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Financial Services UK
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September 17, 2024
Ashurst Hires Fintech Pro From EY Law In London
Ashurst LLP has recruited an expert in financial technology from EY Law to strengthen its capability to advise clients on digital transformation projects.
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September 17, 2024
Crypto-Scam Victim's Loss Hands Tracing Lessons To Experts
A recent decision that dismissed a claim brought by a victim of crypto-fraud against an exchange because of flaws in his expert evidence provides a warning for litigators that efforts to trace money will fail unless there is a clear digital trail.
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September 17, 2024
TLT Hires Banking Specialist From Squire Patton
TLT LLP has hired a Squire Patton Boggs LLP lawyer as a partner in its national banking team, a move the law firm expects will enhance its practice and client relationships.
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September 17, 2024
Syensqo Transfers $485M of Pension Risk To Pacific Life, RBC
Belgian chemicals company Syensqo said Tuesday it has offloaded $485 million of its U.S. and Canadian pension liabilities through a bulk annuity deal with two insurers.
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September 17, 2024
Freshfields-Led Warburg Pincus Sells IT Biz Shares For €153M
Global private equity firm Warburg Pincus said Tuesday that it has sold a part of its stake in German Internet service provider Ionos Group SE and raised total proceeds of approximately €153 million ($170.3 million) in a placement guided by Freshfields Bruckhaus Deringer LLP.
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September 17, 2024
Crypto-Fraud Victim Sues Lawyers Over 'Valueless Advice'
An alleged victim of a cryptocurrency fraud has claimed that a specialist investment law firm owes her £635,000 ($839,000) for providing "valueless advice" on how to recover her lost money.
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September 17, 2024
BBC Must Face Bias Claims From Disabled Accountant
The BBC has failed to get a 55-year-old accountant's age and disability discrimination claims axed, as an employment tribunal ruled that she could still prove her case even though she filed it four months late.
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September 17, 2024
Wealth Manager Brooks Macdonald To Buy Financial Planner
Brooks Macdonald Group said Tuesday that it will buy Lucas Fettes Financial Planning, a move the London-based wealth manager said it expects to widen its footprint in eastern England.
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September 17, 2024
Top UK Banks Push Payments Infrastructure Reform Plan
The trade body for financial institutions urged U.K. regulators and companies on Tuesday to engage with a new infrastructure for digital payments that is backed by major banks and card providers.
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September 17, 2024
Swiss Seize $15M From Bank For 'Serious' Market Violations
The Swiss financial markets regulator said Tuesday it has seized 12.7 million Swiss francs ($15 million) from Mirabaud & Cie SA after it ruled that the private bank had "seriously violated" the law and breached its anti-money-laundering obligations.
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September 16, 2024
DLA Guides Software Biz Netcall On €8.7M Acquisition
Automation software business Netcall PLC said Monday it has bought Belgian document processing company Parble for €8.7 million ($9.7 million), advised by DLA Piper Belgium, a move it expects will bolster its presence outside the U.K.
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September 16, 2024
French EU Commissioner Quits In Dispute With Von Der Leyen
France's candidate to serve as European Union commissioner for the next five-year mandate resigned abruptly Monday, accusing commission President Ursula von der Leyen of "questionable governance" and of asking France to replace him.
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September 16, 2024
UK Banks Push BoE To Collaborate On Payments Innovation
Britain's leading banks called Monday on the governor of the Bank of England to collaborate with private firms on improving payments innovation, simplifying regulation and infrastructure.
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September 16, 2024
Finance Adviser City & Merchant Enters Liquidation After Ban
The Financial Conduct Authority confirmed Friday that London-based finance adviser City & Merchant Ltd. entered liquidation Sept. 11, months after the watchdog banned it from conducting any regulated activities and cited "serious concerns" around its business.
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September 16, 2024
White & Case-Led Fund Manager To Buy Citi Trust For £80M
JTC PLC said on Monday it has agreed to buy the global fiduciary and trust business from investment banking giant Citigroup Inc. for £80 million ($106 million), as the Jersey-based fund administrator eyes further international expansion of its operations.
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September 16, 2024
Kennedys Adds 2 Knowledge Management Pros In London
Kennedys said on Monday it has boosted its back-office technology and knowledge management teams with the hire of two experienced experts in legal procedures and practices and IT.
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September 16, 2024
Burford Capital Adds Chief Development Role In London
Burford Capital LLC said Monday that it has appointed a legal finance specialist to the newly created role of chief development officer as part of ongoing efforts to expand the legal funder's business in the U.K., the U.S. and beyond.
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September 16, 2024
A&O Shearman Hires Finance Pro From Latham In Paris
A&O Shearman said Monday that it has recruited a leveraged finance expert as a partner from Latham & Watkins LLP in France, adding to a string of recent exits from the U.S. outfit in Europe.
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September 16, 2024
7 Million UK Private Sector Workers Facing Pensions Crisis
The retirement incomes of 40% of employees in the private sector are on track to fail to provide sufficient money to give them a decent standard of living, a report by a think tank said Monday.
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September 16, 2024
UniCredit Launches €1.7B Share Buyback After Profit Gains
UniCredit SpA said Monday that it has kicked off a share buyback worth up to €1.7 billion ($1.9 billion) as the Italian commercial bank moves to reward its shareholders after it reported bumper profits.
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September 13, 2024
EU Actors Lobby Hard For Top Jobs in New Commission
European Union lawmakers and national governments are lobbying intensely to pull top jobs and policy their way as the new European Commission is formed for the next five years.
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September 13, 2024
Kennedys Hires Cyber, AI Pro From Addleshaw In London
Kennedys Law LLP has recruited a data protection, cybersecurity and artificial intelligence specialist from Addleshaw Goddard LLP as a partner in London, with the new arrival saying Friday she made the switch to take advantage of the firm's global reach.
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September 13, 2024
Swiss Banks Want Sanctions Review Amid Geopolitical Risk
The Swiss Banking Association has called for a proactive review of the country's financial sanctions regime as the single most important factor amid "serious negative effects" from geopolitical risk confronting the country's banks.
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September 13, 2024
Plane Leaser Avolon To Fly Away With Aircraft Fleet For $5B
Avolon Ltd. said Friday that it has agreed to buy a portfolio of nearly 120 aircraft indirectly owned by U.S. alternative investment manager Castlelake LP for $5 billion as the aviation leasing giant looks to accelerate its growth.
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September 13, 2024
Transport Giants Bid To Ax $14B 'Guilt By Association' Claim
Emirati logistics giant DP World and a major Russian transport company urged a London judge Friday to stop or trim the $14 billion claim against them from an imprisoned Russian oligarch, as they argued that he was making "guilt by association" allegations.
Expert Analysis
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New Legislation May Not Be Needed For Recovery Of Crypto
The recent seizure of cryptocurrency under a civil recovery order raises the issue of whether extended powers under the forthcoming Economic Crime Bill are necessary, with the ability to seize crypto-related items that may be the subject of a search order more likely to be of assistance, says Nicola McKinney at Quillon Law.
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Opinion
Russia Ruling Should Lead UK To Review Sanctions Policy
The High Court's recent dismissal of the first-ever court challenge to Russian sanctions in Shvidler v. Secretary of State sets a demanding standard for overturning designation decisions, highlighting the need for an independent review of the Russia sanctions regime, says Helen Taylor at Spotlight on Corruption.
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German Competition Law May Herald New Enforcement Trend
The recent amendment to the German Act against Restraints of Competition is expected to significantly expand the powers of the German Federal Cartel Office, and could signal a global trend toward greater direct intervention by national competition authorities and political interference in competition law, say lawyers at Simmons & Simmons.
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New Financial Services Act Leaves Few Firms Untouched
The recently published Financial Services and Markets Act 2023, which replaces retained EU law with U.K. legislation, is one of the most significant pieces of post-Brexit regulation, with key practical implications for actors such as investment firms and crypto-asset and payment service providers, say Tim Cant, Emma Tran and Bisola Williams at Ashurst.
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FCA 'De-Banking' Clampdown May Need Gov't Backing
The U.K. Financial Conduct Authority’s recent clampdown on unfair bank account closures will give customers greater transparency, but with terms usually skewed in the bank’s favor, it is a policy matter for the government to enact further protections for businesses and consumers, say Stephen Rosen and Jean-Martin Louw at Collyer Bristow.
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UK Securitization Reform Opts For Modest Approach, For Now
Recently published consultation papers from the U.K. Prudential Regulation and Financial Conduct Authorities on new securitization rules mainly restate retained EU law, but there are some targeted adjustments being proposed and further divergence is to be expected, say Alix Prentice and Assia Damianova at Cadwalader.
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Examining PayPal's Venture Into The Stablecoin Market
PayPal’s recent release of a stablecoin pegged to the U.S. dollar may represent a groundbreaking innovation or could fail as others have before it, and policymakers in the U.K. and the EU will be watching the impact of this new crypto token with a keen eye, say Ben Lee and Dion Seymour at Andersen.
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High Court Dechert Ruling Offers Litigation Privilege Lessons
While the recent High Court ruling in Al Sadeq v. Dechert LLP, which concerned torture conspiracy allegations against the firm, held that litigation privilege can be claimed by a nonparty to proceedings, the exact boundaries of privilege aren't always clear-cut and may necessitate analyzing the underlying principles, says Scott Speirs at Norton Rose.
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FCA Consumer Duty May Pose Enforcement Challenges
The new U.K. Financial Conduct Authority consumer duty sets higher standards of customer protection and transparency for financial services firms, but given the myriad products available across the sector, policing the regulations is going to be a challenging task, says Alessio Ianiello at Keller Postman.
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UK Insolvency Reform Review Shows Measures Are Working
The U.K. Insolvency Service's recently published review of legislative reforms to the corporate insolvency regime demonstrates that despite being underutilized, the measures have been shown to help viable companies survive, and with the current difficult economic environment, will likely be an important aspect of organizational restructuring going forward, says Kirsten Fulton-Fleming at Taylor Wessing.
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More UK Collective Actions On The Horizon After Forex Ruling
A U.K. appeals court's recent decision in Forex case Evans v. Barclays is likely to significantly widen the scope of opt-out collective proceedings that can be brought, paving the way for more class actions by prospective claimants who have previously been unable to bring individual claims, say Robin Henry and Tamara Davis at Collyer Bristow.
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FCA Listing Reform Proposals Aim To Modernize UK Markets
The U.K. Financial Conduct Authority's recent proposals to reform listing rules will enhance equities while retaining protections and high governance standards, and will also make the capital markets work more efficiently and competitively with other global markets, say lawyers at Greenberg Traurig.
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Takeaways From ICO's Action In NatWest Privacy Dispute
The U.K. Information Commissioner’s Office's latest intervention in the Nigel Farage NatWest Bank dispute highlights the importance of the legal responsibilities of all data processors in possession of sensitive information, and is a reminder that upholding bank customers' privacy rights is paramount, says James Kelliher at Keller Postman.
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How The OECD Global Tax Proposal Could Affect M&A
Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.
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How Russia Sanctions May Complicate Contract Obligations
Against the backdrop of recent comprehensive sanctions against Russia and Belarus, a review of recent U.K. case law clarifies that certain force majeure clauses likely cover trade sanctions, and that future litigation will further develop the scope of force majeure and frustration in the context of sanctions, says Frances Jenkins at Quillon Law.