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Financial Services UK
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May 29, 2024
Three EU Countries Urge Tax Reform To Boost Investment
Three smaller European Union countries, Austria, Croatia and Slovenia, are backing tax reforms in the 27-country bloc to support investment in capital markets, including exemptions from capital gains tax for long-term retail investment products, according to a joint declaration.
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May 29, 2024
Pensions Provider Sells Biz Before Entering Administration
A provider of self-invested personal pensions has sold its retirement savings business before it entered administration when its directors expressed concerns over its financial liabilities caused by some of the investments it had allowed.
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May 28, 2024
Autonomy Founder Says HP 'Panicked,' Tried To Unwind Deal
Autonomy founder Michael Lynch testified Tuesday in a California federal criminal trial over claims he conned HP into overpaying for his company that HP's board "panicked" after news of the acquisition leaked and HP's stock dropped 20%, that HP fired its CEO and that it attempted to back out of the deal.
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May 28, 2024
RBS, Lloyds Bank, Others Ink $1.9M Libor Settlement
A group of plaintiffs in the yearslong suit alleging several big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $1.9 million settlement with the Royal Banks of Scotland, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.
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May 28, 2024
Property Firm Fined £12K For Anti-Money Laundering Failures
The Solicitors Regulation Authority fined a London property solicitors £12,777 ($16,300) after the firm carried out transactions for partners and their family members without appropriate anti-money laundering policies.
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May 28, 2024
Labour Party Rules Out Any Additional Tax Rises
The Labour Party on Tuesday ruled out introducing any more tax rises in addition to measures it has already announced in the event it wins the July 4 general election.
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May 28, 2024
Aviva Completes £130M Pension Deal With Telereal
A property investment company has offloaded £130 million ($166 million) of its pension liabilities to Aviva PLC, the insurer said Tuesday.
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May 28, 2024
EU Investment Firms Told To Upgrade Marketing Reports
The European Union's financial markets regulator has said that investment firms should improve their marketing disclosures to investors, calling on national watchdogs to act against rule-breakers.
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May 28, 2024
Pension Deals Market Working For Small Providers, Aon Says
The deal market for small pension schemes looking to offload their liabilities to insurers is working despite fears that such plans are being crowded out of the market, Aon said Tuesday.
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May 28, 2024
Israeli Aquaculture Firm Sued Over $21M Unpaid Settlement
An asset management firm based in the Cayman Islands is seeking more than $21 million from an Israeli aquaculture company over an allegedly unpaid settlement agreement intended to resolve earlier arbitration proceedings.
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May 28, 2024
NatWest Unaware Of Former Trader's Asperger's Diagnosis
A former NatWest trader has lost his bid to revive his disability discrimination claim against the high street lender's investment banking arm as an appeals tribunal upheld findings that it did not know about his Asperger's syndrome diagnosis when he unsuccessfully applied to rejoin the company.
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May 28, 2024
White & Case Guides ABN Amro On €672M German Bank Buy
Dutch lender ABN Amro said Tuesday that it plans to a buy German private bank for €672 million ($730 million) in a move to become one of the largest providers of banking services to wealthy clients in Germany.
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May 24, 2024
The UK Laws That Will Pass Or Fail As Election Looms
Prime Minister Rishi Sunak's decision to call an early general election to be held on July 4 has left several pieces of legislation hanging in the balance during the so-called "wash-up" period before Parliament is formally dissolved, while others have been pushed through.
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May 24, 2024
Labour Gov't Could Force Big Tech Into Fraud Repayments
A potential new Labour government means a turning point in tackling financial fraud if it should force big tech companies like Meta and Google to join banks in having to reimburse customers duped into sending fraudsters money, according to lawyers.
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May 24, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen an IT engineer seek permission to search a landfill hiding a hard drive supposedly storing millions of pounds in bitcoin, Glencore take on legal action by American Century Investments, gold payment app Glint bring a breach of duty claim against FRP Advisory, and an ongoing dispute between a solicitor and the Solicitors Regulation Authority. Here, Law360 looks at these and other new claims in the U.K.
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May 24, 2024
Banking 'Selfie' Fraudster Gets 3 Years In Prison
A fraudster was handed a three-year prison sentence for making fake applications to obtain loans and pensions potentially losing banks around £178,000 ($227,000), the Crown Prosecution Service announced Friday.
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May 24, 2024
FCA Bans Two Advisers Accused Of Misleading Clients
The Financial Conduct Authority has banned two advisers from working in financial services for "recklessly" exposing pension holders to high-risk investments, the regulator said Friday.
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May 24, 2024
Woman Imprisoned For Laundering From $5B Bitcoin Fraud
A British-Chinese woman was imprisoned for more than six years on Friday at a London court for laundering bitcoin converted from an alleged £5 billion ($6.3 billion) investment fraud.
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May 24, 2024
Addleshaw Guides Coventry's £780M Co-op Bank Deal
Coventry Building Society has formalized plans to buy the Co-operative Bank for £780 million ($990 million), the lenders said in a joint statement Friday, a move they claim will create an institution better equipped to challenge larger high street names.
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May 23, 2024
NY Top Court Revives FanDuel Investors Suit
New York's top appeals court on Thursday revived a suit brought by FanDuel investors who claim they were deprived of profits from a merger, disagreeing with a lower court's interpretation of Scottish law.
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May 23, 2024
White & Case Adds Former A&O Tax Pro In Luxembourg
White & Case LLP announced it has added a tax partner to its Luxembourg office from A&O Shearman who specializes in international and Luxembourg corporate tax law.
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May 23, 2024
Marketer Denies Owing Investors For Flawed Property Scheme
An investment marketer has denied owing care home investors £2.3 million ($2.9 million) after they sank money into a flawed property scheme, claiming it never said the investments were safe.
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May 23, 2024
FSB Spots Weaknesses In Short-Term Funding Markets
The Financial Stability Board said vulnerabilities used in short-term markets for financing companies need to be addressed because of the risk to the wider financial system in times of crisis such as COVID-19.
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May 23, 2024
Investec Sets Aside £30M For FCA Motor Finance Review
Investec PLC has put aside £30 million ($38 million) as the banking group faces the Financial Conduct Authority's industry-wide motor finance review, according to the company's report for financial year 2024 published Thursday.
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May 23, 2024
Trader Denies Using 'Magic Money Tree' At £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), denied using a "magic money tree" in his trading at a London court Thursday.
Expert Analysis
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What Could Come Of CFPB, EU Consumer Finance Collab
A recent joint statement from the European Commission and Consumer Financial Protection Bureau focused on how technology is affecting consumers of financial services, potentially recognizing that legal protections are lacking because tech regulations lag behind its development, say attorneys at DLA Piper.
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6 Key Factors For Successful Cross-Border Dispute Mediation
The European landscape of cross-border disputes diverges markedly from the U.S. experience and presents unique challenges, including the amalgamation of diverse cultures and legal systems, but there are several practical steps that practitioners can take to effectively navigate the process, says Peter Kamminga at JAMS.
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Operational Resilience Considerations In Financial Services
A recent letter from the Financial Conduct Authority reminds CEOs of U.K. wholesale banks of their role in the safety and soundness of markets, but all firms can draw lessons and consider their own operational resilience for longer-term security and commercial benefit, says Richard Tall at Faegre Drinker.
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UK Tech Cases Warn Of Liability Clause Drafting Pitfalls
The recent U.K. High Court cases Drax Energy Solutions v. Wipro and EE v. Virgin Mobile Telecoms indicate a more literal judicial approach to construing limitations of liability, even when this significantly limits a claimant's recoverable damages, highlighting the importance of carefully drafted liability provisions, say Helen Armstrong and Tania Williams at RPC.
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How The UK Investment Screening Regime Is Taking Shape
A recent order imposing remedies on an acquisition by EDF Energy highlights emerging trends in the U.K. government's national security reviews of transactions under the U.K. National Security and Investment Act, and shows how the U.K. remedy landscape compares to the U.S. regime, say lawyers at Arnold & Porter.
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Consultations Underpin Mandatory Fraud Victim Repayment
The U.K. Payment Systems Regulator’s recent consultations on authorized push payment fraud reinforce its June policy expectation, which said that unless there is evidence of gross negligence and the consumer standard of caution has not been followed, providers must reimburse fraud victims, say lawyers at Hogan Lovells.
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Swiss Privacy Law Reforms Present Divergences From GDPR
The differences between Switzerland’s recently reformed Federal Act on Data Protection and the EU's General Data Protection Regulation, particularly around data breach reporting and the liability of company officers, will need to be carefully managed by multinationals that may have competing obligations under different laws, say Kim Roberts and Vanessa Alarcon Duvanel at King & Spalding.
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New Legislation May Not Be Needed For Recovery Of Crypto
The recent seizure of cryptocurrency under a civil recovery order raises the issue of whether extended powers under the forthcoming Economic Crime Bill are necessary, with the ability to seize crypto-related items that may be the subject of a search order more likely to be of assistance, says Nicola McKinney at Quillon Law.
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Opinion
Russia Ruling Should Lead UK To Review Sanctions Policy
The High Court's recent dismissal of the first-ever court challenge to Russian sanctions in Shvidler v. Secretary of State sets a demanding standard for overturning designation decisions, highlighting the need for an independent review of the Russia sanctions regime, says Helen Taylor at Spotlight on Corruption.
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German Competition Law May Herald New Enforcement Trend
The recent amendment to the German Act against Restraints of Competition is expected to significantly expand the powers of the German Federal Cartel Office, and could signal a global trend toward greater direct intervention by national competition authorities and political interference in competition law, say lawyers at Simmons & Simmons.
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New Financial Services Act Leaves Few Firms Untouched
The recently published Financial Services and Markets Act 2023, which replaces retained EU law with U.K. legislation, is one of the most significant pieces of post-Brexit regulation, with key practical implications for actors such as investment firms and crypto-asset and payment service providers, say Tim Cant, Emma Tran and Bisola Williams at Ashurst.
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FCA 'De-Banking' Clampdown May Need Gov't Backing
The U.K. Financial Conduct Authority’s recent clampdown on unfair bank account closures will give customers greater transparency, but with terms usually skewed in the bank’s favor, it is a policy matter for the government to enact further protections for businesses and consumers, say Stephen Rosen and Jean-Martin Louw at Collyer Bristow.
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UK Securitization Reform Opts For Modest Approach, For Now
Recently published consultation papers from the U.K. Prudential Regulation and Financial Conduct Authorities on new securitization rules mainly restate retained EU law, but there are some targeted adjustments being proposed and further divergence is to be expected, say Alix Prentice and Assia Damianova at Cadwalader.
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Examining PayPal's Venture Into The Stablecoin Market
PayPal’s recent release of a stablecoin pegged to the U.S. dollar may represent a groundbreaking innovation or could fail as others have before it, and policymakers in the U.K. and the EU will be watching the impact of this new crypto token with a keen eye, say Ben Lee and Dion Seymour at Andersen.
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High Court Dechert Ruling Offers Litigation Privilege Lessons
While the recent High Court ruling in Al Sadeq v. Dechert LLP, which concerned torture conspiracy allegations against the firm, held that litigation privilege can be claimed by a nonparty to proceedings, the exact boundaries of privilege aren't always clear-cut and may necessitate analyzing the underlying principles, says Scott Speirs at Norton Rose.