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Financial Services UK
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Featured
Experts See Risks In FCA's Soft-Touch Response To AI
The Financial Conduct Authority has so far failed to detail its rules on artificial intelligence and is moving toward a reliance on companies to self-report, putting it at risk of deferring excessively to the sector it regulates, legal experts say.
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October 04, 2024
G7 Antitrust Chiefs Vow To Scope Collusion In AI Tech Sector
U.S. and international antitrust regulators said Friday they intend to scrutinize any anticompetitive practice in the market for artificial intelligence technologies or any use of the emerging tech to circumvent competition.
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October 04, 2024
WealthTek Distribution Plan Was Approved For Expediency
England's High Court had the power to approve a plan to distribute client assets held by collapsed wealth manager WealthTek LLP even though the plan does not conform with investors' "strict rights" to their investment, a judge said Friday in giving his full reasons for sanctioning the plan earlier this year.
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October 04, 2024
ECJ Says Interest Deduction Limits Align With EU Law
Governments across the European Union can legislate to block businesses from getting corporate tax deductions on interest paid as part of noncommercial loans, the European Court of Justice ruled Friday.
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October 04, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen GMB Union sued by the makers of Tetley Tea after a staff walkout in September, boxer Mike Tyson hit with legal action from a marketing company and the Met Police face a misuse of private data claim from a woman who had a relationship with an undercover police officer. Here, Law360 looks at these and other new claims in the U.K.
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October 04, 2024
Experian To Acquire Brazil's ClearSale For $350M
Credit ratings agency Experian PLC said Friday that it has agreed to acquire Brazil-based digital fraud prevention company ClearSale SA for 1.90 billion Brazilian real ($350 million) to complement its existing identity and fraud business in the South American country.
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October 04, 2024
McDermott Taps Big 4 Partner As Senior Tax Pro In London
McDermott Will & Emery LLP announced it has recruited a former U.K. partner from KPMG to join its firm as a tax partner, bringing an expert in private equity to its London office.
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October 04, 2024
FCA's £29M Fine Of Starling Sends Wider Compliance Warning
The Financial Conduct Authority hit Starling Bank Ltd. with a £28.9 million ($38.4 million) fine on Wednesday for inadequate anti-money laundering and sanctions controls. This has sent a wider warning to companies that compliance levels must match growth.
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October 04, 2024
Bahamian Bank Claims No Fault In $3M Loan Row
A Bahamian bank has argued it did not breach a $3 million loan agreement with a director of an American biotech company, arguing the deal was justifiably terminated and that it does not owe him $15 million for any alleged losses.
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October 03, 2024
Former Senior Accountant Jailed For £1M Council Fraud
A former council accountant has been jailed for defrauding a local authority out of nearly £1 million ($1.3 million) over two decades, according to the Crown Prosecution Service.
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October 03, 2024
FCA Charges 2 Brothers With Insider Dealing
The U.K.'s financial watchdog charged two men with insider dealing in London on Thursday over allegations they pocketed £110,000 ($144,230) by profiting off confidential information on oil and gas stocks over a four-year period.
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October 03, 2024
Whisky Fund Manager To Pay £51K Over Sexist Treatment
An employment tribunal has ordered an investment consultancy specializing in rare whiskies to pay £51,800 ($68,000) to a female staff member after employees harassed her and forced her out with sexist treatment.
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October 03, 2024
New UK Anti-Fraud Law Could Fuel Prosecution Of Individuals
The new "failure to prevent fraud" offense that is likely to take effect in 2025 was written to target large companies that do not have internal controls to prevent such crime, but lawyers are warning clients that bosses will be expected to help pursue individual fraudsters
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October 03, 2024
Pension Co. Expects Greater Investment Plan Detail In Budget
More detail on how the British government plans to generate greater investment from the £800 billion ($1.05 trillion) defined contribution sector into the economy seems "highly likely" to feature in the upcoming autumn Budget, PensionBee has said.
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October 03, 2024
Herbert Smith-Led WTW Buys Stake In Wealth Manager
Insurance group Willis Towers Watson PLC said Thursday that it has acquired a minority stake in U.K. wealth manager Atomos, following an alliance between the companies since 2022.
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October 03, 2024
EU Finance Bodies Seek Clarity On Cybersecurity Compliance
Financial trade bodies across the European Union have urged regulators to clarify critical requirements under the Digital Operational Resilience Act, which is set to come into effect in January, saying they are not clear on how the cybersecurity legislation applies to them.
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October 02, 2024
UK To Give Banks New Powers To Combat Fraudsters
The U.K. government said Thursday it is introducing new laws enabling banks to extend investigations of suspected fraudulent payments.
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October 02, 2024
Parliamentary Ombudsman Probes Pensions Injustice
The independent complaints body for government departments has launched an inquiry into historical injustices in state pensions that could lead to hundreds of millions of pounds being paid out in compensation to women who were affected, a consultancy said Thursday.
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October 02, 2024
FCA Wins Appeal In $700M BlueCrest Investor Redress Case
The Financial Conduct Authority can resume its bid to impose a redress scheme of more than $700 million for investors of hedge fund BlueCrest Capital Management, an appeals court said Wednesday, ruling that a tribunal wrongly held that the regulator did not have that power.
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October 02, 2024
Italian Lender Beats Rival's Challenge To 'Isybank' TM Bid
An Austrian bank cannot rely on its "Easybank" trademarks to stop Italian rival Intesa Sanpaolo from protecting its "Isybank" brand because there is no likelihood of European Union consumers mixing up the signs, officials in the bloc have ruled.
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October 02, 2024
Hogan Lovells Leads Royal London's 1st £30M Pension Deal
The Royal London Mutual Insurance Society Ltd. completed its first full scheme buy-in with the £30 million ($39.8 million) acquisition of The Retreat York Pension Scheme in a deal guided by Hogan Lovells and Wrigleys Solicitors, its adviser K3 Advisory said Wednesday.
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October 02, 2024
FCA Fines Starling £29M For 'Shockingly Lax' Client Screening
The U.K.'s City watchdog said Wednesday that it has hit Starling Bank Ltd. with a £28.9 million ($38.4 million) fine over failures to screen for financial sanctions and for breaching a ban on opening accounts for high-risk clients.
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October 02, 2024
Reed Smith Steers £140M Pension Deal For Insurance Biz
Aviva PLC has covered £140 million ($186 million) of pension liabilities for insurance group Thomas Miller & Co. Ltd. to secure the benefits of all members of the retirement savings plan, the companies said Wednesday.
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October 01, 2024
Westfield Denies Infringing Clearpay IP In Partnership Dispute
Shopping giant Westfield has returned fire in a battle with Clearpay Finance Ltd. over a collapsed partnership, with the shopping center company denying infringing the credit business's intellectual property by continuing to show Clearpay advertisements in its centers.
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October 01, 2024
Investors Settle Wirecard Fraud Case With Transfer Provider
Two businessmen have settled claims worth €33 million ($36.5 million) brought by investors who alleged the pair duped them into selling their stake in a money transfer provider for a pittance before the company was sold on to payments giant Wirecard for many times the price.
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October 01, 2024
McFaddens Dodges Client's Late Claim Over Loan Advice
A court said Tuesday that a City of London law firm can sidestep a client's claim that she received negligent advice over a loan, ruling that there was no good reason for her filing key details of the claim too late.
Editor's Picks
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UK Draft Pay Fraud Rules Open Tricky Legal Liabilities
The government's new draft legislation, which will give banks longer to investigate suspicions of fraud before they send payments instructed by customers, will create a wave of new legal liabilities and lead to regulatory hurdles, according to lawyers.
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FCA Fires Warning Shot Over City's Consumer Duty Failings
The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.
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5 Questions for Osborne Clarke Partner Nick Price
The Payment Systems Regulator is due to start forcing payment firms to reimburse victims of scams who have been tricked by a fraudster into transferring them money. Here, Law360 talks to Osborne Clarke partner Nick Price about how this new regime could mean uncertainty about compliance.
Expert Analysis
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Insights From FRC's Report On Good Corporate Governance
Although the Financial Reporting Council’s recent report on private companies opting to follow the Wates principles has identified improvements, it is important for organizations to provide transparent disclosures and avoid boilerplate, tickbox filings, says Tessa Hastie at BCLP.
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What To Know About The UK Overseas Funds Regime
The U.K.’s overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
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Takeaways From SRA Consumer Protection Review
While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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What Updated Guide Means For Jersey's Private Funds
The Jersey Financial Services Commission's recent updates to the Jersey Private Fund Guide clarify existing provisions and introduce new requirements for fund managers, service providers and investors, demonstrating a clear commitment to maintaining Jersey's reputation as an attractive jurisdiction for investment, say lawyers at Walkers Global.
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The Road Ahead For Tokenized Investment Funds In The UK
With an HM Treasury working group expected to release the final phase of a road map for tokenized investment funds by the end of the year, Andrew Tsang and Tom Bacon at BCLP discuss the advantages for investors and fund administrators, the proposed model for implementation, and what the regulatory landscape may look like.
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Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.
Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.
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A Look At UK, EU And US Cartel Enforcement Trends
The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
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Testing The Limits Of English Courts' Pro-Arbitration Stance
Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.
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What Green Claims Directive Proposal Means For Businesses
With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
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£43M Legal Bill Case Shows Courts' View On Exchange Rates
A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.
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Examining The EU's New Payments Services Package
Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.
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Examining The State Of Paccar Fixes After General Election
Following the U.K. Supreme Court's Paccar decision last year, which made many litigation funding agreements for opt-out collective actions in the Competition Appeal Tribunal unenforceable, the judiciary will likely take charge in implementing any fixes — but the general election has created uncertainty, says Ben Knowles at Clyde & Co.
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EU Reports Signal Greenwashing Focus For Financial Sector
Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
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Opinion
Without Change, Fighting Fraud Is A Losing Battle For The UK
To successfully fight fraud cases in the U.K. — like the Russian Coms scam recently shut down by the National Crime Agency — it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country’s intelligence platforms, says Anthony Hanratty at Howard Kennedy.