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Financial Services UK
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July 29, 2024
Gov't Consults On Tax Hikes For Fund Managers, Non-Doms
Chancellor Rachel Reeves said Monday that an autumn Budget planned for Oct. 30 will include feature selected tax rises, a warning accompanied by strong hints from HM Treasury that fund managers and non-domicile taxpayers could take a bigger hit.
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July 29, 2024
NFT Game Collaborator Says She Was IP Co-Owner
A cryptocurrency expert has said that her former business partner has improperly accused her of stealing confidential business information for an NFT-winning game they co-developed, despite having proof that she had not shared anything with his competitors.
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July 29, 2024
Marketer Told She Had Baby 'At The Wrong Time' Wants £30K
A marketer for an international accountancy accreditation body asked a tribunal on Monday to order her employer to pay her £30,000 ($38,500) for injury to her feelings after her boss told her that she "had a baby at the wrong time."
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August 05, 2024
Morgan Lewis Adds Investment Pro From Paul Hastings
Morgan Lewis & Bockius LLP has hired a seasoned expert in private equity secondary markets as a partner in London, as the firm moves to consolidate its presence as a major player in the sector.
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July 29, 2024
New Defined Benefit Funding Code Laid Before Parliament
Britain's pensions watchdog on Monday said its long-awaited funding code for defined benefit retirement savings plans has been laid before Parliament, marking what it called a "significant step."
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July 29, 2024
Top Corporate Crime Cases To Watch For The Rest Of 2024
The Serious Fraud Office's intention to charge individuals with bribery over Glencore's dealings in Nigeria, a major bitcoin money laundering trial and the ongoing legal battles between ENRC and the SFO are some of the major white-collar crime cases on the horizon.
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July 29, 2024
Zurich Invests $60M In Cyber Insurance Provider For SMEs
Swiss insurance giant Zurich has invested $60 million in Cowbell, a provider of cyberinsurance for small businesses, the digital risk company said, amid growing industry concerns over cyberthreats.
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July 29, 2024
FCA Weighs Taking Protection From Some Insurance Clients
The Financial Conduct Authority proposed on Monday a change to the criteria of classifying a small business as a commercial insurance client by removing consumer protection rules from some firms when they buy insurance products.
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July 29, 2024
NCA Seizes Assets As Russian Oligarch Ends Sanctions Fight
The National Crime Agency seized more than £768,000 ($986,000) belonging to Russian oligarch Petr Aven on Monday after reaching a settlement in its first attempt to recover frozen assets linked to suspected sanctions evasion since sweeping restrictions came into force.
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July 29, 2024
Mozambique Claims Victory In UK Tuna Bond Scandal Case
Mozambique largely won its mammoth corruption claim against a shipbuilding company on Monday over a bribery scheme used to pay kickbacks to public officials to tie it into a financing package for a tuna fishing fleet that wrecked the southern African country's economy.
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July 26, 2024
UK Gov't Denies Leaked Greensill Probe Caused Him Harm
The Insolvency Service leaked private details of an investigation into Lex Greensill, the founder of collapsed finance company Greensill Capital, to the national press, the government has admitted in court filings — but denied it caused him any harm.
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July 26, 2024
NCA Data Project Set To Catch Financial Criminals
The National Crime Agency and seven U.K. banks have forged a major public-private partnership to use account data to help catch financial criminals and prevent fraud and money laundering, the agency said Friday.
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August 02, 2024
Fieldfisher Adds Banking Litigation Pro From Hausfeld
Fieldfisher LLP has hired "the perfect" banking and finance litigation expert as a partner in its London office, as the firm moves to strengthen its financial practice both in the U.K. and abroad.
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July 26, 2024
Valderrama Golf Course Owner Heir Blocked From Sale Profits
The heir to the former owner of the Valderrama golf course in Spain lost his fight Friday for a slice of a €39.1 million ($42.5 million) sale as an appellate court rejected his interpretation of a profit-sharing agreement.
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July 26, 2024
FCA To Overhaul Prospectus Rules To Boost Capital Markets
The Financial Conduct Authority set out plans to shake up the U.K.'s prospectus regime Friday, including new rules for public offers and risk disclosures, to help boost the country's ailing capital markets.
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July 26, 2024
EU Banks Must Improve Cyberattack Protection, ECB Says
Lenders in the eurozone still suffer from "shortcomings" in fighting against and recovering from a severe — but plausible — cyberattack, the European Central Bank said Friday after it conducted a resilience stress test.
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July 26, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen U.K. band The 1975 face action by Future Sound Asia after its performance in Malaysia resulted in a festival's cancelation, Spectrum Insurance hit by The Motoring Organization following their dispute over information misuse, and a former police constable pursue defamation against a colleague for allegedly instigating a campaign of harassment against her. Here, Law360 looks at these and other new claims in the U.K.
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July 26, 2024
Consultant Claims $2M From Port Co. For Unpaid Fees
A Swiss business consultancy has claimed that an English port operator owes it more than $2 million in unpaid fixed and variable fees it alleged were tied to shareholder dividends of which it was not informed.
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July 26, 2024
Fraudster Sentenced For Instagram Motor Insurance Scam
A man who made almost £18,000 by operating as a "ghost broker" and selling invalid car insurance policies on Instagram has been handed a suspended prison sentence of 24 months at a London court, City Police has said.
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July 26, 2024
NatWest To Buy £2.5B Mortgage Portfolio From Metro Bank
NatWest will acquire a £2.5 billion ($3.2 billion) portfolio of U.K. residential mortgages from Metro Bank as it seeks to expand its retail book without taking on unnecessary risk, the lenders said on Friday.
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July 25, 2024
Natwest Seeks €155M Swap Funds From Dutch Mortgage Co.
NatWest's investment banking arm, which alleges a Dutch financial services company owes it €155 million ($168.3 million) under deeds in swaps transactions, argued at the opening of a London trial Thursday that the company wrongly relied on contractual terms to delay payment.
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July 25, 2024
Audit Watchdog Sanctioned Firms £48M Last Year
The Financial Reporting Council revealed Thursday that it fined firms a total of £48.2 million ($62 million) in the financial year ended March 31, including a £21 million fine against auditor KPMG related to its accounting for construction giant Carillion prior to its collapse in 2018.
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July 25, 2024
Hayes Can Appeal Rate Rigging Conviction At Top UK Court
Two traders convicted of manipulating benchmark interest rates have been granted permission to appeal their cases to the U.K.'s highest court, their representatives said on Thursday.
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July 25, 2024
Plan To Return WealthTek Clients' Money Gets Green Light
The Financial Conduct Authority said Thursday that the High Court has approved a plan by the joint special administrators of collapsed regulated wealth manager WealthTek LLP to return money and investments it held for clients.
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July 25, 2024
Labour Gov't Faces 'Tricky Balancing Act' On Policy Priorities
The Labour government faces a "tricky balancing act" in implementing policies that meet the financial needs of different generations, pensions provider Aegon said Thursday,
Expert Analysis
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A Look At Environment Agency's New Economic Crime Unit
Sophie Wood at Kingsley Napley explains how the Environment Agency’s newly established Economic Crime Unit will pursue criminal money flows from environmental offenses, and discusses the unit’s civil powers, including the ability to administer account freezing and forfeiture orders, says Sophie Wood at Kingsley Napley.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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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.