to properly guard the companies' assets and choose to bring derivative claims or unfair prejudice petitions, say lawyers at Collyer Bristow.
-
Investors Should Prepare For Possible EU Energy Treaty Exit
Following the European Commission’s recent call for the European Union and Euratom to withdraw from the Energy Charter Treaty, investors in the energy sector should assess the legal structure of their existing investments and consider restructuring to ensure adequate protections, says Philipp Kurek at Kirkland.
-
EU Raw Materials Initiative Vital For Sustainable Value Chains
The European Commission’s recent steps toward developing partnerships with the U.S. and Argentina to ensure a secure supply of critical raw materials are a welcome recognition of the importance of mining to the European Union's sustainable transition, say lawyers at Watson Farley.
-
UK Top Court Ruling Spells Uncertainty For Litigation Funders
The U.K. Supreme Court's recent decision in Paccar Inc. v. Competition Appeal Tribunal has called litigation funding agreements impermissible, causing astonishment in the legal industry and raising questions over how funders should now approach litigation, say Mohsin Patel at Factor Risk Management and Imran Benson at Hailsham Chambers.