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Financial Services UK
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August 01, 2024
Tragedy And A Hustle: 5 Takeaways From The 'Tuna Bonds' Ruling
A London judge took the opportunity as he delivered a ruling that Mozambique was defrauded in a controversial maritime project to raise questions about the role played by international banks and the lack of financial standards in the multibillion-dollar "tuna bonds" scandal.
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August 01, 2024
UK Capital Gains Tax Liabilities Decline, HMRC Says
Capital gains tax liability in the U.K. declined in the 2022-2023 tax year, HM Revenue & Customs said in a news release Thursday.
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August 01, 2024
Watchdog Names Banks Reimbursing Few APP frauds
The Payment Systems Regulator found Thursday that banking groups varied widely in how far they reimbursed victims of authorized push payment fraud, with AIB Group, Danske Bank and Monzo making the lowest payouts in its 2023 performance report.
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August 01, 2024
Italy's Banca Generali Beats Credit Note Issuer's Appeal
A London appeals court has ruled an Italian bank can remove and replace a special purpose vehicle's financial agents working on a series of securities transactions that went south, without needing the SPV's consent.
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August 01, 2024
Early Pension Dips Raise Long-Term Concerns, Insurer Says
Pensions insurer Just Group has said official government statistics showing that seven in 10 people taking flexible payments from their pensions are younger than 65, raising questions about the sustainability of retirement savings in later life.
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August 01, 2024
Tchenguiz Can't Dodge £8M IG Index Spread Betting Debt
Real estate investor Robert Tchenguiz has to repay an investment platform a spread-betting debt of £8 million ($10.2 million) after a court ruled Thursday that the company had correctly characterized him as a professional investor.
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August 01, 2024
Accounting Standards Setter Eyes Better Climate Reporting
A global accounting standards setter has proposed "new illustrative examples" to improve how companies report climate change-related uncertainty and other factors in their financial statements.
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August 01, 2024
Barclays Plans £750M Buyback As Profits Beat Estimates
Barclays PLC said Thursday that it will reward shareholders with a shares buyback of up to £750 million ($957 million) as it announced results for the first six months of 2024 that beat the expectations of analysts.
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July 31, 2024
HSBC Says HUD Has Closed Fair Lending Probe
HSBC's U.S. banking arm said it is no longer facing a multicity fair lending investigation from federal housing authorities after an outside complaint that prompted the probe was withdrawn.
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July 31, 2024
FCA Can't Avoid Paying Julius Baer Bankers' Legal Costs
Britain's financial watchdog lost its appeal to avoid paying part of the legal costs for two former employees of Swiss bank Julius Baer accused of acting recklessly and lacking integrity with specific foreign exchange transactions.
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July 31, 2024
Indian Businessman Loses Extradition Over $32M Loan Fraud
An Indian businessman accused of defrauding 28.6 million Swiss francs ($32.5 million) from companies in an advance fee fraud scheme lost his chance to challenge the decision to extradite him from the U.K. on Wednesday after a London judge ruled that he could not mount a double jeopardy defense.
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July 31, 2024
Dutch Regulators OK Freshfields-Guided Asset Exchange
A Dutch digital asset exchange is touting itself as the first widely accessible and regulated crypto derivatives exchange in Europe after receiving a license from the government of the Netherlands, aided by the guidance of Freshfields Bruckhaus Deringer LLP, the firm has announced.
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July 31, 2024
Retired Couple Can't Duck Ex-Solicitor's Forex Deceit Win
A London appellate court ruled Wednesday that a financial advisor and his wife cannot escape liability to compensate a former lawyer over £500,000 ($642,135), after the appellate judge found they were partners in a now-defunct foreign exchange trading scheme.
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July 31, 2024
DMH Stallard Adds Tax Atty To London Practice
DMH Stallard LLP hired a tax attorney for its London office who spent more than a decade at HM Revenue & Customs working on compliance and policy, according to a news release.
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July 31, 2024
SocGen To Invest €250M In Energy Transition Biz
French-based multinational financial services company Societe Generale said Wednesday that it has agreed to invest €250 million ($271 million) to acquire 75% of alternative asset management company Reed Management SAS as part of its strategy to invest in emerging energy transition companies.
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July 31, 2024
SFO Eyes Potential £237M Legal Bill For ENRC Misconduct
The Serious Fraud Office has registered a potential £237.7 million ($305 million) payment to ENRC for damages over findings that its officers encouraged a former partner at Dechert LLP to divulge confidential information about alleged corruption at the Kazakh miner.
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July 31, 2024
Budget Cuts 'Jeopardize' Pension Portals, Aegon Warns
The Labour government's decision to cut £50 million ($64 million) from its communication and marketing budget for the next two years could jeopardize the successful rollout of the long-delayed pensions portal program, provider Aegon has warned.
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July 31, 2024
Holding Co. Can't Dodge Liability In IP Misrepresentation Feud
A London court has rejected a holding company's bid for a declaration that a cashpoint software business it sold in 2020 owns a disputed set of intellectual property, dashing the company's hopes of shielding itself from potential liability for other shareholders' alleged misrepresentations during the sale.
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July 31, 2024
Gov't Plans Backstop Legislation To Tackle Audit Backlog
The new Labour government said Wednesday it is preparing legislation to introduce a statutory backstop as the U.K. faces a growing backlog of audits of local authorities.
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July 31, 2024
FCA Maintains Restrictions On London Stone Securities
The Financial Conduct Authority said Wednesday that it will continue to restrict London Stone Securities, preventing the wealth manager from conducting any regulated activities because of serious concerns that it is not delivering good results for clients.
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July 31, 2024
Aussie Bank ANZ Acquires Suncorp Unit For $3.2B
Australia and New Zealand Banking Group Ltd. said Wednesday that it has acquired Suncorp Bank for approximately 4.9 billion Australian dollars ($3.2 billion), two years after it signed the deal.
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July 31, 2024
Pension Plans Do Minimum ESG Compliance, Watchdog Says
Too many retirement savings plans attain only minimum compliance with environmental, social and governance standards, The Pensions Regulator has said, and urged them to improve their approach.
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July 31, 2024
HSBC Unveils $3B Buyback As Profits Remain Stable
Banking heavyweight HSBC said Wednesday that it will line shareholders' pockets with as much as $3 billion after reporting stable profits for the first half of the year in outgoing chief executive Noel Quinn's final earnings report.
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July 30, 2024
Consumers Can Appeal Some Blocked UK Mastercard Claims
The United Kingdom's specialty antitrust court gave the go-ahead Tuesday for a partial appeal of its June decision scrubbing as time-barred a swath of claims from a £10 billion ($12.7 billion) class action against Mastercard, while concluding some grounds of appeal have no "real prospect of success."
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July 30, 2024
UK Healthcare Ex-Directors Banned For £30M In Unpaid Taxes
Two former directors of a defunct U.K. healthcare company are banned from holding executive positions at any business after failing to pay more than £30 million ($38.5 million) in taxes, the government's insolvency agency said Tuesday.
Expert Analysis
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UK Courts Continue To Struggle With Crypto-Asset Cases
Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.
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Comparing The UK And EU Approaches To AI Regulation
While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.
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Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases
The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.
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A Look At The Latest EU Alternative Investment Regulation
Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.
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Unpacking The Law Commission's Digital Assets Consultation
The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.
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Unpacking The FCA's Approach To AML Compliance Failures
In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.
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New Russia Sanctions Reveal Int'l Enforcement Capabilities
Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.
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What COVID Payout Ruling Means For Lockdown Loss Claims
While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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EEA Equivalence Statement Is Welcomed By Fund Managers
The recent statement confirming European Economic Area equivalence to undertakings for collective investment in transferable securities for U.K. overseas funds regime purposes removes many managers’ concerns in the wake of Brexit, giving a clear pathway out of temporary marketing permissions and easing the transition from one regime to another, says Catherine Weeks at Simmons & Simmons.
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In Int'l Arbitration Agreements, Be Clear About Governing Law
A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.
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Crypto As A Coin Of The Corporate Realm: The Pros And Cons
The broadened range of crypto-assets opens up new possibilities for employers looking to recruit, incentivize and retain employees through the use of crypto, but certain risks must be addressed, say Dan Sharman and Sunny Mangatt at Shoosmiths.
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Comparing UK And EU's View On 3rd-Party Service Providers
The U.K. is taking welcome steps to address the lack of direct oversight over critical third-party service providers, and although less onerous than that of the EU Digital Operational Resilience Act, the U.K. regime's proportionate approach is designed to make providers more robust and reliable, say lawyers at Shearman.
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Key Points Of BoE Response To Digital Pound Consultation
Lawyers at Hogan Lovells analyze the recent Bank of England and U.K. government response to a consultation on the launch of a digital pound, finding that the phased approach to evaluating the issues makes sense given the significant potential impact on the U.K. economy.
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Goldman Prosecution Delivers A Clear Sign Of FCA Strength
The recent successful prosecution of a former Goldman Sachs analyst for insider dealing and fraud is a reminder to regulated individuals that economic crime will never be tolerated, and that the Financial Conduct Authority is willing to bare its teeth in the exercise of its prosecutorial remit, says Doug Cherry at Fladgate.