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Financial Services UK
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July 16, 2024
Fraudster Allegedly Used COVID Loans For PA's Legal Fees
A British businessman imprisoned for theft and false accounting scammed the government-backed pandemic funding scheme to repay the legal costs of an associate after she became embroiled in efforts to claw back his assets, prosecutors said Tuesday.
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July 16, 2024
Top UK Court Rules Deal Advice Fees Are Not Tax Deductible
Britain's Supreme Court ruled Tuesday that £2.5 million ($3.2 million) paid in advisory fees by an investment company to Deutsche Bank and others is not tax-deductible as the expenses were "capital in nature" spent trying to dispose of a Dutch business.
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July 15, 2024
SEC Says German Flouting Discovery In $150M Fraud Probe
A German national suspected of receiving proceeds of a $150 million "pump and dump" scheme from his son can't pick and choose when to avail himself of U.S. legal processes, the U.S. Securities and Exchange Commission said Monday as it seeks to recover funds.
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July 15, 2024
UK Watchdogs Look At Digital Wallet Risks, Benefits
Two U.K. regulators on Monday said they are looking into the benefits and risks of digital wallets like Apple Pay, Google Pay and PayPal for people and businesses, after noticing "a seismic shift" in payment methods in the country.
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July 15, 2024
Insurers Investing In AI Due To New Accounting Standard
Insurance firms are increasing investments in artificial intelligence and other technologies after implementing a new accounting standard for data reporting, according to a survey by Big Four firm PwC published Monday.
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July 15, 2024
Labour Gov't Urged To Consult On Green Finance Rules
A trade body for financial institutions has urged the Labour government to consult before imposing extra rules on firms' plans to transition to the green economy to avoid liability risks.
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July 15, 2024
SFO Beats Trader's Costs Demand Over Delayed Disclosure
A London court found on Monday that the Serious Fraud Office is not on the hook for the legal fees incurred by a former trader in biodiesel fuel after his trial, where he was acquitted of fraud charges, was delayed more than a year amid problems with disclosure.
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July 15, 2024
Retail Complaints To EU Cross-Border Investment Firms Soar
The number of complaints from retail clients against investment firms operating across borders within the European Union and its economic area soared to 7,507 in 2023, a 31% increase from the 5,733 complaints recorded the previous year, according to a report on Monday by the bloc's markets watchdog.
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July 15, 2024
PayPal Fined $27.3M By Polish Competition Watchdog
Poland's competition regulator said Monday that it has fined PayPal 106.6 million Polish złoty ($27.3 million) for using prohibited provisions in its user agreement that could lead to sanctions against users that are unpredictable.
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July 15, 2024
WH Ireland Completes £5M Sale Of Capital Markets Division
Wealth manager WH Ireland Group PLC said on Monday that it has finalized the £5 million ($6.5 million) sale of its capital markets division to financial services company Zeus Capital Ltd.
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July 12, 2024
Lawyer Beats Allegation He Helped Tycoon Duck Asset Freeze
A leading Monégasque lawyer did not conspire to help an embattled Taiwanese shipping magnate evade an asset freezing order, as he "honestly believed" he was entitled to transfer $26 million from the sale of the businessman's villas, a London judge ruled Friday.
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July 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the owner of the Lambretta scooter brand Innocenti SA embroiled in a trademark dispute with a property developer, a clash between two art dealers over a collection of tapestries, Telecom Italia pursue a debt claim against a competing telecommunications company, and performing arts trade union Equity hit a casting directory for charging unfair subscription fees on actors. Here, Law360 looks at these and other new claims in the U.K.
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July 12, 2024
Israeli Aquafarm Blames War For Unpaid $21M Debt
An Israeli aquafarming company has hit back at an asset management firm trying to recover $21 million for an allegedly unpaid settlement agreement, arguing it has been impossible to raise money following Hamas' Oct. 7 attack in Israel.
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July 12, 2024
Dentons To Face SRA Appeal On AML Misconduct Ruling
The Solicitors Regulation Authority has appealed against a London tribunal's decision that inadvertent anti-money laundering failures at the U.K. arm of Dentons over a politically exposed client did not amount to professional misconduct.
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July 12, 2024
Asset Manager Impax Completes Financial Adviser Buyout
Impax said on Friday that it has now completed the purchase of the assets of fixed-income manager Absalon Corp. Credit, as the private equity firm which focuses on renewable energy looks to expand its business beyond the U.S.
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July 12, 2024
FCA Cuts Record-Keeping For Banks Advising Listed Firms
The Financial Conduct Authority has cut record-keeping requirements for banks advising client companies that are listed on the London Stock Exchange.
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July 12, 2024
Fix AML Defenses Or Face Fines, German Banking Group Told
Germany's financial watchdog warned the Solaris SE digital banking group on Friday that it faces regulatory penalties if it does not shore up its defenses against money laundering.
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July 12, 2024
Gov't Urged To Set Up Comp Program For Pension Failings
Women who lost out after the government failed to tell them that their retirement age had changed have called for the "swift implementation" of a compensation program by the new pensions minister.
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July 11, 2024
London Revamps Listing Rules To Hone Competitive Edge
The move by the financial watchdog to rewrite U.K. Listing Rules better equips the London Stock Exchange to attract and retain high-growth companies, experts tell Law360. And they downplay fears the new rules could weaken consumer protection.
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July 11, 2024
NCA Can Seize Money Linked To £55M Tax Scam
A 13-year money laundering investigation involving a lottery winner, a bomb hoax and a £55 million ($71 million) tax fraud neared its end at a London court on Thursday as a judge ordered funds from three defunct companies to be forfeited to the National Crime Agency.
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July 11, 2024
Labour Urged To Represent All Generations In Policy Planning
The new Labour government must ensure that its policy agenda reflects the needs of all generations, pensions provider Aegon said on Thursday, saying its research suggests that under-50s are more positive about their long-term financial planning than those who are older.
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July 11, 2024
Barclays Sued By Trader For Suspending Investor's Account
Barclays is being sued for allegedly blocking a customer from trading on the bank's investor platform and failing to tell the market trader when selling could resume, losing him £6.7 million ($8.6 million) in profit.
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July 11, 2024
Social Media Influencers Deny FCA Charges Over Forex Ads
Eight reality TV stars and social media influencers pleaded not guilty to charges brought by the Financial Conduct Authority at a London court on Thursday over claims that they promoted a high-risk trading scheme dealing in financial products without authorization.
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July 11, 2024
Ex-Autonomy CFO Formally Banned After Conviction
The U.K. audit watchdog said on Thursday that it has formalized its 20-year exclusion from the accountants' professional body of the chief financial officer of software company Autonomy after he was convicted of fraud and securities offenses in the U.S.
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July 11, 2024
FCA Overhauls Share Listing Rules To Boost LSE
The Financial Conduct Authority unveiled a "significant" revamp of its share listings regime on Thursday, a move to help the London Stock Exchange provide corporate financing and stay competitive with other global financial centers.
Expert Analysis
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Recent Trends In European ESG-Related Shareholder Activism
New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.
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Audit Regulator Review Has Tips On Climate Metric Reporting
The U.K. Financial Reporting Council’s recent review of climate-related metrics and targets in listed companies’ annual reports is an extremely useful guide for issuers considering the quality of their disclosure reporting, with a number of key areas identified as central to further improvement, say lawyers at Bryan Cave.
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What Russia Case Reveals About UK Sanctions Enforcement
The Office of Financial Sanctions Implementation recently issued its first enforcement action under the U.K.'s expanded Russia sanctions against a relatively small company for a moderately severe breach — a decision that highlights several questions about the watchdog’s purpose and methods, say Maia Cohen-Lask and Tasha Benkhadra at Corker Binning.
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Breaking Down The UK's Draft Updates To Prospectus Regime
While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.
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Italy's Bank-Profits Tax Plan May Become Model For Eurozone
If Italy's recently proposed 40% bank-profits tax helps keep its populist coalition government in power, notwithstanding the European Central Bank's legal challenges, the passage could spark a windfall tax trend across the eurozone and even in the U.K., says Cris Cicala at Stinson.
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Bitcoin Case Highlights Advanced Age Of UK's IP Law
An appellate court's recent decision in a case involving the copyright of bitcoin's file format emphasizes the role of copyright protection in software, and also the challenges of applying decades-old laws to new technologies, say Marianna Foerg and Ben Bell at Potter Clarkson.
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Accountability Is Key To Preventing Miscarriages Of Justice
The wrongful conviction of Andrew Malkinson and other recent cases show that in order to avoid future miscarriages of justice, there needs to be a fundamental reevaluation of how investigators, prosecutors and the Criminal Cases Review Commission operate, prioritizing stronger penalties and increased funding, say Thomas Walford at Expert Evidence International and policy analyst Gerald Frost.
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4 Compliance Considerations Under FCA Consumer Duty
Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.
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What Could Come Of CFPB, EU Consumer Finance Collab
A recent joint statement from the European Commission and Consumer Financial Protection Bureau focused on how technology is affecting consumers of financial services, potentially recognizing that legal protections are lacking because tech regulations lag behind its development, say attorneys at DLA Piper.
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6 Key Factors For Successful Cross-Border Dispute Mediation
The European landscape of cross-border disputes diverges markedly from the U.S. experience and presents unique challenges, including the amalgamation of diverse cultures and legal systems, but there are several practical steps that practitioners can take to effectively navigate the process, says Peter Kamminga at JAMS.
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Operational Resilience Considerations In Financial Services
A recent letter from the Financial Conduct Authority reminds CEOs of U.K. wholesale banks of their role in the safety and soundness of markets, but all firms can draw lessons and consider their own operational resilience for longer-term security and commercial benefit, says Richard Tall at Faegre Drinker.
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UK Tech Cases Warn Of Liability Clause Drafting Pitfalls
The recent U.K. High Court cases Drax Energy Solutions v. Wipro and EE v. Virgin Mobile Telecoms indicate a more literal judicial approach to construing limitations of liability, even when this significantly limits a claimant's recoverable damages, highlighting the importance of carefully drafted liability provisions, say Helen Armstrong and Tania Williams at RPC.
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How The UK Investment Screening Regime Is Taking Shape
A recent order imposing remedies on an acquisition by EDF Energy highlights emerging trends in the U.K. government's national security reviews of transactions under the U.K. National Security and Investment Act, and shows how the U.K. remedy landscape compares to the U.S. regime, say lawyers at Arnold & Porter.
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Consultations Underpin Mandatory Fraud Victim Repayment
The U.K. Payment Systems Regulator’s recent consultations on authorized push payment fraud reinforce its June policy expectation, which said that unless there is evidence of gross negligence and the consumer standard of caution has not been followed, providers must reimburse fraud victims, say lawyers at Hogan Lovells.
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Swiss Privacy Law Reforms Present Divergences From GDPR
The differences between Switzerland’s recently reformed Federal Act on Data Protection and the EU's General Data Protection Regulation, particularly around data breach reporting and the liability of company officers, will need to be carefully managed by multinationals that may have competing obligations under different laws, say Kim Roberts and Vanessa Alarcon Duvanel at King & Spalding.