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Financial Services UK
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July 10, 2024
Gov't Appoints Minister For Both Treasury And DWP
The new Labour government has appointed a minister spanning HM Treasury and the Department for Work and Pensions, a move that analysts said could indicate a more joined-up approach to pensions policy.
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July 10, 2024
Finance Co. Can't Escape Liability In £1.7M Failed Investments
A finance company has failed to duck liability for botched property investments worth approximately £1.7 million ($2.2 million) as a London appeals court found the firm had accepted responsibility for another business to arrange the deals.
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July 10, 2024
PE Biz TowerBrook Bids £253M For Payments Platform Co.
Private equity shop TowerBrook Capital Partners LP has made an improved cash offer of £253 million ($325 million) for Equals Group PLC, the British financial technology company said Wednesday after it put itself up for sale.
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July 09, 2024
Hedge Fund Says Nickel Pause Was 'Regulatory Overreaction'
A U.S. hedge fund on Tuesday sought to revive its claim against the London Metal Exchange over the market's decision to cancel over $12 billion in nickel trades, arguing that the exchange never had the power to do so.
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July 09, 2024
Labour Gov't Plans Investment-Boosting National Wealth Fund
The U.K. Treasury on Tuesday detailed plans to create a National Wealth Fund worth £7.3 billion ($9.3 billion) to boost private investment in energy and infrastructure, part of the new Labour government's plans to stimulate economic growth.
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July 09, 2024
Global Standard Setter Guides Firms On Third-Party Risk
A global banking standard setter on Tuesday proposed new principles to guide banks and regulators on how to manage and supervise risks from services increasingly outsourced to external organizations due to technology growth.
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July 09, 2024
MHA MacIntyre Hudson, 2 Ex-Staff Fined For Audit Failures
Britain's accounting watchdog on Tuesday said it had fined MHA MacIntyre Hudson LLP and two of its former employees for "numerous breaches" in the audits of a subsidiary of commodities business Monaco Resources Group.
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July 09, 2024
Malaysian Investor Fights To Block €36M Claim At Top Court
A Malaysian businessman urged the U.K.'s top court on Tuesday to rule that a creditor should be blocked from bringing a €36 million ($39 million) claim against him because it already won a declaration in an earlier action pursuing the debts.
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July 09, 2024
Pensions Bill Unlikely In King's Speech, Aegon Says
Sweeping pension reform is unlikely to be included in the first King's Speech under Keir Starmer's newly elected government, pensions provider Aegon said Tuesday as it predicted that existing changes in retirement savings policy might take center stage.
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July 09, 2024
FCA To Require Criminal Record Checks On New Firm Owners
The Financial Conduct Authority has proposed to require owners and controllers of financial firms applying for authorization to obtain criminal background checks.
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July 09, 2024
Ex-Pensions Minister Timms Returns To DWP In New Gov't
Former pensions minister Stephen Timms has returned to the Department for Work and Pensions in the new Labour government, the ministry has said.
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July 09, 2024
BBC Rebuffed In Effort To Cut Costs Of £20B Pension Scheme
An attempt by the British Broadcasting Corp. to reduce benefits for employees enrolled in its £19.8 billion ($25.4 billion) pension scheme has been rebuffed as the Court of Appeal ruled in favor of members on Tuesday.
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July 09, 2024
Thomas Cook Creditors To Get Back £280M After Asset Sale
Creditors of Thomas Cook will receive a total of £280 million ($358 million) before the end of September after the senior civil servant overseeing the liquidation sold all available assets owned by the collapsed travel giant, according to the Insolvency Service.
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July 08, 2024
FX Fund Says Investments Wiped Out By Legit Trading Losses
An investment fund that lost a client's money trading on the foreign exchange market has denied running a scam, claiming it owes the investor nothing because the losses were part of normal day-to-day trading.
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July 08, 2024
Trader Denies Knowingly Making False Cum-Ex Trades
A British trader who has been convicted of defrauding Denmark in a sham tax reclaim scheme on Monday testified before a London court that he did not knowingly make false trades in order to make fraudulent tax refund applications, in a landmark £1.4 billion ($1.8 billion) trial.
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July 08, 2024
Council's Whistleblowing Investment Head Unfairly Sacked
An English city council official has won his whistleblowing detriment and unfair dismissal claim against his former employer after he was fired for conduct unrelated to his concerns that a fellow director encouraged a contractor to bring legal action against the council.
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July 08, 2024
Audit Watchdog Creates New Monitoring, Digital Functions
Britain's accounting watchdog said Monday it will create two new market functions to support enforcement and supervision as well as digital reporting, driving U.K. growth as part of its response to earlier government-led criticisms.
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July 08, 2024
Reeves Sets Out Plans For Pensions Investing, Fiscal Review
HM Treasury will work to direct pensions investment to British businesses, create a national wealth fund and conduct a fiscal review into government finances, Rachel Reeves said in her first public speech as chancellor on Monday.
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July 08, 2024
Pensions Watchdog To Probe Master Trust Investment Plans
The Pensions Regulator said on Monday that it will be ramping up its focus on the investment strategies of Britian's master trusts to ensure their plans and methods deliver best results for savers.
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July 08, 2024
NIG Sued By Asset Manager Over £4M Fire Destruction
Parker Asset Management Ltd. has sued a subsidiary of U K Insurance Ltd. for allegedly failing to honor an insurance policy after a fire destroyed one of the firm's commercial properties and resulted in a loss of about £4.2 million ($4.5 million).
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July 08, 2024
EU Plans To Cut Some Financial Reporting Requirements
The markets watchdog of the European Union proposed on Monday to combine and reduce regular information reporting requirements from credit ratings agencies, benchmark administrators and market transparency infrastructures.
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July 05, 2024
EU Watchdog Sets Out Sustainability Reporting Expectations
The European Union's financial markets regulator on Friday set out its expectations on new sustainability reporting standards for large companies with shares listed on stock exchanges and their regulators.
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July 05, 2024
Bitcoin Fraudster Gets £1.5M Of Assets Frozen
A London court on Friday froze assets worth over £1.5 million ($1.9 million) belonging to Craig Wright, the man who falsely claimed to be the inventor of bitcoin, to cover the costs of a cryptocurrency podcaster who had to defend against Wright's defamation allegation.
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July 05, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen collapsed sports television company Arena Television hit Bank of Scotland and Lloyds Bank with a claim, James Vorley, the Deutsche Bank metals trader convicted of fraud, sue his former employer, and journalist John Ware file a defamation claim against Pink Floyd band member Roger Waters and Al Jazeera Media Network. Here, Law360 looks at these and other new claims in the U.K.
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July 05, 2024
Matrix KC Richard Hermer Tapped For Attorney General
Matrix Chambers' human rights barrister Richard Hermer KC will serve as the U.K.'s attorney general in a surprise appointment from newly-elected Prime Minister Keir Starmer late Friday.
Expert Analysis
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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.
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New Legislation May Not Be Needed For Recovery Of Crypto
The recent seizure of cryptocurrency under a civil recovery order raises the issue of whether extended powers under the forthcoming Economic Crime Bill are necessary, with the ability to seize crypto-related items that may be the subject of a search order more likely to be of assistance, says Nicola McKinney at Quillon Law.
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Opinion
Russia Ruling Should Lead UK To Review Sanctions Policy
The High Court's recent dismissal of the first-ever court challenge to Russian sanctions in Shvidler v. Secretary of State sets a demanding standard for overturning designation decisions, highlighting the need for an independent review of the Russia sanctions regime, says Helen Taylor at Spotlight on Corruption.