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Financial Services UK
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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.
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July 10, 2024
Deutsche Bank Settles Ex-Trader's Malicious Prosecution Suit
Deutsche Bank has settled a lawsuit brought by a former trader who claimed the bank scapegoated him when the U.S. Department of Justice began an investigation into suspected interest rate rigging, according to a Wednesday filing in New York federal court.
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July 10, 2024
HMRC, CPS Beat Financier's Claim Over Botched Prosecution
HM Revenue and Customs and the Crown Prosecution Service have beaten claims of malicious prosecution and misfeasance in public office by a corporate financier following a failed criminal fraud case, with a judge finding that they had enough evidence to pursue him.
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July 10, 2024
FCA Beats Applicant's Claim Over Noise Aversion Condition
The Financial Conduct Authority did not fail to accommodate a job applicant with a sound sensitivity condition, an employment tribunal has ruled after finding the agency did everything it could to mitigate her condition.
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July 10, 2024
UK Prosecutors Secure 1st Monero Crypto Payout
A drug dealer has paid back £15,000 ($19,200) of his illegal profits by surrendering his Monero cryptocurrency to a U.K. government agency, the first time the coin has been sold off in a Crown Prosecution Service case.
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July 17, 2024
Travers Smith Hires Infrastructure Finance Pro From WFW
Travers Smith LLP announced Wednesday that it has recruited a specialist in infrastructure finance from Watson Farley & Williams LLP, boosting the firm's partnership ranks after it suffered a recent wave of exits.
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July 10, 2024
Citi Rebuked Over Botched Misconduct Probe Into Trader
A decision by Citigroup to fire a trader amid allegations that he had given misleading updates on deals was unfair because its probe was plagued by delays and led to an unreasonable finding of gross misconduct, a tribunal has ruled.
Expert Analysis
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What Justices' Cert. Denial Of Terrorism Suit Means For Banks
The U.S. Supreme Court's denial of certiorari in Freeman v. HSBC Holdings lets stand the Second Circuit's decision on the narrow scope of conspiracy liability under the Justice Against Sponsors of Terrorism Act, providing protection for banks that otherwise could have faced liability for finance activities with limited connections to third parties' unlawful acts, say attorneys at Sidley.
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Firms Should Prepare For New DEI Reporting Requirements
While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.
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What The UK Digital Markets Bill Will Mean For Businesses
The new investigatory and enforcement powers conferred by the U.K. Digital Markets, Competition and Consumers Bill mean that although businesses may be aware of their market status due to existing EU law, they should ensure they are mindful of the changes to consumer law and the implications for digital markets, says Richard Hugo at Burges Salmon.
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5 Takeaways From ICO's Biometric Recognition Guidance
Recent guidance from the U.K. Information Commissioner’s Office is a helpful reminder of key data protection principles and obligations stemming from the U.K. General Data Protection Regulation that organizations should consider when implementing biometric recognition technology, say lawyers at Dechert.
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Shifting From Technical To Clear Insurance Contract Wordings
Recent developments on insurance policies, including the Financial Conduct Authority's new consumer duty, represent a major shift for insurers and highlight the importance of drafting policies that actively improve understanding, rather than shift the onus onto the end user, say Tamsin Hyland and Jonathan Charwat at RPC.
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A Case For The Green Investment Regime Under The ECT
The EU and U.K.'s potential plans to exit the Energy Charter Treaty, which has been criticized as protecting fossil fuel investments to the detriment of energy transition, ignore the significant strides taken to modernize the treaty and its ability to promote investment in cleaner energy forms, say Amy Frey and Simon Maynard at King & Spalding.
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Considerations For Fund Managers Seeking Retail Investment
With recent legal developments, including a revised Long Term Investment Funds Regulation effective in 2024, supporting the market trend of retailization, there are several practical considerations for alternative fund managers embarking on a European fundraise for retail capital, say Zac Mellor-Clark and Kate Downey at Fried Frank.
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FDI Considerations For UK Venture Capital Transactions
With the U.K. National Security and Investment Act highlighting foreign direct investment matters for venture capital transactions, investors dealing with companies connected to the U.K. should be alive to how the act's requirements can affect deal timelines, structures and terms, say lawyers at Covington.
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How Employers Can Support Neurodiversity In The Workplace
A recent run of cases emphasize employers' duties to make reasonable adjustments for neurodiverse employees under the Equalities Act, illustrating the importance of investing in staff education and listening to neurodivergent workers to improve recruitment, retention and productivity in the workplace, say Anna Henderson and Tim Leaver at Herbert Smith.
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What The Anti-Coercion Instrument Will Bring To The EU
Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring discuss why the European Union recently adopted a report on the anti-coercion instrument to reform its trade legislation, how the instrument will be used to respond to unfair economic pressure from third countries, and how businesses can impact the EU's decision making.
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Why FCA Crypto Rules Need To Align With UK Gov't Aims
There is a critical need for cryptocurrency regulations that protect consumers while supporting the government's aim to make the U.K. a crypto hub, but the Financial Conduct Authority’s recently effective rules on financial promotion of crypto-assets bring an unintended risk that legitimate firms will be driven out of the market, says Laura Navarathnam at the Crypto Council for Innovation.
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CMA Report On AI May Lead to Greater Competition Control
The U.K. Competition and Markets Authority’s recent report on artificial intelligence foundation models is a sign that developers could face increased merger control and antitrust enforcement, and businesses should be mindful of these views to ensure that their models do not come under investigation, say attorneys at Morgan Lewis.
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UK Mozambique Ruling Will Have Int'l Ramifications
The recent U.K. Supreme Court judgment in Mozambique v. Privinvest considered for the first time stay proceedings under the Arbitration Act, offering guidance on whether claims are a "matter" within the scope of an arbitration clause, which could become a point of reference for foreign courts in the future, say lawyers at Herbert Smith.
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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.