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Financial Services UK
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November 25, 2024
Immovable Rule Shields Bedzhamov From Russian Bankruptcy
A recent decision by Britain's highest court that the £35 million ($44 million) London home of a fugitive banker is beyond the reach of Russian bankruptcy laws has made it clear that a foreign court cannot enforce orders over English land.
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November 25, 2024
'Knight' Can't Lift Freeze On Woodland Mansion, Supercar
A self-styled knight convicted of fraud failed to get a freezing order lifted against £1.1 million ($1.4 million) of his assets as a London court ruled on Monday that the civil recovery proceedings do not unfairly relitigate criminal confiscation efforts.
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November 25, 2024
Odey Can't View Medical Records Of Sexual Assault Accusers
Crispin Odey failed on Monday to gain access to the medical records of five women who accuse him of sexual abuse, after a judge weighed in favor of the alleged victims' right to privacy.
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November 25, 2024
MPs Raise 'Deep-Rooted' Problems At FCA In Critical Report
A report by a cross-party group of MPs will highlight the failures in the way the Financial Conduct Authority handles major scandals, despite its efforts to reform its culture and operations, according to advance details released Monday.
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November 25, 2024
Italy's UniCredit Makes €10B Offer For Rival Banco BPM
UniCredit SpA said Monday that it has offered to buy rival Italian lender Banco BPM SpA for €10 billion ($10.5 billion) in an all-share deal, with the aim of creating a pan-European banking giant.
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November 25, 2024
DLA, Mayer Brown Steer £1.7B Pension Deal For National Grid
The U.K.'s largest utilities provider has offloaded £1.7 billion ($2.1 billion) of its pension liabilities to Aviva PLC, the insurer said Monday, in a deal guided by DLA Piper UK LLP and Mayer Brown International LLP.
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November 25, 2024
FCA Rewrites Disclosure Rules, Handing Suspects The Reins
Changes to disclosure rules at the Financial Conduct Authority will give defendants more insight into its investigations than ever before — though the development might swamp those that cannot afford top legal advisers, lawyers say.
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November 25, 2024
Barclays Fined £40M For Failing To Disclose Qatari Deals
Barclays has been fined £40 million ($50.2 million) for the "reckless" arrangements the bank made with Qatari investors when it was raising fresh capital during the 2008 financial crisis, the Financial Conduct Authority said Monday.
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November 22, 2024
Simpson Thacher Hires Finance Pro From Linklaters
Simpson Thacher & Bartlett LLP has recruited a newly promoted banking partner at Linklaters LLP to continue building its finance offering in London.
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November 22, 2024
Teacher Stern Cleared Of Rules Breach Over Client Payments
Teacher Stern LLP and two partners were cleared by a London disciplinary tribunal on Friday of breaching legal accounting rules and ethical regulations by allowing clients to transfer money that was not related to an underlying legal transaction or service.
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November 22, 2024
Fraud Victim Can't Revive Duty Claim Against NatWest
A fraud victim failed Friday to revive its claim against National Westminster Bank PLC for not stopping more than £420,000 ($526,000) in payments to the scammers' bank account, after a London judge ruled the company did not have a reasonable chance of overturning the dismissal.
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November 22, 2024
Paragon Auditor Denied Interim Pay In Whistleblowing Claim
An internal auditor at Paragon Bank has lost his bid for interim pay in his whistleblowing claims against the property finance lender as an appeals tribunal found he would struggle to prove that this was the reason he was sacked.
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November 22, 2024
Imprisoned Oligarch Asks UK Court To Hear Conspiracy Claim
Lawyers for an oligarch imprisoned in Russia told a London court Friday that he was entitled to pursue litigation against pipeline giant Transneft in England, rather than Russia as the company wants, because a "not insignificant" proportion of the damage in the case was incurred in England.
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November 22, 2024
Spain Raises Bank Windfall Levy, Enacts Minimum Tax
The Spanish government is set to increase its windfall tax on banks with more than €5 billion ($5.2 billion) in income as well as implement a minimum corporate tax on multinational companies following a vote by lawmakers.
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November 22, 2024
MPs To Probe UK Pensioner Poverty Amid Rising Costs
A cross-party parliamentary committee on Friday launched an inquiry into pensioner poverty in the U.K., seeking views on which measures have been most effective in addressing the cost of living for retirees.
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November 22, 2024
Putin Ally's In-law Charged With Paying Nephew's School Fees
The brother-in-law of a former Russian politician faces new criminal charges for allegedly breaching sanctions after U.K. authorities accused him of paying for the children of an alleged ally of Vladimir Putin to attend a private school, a court heard Friday.
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November 22, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen cash-strapped Thurrock Borough Council bring a £40 million ($50 million) negligence claim against 23 other local authorities over its solar investments from a not-for-profit local government body, AstraZeneca sue a fire safety company following a blaze at its Cambridge headquarters last year, and a director who was convicted in 2016 for corporate manslaughter face action by Manolete Partners. Here, Law360 looks at these and other new claims in the U.K.
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November 22, 2024
EU Finance Body Says Climate Disclosure Rules Too Detailed
A trade body for European financial institutions has warned an international accounting standard-setter that its proposed climate-related disclosures for financial statements are too detailed, imposing compliance expectations beyond existing accounting standards.
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November 22, 2024
HCR Legal Leads Tavistock In Up-To-£18M Asset Manager Buy
Financial services group Tavistock said Friday that it has agreed to buy asset manager Alpha Beta Partners for up to £18 million ($22.5 million) as the British company seeks to expand in the U.K. retail investment market.
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November 28, 2024
Addleshaw Goddard Hires Payments Pro From Hogan Lovells
Addleshaw Goddard LLP has recruited a payments specialist from Hogan Lovells in London, with the new partner saying Thursday the firm's young partnership and talented female ranks spurred her to jump ship.
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November 21, 2024
Dashboard Project Updates Pension Scheme Reporting Rules
Pension providers and schemes will face less onerous reporting requirements during the initial connection phase to the long-awaited dashboards project under changes announced by the program's coordinator Thursday.
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November 21, 2024
UAE Bank Loses Suit Accusing Family Of Evading £19M Debt
A UAE bank has lost its claim against a businessman's family over an alleged £19 million ($24 million) debt, after a London judge ruled Thursday that the lender failed to prove that the businessman had intentionally moved assets to keep them out of the hands of his creditors.
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November 28, 2024
DLA Piper Hires German Real Estate Pro From Clifford Chance
DLA Piper has hired a real estate partner from Clifford Chance LLP for a new office it opened in Düsseldorf earlier in 2024 as it looks to enhance its standing in the German market.
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November 21, 2024
EU Watchdogs Set Rules On Sharing Staff Fitness Reports
European Union regulators have set out guidelines for their new information exchange system to help national regulators assess the suitability of senior managers for key roles in financial services.
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November 21, 2024
FCA Weighing Wider Impact Of Motor Finance Ruling
The Financial Conduct Authority said it is considering issuing guidance amid growing legal uncertainty over commission arrangements following a bombshell court ruling on motor finance.
Expert Analysis
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What Green Claims Directive Proposal Means For Businesses
With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
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£43M Legal Bill Case Shows Courts' View On Exchange Rates
A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.
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Examining The EU's New Payments Services Package
Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.
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Examining The State Of Paccar Fixes After General Election
Following the U.K. Supreme Court's Paccar decision last year, which made many litigation funding agreements for opt-out collective actions in the Competition Appeal Tribunal unenforceable, the judiciary will likely take charge in implementing any fixes — but the general election has created uncertainty, says Ben Knowles at Clyde & Co.
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EU Reports Signal Greenwashing Focus For Financial Sector
Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
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Opinion
Without Change, Fighting Fraud Is A Losing Battle For The UK
To successfully fight fraud cases in the U.K. — like the Russian Coms scam recently shut down by the National Crime Agency — it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country’s intelligence platforms, says Anthony Hanratty at Howard Kennedy.
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Embedding Consumer Duty: 6 Areas Firms Should Prioritize
The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.
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2 UK Rulings Highlight Persistent Push Payment Fraud Issues
Two recent High Court decisions, Larsson v. Revolut and Terna DOO v. Revolut, demonstrate that authorized push payment fraud continues to cause headaches for consumers and financial institutions alike, and with forthcoming mandatory reimbursement requirements, more APP fraud litigation can be expected, say lawyers at Charles Russell.
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Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling
The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.
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Key Points From UK Prospectus Regime Reform Consultation
The Financial Conduct Authority's current consultation on U.K. prospectus regime reform proposals, including when a prospectus will be required and the requirements concerning content, is designed to enhance the attractiveness of the U.K.'s capital markets, say lawyers at Sullivan & Cromwell.
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Why NCA's 1st Seizure Of Sanctioned Funds Is Significant
The National Crime Agency’s recently secured forfeiture of a Russian oligarch's sanctioned funds was a landmark achievement, and is particularly notable because it was made under the Proceeds of Crime Act, illustrating how U.K. authorities can coordinate their respective powers to confiscate assets, says Lindsey Cullen at WilmerHale.
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Takeaways From New FCA Rules On Research Payments
The Financial Conduct Authority’s recently published final rules on payment optionality for investment research, which involve a client disclosure obligation option, will be welcome news for U.K. managers who buy investment research from U.S. brokers, and for global asset management groups, says Anna Maleva-Otto at Schulte Roth.
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What To Expect From Labour's Pension Schemes Bill
The Labour government’s recently announced Pension Schemes Bill, outlining key policy areas affecting the retirement savings sector, represents a positive step forward for both defined contribution scheme members and defined benefit superfunds, but there are some missing features, says Sonya Fraser at Arc Pensions.
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Int'l Treaties May Aid Investors Amid UK Rail Renationalization
The recently introduced Passenger Railway Services Bill seeks to return British railways to public ownership without compensating affected investors, a move that could trigger international investment treaty protections for obligation breaches, says Philipp Kurek at Signature Litigation.
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What EU Opinion May Mean For ESG Product Classification
The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.