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Financial Services UK
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October 29, 2024
CMS Guides £1.1B Pension Deal For Deutsche Bank Unit
A subsidiary of Deutsche Bank AG has offloaded £1.1 billion ($1.4 billion) of its pension liabilities with Legal & General Assurance Society, the insurer said Tuesday, in a transaction led by CMS Cameron McKenna Nabarro Olswang LLP and DLA Piper.
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October 29, 2024
HSBC Unveils $3B Buyback As Profits Rise 10%
Banking giant HSBC Holdings PLC said Tuesday that it will line shareholders' pockets with an additional $3 billion as the British lender reported a 10% rise in pre-tax profits during the third quarter of the year.
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October 28, 2024
Dexia Can Bring €10M Italian Swap Deal Fight In England
Dexia's €10 million ($10.8 million) interest rate swap deal fight with an Italian asset manager belongs in the U.K. because the pair agreed to resolve their differences through the English courts, a London court has ruled.
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October 28, 2024
Cerberus, Spanish Bank Clash In Asset Dispute At UK Trial
Cerberus kicked off a London trial Monday by accusing one of Spain's largest banks of going "through the looking glass" regarding claims that units of the private equity firm breached investment agreements linked to the bank's Spanish real estate portfolios.
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October 28, 2024
Labour Budget Expected To Target Taxes At Biz, Investors
The U.K. government is set to unveil its budget statement Wednesday after months of hinting at higher taxes, and experts say businesses and investors are bracing to bear the brunt of the possible tax changes, such as through increases to capital gains and payroll taxes.
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November 04, 2024
Mishcon Hires US-Qualified Partner For VC Practice
Mishcon de Reya LLP has recruited a new partner for its emerging companies team in London to strengthen its capability advising British and European clients on their transatlantic strategies, the firm announced Monday.
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October 28, 2024
Wise Boss Hit With FCA Fine For Not Disclosing Tax Penalty
The finance regulator said on Monday that it has fined the chief executive of a money transfer company £350,000 ($454,500) for his failure to tell the watchdog he had been penalized by HM Revenues and Customs for not paying his taxes.
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October 28, 2024
Pensions Provider PSG SIPP Falls Into Administration
A self-invested personal pension provider has entered into administration after facing financial difficulties that arose from its connection with an Australian financial adviser, the City watchdog said Monday.
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October 28, 2024
Gov't Urged To Clarify Implications Of Major Pensions Case
The U.K. government must clarify the scope of new requirements on retirement savings plans following a landmark Court of Appeal ruling in July, a trade body has warned, after members registered a surge in queries from pension holders.
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October 28, 2024
Law Firm Scores Own Goal In Footballers' Data Row
A sports law firm cannot prevent a lender from advertising a winding-up petition over an unpaid loan of £500,000 ($650,000) to fund litigation over the alleged misuse of professional footballers' data, a London court has ruled.
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October 25, 2024
Barclays Slashes £330M From UK Investors' 'Dark Pool' Claim
Barclays on Friday won its bid to more than halve the value of a £560 million ($726 million) securities fraud claim brought by investors at the High Court in London based on allegations it misled them about its "dark pool" trading platform.
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October 25, 2024
Close Brothers Lose Appeal In Landmark Motor Finance Case
Close Brothers Ltd. and other motor finance lenders must fully disclose commissions charged to customers taking out a car loan, or face repaying the secret fee, a London appeal court ruled Friday in a landmark test case.
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October 25, 2024
'Business Guru' Denies Claim Of £5.6M Ponzi Scheme
A self-styled "business guru" has hit back at a £5.6 million ($7.3 million) fraud claim in the High Court, denying running a Ponzi scheme and duping an investor into funding a bogus loan scheme for a luxury hotel development.
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October 25, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the Competition and Markets Authority take action against a mattress retailer after it was caught pressuring its customers with misleading discounts, Lenovo and Motorola target ZTE Corporation with a patents claim, Lloyds Bank hit by another claim relating to the collapse of Arena Television and U.K. tax authority HMRC sued by the director of an electronics company that evaded millions of pounds in VAT. Here, Law360 looks at these and other new claims in the U.K.
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October 25, 2024
Taxation With Representation: Davis Polk, Skadden, Kirkland
In this week's Taxation With Representation, Atlantic Union Bankshares Corp. absorbs Sandy Spring Bancorp, Sophos and Secureworks merge, Wendel Group takes a stake in Monroe Capital LLC, and Acuity Brands Inc. buys QSC LLC.
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October 25, 2024
Lloyds Hit With Fraud Claim By Collapsed Broadcast Co.
Lloyds Bank PLC has been sued by liquidators of a broadcasting equipment company in the latest legal claim to be filed against the bank by parties related to the collapse of Arena Television amid fraud allegations.
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October 25, 2024
Deutsche Bank Wins £360K Costs From Trader In Bonus Row
A London judge Friday ordered a former Deutsche Bank trader to pay more than £360,000 ($467,000) as an early payment of the bank's legal costs after she lost her breach of contract case over assurances allegedly given about her compensation.
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October 25, 2024
Home Office Launches New Crackdown On Insurance Fraud
A string of leading insurance organizations have agreed to clamp down on criminal attempts to manipulate the U.K. insurance market with fake claims, among a range of other pledges included in a government charter designed to tackle fraud in Britain.
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October 25, 2024
Fraud Lawyers Take On Bullying Cases As Complaints Surge
White-collar criminal lawyers are picking up more and more work investigating allegations of non-financial misconduct inside the world's biggest companies, amid a sharp rise in incidents reported by the City watchdog ahead of an impending crackdown.
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October 25, 2024
FCA Sets Consumer Duty As Top Priority For CEOs In 2025
The Financial Conduct Authority told CEOs of retail banks and other lenders in letters published Friday it will give a top priority to the Consumer Duty regime in 2025, focusing in addition on fair claims about sustainable products and managing financial crime risk.
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October 25, 2024
Consultancy Calls For More Ambitious Gov't Climate Action
Action to tackle the climate crisis needs to match the scale of risk, consultancy Lane Clark & Peacock LLP has said, arguing that the gap between policy ambition and implementation needs to be closed.
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October 25, 2024
Commerzbank Can Pursue Staffer For Fake Sex Assault Claim
A London court ruled Friday that a former Commerzbank AG analyst will face contempt of court proceedings after making false sexual assault allegations against a colleague as part of his failed harassment case against the bank.
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October 25, 2024
About 9M UK Adults Lost A Pension Pot, Consultancy Says
Almost 9 million U.K. savers are convinced that they have lost or probably lost a pension pot, a study by an economic consultancy has found.
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October 25, 2024
Pensions Watchdog Wants Tougher Action Against Scammers
The Pensions Regulator has urged retirement savings plans to take action to protect savers from scams as part of Scams Awareness Week, with a video campaign featuring a victim.
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October 24, 2024
FCA Finds Reports Of Bullying, Harassment Up Over 3 Years
The Financial Conduct Authority on Friday said it has recorded a steady rise in nonfinancial misconduct reports over the past three years, including bullying, harassment and discrimination across banks, asset managers and insurers.
Expert Analysis
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Factors For London Cos. To Consider If Adding US Listings
Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.
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Assessing The Energy Act 2023, Eight Months On
Although much of the detail required to fully implement the Energy Act 2023 remains to be finalized, the scale of change in the energy sector is unprecedented, and with the U.K. prioritizing achieving net-zero, it is likely that developments will continue at pace, say lawyers at Paul Hastings.
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Opinion
Why Timing Makes UK Libor Judgments Controversial
The recent U.K. Court of Appeal decision in the R v. Hayes and Palombo appeal against Libor convictions demonstrates that had U.K. regulators probed with the facts known today, civil claims in all jurisdictions would be dismissed and a decadelong wasted investigation should be put to rest, says Charles Kuhn at Clyde & Co.
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Tips For Orgs Using NDAs In Light Of New UK Legislation
The recent passage of the Victims and Prisoners Act follows a crackdown on the misuse of nondisclosure agreements, but although NDAs are not prohibited and regulators recognize their legitimate justification, organizations relying on them must be able to clearly explain that justification if challenged, say attorneys at Macfarlanes.
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What Alternative Fuel Proposals Mean For EU Infrastructure
The European Union’s proposed Alternative Fuels Infrastructure Facility, covering activities in the transport sectors supporting the decarbonization process, sets ambitious standards regarding the deployment of adequate supply infrastructure and offers new funding opportunities for port operators and shipowners, says Christian Bauer at Watson Farley.
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Continuation Funds: What You Need To Know
As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.
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EU Anti-Greenwashing Guide Analyzed For Fund Managers
Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.
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FCA 'Finfluencer' Trial Exposes Social Media Promo Risks
The upcoming Financial Conduct Authority prosecution of nine individuals for Financial Services and Markets Act 2000 violations is the first time an online influencer will be tried for using social media to promote investments, demonstrating the need to be wary of the specific legal requirements surrounding financial product promotion, says David Claxton at Red Lion.
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A Look At US-EU Consumer Finance Talks' Slow First Steps
The unhurried and informal nature of planned discussions between the U.S. Consumer Financial Protection Bureau and the European commissioner for justice and consumer protection suggests any coordinated regulatory action on issues like AI and "buy now, pay later" services is still a ways off, say attorneys at DLA Piper.
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FCA Doubles Down On New Priorities With Target ID Plan
Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.
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Examining Senior Managers' Accountability For AI Use
With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
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FCA Brokerage Changes Offer Asset Managers Wider Options
The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.
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What Cos. Should Know About The EU Greenwashing Rules
The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
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Sanctions Ruling Opens Door For Enforcer To Clear Up Rules
In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.
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'Debanking' Complaints Highlight Need For Flexibility In AML
The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.