Financial Services UK

  • October 08, 2024

    EU Removes Antigua And Barbuda From Tax Blacklist

    The Council of the European Union removed Antigua and Barbuda from its blacklist of noncooperation jurisdictions on global tax standards, the EU's Economic and Financial Affairs Council announced Tuesday.

  • October 08, 2024

    Wirecard Loses £12M Fraud Claim Against Greybull Capital

    Greybull Capital has defeated an £11.8 million ($15.5 million) fraud claim brought by Wirecard's insolvency administrator, which alleges that the private equity company lied about the source of money injected into Monarch Airlines a year before the carrier collapsed.

  • October 08, 2024

    Travers Smith Leads Wealth Manager On £45M Purchase

    Brooks Macdonald Group PLC said Tuesday that it has agreed to buy financial planners Lift in a deal worth up to £45 million ($59 million) to expand its client reach and accelerate growth in the planning sector, advised by Travers Smith LLP.

  • October 08, 2024

    Bear 'Polluter Pays' Liability For Redress, FCA Tells Firms

    The finance watchdog has warned investment firms that they must take responsibility for holding sufficient resources to pay redress to clients, saying it has seen significant liabilities being pushed onto the country's financial compensation program.

  • October 08, 2024

    FCA Warns Banks To Improve Anti-Fraud Systems To Cut APP

    The financial watchdog has ordered banks and other payments firms to improve their anti-fraud systems and controls, as it expects businesses to target authorized push payment scams in this way.

  • October 07, 2024

    Socialite Claims Ignorance In £200M Money Laundering Trial

    A socialite accused of being at the heart of an £200 million ($262 million) money laundering scheme was "taken advantage of" while engaging in what he believed to be legitimate gold trading business, his lawyer argued at trial on Monday.

  • October 07, 2024

    Walker Crips Must Classify Investment Manager As Worker

    An investment manager on Monday won his bid for worker status after an employment tribunal ruled that a lax agreement with Walker Crips giving him free rein over his hours and investment style didn't mean he owned a separate business.

  • October 07, 2024

    Rosenblatt Rejects Negligence Claims Over Jaeger Collapse

    Rosenblatt Solicitors has denied being negligent in its handling of a claim for a fashion retail entrepreneur against Lloyds Bank over the bank's alleged role in the demise of fashion brand Jaeger, arguing it had to take a narrow focus to bolster the weak case.

  • October 07, 2024

    Covington UK White Collar Chief Heads To Litigation Boutique

    Covington & Burling LLP's former co-head of white collar defense for Europe joined litigation boutique Quillon Law LLP on Monday to boost its capabilities in major fraud cases and investigations.

  • October 07, 2024

    Investors Urge UK Pension Reforms To Boost Returns

    Investors have urged the U.K. to adopt new pension reforms designed to improve how pension schemes invest and operate following a call for evidence as the government carries out a review of pensions investment.

  • October 07, 2024

    LME Beats US Hedge Fund's Appeal Over $12B Nickel Trade

    A London court has dismissed a U.S. hedge fund's appeal against a decision by the London Metal Exchange to cancel more than $12 billion in nickel trades, ruling on Tuesday that its actions were lawful, justified and proportionate.

  • October 07, 2024

    Watchdog Now Orders Banks To Pay Back APP Fraud Victims

    The Payment Systems Regulator said Monday that new rules will provide world-leading protections to consumers who have been tricked into sending money to fraudsters through the banking system.

  • October 04, 2024

    SFO Seizes £295K From Convicted Tycoon In $700M Fraud

    Britian's financial crime enforcer has seized £295,000 ($386,000) from a convicted fraudster imprisoned three times in connection with an international metal trading scam that defrauded lenders worldwide out of nearly $700 million more than two decades ago. 

  • October 04, 2024

    G7 Antitrust Chiefs Vow To Scope Collusion In AI Tech Sector

    U.S. and international antitrust regulators said Friday they intend to scrutinize any anticompetitive practice in the market for artificial intelligence technologies or any use of the emerging tech to circumvent competition.

  • October 04, 2024

    WealthTek Distribution Plan Was Approved For Expediency

    England's High Court had the power to approve a plan to distribute client assets held by collapsed wealth manager WealthTek LLP even though the plan does not conform with investors' "strict rights" to their investment, a judge said Friday in giving his full reasons for sanctioning the plan earlier this year.

  • October 04, 2024

    ECJ Says Interest Deduction Limits Align With EU Law

    Governments across the European Union can legislate to block businesses from getting corporate tax deductions on interest paid as part of noncommercial loans, the European Court of Justice ruled Friday.

  • October 04, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen GMB Union sued by the makers of Tetley Tea after a staff walkout in September, boxer Mike Tyson hit with legal action from a marketing company and the Met Police face a misuse of private data claim from a woman who had a relationship with an undercover police officer. Here, Law360 looks at these and other new claims in the U.K.

  • October 04, 2024

    Experian To Acquire Brazil's ClearSale For $350M

    Credit ratings agency Experian PLC said Friday that it has agreed to acquire Brazil-based digital fraud prevention company ClearSale SA for 1.90 billion Brazilian real ($350 million) to complement its existing identity and fraud business in the South American country.

  • October 04, 2024

    McDermott Taps Big 4 Partner As Senior Tax Pro In London

    McDermott Will & Emery LLP announced it has recruited a former U.K. partner from KPMG to join its firm as a tax partner, bringing an expert in private equity to its London office.

  • October 11, 2024

    Dechert Hires Fund Finance Pro From DLA Piper

    Dechert LLP has recruited a fund finance specialist as a partner from DLA Piper to boost its offerings for asset management firms, financial institutions and alternative lenders.

  • October 04, 2024

    FCA's £29M Fine Of Starling Sends Wider Compliance Warning

    The Financial Conduct Authority hit Starling Bank Ltd. with a £28.9 million ($38.4 million) fine on Wednesday for inadequate anti-money laundering and sanctions controls. This has sent a wider warning to companies that compliance levels must match growth.

  • October 04, 2024

    Bahamian Bank Claims No Fault In $3M Loan Row

    A Bahamian bank has argued it did not breach a $3 million loan agreement with a director of an American biotech company, arguing the deal was justifiably terminated and that it does not owe him $15 million for any alleged losses.

  • October 03, 2024

    Former Senior Accountant Jailed For £1M Council Fraud

    A former council accountant has been jailed for defrauding a local authority out of nearly £1 million ($1.3 million) over two decades, according to the Crown Prosecution Service.

  • October 03, 2024

    FCA Charges 2 Brothers With Insider Dealing

    The U.K.'s financial watchdog charged two men with insider dealing in London on Thursday over allegations they pocketed £110,000 ($144,230) by profiting off confidential information on oil and gas stocks over a four-year period. 

  • October 03, 2024

    Whisky Fund Manager To Pay £51K Over Sexist Treatment

    An employment tribunal has ordered an investment consultancy specializing in rare whiskies to pay £51,800 ($68,000) to a female staff member after employees harassed her and forced her out with sexist treatment.

Expert Analysis

  • Technology And AI: 2024's Legal And Regulatory Landscape

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    Alexander Amato-Cravero at Herbert Smith discusses what businesses and their lawyers can expect in the year ahead in terms of regulation, policies and associated risks related to advancing technologies and artificial intelligence, including the need for increased internal governance and workforce engagement.

  • US And UK Law Firms Continue Trend Of EU Expansion

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    A broad spectrum of U.S. and U.K. law firms are now seeking fresh opportunities in Europe's fastest growing and constantly evolving sectors by opening offices in strategic locations across the continent, says James Lavan at Buchanan Law.

  • A Look At 2023's Landmark Insolvency Developments

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    The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.

  • Pension Industry Should Monitor Evolving ESG Issues In 2024

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    ESG thinking in the pensions industry has substantially evolved from focusing on climate change and net-zero to including nature and social considerations, and formalizing governance processes — illustrating that, in 2024, continually monitoring ESG issues sits squarely within trustee fiduciary duties, says Liz Ramsaran at DWF.

  • What 2024 Has In Store For White Collar Crime Enforcement

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    Changes in Serious Fraud Office leadership and corporate crime laws in the U.K. signal a chance to kickstart enforcement in 2024, and companies need to stay alive to risks within their business, preparing in particular for the new offense of failure to prevent fraud, say lawyers at Latham.

  • Emerging Trends From A Busy Climate Litigation Year

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    Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.

  • Regulating Digital Platforms: What's Changing In EU And UK

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    Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.

  • How Boards Can Mitigate Privacy, Cybersecurity And AI Risks

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    In 2023, data privacy, cybersecurity and AI persist as prominent C-suite concerns as regulators stepped up enforcement, and organizations must develop a plan for handling these risks, in particular those with a global footprint, say lawyers at Latham.

  • The Outlook For UK Restructuring Plans At Home And Abroad

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    The U.K. continues to be a center for large-cap, cross-border restructurings, though its competitive edge over the EU in this regard may narrow, while small and medium-sized enterprises are already likely to avoid costly formal processes by reaching out to their secured lenders for restructuring solutions, say Paul Keddie and Timothy Bromley-White at Macfarlanes.

  • Foreign Assets Ruling Suggests New Tax Avoidance Approach

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    The U.K. Supreme Court's recent ruling in His Majesty's Revenue & Customs v. Fisher, which found that the scope of the transfer of foreign assets is narrow, highlights that the days of rampant tax avoidance have been left behind, and that the need for wide-ranging and uncertain tax legislation is lessening, says James Austen at Collyer Bristow.

  • Lessons To Be Learned From 2023's Bank Failures

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    This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.

  • An Overview Of European Private Investments in Public Equity

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    Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.

  • Cos. Must Monitor Sanctions Regime As Law Remains Unclear

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    While recent U.K. government guidance and an English High Court's decision in Litasco v. Der Mond Oil, finding that a company is sanctioned when a designated individual is exercising control over it, both address sanctions control issues, disarray in the law remains, highlighting that practitioners should keep reviewing their exposure to the sanctions regime, say lawyers at K&L Gates.

  • Unpacking The UK's Proposals To Regulate Crypto-Assets

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    Recent proposals for crypto-asset regulation in the U.K. demonstrate support for crypto's potential, but there is concern around the authorization process for organizations undertaking crypto-asset activities, and new regulations will require a more detailed assessment of firms' compliance not previously addressed, say Jessica Lee and Menelaos Karampetsos at Brown Rudnick.

  • The Top 7 Global ESG Litigation Trends In 2023

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    To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.

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