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Financial Services UK
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June 13, 2024
Labour Manifesto Targets Wealthy To Fill Funding Gaps
Labour set out plans in its election manifesto on Thursday to raise a total of more than £8.5 billion ($10.8 billion) in tax reforms that target wealthy taxpayers, although some analysts questioned whether the measures will add up.
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June 13, 2024
UK Adds 42 Entries To Russian Financial Sanctions List
The U.K. government slapped further sanctions on Thursday on 42 individuals and entities involved in sectors of strategic significance to the Russian government, including financial services and defense, as it continues to respond to the unprovoked war waged by Russia against Ukraine.
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June 13, 2024
Media Personalities Appear At Court Charged Over Forex Ads
Six reality TV stars and social media influencers appeared at a London court for the first time Thursday charged with promoting an unauthorized trading scheme online that dealt with high-risk financial products tied to foreign exchange rates.
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June 13, 2024
Broad Consensus Emerges On Pensions Before UK Election
The U.K.'s pension sector is set for a period of relative stability as the three main political parties this week unveiled manifestos that revealed more consensus than disagreement.
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June 13, 2024
Payment Services Firm Launches £20M Share Buyback
PayPoint PLC said Thursday it will start an up to £20 million ($25.6 million) share repurchase program, part of a planned three-year buyback scheme aimed at rewarding shareholders.
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June 13, 2024
Labour Prioritizes Wealth Creation In Election Manifesto
Keir Starmer said on Thursday that his Labour Party would kick-start a future of "national renewal" if it wins the general election, with economic growth and wealth creation driving a manifesto that lacked any surprise headline pledges.
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June 12, 2024
Rimon Hires 5 Partners, Expands Global Transactions Team
A team of five partners focusing on transactional, finance and corporate matters has joined Rimon PC across several countries to represent investors, asset managers, credit funds and other clients.
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June 12, 2024
Ex-Serco Chair Says Contract Fraud 'Came Out Of The Blue'
Serco's former chair said at a London trial Wednesday that the scandal of its overbilling for government contracts left a "cloud" hanging over the outsourcing multinational, as the company clashes with investors seeking to recover their losses from the resulting plunge of its stock price.
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June 19, 2024
King & Spalding Hires 5 Finance Pros From Cadwalader In UK
King & Spalding LLP has boosted its partnership ranks in London with the hire of five finance lawyers from rival U.S. law firm Cadwalader Wickersham & Taft LLP.
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June 12, 2024
Eurojust Dismantles €113M Fraudulent Investment Scheme
Police have taken down a €113 million ($122.2 million) pyramid fraud scheme based around crypto mining in an operation spanning several European countries, the Eurojust European law enforcement agency said on Wednesday.
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June 12, 2024
BHS Ruling A 'Coup For Liquidators' Over Director Duties
A landmark ruling that found two directors liable for the collapse of a U.K. retailer and ordered them to repay a chunk of the losses highlights the limited reliance that directors can place on professional advice and a lack of experience to avoid responsibility.
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June 12, 2024
EU Agrees To Bolster Retail Investor Protection
European Union negotiators agreed Wednesday on changes to rules on retail investor protection across the bloc, which would help get savings flowing into the economy.
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June 12, 2024
Gowling, Eversheds Steer £125M Med. Nonprofit Pension Deal
Pension insurance company Rothesay said it has completed a £125 million ($160 million) full scheme buy-in with a plan sponsored by The nonprofit Medical Protection Society Ltd., in a deal steered by Gowling WLG and Eversheds Sutherland.
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June 12, 2024
Argentina Loses Appeal Over €1.3B Payment In Bonds Dispute
Argentina cannot avoid paying out €1.3 billion ($1.4 billion) to bondholders for wrongly adjusting the way it calculates yields for government securities as a London appeals court rejected on Wednesday its construction of a contractual dispute.
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June 12, 2024
Rule Changes Proposed To Revive EU Securitizations
A European body for financial institutions has warned that regulation is suffocating the securitization market as it proposed a five-point plan to revive it as part of the Capital Markets Union to get investments flowing across member states.
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June 12, 2024
Google's GPay TM Gets Declined In Europe
Google lost its appeal on Wednesday after seeking to revive its "GPay" trademark for electronic payment services as a European court ruled that a Bulgarian rival had already cornered the digital market with "ePay."
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June 12, 2024
Marsh Unit Buys $66B UK Pensions Provider Cardano
A unit of U.S. professional services giant Marsh McLennan has bought $66 billion U.K. pensions provider Cardano, in a deal guided by Norton Rose Fulbright LLP.
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June 11, 2024
UniCredit Overturns $69M Plane Payment Sanctions Ruling
UniCredit was entitled to withhold $69.3 million in payments to lessors for Russian planes because of sanctions, a London appellate court ruled Tuesday, partly overturning findings that it was not reasonable for the bank's U.K. branch to believe it could not make the payments.
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June 11, 2024
Deutsche Bank Trader Fights For Compensation 'Assurances'
Deutsche Bank executives gave "assurances" about compensation that the lender must now abide by, a former trader told the High Court in London on Tuesday as she sued for breach of contract.
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June 11, 2024
Serco Denies Directors Knew Of Fraud In Securities Trial
Serco Group PLC denied investors are entitled to compensation over a fraud that caused the outsourcing giant's share price to nosedive, arguing on the second day of a London trial Tuesday that none of its directors had known about the alleged wrongdoing.
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June 11, 2024
Klarna Gets 2nd Shot To Trim Startup's 'Klar' TM
Buy-now, pay-later giant Klarna has won another chance at restricting a German data analytics' "Klar" mark, after a European appeals board ruled the officials had not properly taken the fintech's reputation into account.
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June 11, 2024
Widow Who Signed Docs 'Without Reading' Still Owes $64M
A London appellate court has ruled that a former Hong Kong resident can't escape a personal guarantee to pay 500 million Hong Kong dollars ($64 million) to cover bonds issued by her husband's company, in part because she entered the contract for business purposes.
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June 11, 2024
Travers Smith Recruits Funds Partner From Blackstone
Travers Smith LLP said Tuesday that it had hired a retailization specialist from Blackstone Inc.'s credit and insurance arm as a partner, fortifying its ability to advise fund managers on products previously only available to financial institutions.
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June 11, 2024
Tory Tax Cut Plans Raise Questions On Funding Gaps
The prime minister unveiled plans for £17.2 billion ($21.8 billion) in tax cuts at the launch of the Conservative Party's election manifesto on Tuesday, but a headline cut of two percentage points in the payroll tax was put off for three years — and funding plans left some experts unconvinced.
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June 11, 2024
French Tax Law Challenged On Free Movement Grounds
The European Court of Justice is examining a French law regarding undeclared assets held outside the country to determine whether it is in line with the European Union's law respecting free movement of capital, the EU's official journal said.
Expert Analysis
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How The FCA Is Using Its New Powers To Make Changes
The recent sentence of the former London Capital CEO is the latest development in the firm's scandal that prompted a damning report on the Financial Conduct Authority's regulatory conduct, leading the regulator to much soul-searching and a continuing clamp down on firms that misuse their approvals, says Ben Rees at Keller Postman.
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How The US And UK Differ On Crypto Regulation
While the U.K. and U.S. share strong economic ties, their approaches to crypto regulation differ wildly, with the U.K. setting bespoke rules through legislation and the U.S. taking a fragmented, and arguably hostile, approach to regulating crypto-assets, most often happening through enforcement, say attorneys at BCLP.
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Judicial Review Lessons From Financial Ombudsman Case
Even though the judicial review claim was dismissed in the recent High Court decision Shawbrook Bank v. Financial Ombudsman Service, it has important legal and practical takeaways for lenders who can obtain real value by challenging FOS decisions, say lawyers at Linklaters.
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Understanding ESG Considerations In Social Lending
In light of recent updates to sustainable finance guidance by loan market associations, lenders should ensure they request compliance information for projects intended to provide social benefits in order to encourage borrowers to hold environmental, social and corporate governance factors as a priority, says Jasmine Robinson at Taylor Wessing.
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How To Approach Different Data Types In E-Disclosure Matters
The High Court's recent decision in Terre Neuve v. Yewdale highlights the importance of practitioners adequately approaching e-disclosure obligations, including understanding their data landscapes and the nuances of different data types, say Fiona Campbell at Fieldfisher and Alejandro Gomez-Igbo at Forensic Risk Alliance.
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Why FCA Proposals For UK Listing Rules May Need Tweaking
Although many of the Financial Conduct Authority’s recently published proposals for listing rules reform are to be welcomed, a few further changes are needed if the regulator's objective of making the U.K. public markets more attractive is to be achieved, says Nigel Gordon at Fladgate.
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Exploring UK Regulatory Reform Amid Global Bank Failures
In light of recent high-profile bank failures and the publication of a feedback statement to a U.K. regulatory review, the concern that banks are overly reluctant to use their stock begs the question whether regulators now need to rethink the operation of the liquidity coverage ratio, say Alix Prentice and Carl Hey at Cadwalader.
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Key Takeaways From Recent UK Insolvency Disputes
As recent insolvency statistics show that U.K. registered company insolvencies are up 16% compared to last year, having a strong understanding of recent key U.K. decisions and how insolvency disputes operate is more important for companies now than it has ever been, say attorneys at Crowell & Moring.
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Why The Draft UK Fraud Offense May Not Be A Game Changer
Although the U.K.’s proposed "failure to prevent fraud" offense will generate a need for large businesses to reassess their existing processes, given the long lead-in times for prosecutions and the Serious Fraud Office's current success rate, it seems unlikely that the corporate fraud landscape will be immediately transformed, say Charles Kuhn and Charlotte Gill at Clyde & Co.
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A Review Of The EU FDI Screening Regulation And Its Scope
The EU advocate general’s recent broad interpretation of the EU Foreign Direct Investment Screening Regulation takes account of some of the geopolitical challenges faced by the bloc, and may foreshadow a revision of the regulation and widen the scope of investments screened, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.
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Key Takeaways From EU Proposal For Greenwashing Rules
If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.
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How EU ESG Regs Affect US Financial Market Participants
The European Commission recently confirmed that the Sustainable Finance Disclosure Regulation applies to all funds marketed in the EU, so affected U.S. financial market participants will need to consider the new guidance on principal adverse impacts, sustainable investments and promotion of carbon emissions reductions, say attorneys at Debevoise.
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UK Plan For AI Rules Raises Compliance Questions For Cos.
The U.K. government's proposal for a new, clear and pro-innovation regulatory framework on artificial intelligence diverges from the European Union's approach, which may create incoherence and compliance burdens for businesses operating in both jurisdictions, says attorneys at Akin Gump.
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UK Investment Screening Inches Closer To US Regime
The recent agreement between the U.K. Cabinet Office and House of Commons concerning parliamentary scrutiny of the Investment Security Unit represents a step toward greater transparency of intervention in investments that may raise national security concerns, and underscores increasing alignment with the U.S. regime, say attorneys at Hogan Lovells.
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UK Ruling May Affect 3rd-Party Fraud Liability Post-Insolvency
While the recent Court of Appeal decision in Tradition Financial Services v. Bilta could make Section 213 of the Insolvency Act a powerful tool for liquidators, it also heightens the risk of companies tangentially involved in fraud being subject to claims following insolvency, say attorneys at Dechert.