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Financial Services UK
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October 25, 2024
Fraud Lawyers Take On Bullying Cases As Complaints Surge
White-collar criminal lawyers are picking up more and more work investigating allegations of non-financial misconduct inside the world's biggest companies, amid a sharp rise in incidents reported by the City watchdog ahead of an impending crackdown.
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October 25, 2024
FCA Sets Consumer Duty As Top Priority For CEOs In 2025
The Financial Conduct Authority told CEOs of retail banks and other lenders in letters published Friday it will give a top priority to the Consumer Duty regime in 2025, focusing in addition on fair claims about sustainable products and managing financial crime risk.
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October 25, 2024
Consultancy Calls For More Ambitious Gov't Climate Action
Action to tackle the climate crisis needs to match the scale of risk, consultancy Lane Clark & Peacock LLP has said, arguing that the gap between policy ambition and implementation needs to be closed.
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October 25, 2024
Commerzbank Can Pursue Staffer For Fake Sex Assault Claim
A London court ruled Friday that a former Commerzbank AG analyst will face contempt of court proceedings after making false sexual assault allegations against a colleague as part of his failed harassment case against the bank.
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October 25, 2024
About 9M UK Adults Lost A Pension Pot, Consultancy Says
Almost 9 million U.K. savers are convinced that they have lost or probably lost a pension pot, a study by an economic consultancy has found.
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October 25, 2024
Pensions Watchdog Wants Tougher Action Against Scammers
The Pensions Regulator has urged retirement savings plans to take action to protect savers from scams as part of Scams Awareness Week, with a video campaign featuring a victim.
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October 24, 2024
FCA Finds Reports Of Bullying, Harassment Up Over 3 Years
The Financial Conduct Authority on Friday said it has recorded a steady rise in nonfinancial misconduct reports over the past three years, including bullying, harassment and discrimination across banks, asset managers and insurers.
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October 24, 2024
UK Corporate Register Warns Of AI Threat To Enforcement
Britain's corporate register said Thursday in its first-ever strategic intelligence assessment that it will use identity verification to help clamp down on the abuse of company formations by criminals and money launderers, but that artificial intelligence poses a threat to enforcement.
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October 24, 2024
SEC Says German On Hook For $4.6M Tied To Fraud Scheme
The U.S. Securities and Exchange Commission asked a judge on Thursday to reinstate a $3.3 million disgorgement order, plus $1.3 million in interest, against a German national who allegedly received proceeds from a multinational pump-and-dump scheme.
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October 24, 2024
Charles Russell Brings On Tax Specialist From Sheridans
Charles Russell Speechlys LLP hired a partner from Sheridans as part of expanding its London tax practice to support its strategy focused on private capital, the firm said.
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October 24, 2024
Brits Missing Over £31B In Unclaimed Pension Pots, ABI Says
The Association of British Insurers urged Britons on Thursday to trace their pension funds ahead of this Sunday's National Pension Tracing Day as almost 3.3 million pension pots totaling £31.1 billion are still unclaimed, inactive or considered lost.
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October 24, 2024
Watchdog Finds Inadequacies In Consumer Credit Firms
The Financial Conduct Authority has found in a multifirm review that most consumer credit firms and nonbank mortgage lenders lack a clear view of the financial resources they consider adequate, making risk management difficult.
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October 31, 2024
Bird & Bird Taps Dutch Financial Regulation Pro
Bird & Bird LLP has hired an experienced financial regulation expert as a partner in The Hague, as the law firm looks to bolster its finance practice in the Netherlands and across Europe.
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October 24, 2024
FCA 'Finfluencers' Crackdown May Prove More Bark Than Bite
The Financial Conduct Authority's criminal prosecutions of finfluencers who might be illegally promoting unauthorized investments is likely to have only limited deterrence if overseas firms can simply ignore British rules with online offerings, according to lawyers.
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October 23, 2024
ECJ Won't Call Off Clawback Of Portugal's Tax Breaks
The European Court of Justice declined to overturn a European Commission decision that Portugal must claw back tax breaks provided in a free trade zone to companies with no local economic activity, as those breaks violated the bloc's state aid rules, according to a judgment issued Wednesday.
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October 23, 2024
EU Tax Nominee Vows Corp. Tax Simplification, Pillar 1 Work
The nominee to serve as the European Union's next tax commissioner pledged to simplify corporate rules and affirmed his support for the reallocation of taxing rights known as Pillar One in remarks to the European Parliament.
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October 23, 2024
Ex-Business Partners Deny Deceiving Investors For £12M
Two former business partners have denied deceiving investors about how much money was required to set up a specialist bank and said the investment company suing the lender was prepared to invest regardless.
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October 23, 2024
Gov't To Prioritize Own Dashboard Before Commercial Models
The U.K. government has said it will prioritize the launch of its own pensions dashboards service ahead of other commercial models involved in the program intended to connect savers with lost retirement pots.
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October 23, 2024
Aviva Deal 'Rescues' Pension Plan From Lifeboat Scheme
Pensions consultant BESTrustees said it has managed to secure the benefits for 59 members of a client that went under liquidation almost a decade ago in a £6 million ($7.7 million) deal with insurance heavyweight Aviva.
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October 23, 2024
SAP Faces Trademark Infringement Claim Over 'Joule' AI Tool
A financial trading platform provider has sued SAP for trademark infringement in a London court, alleging that the software giant's "Joule" artificial intelligence tool infringes its trademarks over the same word.
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October 23, 2024
Firms Say FCA Could Better Encourage Innovation
The Financial Conduct Authority could do more to facilitate growth and innovation and to act proportionately when making requests on firms, according to industry feedback published by the regulator Wednesday.
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October 23, 2024
FCA Warns Investors In Novus Black Investment Fund
The financial watchdog said Wednesday it has written to investors into an alternative investment fund, warning them that it suspected the firm failed to tell them about "significant losses."
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October 23, 2024
Aegon Calls For 'Cool Heads' Ahead Of Autumn Budget
Dutch life insurance giant Aegon Ltd. called on Wednesday for "cool heads" in the lead-up to the autumn budget, urging caution from both the sector and savers against acting recklessly on rumors surrounding changes to pension rules.
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October 22, 2024
Commerzbank Urges Contempt Case Over False Assault Claim
Commerzbank AG asked a London court in a hearing Tuesday to allow it to bring contempt of court proceedings against a former employee who made false sexual assault allegations against a colleague as part of his failed harassment case against the bank.
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October 22, 2024
Pensions Watchdog Urges Industry To Embrace New Tech
The Pensions Regulator published its digital, data and technology strategy for 2025 on Tuesday with the intent to modernize its operations and encourage similar changes within the pensions industry, including reducing administrative burdens for pension schemes and improving competition.
Expert Analysis
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'Debanking' Complaints Highlight Need For Flexibility In AML
The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.
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Decoding Arbitral Disputes: The Benefits Of Non-EU Venues
In Spain v. Triodos, a Swedish appeal court recently annulled an intra-EU investment treaty award, reinforcing a growing trend in the bloc against enforcing such awards, and highlighting the advantages of initiating enforcement proceedings in common law jurisdictions, such as the U.K., says Josep Galvez at 4-5 Gray's Inn Square.
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How Proposed Platforms For Unlisted Co. Trading May Work
The U.K. government is continuing development of its proposed private intermittent securities and capital exchange system to facilitate secondary share trading in private companies through a regulatory sandbox while ironing out details, representing an innovative step for unlisted company liquidity, say lawyers at Sullivan & Cromwell.
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Experian Ruling Helps Cos. Navigate GDPR Transparency
In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.
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Clarity Is Central Theme In FCA's Greenwashing Guidance
Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What To Know About The Russia-Stranded Plane Ruling
The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
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3 Notable Pensions Reforms In Spring Budget
The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Focus On Private Funds Will Boost Ireland's Global Standing
As the market increasingly pivots to private funds, Ireland's recent introduction of particular products — such as an updated, flexible European long-term investment fund — provides more structuring opportunities and paves the way for a brighter outlook in the country, say lawyers at Dechert.