Financial Services UK

  • October 03, 2024

    Pension Co. Expects Greater Investment Plan Detail In Budget

    More detail on how the British government plans to generate greater investment from the £800 billion ($1.05 trillion) defined contribution sector into the economy seems "highly likely" to feature in the upcoming autumn Budget, PensionBee has said.

  • October 03, 2024

    Herbert Smith-Led WTW Buys Stake In Wealth Manager

    Insurance group Willis Towers Watson PLC said Thursday that it has acquired a minority stake in U.K. wealth manager Atomos, following an alliance between the companies since 2022.

  • October 03, 2024

    EU Finance Bodies Seek Clarity On Cybersecurity Compliance

    Financial trade bodies across the European Union have urged regulators to clarify critical requirements under the Digital Operational Resilience Act, which is set to come into effect in January, saying they are not clear on how the cybersecurity legislation applies to them.

  • October 02, 2024

    UK To Give Banks New Powers To Combat Fraudsters

    The U.K. government said Thursday it is introducing new laws enabling banks to extend investigations of suspected fraudulent payments.

  • October 02, 2024

    Parliamentary Ombudsman Probes Pensions Injustice

    The independent complaints body for government departments has launched an inquiry into historical injustices in state pensions that could lead to hundreds of millions of pounds being paid out in compensation to women who were affected, a consultancy said Thursday.

  • October 02, 2024

    FCA Wins Appeal In $700M BlueCrest Investor Redress Case

    The Financial Conduct Authority can resume its bid to impose a redress scheme of more than $700 million for investors of hedge fund BlueCrest Capital Management, an appeals court said Wednesday, ruling that a tribunal wrongly held that the regulator did not have that power.

  • October 02, 2024

    Italian Lender Beats Rival's Challenge To 'Isybank' TM Bid

    An Austrian bank cannot rely on its "Easybank" trademarks to stop Italian rival Intesa Sanpaolo from protecting its "Isybank" brand because there is no likelihood of European Union consumers mixing up the signs, officials in the bloc have ruled.

  • October 09, 2024

    Shoosmiths Adds Privacy & Data Partner From BCLP

    Shoosmiths LLP has hired a new partner to its privacy and data unit in London from Bryan Cave Leighton Paisner LLP, with the new arrival saying Wednesday that an immediate rapport with Shoosmiths' partners led her to jump ship.

  • October 02, 2024

    Hogan Lovells Leads Royal London's 1st £30M Pension Deal

    The Royal London Mutual Insurance Society Ltd. completed its first full scheme buy-in with the £30 million ($39.8 million) acquisition of The Retreat York Pension Scheme in a deal guided by Hogan Lovells and Wrigleys Solicitors, its adviser K3 Advisory said Wednesday.

  • October 02, 2024

    FCA Fines Starling £29M For 'Shockingly Lax' Client Screening

    The U.K.'s City watchdog said Wednesday that it has hit Starling Bank Ltd. with a £28.9 million ($38.4 million) fine over failures to screen for financial sanctions and for breaching a ban on opening accounts for high-risk clients.

  • October 02, 2024

    Reed Smith Steers £140M Pension Deal For Insurance Biz

    Aviva PLC has covered £140 million ($186 million) of pension liabilities for insurance group Thomas Miller & Co. Ltd. to secure the benefits of all members of the retirement savings plan, the companies said Wednesday.

  • October 01, 2024

    Westfield Denies Infringing Clearpay IP In Partnership Dispute

    Shopping giant Westfield has returned fire in a battle with Clearpay Finance Ltd. over a collapsed partnership, with the shopping center company denying infringing the credit business's intellectual property by continuing to show Clearpay advertisements in its centers.

  • October 01, 2024

    Investors Settle Wirecard Fraud Case With Transfer Provider

    Two businessmen have settled claims worth €33 million ($36.5 million) brought by investors who alleged the pair duped them into selling their stake in a money transfer provider for a pittance before the company was sold on to payments giant Wirecard for many times the price.

  • October 01, 2024

    McFaddens Dodges Client's Late Claim Over Loan Advice

    A court said Tuesday that a City of London law firm can sidestep a client's claim that she received negligent advice over a loan, ruling that there was no good reason for her filing key details of the claim too late.

  • October 08, 2024

    Eversheds Sutherland Taps Rutgers & Posch For Finance Trio

    Eversheds Sutherland said Tuesday it has hired three finance lawyers from Dutch law firm Rutgers & Posch as it looks to grow its partner cohort in the Benelux region.

  • October 01, 2024

    UK's 1st Sanction Fine Fires Warning Shot, But A Muffled One

    Britain's sanctions enforcer's recently imposed its first fine for a breach of Russia-related restrictions — a modest reminder that the watchdog will penalize companies that fail to understand black-letter regulations rather than the warning shot that lawyers had expected.

  • October 01, 2024

    Lloyd's Says Forgery Sinks Claim Over Ship Struck In Ukraine

    Lloyd's of London's Belgian unit has denied owing a wealth advisory business $3.7 million to cover alleged losses after a ship was struck by a mine, claiming the vessel at the time was trading in Ukrainian waters so it wasn't covered under the insurance policy.

  • October 01, 2024

    Pension Insurance Deal Market To Hit £60B In 2025

    The total value of pension insurance transactions could hit £60 billion ($79.6 billion) for the first time next year, according to a poll of lawyers, trustees and others in the retirement sector published on Tuesday.

  • October 01, 2024

    Crypto Developers Take Aim At 'Patent Trolls' In New Deal

    A cryptocurrency collective said Tuesday it has inked a deal with Unified Patents to help stop "patent trolls" from registering intellectual property that risks hampering blockchain innovation.

  • October 01, 2024

    EU Markets Watchdog To Help Tighten Greenwashing Rules

    The markets watchdog of the European Union said Tuesday that it will concentrate more on sustainable finance rules, and will develop tools to help national regulators address risks such as greenwashing.

  • October 01, 2024

    4 Firms Guide Partners Group In €6.7B Sale Of German Biz

    Swiss private equity shop Partners Group said Tuesday that it is selling its stake in a German digital energy metering business to Texas-based TPG and Singapore's sovereign wealth fund for approximately €6.7 billion ($7.4 billion).

  • September 30, 2024

    Chancery Sidelines Squarespace Merger Doc Suit For Now

    A Delaware Court of Chancery action to compel stockholder access to website builder Squarespace Inc.'s corporate records remained under a stay Monday, after a court finding that the suit aimed to preserve future review rights focused on a proposed $7.2 billion company take-private deal.

  • September 30, 2024

    German Lawyer Charged Over €428M Cum-Ex Fraud

    A lawyer has been charged in Germany with several counts of "serious tax evasion" over his alleged role in a €428 million ($477 million) so-called cum-ex dividend tax fraud, a German court confirmed Monday.

  • September 30, 2024

    BoE Tells Banks To Assess Climate-Related Credit Risk Better

    The Bank of England has told chief financial officers of large U.K. banks to improve their climate-related credit risk assessments following the latest annual written reports from auditors.

  • September 30, 2024

    Ex-Meghraj Boss Still Being Pursued Over £1.8M Pension Bill

    The U.K.'s retirement watchdog said Monday that a former company director was still being pursued for payment into a staff pension scheme, more than a year after he was slapped with a £1.8 million ($2.4 million) bill.

Expert Analysis

  • UK Takeover Code Changes: Key Points For Bidders, Targets

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    Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.

  • Russia Ruling Shows UK's Robust Jurisdiction Approach

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    An English High Court's recent decision to grant an anti-suit injunction in the Russia-related dispute Renaissance Securities v. Chlodwig Enterprises clearly illustrates that obtaining an injunction will likely be more straightforward when the seat is in England compared to when it is abroad, say lawyers at Linklaters.

  • How New Loan Origination Regime Will Affect Fund Managers

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    Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.

  • How EU Sustainability Directive Will Improve Co. Reporting

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    The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.

  • PPI Ruling Spells Trouble For Financial Services Firms

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    The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.

  • What Lawyers Can Learn From FDI Screening Report Findings

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    The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.

  • UK Review May Lead To Lower Investment Screening Burden

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    The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.

  • Economic Crime Act Exposure: What Companies Can Expect

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    The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.

  • FCA Promotions Review Sends A Strong Message To Firms

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    The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.

  • When Can Bonuses Be Clawed Back?

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    The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.

  • The State Of UK Litigation Funding After Therium Ruling

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    The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.

  • UK Shareholding Report A Missed Opportunity For New Tech

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    The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.

  • Tools M&A Deal Makers Can Use To Bridge Valuation Gaps

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    As macroeconomic headwinds reset valuation expectations, parties to merger and acquisition are increasingly looking to methods such as earnouts, vendor financing and minority transactions to bridge the valuation gap and get deals done, says Philip Herbst at Cleary.

  • Navigating The Novel Challenges Facing The Legal Profession

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    The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.

  • Deal Over Jets Stranded In Russia May Serve As Blueprint

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    In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.

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