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Financial Services UK
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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.
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June 11, 2024
Shakespeare Martineau Adds Finance Pro From Blake Morgan
Shakespeare Martineau LLP has hired a finance and banking specialist as a partner at the firm's new offices on the south coast of England, where he will work with new and existing clients across a range of sectors.
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June 11, 2024
FCA Eyes Consumer Impact Of New Legal Cooperation Rules
The Financial Conduct Authority has set out how it is working with the Financial Ombudsman Service and other bodies under a new duty of legal cooperation required by the Consumer Duty and changing payments regulations.
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June 11, 2024
LC&F Administrators Attack Ex-Boss' Credibility In Ponzi Case
The administrators of London Capital & Finance PLC have criticized the company's former head as a "thoroughly unreliable witness" as they closed their case that he and others operated the business as a £237 million ($302 million) Ponzi scheme.
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June 11, 2024
Sunak Pledges Further Tax Cuts In Election Manifesto
Rishi Sunak said on Tuesday that his Conservative Party would establish a tax system that "rewards work" by slashing a range of levies if it wins the general election, including another cut in the national payroll tax by 2027.
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June 11, 2024
BHS Directors To Pay Liquidators £18M For Wrongful Trading
A London judge ordered two former directors of failed retail chain BHS on Tuesday to pay liquidators at least £18 million ($23 million) after finding that they knew that the company was beyond rescue when it was purchased in 2015.
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June 10, 2024
BDO Denies Failing To Help In £18.5M Insurance Broker Sale
Accounting firm BDO LLP has rejected an insurance broker's claims that it is not entitled to payment for merger and acquisition advice because it failed to propose or introduce the buyer that eventually purchased the broker for £18.5 million ($23.6 million).
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June 10, 2024
Serco Accused Of Playing Around With Books As Trial Opens
Institutional investors told a London court Monday that Serco had "played around" with its financial reporting to keeping the government from clocking fraud in its contract for electronic tagging services as a landmark securities trial kicked off.
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June 10, 2024
Next Gov't To Face Tough Pension Decisions, IFS Warns
The next government will need to make some urgent decisions on pension reforms to ensure future retirees are protected, an influential think-tank has warned ahead of the July 4 general election.
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June 10, 2024
PwC Accused Of Negligent Advice As $800M BAT Trial Opens
Bad advice given by PricewaterhouseCoopers LLP to a company embroiled in an expensive environmental cleanup caused it to lose "hundreds of millions of euros," a subsidiary of British American Tobacco said at the opening of an $800million negligence trial on Monday.
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June 10, 2024
European Financial Body Calls On UK To Clarify AML Reforms
A European body representing financial market participants has called on HM Treasury to provide more clarity in the Money Laundering Regulations through planned amendments, including by specifying the exact point when a firm must check a potential customer's background.
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June 10, 2024
Lib Dems Vow To Raise Capital Gains Tax For UK's Wealthiest
The U.K.'s third-largest political party vowed on Monday to raise taxes on the country's wealthiest individuals if it wins the next election, in a bid to raise £5 billion ($6.4 billion) for the National Health Service.
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June 10, 2024
10% Of Early Pension Dippers Regret Withdrawals
Approximately one in 10 retirees aged 55 and older who withdrew money from their pension before retirement said they regretted doing so, a retirement savings company said on Monday.
Expert Analysis
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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.
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5 Ways For A Legal Practice To Close Technology Gaps
With technology a driving force for success, the U.K. legal sector must embrace innovation to maintain its competitive edge, and investing in new processes is no longer optional, says Gareth Preece at Doherty Associates.