Financial Services UK

  • June 14, 2024

    MPs' Pension Fund Has Only 1.3% Allocation To UK Assets

    A pension scheme for British members of Parliament has just £10 million ($12.7 million) of its portfolio invested in U.K. equities, experts revealed Friday, despite efforts by the government to push schemes into fueling the national economic recovery.

  • June 14, 2024

    UK Broker Denied Supreme Court Hearing Over Cum Ex Raids

    Judges at a London court refused on Friday to allow a brokerage to challenge at the U.K. Supreme Court findings that a raid on its London office during an investigation into tax fraud in 2022 was legal, finding that the "outcome of any appeal would be no different."

  • June 14, 2024

    Bitcoin 'Inventor' Drops Case Against Software Developers

    Lawyers for the man who failed to prove he invented bitcoin told a London court on Friday that he has dropped a case brought by his company against software developers as it also turned on his claim to be the pseudonymous inventor of the virtual currency.

  • June 13, 2024

    JP Morgan Had No Incentive To Devalue Fintech Joint Venture

    J.P. Morgan had no reason to devalue a payment company it co-owned with fintech business Werealize, a London judge ruled Thursday, in a decision that ended the companies' dispute over the investment bank's option to buy out its partner's stake in their joint venture.

  • June 13, 2024

    Fladgate Blames Client's Wrong Instructions On $26.5M Loss

    Fladgate LLP has denied owing an investment fund an estimated $26.5 million for allegedly giving negligent advice, saying the client aiming to recover money owed under bonds supplied incorrect information from the outset.

  • June 13, 2024

    How 3 Firms Cleared 2 Ex-Autonomy Execs In HP Fraud Case

    A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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."

  • 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.

  • 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. 

  • 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.

Expert Analysis

  • How Decision On A Key Definition Affects SMEs

    Author Photo

    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

  • What New Digital Sandbox Regs Hold In Store For UK Markets

    Author Photo

    The recently enacted Digital Sandbox Regulations will be key to incorporating distributed ledger technology into the activities of a central securities depository, but despite being a potentially transformative innovation, a number of considerations may need to be addressed to accommodate the trading, settlement and maintenance of shares, say Tom Bacon and Andrew Tsang at BCLP.

  • Why Investment In Battery Supply Chain Is Important For UK

    Author Photo

    The recently published U.K. battery strategy sets out the government’s vision for a globally competitive battery supply chain, and it is critical that the U.K. secures investment to maximize opportunities for economic prosperity and net-zero transition, say lawyers at Watson Farley & Williams.

  • What Extending Corporate Liability Will Mean For Foreign Cos.

    Author Photo

    Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.

  • A Consequential Moment For Sanctions Activity

    Author Photo

    It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.

  • ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring

    Author Photo

    A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.

  • Economic Crime Act Offers Welcome Reform To AML Regime

    Author Photo

    The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.

  • 3 Financial Services Hot Topics To Watch In 2024

    Author Photo

    Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.

  • What Venice Swaps Ruling Says About Foreign Law Disputes

    Author Photo

    The English appeals court's decision in Banca Intesa v. Venice that the English law swaps are valid and enforceable will be welcomed by banks, and it provides valuable commentary on the English courts' approach toward the interpretation of foreign law, say Harriet Campbell and Richard Marshall at Penningtons Manches.

  • Key Litigation Funding Rulings Will Drive Reform In 2024

    Author Photo

    Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.

  • How Draft Trading Regs Provide Framework For UK Regime

    Author Photo

    Representing an important part of the U.K. government's post-Brexit regulatory reform agenda, the most recent draft of the proposed Trading Regulations seeks to provide a framework for a new rules-based regime for regulating public offers of securities and admissions to trading on a U.K.-regulated market, say lawyers at Davis Polk.

  • Breaking Down The New Rules For High Net Worth Individuals

    Author Photo

    Andrew Northage at Walker Morris outlines what businesses need to be aware of to ensure ongoing compliance with revised conditions in the U.K. government's updated financial promotion exemptions for high net worth individuals and sophisticated investors, and suggests a few practical tips for businesses to follow.

  • How Data Privacy Law Cases Are Evolving In UK, EU And US

    Author Photo

    To see where the law is heading in 2024, it is worth looking at privacy litigation and enforcement trends from last year, where we saw a focus on General Data Protection Regulation regulatory enforcement actions in the U.K. and EU, and class actions brought by private plaintiffs in the U.S., say lawyers at Morgan Lewis.

  • Misleading Airline Ads Offer Lessons To Avoid Greenwashing

    Author Photo

    Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.

  • An Overview Of UK Short Selling Regulation Reforms

    Author Photo

    The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Financial Services UK archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!