Financial Services UK

  • December 11, 2024

    CMS Guides Just Group's £17M Pension Scheme Deal

    Just Group on Wednesday said it has taken on £17 million ($21.6 million) worth of retirement savings liabilities from an unnamed pension scheme in a deal guided by law firm CMS Cameron McKenna Nabarro Olswang LLP, marking the latest transaction signed by the company this year.

  • December 18, 2024

    K&L Gates Hires Restructuring Pro From Katten In London

    K&L Gates LLP has hired a restructuring specialist from Katten Muchin Rosenman LLP to boost its legal services to clients ranging from corporate trustees to private credit funds and financial institutions.

  • December 11, 2024

    Hogan Lovells Steers £370M Pension Deal For Hays

    Recruitment company Hays Group PLC has offloaded £370 million ($472 million) of its U.K. pension liabilities to Pension Insurance Corp. PLC, in a deal steered by Hogan Lovells International LLP, Slaughter and May and Addleshaw Goddard LLP.

  • December 11, 2024

    UK Supreme Court To Hear Motor Finance Misselling Appeal

    The U.K.'s top court said Wednesday that it would hear an appeal by car finance lenders following a landmark ruling that consumers must be told about commissions paid to dealers on car loans that set British banks on edge. 

  • December 11, 2024

    Klarna Fined $46M By Sweden For AML Violations

    Sweden's financial watchdog hit Klarna Bank AB with a 500 million krona ($45.7 million) fine on Wednesday for breaching anti-money laundering rules, after finding that the payments service provider failed to assess its potential role in economic crime.

  • December 11, 2024

    Gov't Urged To Carefully Prioritize Regulatory Reforms

    The British government must prioritize a "logical sequence" of regulatory reforms that most benefit consumers and improve economic growth instead of introducing changes all at once, the insurer Aegon said Wednesday.

  • December 11, 2024

    Norton Rose Advises TowerBrook's £283M Deal For Equals

    Private equity shop TowerBrook Capital Partners LP said Wednesday that it has made a £283 million ($361 million) recommended cash offer for British financial technology business Equals Group PLC.

  • December 10, 2024

    EU To Introduce Digital Certificate For Withholding Tax Relief

    The Council of the European Union said Tuesday that it has agreed on new withholding rules that grant easy access to tax relief for cross-border investors through a common digital tax residence certificate.

  • December 10, 2024

    FCA Acted 'Irrationally' Over Misselling Redress, MPs Say

    A London court on Tuesday began a judicial review of the Financial Conduct Authority's decision not to rethink its treatment of consumers blocked from a bank misselling redress scheme after a challenge brought by a cross-party group of lawmakers.

  • December 10, 2024

    UK Audit Watchdog Bills Crowe £1M Over Akazoo Failings

    The United Kingdom's auditing watchdog said Tuesday it has hit Crowe U.K. LLP and its chief executive with over £1 million ($1.3 million) in fines and costs following the firm's botched audits of streaming site operator Akazoo Ltd.

  • December 10, 2024

    Soft Landing For Pilot As Billionaire's Insider Case Wraps

    A pilot who admitted to dodging taxes on $500,000 in income after he was accused of taking stock tips from Joe Lewis, his billionaire boss, avoided prison on Tuesday at a sentencing that closed a high-profile insider trading prosecution.

  • December 10, 2024

    Privinvest Denied Appeal In 'Tuna Bond' Bribery Case

    An Emirati shipbuilder on Tuesday was refused permission to appeal a London court judgment that found the company was involved in the "tuna bond" bribery scandal that wrecked Mozambique's economy.

  • December 10, 2024

    Regulations Halt Pension Transfers 'Needlessly,' Adviser Says

    Four out of five pension transfers have been halted either for an unknown reason or because they involved potentially low-risk overseas investments, a financial adviser said.

  • December 10, 2024

    FCA Will Support Growth But Not 'Light Touch' Regulation

    The Financial Conduct Authority said on Tuesday that it will not return to the "light touch" regulation from before the 2008 financial crisis but is committed to responsible risk-taking to support the Labour government's goal of boosting economic growth.  

  • December 10, 2024

    Forex Trader Sued For Unilaterally Closing Trades

    A drug distributor has alleged that a foreign exchange trader owes it almost $8.2 million for prematurely closing trades with no justification and failing to settle them for a "fair" value at the going market rate at the time.

  • December 10, 2024

    Jockey Frankie Dettori Named In HMRC Tax Avoidance Battle

    Italian jockey Frankie Dettori has been named as the individual who attempted to maintain his anonymity to keep private his legal battle with HM Revenue and Customs over a tax avoidance scheme, according to a London court judgment.

  • December 10, 2024

    Couple To Forfeit £12M Over China-Linked Financial Fraud

    The National Crime Agency said Tuesday that it has secured a £12 million ($15 million) settlement with a Chinese couple who were suspected of financial fraud and money laundering after building a multimillion-pound property business in the U.K.

  • December 10, 2024

    Denmark's Nykredit Makes $3.5B Offer For Spar Nord Bank

    Danish lender Nykredit Realkredit AS said Tuesday that it has made a recommended cash offer of $3.5 billion for domestic rival Spar Nord Bank AS, seeking a consolidation that will create the third-largest bank in Denmark.

  • December 09, 2024

    Lawyer Fined For Nondisclosures About Mafia-Linked Project

    A partner at an Italian firm was fined £50,000 ($64,000) and reprimanded by a London legal disciplinary tribunal Monday after he admitted failing to declare previous findings made against him in Italy and the U.K. related to failed investments in a 'Ndrangheta mafia-linked real estate project.

  • December 09, 2024

    Reckitt Investors To Test Class-Action Rules In Opioid Case

    The Court of Appeal will consider on Tuesday whether shareholders in Reckitt Benckiser and drug company Indivior can pursue litigation linked to America's opioid crisis as a "representative claim" that is similar to a U.S.-style class action.

  • December 09, 2024

    Labour Appoints Hodge As New Anti-Corruption Czar

    The U.K. government announced Monday that Margaret Hodge, a leading campaigner against illicit finance, has been appointed anti-corruption champion in a bid to foster a "hostile environment" for organized crime.

  • December 09, 2024

    Audit Watchdog Floats Revised Rules For Pension Standards

    Britain's accounting watchdog on Monday proposed a series of revisions to the actuarial rules used in the retirement savings sector to reflect recent changes in pension regulations and skyrocketing funding levels of schemes in the U.K.

  • December 09, 2024

    Ex-BVI Fund Boss Challenges $400M Ponzi Scheme Debt

    The former director of a defunct investment fund urged the top appeals court for U.K. overseas territories on Monday to allow him to challenge a decision by its liquidators to accept a $400 million demand by the bankrupt company behind a multibillion-dollar Ponzi scheme.

  • December 09, 2024

    Insurer Launches Estate Planning Cover After Tax Changes

    Royal London said on Monday that it has launched an insurance product designed to help consumers with their end-of-life planning, as a growing number of estates are set to become subject to inheritance tax after recent government changes.

  • December 06, 2024

    Allianz Exec Avoids Prison For $7B Investor Fraud

    A New York federal judge on Friday declined to sentence a former portfolio manager for Allianz SE's U.S. unit to any time in prison for lying to investors about the riskiness of a group of private investment funds that lost over $7 billion when the COVID-19 pandemic hit.

Expert Analysis

  • Report Can Aid With Sustainable Finance Disclosure Filings

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    The European Supervisory Authorities recently issued a report on companies' consideration of the principal adverse impacts of their investment decisions on sustainability factors, providing examples of good and bad disclosure practices under the Sustainable Finance Disclosure Regulation, which firms should note in their future reporting, say lawyers at Debevoise.

  • Protecting The Arbitral Process In Russia-Related Disputes

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    Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.

  • Audit Reform Takeaways After Record KPMG Fine

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    The Financial Reporting Council’s recent £21 million fine against KPMG for its Carillion audit work failures is representative of the agency’s increasing proactivity in policing audit quality, and brings to light the U.K. government’s slow-moving but ongoing efforts to majorly reform audit sector regulations, says Paul Brehony at Signature Litigation.

  • RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'

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    A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.

  • Putin Ruling May Have Unintended Sanctions Consequences

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    By widening the scope of control, the Court of Appeal's recent judgment in Mints v. PJSC opens the possibility that everything in Russia could be deemed to be controlled by President Vladimir Putin, which would significantly expand the U.K.'s sanctions regime in unintended ways, say attorneys at Greenberg Traurig.

  • Navigating The New Framework On Nature-Related Reporting

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    The Taskforce on Nature-related Financial Disclosures’ recently published disclosure framework represents a significant step toward the coalescence of nature-related disclosure standards for corporates and financial institutions, and has the potential to influence investor expectations and future regulation, say lawyers at Kirkland.

  • FCA Engagement Signals New Direction In ESG Disclosures

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    The Financial Conduct Authority recently published a response to a consultation on sustainability-related standards, highlighting the regulator's priorities for the U.K.'s green transition, including an early indication that it may turn its attention to nature-based disclosures, say Ferdisha Snagg and Andreas Wildner at Cleary.

  • New Policies Will Aid UK Cos. Accessing US Capital Markets

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    The U.K. government's recent adoption of regulations permitting the use of U.S. generally accepted accounting principles, and announcement of measures to remove a 1.5% tax on certain share issues and transfers, should help ensure that England remains an attractive holding company jurisdiction for companies seeking a listing on U.S. stock exchanges, say lawyers at Davis Polk.

  • Key Takeaways From ICO Report On Workforce Monitoring

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    The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.

  • Creating A Safe Workplace Goes Beyond DEI Compliance

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    The Financial Conduct Authority and Prudential Regulation Authority recently proposed a new diversity and inclusion regulatory framework to combat sexual harassment in the workplace, and companies should take this opportunity to holistically transform their culture to ensure zero tolerance for misconduct, says Vivek Dodd at Skillcast.

  • Asset Managers Should Prepare For Nature-Related Reporting

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    Although it is doubtful that the U.K. nature-related task force’s recent recommendations for mandatory nature reporting will come into effect imminently, it is likely that investors will begin to use them to assess risks and will request asset managers to shift capital flows to more sustainable outcomes, say lawyers at Macfarlanes.

  • What Justices' Cert. Denial Of Terrorism Suit Means For Banks

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    The U.S. Supreme Court's denial of certiorari in Freeman v. HSBC Holdings lets stand the Second Circuit's decision on the narrow scope of conspiracy liability under the Justice Against Sponsors of Terrorism Act, providing protection for banks that otherwise could have faced liability for finance activities with limited connections to third parties' unlawful acts, say attorneys at Sidley.

  • Firms Should Prepare For New DEI Reporting Requirements

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    While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.

  • What The UK Digital Markets Bill Will Mean For Businesses

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    The new investigatory and enforcement powers conferred by the U.K. Digital Markets, Competition and Consumers Bill mean that although businesses may be aware of their market status due to existing EU law, they should ensure they are mindful of the changes to consumer law and the implications for digital markets, says Richard Hugo at Burges Salmon.

  • 5 Takeaways From ICO's Biometric Recognition Guidance

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    Recent guidance from the U.K. Information Commissioner’s Office is a helpful reminder of key data protection principles and obligations stemming from the U.K. General Data Protection Regulation that organizations should consider when implementing biometric recognition technology, say lawyers at Dechert.

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