Financial Services UK

  • September 06, 2024

    UK Regulators Back Nationwide's £2.9B Deal For Virgin Money

    Two U.K. financial regulators have given their consent for Nationwide Building Society's £2.9 billion ($3.8 billion) acquisition of Virgin Money UK PLC, the lenders said Friday.

  • September 06, 2024

    City Task Force Calls For Shake-Up Of UK Capital Markets

    The U.K. must encourage risk-taking in its capital markets in order to remain competitive in the global stage and help fund £1 trillion ($1.32 trillion) of fresh investment needed to hit economic targets, a task force of City heavyweights said on Friday.

  • September 06, 2024

    Companies Failing To Oversee Reps Properly, FCA Finds

    The Financial Conduct Authority warned Friday that firms are failing to properly oversee the agents that carry on regulated activities for them without having to be individually authorized.

  • September 06, 2024

    Pensions Campaigners Say Gov't Meeting 'Start Of Something'

    The chair of a campaign group working to secure compensation for women after the government failed to tell them that their retirement age had changed said Friday that its first meeting with the pensions minister was "the start of something."

  • September 06, 2024

    British Savers Urged To Track Down Lost Pension Pots

    British insurers urged U.K. savers on Friday to take action and track down their lost pension pots in a new campaign aimed at raising awareness about planning for retirement.

  • September 05, 2024

    Investors Claim £12.6M Bank Investment Started With A Lie

    An investment company and its owner have sued two business partners for more than £12.6 million ($16.6 million) paid to set up a specialist bank, accusing the pair of lying by saying less than half that amount would be needed to get the bank off the ground.

  • September 05, 2024

    FCA Boasts Accelerated Authorizations For Firms

    The Financial Conduct Authority said Thursday in its 2023-2024 annual report that it has significantly improved its authorization process, but has missed some targets in relation to processing applications of payments firms.

  • September 05, 2024

    'Act Now' On Dashboard Prep, Pensions Watchdog Warns

    Pension scheme trustees should "act now" to be ready for the long-awaited government project designed to connect workers with lost pots and avoid enforcement action for failing to meet their duties, The Pensions Regulator warned Thursday.

  • September 05, 2024

    Gov't Consults On Plans For Pension Market Consolidation

    The U.K. government is seeking feedback on the potential benefits and risks for pension savers and the economy if the pension market becomes more consolidated with larger schemes managing more assets.

  • September 05, 2024

    Surge In Pension Deal Demand Expected In 2nd Half Of 2024

    There is likely to be a record number of transactions in the U.K. pensions market in 2024, according to a study published Thursday by accounting giant PwC, despite what many have described as a slower start to the year.

  • September 05, 2024

    Visa Boosts Consumer Protection In Bank Transfers

    Visa Inc. said Thursday that it is launching a new U.K. service that will provide a safer and more user-friendly way for consumers to make payments directly from their bank accounts.

  • September 05, 2024

    FRC Warns Against Misuse Of Offsetting Financial Data

    Companies that record a gain which nullifies the effect of its entry into their balance sheets — a practice known as offsetting — have caused "material errors" in their financial statements, Britain's accounting watchdog said Thursday.

  • September 05, 2024

    CVC Raises €7.4B Of Capital In 1st Results After Listing

    European private equity firm CVC Capital Partners PLC said Thursday that it has raised €7.4 billion ($8.2 billion) in fresh capital during the first six months of 2024 as it published its first set of results since its €2 billion flotation in Amsterdam.

  • September 04, 2024

    FCA Tells Banks To Protect Customers From Being Debanked

    Banks must do more to ensure consumers are not being denied accounts unfairly, the Financial Conduct Authority said Wednesday.

  • September 04, 2024

    BNP Paribas Seeks To Move VietJet Litigation To UK

    BNP Paribas SA has pushed to move a claim filed by VietJet Aviation to the English courts, arguing that disputes over their financial agreements with the Vietnamese low-cost airline belong in England, not Vietnam.

  • September 04, 2024

    Pension Pot Needs For 'Basic' Retirement Rose 60% In 3 Years

    Pensioners need 60% more retirement savings to meet basic costs compared to just three years ago, according to a think tank's research published Wednesday.

  • September 11, 2024

    Hausfeld Snaps Up Litigation Pro From Covington In London

    Hausfeld LLP has hired a partner from Covington & Burling LLP in London to boost its profile in commercial disputes, after its office in the U.K. capital recently underwent changes in leadership.

  • September 04, 2024

    Cap On Push-Payment Fraud Payouts To Plummet To £85K

    The payments watchdog said Wednesday that it plans to cut the cap on compulsory reimbursement by companies of authorized push payment fraud from £415,000 ($546,000) to £85,000.

  • September 04, 2024

    Fraud, Scam Complaints Reach Highest-Ever Level

    Fraud complaints in the U.K. reached a record high with 8,734 cases reported between April and June, according to data from the Financial Ombudsman Service published Wednesday.

  • September 03, 2024

    Tech Co. Accused Of Defrauding 'Plasma Reactor' Investor

    A Chinese businessman and his company have sued a U.K. technology company claiming they were defrauded of nearly £2.9 million ($3.8 million) by the firm and its directors after being led under false pretenses into investing in the development of a so-called "plasma reactor."

  • September 03, 2024

    CMA Clears Tate & Lyle Sugar Biz Deal

    Britain's competition authority said Tuesday it has now cleared Tate & Lyle's planned purchase of sugar producer Tereos' U.K. business, as the unit was at risk of shutting down without the deal, which would lead to reduced competition in the industry anyway.

  • September 03, 2024

    SFO Seizes Watches Worth £500K In £76M Fraud Probe

    Serious Fraud Office investigators seized watches on Tuesday from a suspect arrested in a £76 million ($100 million) investment fraud probe into the collapse of a luxury care home provider in 2019.

  • September 03, 2024

    BBVA Gets UK Regulatory OK For €12B Bid For TSB Owner

    Spanish lending giant BBVA said Tuesday the U.K.'s Prudential Regulation Authority has given the approval for it to indirectly acquire control of British-based TSB Bank PLC as part of its €12 billion ($13.3 billion) hostile takeover bid of rival Banco de Sabadell.

  • September 03, 2024

    Bahamian Bank Hit With $15M Claim Over Loan Deal Breach

    The director of a U.S. biotech company has filed a $15 million legal claim against a Bahamian bank, as he accused it of improperly terminating a $3 million loan agreement because of several defaults.

  • September 03, 2024

    Half Of Women Unsure They Will Have Enough For Retirement

    More than half of women in Britain do not believe they will have enough money to support their income in retirement, findings by an investment management company suggest, amid concerns over the gender pension gap.

Expert Analysis

  • The Benefits Of Uniformity In EU Anti-Corruption Proposals

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    The proposed directive requiring European Union member states to incorporate uniform anti-bribery measures would bring greater harmony and consistency, doing much to facilitate the prevention of bribery and drive common standards in the compliance culture of companies, say lawyers at White & Case.

  • What To Know About 'Prior Obligations' Sanctions Exemption

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    The U.K. Office of Financial Sanctions Implementation recently issued a "prior obligations" general license authorizing U.K. persons to receive funds or economic resources owed to them by any person targeted by U.K. asset freeze sanctions, and it is novel for its scope but by no means a panacea, say Jane Shvets and Konstantin Bureiko at Debevoise.

  • Recent Cases Mark Maturation Of CAT Class Cert. Approach

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    The Competition Appeal Tribunal's recent refusal to grant collective proceedings applications against Visa and MasterCard in the Commercial and Interregional Card Claims case shows that the tribunal takes its role as a gatekeeper seriously, and that it will likely continue to be difficult for defendants to defeat certification first time around, say lawyers at Linklaters.

  • Why The UK Needs Tougher Fraud Enforcement

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    The Crown Court's recent conviction of Anthony Constantinou for running a Ponzi scheme is a rare success for prosecutors, highlighting the legal system's painfully slow course when it comes to complex fraud, and the need for significant funds and resources in the fight against financial crime, says James Clark at Quillon Law.

  • What New FCA Management Will Mean For Enforcement

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    Therese Chambers’ first speech since becoming the U.K. Financial Conduct Authority’s joint executive director provided insightful observations about the expected behaviors of firms and their legal advisers during investigations, indicating the advent of a proactive, prosecution-minded enforcement agency trying to do the right thing, says Richard Burger at WilmerHale.

  • Global M&A Outlook: Slow But Moving Along

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    Global merger and acquisition markets had a tough start to the year, with inflation, rising interest rates and the Ukraine conflict knocking sentiment, but in the macroeconomic, deal makers have continued to unearth pockets of activity to keep deal volumes ticking over, say lawyers at White & Case.

  • Why Int'l Investors Should Keep An Eye On German M&A Regs

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    While German reform proposals will digitize corporate law formalities that have long been immune to change, international limitations remain, particularly for countries outside the European Union, as Germany moves to tighten regulatory hurdles to control inbound investment, say Marcus Geiss and Sonja Ruttmann at Gibson Dunn.

  • How B2B Data Sharing Could Unlock Untapped Value

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    B2B data sharing offers organizations an opportunity to extract greater value from an existing asset, and although it is essential to consider the legal and regulatory framework and maintain a sound governance structure, with strong support businesses that share data are likely to grow more than those that do not, say Jocelyn Paulley and Helen Davenport at Gowling WLG.

  • Why Coordinated UK Crypto Regulation Is Needed

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    The slew of recently published crypto-sector consultations and reports differ in their treatment of the currency, so the industry must coordinate to establish regulations that can weather the proliferation of fraud while supporting the U.K.'s race to become a world leader in digital assets, says Nicola McKinney at Quillon Law.

  • 5 Code Of Ethics Recommendations For FTSE 350 Companies

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    In light of the U.K. Institute of Business Ethics' recent report on the FTSE 350, companies should regularly update their code of ethics in order to emphasize to employees and business partners the importance they place on following good practice, say attorneys at Norton Rose.

  • Examining The Effects Of Increased Construction Insolvency

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    With a significant rise in construction firm insolvencies, proactive monitoring of key counterparties is paramount, and if early warning signs such as failure to pay suppliers or a turnover in key management are triggered, parties should take steps to minimize exposure and potential losses, say lawyers at Reynolds Porter.

  • What TPR's Guidance On DEI Means For Pensions Industry

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    The Pension Regulator is one of the first regulators to issue guidance on equality, diversity and inclusion, and employers and trustees should incorporate its advice by developing policies and monitoring progress to ensure that improvements are made regularly, say lawyers at Linklaters.

  • The Many Challenges Of Post-Brexit Regulatory Divergence

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    As the regulatory effects of the U.K.'s departure from the EU emerge and the geopolitical landscape continues to evolve, firms must monitor compliance with fast-changing trade sanctions and the foreign investment screening regime that continues to add cost and complexity to the cross-border acquisitions market, say lawyers at Shepherd & Wedderburn.

  • Economic Issues To Watch In The Libor Transition

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    With the London Interbank Offered Rate officially retiring June 30, market participants and their counsel should consider how the economic questions presented by outstanding contracts and the pros and cons of different alternative reference rates may lead to litigation around Libor cessation, say analysts at The Brattle Group.

  • Reserved Investor Fund Would Plug Gap In UK Finance Market

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    The reserved investor fund recently proposed by HM Treasury has the potential to be a welcome tax-efficient addition to the U.K.’s canon of products for real estate investments, with attractive features for companies and, in particular, large asset managers, say lawyers at Herbert Smith.

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