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Financial Services UK
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July 23, 2024
FCA Confirms Plan To Protect Access To Cash
The Financial Conduct Authority confirmed plans on Tuesday to secure adequate access to cash for businesses and consumers, rules that will come into force in September.
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July 30, 2024
Akin Alum To Head Paul Weiss' European Restructuring Team
Paul Weiss Rifkind Wharton & Garrison LLP announced Tuesday that it has hired a partner at Akin Gump Strauss Hauer & Feld LLP to steer the leadership of its European restructuring practice as it looks to boost its legal services to large companies and creditors.
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July 23, 2024
'Mortgage Prisoners' Sue TSB In £800M Trial Over Contract
Homeowners have alleged that TSB Bank PLC breached the contracts that underpin their mortgages by charging a "disproportionately higher" interest rate, as a preliminary trial of a group claim worth up to £800 million ($1 billion) gets underway.
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July 23, 2024
EU Urged To Give Finance Watchdogs More Powers
A financial trade body on Tuesday called on European Union legislators to give regulators the power to modernize financial markets and make them more globally competitive.
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July 23, 2024
Employees Fight 'Harsh' Penalty In Bad Faith Resignation Test
Three former employees of asset recovery companies urged Britain's top court on Tuesday to reconsider the "harsh" remedy against people who quit their jobs to pursue business opportunities said to belong to their employers, a case with potentially wide implications for "bad faith resignations."
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July 30, 2024
Bird & Bird Hires 2 Ex-Hogan Lovells Finance Pros In Milan
Bird & Bird LLP has recruited two senior finance partners as part of a team of seven lawyers moving from Hogan Lovells in Milan, boosting growth in the firm's international finance and financial regulation practice.
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July 23, 2024
Lloyds Sued Over Payments Linked To Alleged £1.2B Fraud
Lloyds and its Bank of Scotland subsidiary have been hit with a £287 million ($370 million) claim brought by liquidators of the external broadcaster Arena Television for allegedly processing payments linked to an alleged £1.2 billion fraud.
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July 23, 2024
Bond Administrator Enters Liquidation After FCA Restrictions
The Financial Conduct Authority has confirmed that a London-based bond administrator has entered into liquidation nearly a year after the financial watchdog imposed restrictions on the company over "serious concerns" about its systems and controls.
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July 22, 2024
HMRC Wins Appeal Over Taxation Of Partnership Rewards
Financial rewards from a partnership were taxable as income even though they were made at the partnership's total discretion and the partners had no legally enforceable right to receive them, a London court ruled, siding with HM Revenue & Customs.
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July 22, 2024
Derivatives Co. Bids To Reinstate Freeze In Global Fraud Case
International derivatives provider Multibank urged a London appeals court Monday to reimpose an asset freezing order on a German financial services company and its director, arguing that the judge applied the wrong legal tests when deciding whether to lift the restrictions.
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July 22, 2024
NatWest Fends Off Bid To Revive Design School Fraud Case
The Court of Appeal on Monday ruled that the founders of an interior design school could not revive a fraud claim against NatWest because a settlement they penned with the bank prevented the pair from bringing any further claims.
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July 22, 2024
Lending Biz CEO Says Director Forced Him To Transfer Shares
A solicitor has asked a court to unwind a share transfer that he allegedly made under duress to an ex-director and a lawyer with whom he was business, claiming that he had to make the transfer to quash a false fraud allegation.
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July 22, 2024
Barclays Bids To Cut £330M From 'Dark Pool' Securities Claim
Barclays urged a London court on Monday to cut claims worth £330 million ($426 million) from securities fraud litigation, arguing that some institutional investors were unaware of a regulatory announcement issued by the bank about its "dark pool" trading platform.
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July 22, 2024
EU Renews Russian Financial Sanctions For 6 Months
The Council of the European Union said Monday that it has extended financial sanctions against Russia for an additional six months in response to the Kremlin's "unprovoked, unjustified and illegal" war against Ukraine.
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July 22, 2024
UK Eases Reporting Rules For Investment Stewardship
Britain's accounting watchdog unveiled changes to the U.K.'s stewardship code for investment on Monday that it said would help reduce the reporting burden for investors.
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July 22, 2024
Gov't Plans 'Big Bang' Pensions Reform To Fuel UK Growth
The government has launched the first stage of its review into pensions as it focuses on generating more investment from the £800 billion ($10.3 billion) defined contribution sector into the economy.
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July 29, 2024
White & Case Hires Secondaries Pro From Ropes & Gray
White & Case LLP has hired an expert in U.S. and European secondaries transactions from Ropes & Gray LLP in London as it continues to expand its global investment funds practice.
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July 19, 2024
Ex-Lib Dem Leader Swinson Grilled Over Horizon Scandal
Former Liberal Democrat leader Jo Swinson told an inquiry on Friday into the Post Office accounting scandal that she was reassured when she was the minister responsible for the organization that its systems were robust.
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July 19, 2024
Staveley Drops Fight Over £3.4M Payment In Loan Dispute
A London judge ended Newcastle United co-owner Amanda Staveley's legal battle over a debt to a Greek shipping magnate after her lawyers said Friday that she had made the over £3.4 million ($4.4 million) payment she had been expected to challenge.
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July 19, 2024
Cifas Justifies Marking Bank Activity For Suspected Fraud
The operator of the U.K.'s national fraud database has hit back at a £144,000 ($186,000) data protection claim in a London court, saying it was justified in marking a London resident's bank activity for suspected fraud.
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July 19, 2024
Lawyers Test New Routes For Redress For APP Fraud Victims
A year after the decision by Britain's Supreme Court that curbed the liability owed by lenders to customers tricked into transferring money to fraudsters, victims are now looking to use the courts to test novel routes for redress.
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July 19, 2024
Gov't Floats Draft Proposal For OBR 'Fiscal Lock' Powers
HM Treasury proposals for a new "fiscal lock" in a draft Budget Responsibility Bill will allow the Office for Budget Responsibility to scrutinize any tax-and-spend decisions with a cost factor of 1% of gross domestic product or more.
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July 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a libel clash between comedian Paul Currie and the Soho Theatre Company over allegations of anti-semitism, technology giant Huawei face a patents claim by Mediatek, Westfield Europe pursue action against Clearpay Finance for contract breaches and tour operating company Carnival hit chartered airline Maleth Aero for significant flight delays. Here, Law360 looks at these and other new claims in the U.K.
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July 19, 2024
UK Clears Nationwide's £2.9B Purchase Of Virgin Money
The competition regulator of the U.K. said Friday that it has cleared Nationwide Building Society's acquisition of Virgin Money UK PLC for £2.9 billion ($3.7 billion), which the companies say would create a combined group with assets of approximately £366 billion.
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July 19, 2024
Businessman Found Guilty Of Fraud For COVID Loan Abuse
A British businessman accused of dishonestly obtaining a COVID-19 small business loan was convicted of fraud on Friday after prosecutors accused him of scamming the system to repay an associate embroiled in a fight with the Serious Fraud Office.
Expert Analysis
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Examining The Growing Strength Of FRC Enforcement Actions
As the U.K. Financial Reporting Council prepares to broaden its powers and transition into the Audit, Reporting and Governance Authority in 2024, it is already demonstrating an increased appetite for enforcement, with greater expectations placed on auditors, say Kathleen Harris, Sean Curran and Melissa Dames at Arnold & Porter.
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UK Case Shows Risks Of Taking Shortcuts In Fund Payments
While the High Court recently reversed a decision in Floreat Investment Management v. Churchill, finding that investors routing funds into their own accounts was not dishonest, the case serves as a cautionary tale on the dangers of directing investment funds other than as contractually provided, say lawyers at Dechert.
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Growing EU Scrutiny Increases Hurdles For Foreign Investors
The application of the EU Foreign Subsidies Regulation from July will bring further oversight to many large deals, and together with bolt-on strategies, foreign investment regulation and antitrust enforcement, financial sponsors will need to start planning for compliance to avoid potential delays, say Anna Mitchell and Neil Hoolihan at Linklaters.
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How Ambitious New EU Directive Seeks To Fight Corruption
If enacted, the European Union’s recently proposed directive to combat corruption, with its substantive rules, specialized bodies and aim of raising public awareness, would form another milestone in the long-term creation of a genuine European criminal law system, say Katharina Humphrey and Andreas Dürr at Gibson Dunn.
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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.