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Financial Services UK
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September 30, 2024
FCA Secures 1st Conviction Of Illegal Crypto ATM Operator
A businessman pled guilty on Monday in London to running an illegal crypto ATM network in the U.K. in what the Financial Conduct Authority said was the first conviction in the country of its kind.
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September 30, 2024
FCA And BoE Launch Digital Securities Sandbox
The Financial Conduct Authority and Bank of England said Monday they have opened a digital securities sandbox for applications, enabling entrants to use new technologies to issue and trade securities in traditional financial markets.
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September 30, 2024
UK Urged To Help Tackle Global £420B "Fraudemic"
Britain must do more to tackle the global "fraudemic," as one in five adults in the world has fallen victim to fraudsters at total cost of £420 billion ($560 billion) in the past three years, according to a think-tank's new report.
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September 30, 2024
Trustees Urged To Rethink Longevity Trends Over NHS Crisis
U.K. pension trustees should be aware of the impact of longer National Health Service waiting times on longevity figures when they come to calculate long-term liabilities, experts warned.
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September 27, 2024
FCA Efforts To Curb Misconduct Surge Behind The Scenes
The Financial Conduct Authority has brought a record number of criminal prosecutions against individuals, yet its crackdown on corporations is happening largely behind the scenes as the regulator challenges misconduct without opening formal investigations.
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September 27, 2024
Santander, Skipton Beat Attempts To Reopen PPI Settlements
Santander Cards UK Ltd. and Skipton Building Society have fought off attempts by customers to revive claims alleging the lenders' offers to compensate them for misselling payment protection insurance were invalid.
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September 27, 2024
OFSI Issues 1st Fine For Breach Of Ukraine-Tied Sanctions
Britain's sanctions' enforcer has slapped a fine on a concierge company, marking the watchdog's first financial penalty for an alleged breach of the far-reaching financial restrictions imposed following Russia's invasion of Ukraine.
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September 27, 2024
Watchdog Targets Underperforming Pension Schemes
Nearly one in five of the defined contribution pension schemes targeted by The Pensions Regulator as part of a regulatory improvement drive have chosen to wind up after the plans themselves concluded their schemes do not offer good value for customers.
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September 27, 2024
Ex-Linklaters Partner Loses Fight To Block Charge On Homes
An ex-Linklaters LLP partner failed to stop a Saudi princess from securing charges over two of his family members' homes to settle a $25 million judgment, with a London court on Friday rejecting his claim to have no interest in the properties.
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September 27, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Coca-Cola bring a trademark infringement claim against its former marketing director, Glencore face legal action by American Century ETF Trust, law firm Bishop Lloyd & Jackson defend itself against two solicitors it worked alongside during inquiries into Grenfell Tower, and a U.K. cruise line face a claim by a subsidiary of the sanctioned gambling platform GTLK.
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September 27, 2024
StanChart Seeks Approval For Rate Change In Libor Test Case
Standard Chartered on Friday asked two judges to approve a change in the interest rate it pays on its preferred shares, in the first dispute to come before the High Court over the transition from the Libor benchmark.
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September 27, 2024
Annuity Buyers Encouraged To Shop Around For Best Deal
Annuity buyers should shop around to secure the best value deals, Just Group said Friday, highlighting recent figures that show large numbers of savers purchasing from their existing pension provider despite more competitive offers being available.
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September 27, 2024
Crypto-Biz Owner's 'Bitcoin Bank America' TM Refused In EU
The owner of a cryptocurrency company cannot register his "Bitcoin Bank America" brand as a trademark in the European Union because it is not distinctive, officials have ruled — as Bank of America Corp. geared up to oppose the application.
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September 26, 2024
'Positive' Pension Investing Said To Drive Saver Engagement
Greater investment by pension schemes in assets like affordable housing or clean energy infrastructure would boost saver engagement and overall contributions, Legal & General has said.
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September 26, 2024
Syrian Refugees' Terror Finance Case At Risk Over Costs
Syrian refugees must provide £1.6 million ($2.2 million) in security or risk having their case dismissed against two major Qatari banks they accuse of waging a "campaign of intimidation" because of their claims that the lenders funded a terrorist group.
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September 26, 2024
Ex-Linklaters Pro Accused Of Lying To Dodge $25M Judgment
A former partner at Linklaters LLP forged documents in an attempt to avoid handing over two homes to settle a $25 million judgment against him, lawyers representing a Saudi princess told a London court on Thursday.
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September 26, 2024
Companies House Cracks Down On Misuse With New Powers
Companies House said Thursday that it has introduced new penalties for businesses that misuse the national register, the latest stage in implementing the U.K.'s sweeping anti-fraud reforms to tackle economic crime.
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September 26, 2024
FCA Chair Never Considered Resignation Over Whistleblowers
The chair of the Financial Conduct Authority said Thursday that it did not cross his mind to resign over allegations of having mishandled whistleblowing reports.
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September 26, 2024
FCA Plans New Measures On Non-Financial Misconduct
The Financial Conduct Authority said Thursday that it will set out new policies on non-financial misconduct such as sexual harassment before the end of 2024, as an executive at the watchdog warned that "cultural issues" remain a problem at companies.
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September 26, 2024
EU Mulls Greater Protection For Pensions From Market Risk
Retirement savings plans across Europe should improve their management of liquidity risk and governance procedures to protect themselves against market volatility, the bloc's insurance and pensions watchdog said on Thursday.
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September 26, 2024
BoE Plans To Fast-Track Insurance Special Purpose Vehicles
The Bank of England on Thursday revealed plans to speed up the approval process for insurance special purpose vehicles used by insurers to manage risk, aimed at boosting the competitiveness of London's insurance market.
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September 25, 2024
More Oversight On Professional Pension Trustees Expected
Half of the pension schemes in the U.K. are now under professional or sole trustee management for the first time, Lane Clark & Peacock has said, suggesting that growing numbers will lead to greater oversight from the retirement savings watchdog.
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September 25, 2024
FCA Accuses 3 Of £1.4M Fraudulent Investment Scheme
Prosecutors accused three people of helping to run a £1.4 million ($1.8 million) fraudulent investment scheme through front companies and false identities in a London criminal court Wednesday.
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September 25, 2024
FCA Unveils Customer Protections For Bust Payment Firms
Britain's financial regulator on Wednesday proposed new safeguarding rules for when payments and e-money institutions go bust in a bid to strengthen consumer protection.
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September 25, 2024
French Finance Minister Signals Higher Taxes On Rich
The new French government is considering raising taxes on the wealthy and businesses to help reduce the country's budget deficit amid concerns over debt, according to remarks by the new finance minister.
Expert Analysis
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Economic Crime Act Brings Changes For Limited Partnerships
The recently passed Economic Crime Act introduces significant financial transparency obligations for new and existing U.K. limited partnerships, and with criminal consequences for noncompliance, a degree of advance consideration is strongly advised, say Amelia Stawpert and Alex Jones at Hogan Lovells.
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ESMA Report Offers A Glimpse At EU's Securitization Future
The European Securities and Markets Authority’s recent overview of the EU securitization sector suggests a growing market for both investors and businesses and offers useful insight into future regulatory priorities, says Alan Bunbury at Matheson.
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What The Auto-Enrollment Law Means For UK Workforce
In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.
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UAE Bank Case Offers Lessons On Enforcing Foreign Rulings
The High Court recently clarified in Invest Bank v. El-Husseini that foreign judgment debts may be enforceable in England, despite being unenforceable in their jurisdiction of origin, which should remind practitioners that foreign judgments will be recognized in England if they are final and conclusive in their court of origin, say lawyers at Macfarlanes.
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Revised OECD Guidelines Key In Shaping Business Standards
The OECD’s recent revised guidelines on responsible business conduct, supported by a domestic government agencies’ grievance referral mechanism, have already influenced EU due diligence standards, and enterprises engaging in the unique procedure will benefit from case-specific nuances, parallel proceedings and the availability of confidentiality protections, say lawyers at Debevoise.
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Libor Fallback To Prime May Increase Corporate Loan Costs
Despite preparations and legislative actions related to the transition away from Libor earlier this year, there remains a contingent of corporate borrowers that have fallen through the cracks and could face increased costs if their loans default to prime rates, say Nathan Moore and Dana Bradley at WilmerHale.
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Report Can Aid With Sustainable Finance Disclosure Filings
The European Supervisory Authorities recently issued a report on companies' consideration of the principal adverse impacts of their investment decisions on sustainability factors, providing examples of good and bad disclosure practices under the Sustainable Finance Disclosure Regulation, which firms should note in their future reporting, say lawyers at Debevoise.
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Protecting The Arbitral Process In Russia-Related Disputes
Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.
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Audit Reform Takeaways After Record KPMG Fine
The Financial Reporting Council’s recent £21 million fine against KPMG for its Carillion audit work failures is representative of the agency’s increasing proactivity in policing audit quality, and brings to light the U.K. government’s slow-moving but ongoing efforts to majorly reform audit sector regulations, says Paul Brehony at Signature Litigation.
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RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'
A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.
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Putin Ruling May Have Unintended Sanctions Consequences
By widening the scope of control, the Court of Appeal's recent judgment in Mints v. PJSC opens the possibility that everything in Russia could be deemed to be controlled by President Vladimir Putin, which would significantly expand the U.K.'s sanctions regime in unintended ways, say attorneys at Greenberg Traurig.
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Navigating The New Framework On Nature-Related Reporting
The Taskforce on Nature-related Financial Disclosures’ recently published disclosure framework represents a significant step toward the coalescence of nature-related disclosure standards for corporates and financial institutions, and has the potential to influence investor expectations and future regulation, say lawyers at Kirkland.
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FCA Engagement Signals New Direction In ESG Disclosures
The Financial Conduct Authority recently published a response to a consultation on sustainability-related standards, highlighting the regulator's priorities for the U.K.'s green transition, including an early indication that it may turn its attention to nature-based disclosures, say Ferdisha Snagg and Andreas Wildner at Cleary.
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New Policies Will Aid UK Cos. Accessing US Capital Markets
The U.K. government's recent adoption of regulations permitting the use of U.S. generally accepted accounting principles, and announcement of measures to remove a 1.5% tax on certain share issues and transfers, should help ensure that England remains an attractive holding company jurisdiction for companies seeking a listing on U.S. stock exchanges, say lawyers at Davis Polk.
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Key Takeaways From ICO Report On Workforce Monitoring
The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.