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Financial Services UK
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November 11, 2024
Ex-BGC Broker Accused Of Hiding Assets In £23M Fraud Case
A former BGC Partners employee faces a potential jail sentence after the U.S. financial services company accused him at a London court on Monday of hiding his assets in breach of restrictions imposed after a £23.5 million ($30.25 million) fraud against the business.
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November 11, 2024
Zurich Sued For £584K Over Law Firm's Settlement Terms
A bankrupt insurance company shut out from an earlier settlement agreement amid alleged mistakes by its lawyers has argued that Zurich should be liable as the firm's insurer for its losses of £583,600 ($751,700).
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November 11, 2024
Freshfields Steers Gov't Sale Of £1B NatWest Shares
NatWest bought back £1 billion ($1.28 billion) of its own shares from HM Treasury on Monday, as the government continues to return its stake in the bank it nationalized during the global financial crisis.
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November 11, 2024
FCA Fines Director Of Insurer For Misusing Money
The Financial Conduct Authority said Monday that it has banned the former director of an insurance broker from working in financial services and fined him £1.1 million ($1.4 million) for misusing money that was owed to insurers.
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November 11, 2024
Audit Watchdog Floats Updates To Investor Stewardship Code
Britain's audit watchdog proposed on Monday that it will drop references to the "environment and society" in its standardized definition of stewardship for investors, one of a range of suggested changes aimed at supporting economic growth and transparency.
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November 11, 2024
Clifford Chance Leads £207M Swiss Bourse Bid For UK's Aquis
Aquis Exchange PLC said Monday that it has backed a £207 million ($267 million) cash offer from Swiss bourse operator SIX Exchange Group AG, a deal that will hand over London's challenger stock market to a foreign buyer.
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November 08, 2024
Oligarch's Estate Resists Fraud Claim In $3B Inheritance Fight
The estate of a Russian cement tycoon has resisted claims by his widow and daughter that the businessman plotted to defraud them of their inheritance as part of a battle over more than $3 billion worth of assets.
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November 08, 2024
Dare CEO Said Traders Faking Illness Left Firm 'In Disarray'
The chief executive officer of an energy investing company told a court Friday that when two of his most senior traders faked illness to avoid noncompete restrictions before jumping ship for a rival, it left the business "in disarray."
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November 08, 2024
Correction: Shard Credit Fund Sues Ex-Owners Over Valuation
A subsidiary of a U.K. financier has sued the former owners of a group of companies it acquired, seeking £5 million ($6.5 million) in damages over claims they made material errors in their accounting that inflated the group's value.
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November 08, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen collapsed German airline Air Berlin take action against its former auditor KPMG, the associate editor at The Spectator hit with a libel claim by a mosque over the far-right riots that took place in August and British licensing authority the Performing Right Society sue Parklife Manchester and four other festival organizers. Here, Law360 looks at these and other new claims in the U.K.
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November 08, 2024
Auditor Blames Lendy's Misstatements For Investor Losses
An auditor has admitted it made mistakes when it vetted a lending platform's accounts but denied the failures caused investors to lose an alleged £15.6 million ($20.2 million), claiming the platform had fraudulently misrepresented its financial health.
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November 08, 2024
FCA Confirms Rules For Commercial Pension Dashboards
The U.K.'s financial watchdog set out detailed rules for how commercial pension dashboards will operate in the future, but experts say the lack of a fixed launch date could hinder the emerging sector.
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November 08, 2024
EU Sets Out Climate-Friendly Finance Targets For COP29
The European Union will later in November set out its climate finance and investment targets at a climate change conference in Azerbaijan, pushing for stronger global alignment with the goals of the Paris Agreement, it said in a statement on Friday.
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November 08, 2024
Shipowner Wins OK To Sell Oil Stranded At Sea By Sanctions
A shipowner can sell crude oil that was stranded at sea when the charterer was placed on a U.S. sanctions list, a London judge said Friday, ruling the cash from the ultimate buyer can be paid into the English courts.
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November 08, 2024
Lawyers Deny Giving Bad Advice On £635K Crypto-Fraud
A boutique investment law firm has denied providing "valueless advice" to an alleged victim of a cryptocurrency fraud on how to recover her money, and said it helped to secure a freezing order against the fraudsters.
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November 07, 2024
ECJ Says VAT Applies To Land Prepared For Building
Land with foundations to build residential housing is subject to value-added tax as a supply of land in the European Union, the European Court of Justice said Thursday in a dispute between Denmark's tax authority and a real estate company.
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November 07, 2024
Binance Cites AML Breaches In €144M Solaris Debit Card Row
A Binance company has hit back at online banking group Solaris' €144 million ($156 million) claim over a collapsed cryptocurrency debit card scheme, telling a London court it was entitled to end the deal after Solaris companies broke anti-money laundering rules.
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November 07, 2024
5 Lessons For Lawyers From The UK Gov't Anti-Fraud Advice
Britain's largest companies face a challenge after being given 10 months to build safety rails to stop their employees committing fraud, lawyers say, after the government released advice on how they should comply with landmark anti-fraud legislation.
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November 07, 2024
Rainforest Investment Bosses Appeal £37M Fraud Convictions
Two directors of an ethical-investment scheme imprisoned for defrauding investors out of £37 million ($48 million) sought to overturn their convictions at a London appeals court Thursday, arguing jurors were not told what the goal of the conspiracy was.
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November 07, 2024
EU Tax Nominee Says Bloc Could Go It Alone On Digital Tax
The nominee to serve as the European Union's next tax commissioner said Thursday that the EU should seek its own solution to digital taxation if it can't keep the U.S. on its side following the elections this week.
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November 07, 2024
Kingsley Napley Launches Regulatory Consultancy
Kingsley Napley LLP has launched a consultancy to help clients deal with regulatory issues as legal markets open up around the world.
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November 07, 2024
Eurojust Busts Fake Investment Platforms For Stealing €10M
Authorities in Germany and Cyprus have dismantled 13 fake investment platforms that have allegedly defrauded victims out of more than €10 million ($10.8 million) in a cross-border operation, the European law enforcers said on Thursday.
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November 07, 2024
CMA Raises Concerns Over Amex GBT's $570M Buy Of Rival
The proposed $570 million acquisition by American Express Global Business Travel Inc., a corporate travel management company, of rival CWT Holdings LLC in the U.K. could "lead to reduced choice and quality" in Britain, the antitrust watchdog has warned.
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November 07, 2024
FCA Warns Firms On Inaccurate Transaction Reporting
The Financial Conduct Authority warned on Thursday that some regulated companies are reporting their transactions inaccurately — even after they have taken remedial measures.
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November 07, 2024
2 Men Convicted Of £1.5M Crypto-Investment Fraud
The Financial Conduct Authority said Thursday that it has secured convictions against two individuals involved in a £1.5 million ($1.9 million) crypto-investment fraud that spanned more than two years.
Expert Analysis
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Insights From FRC's Report On Good Corporate Governance
Although the Financial Reporting Council’s recent report on private companies opting to follow the Wates principles has identified improvements, it is important for organizations to provide transparent disclosures and avoid boilerplate, tickbox filings, says Tessa Hastie at BCLP.
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What To Know About The UK Overseas Funds Regime
The U.K.’s overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
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Takeaways From SRA Consumer Protection Review
While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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What Updated Guide Means For Jersey's Private Funds
The Jersey Financial Services Commission's recent updates to the Jersey Private Fund Guide clarify existing provisions and introduce new requirements for fund managers, service providers and investors, demonstrating a clear commitment to maintaining Jersey's reputation as an attractive jurisdiction for investment, say lawyers at Walkers Global.
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The Road Ahead For Tokenized Investment Funds In The UK
With an HM Treasury working group expected to release the final phase of a road map for tokenized investment funds by the end of the year, Andrew Tsang and Tom Bacon at BCLP discuss the advantages for investors and fund administrators, the proposed model for implementation, and what the regulatory landscape may look like.
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Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.
Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.
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A Look At UK, EU And US Cartel Enforcement Trends
The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
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Testing The Limits Of English Courts' Pro-Arbitration Stance
Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.
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What Green Claims Directive Proposal Means For Businesses
With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
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£43M Legal Bill Case Shows Courts' View On Exchange Rates
A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.
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Examining The EU's New Payments Services Package
Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.
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Examining The State Of Paccar Fixes After General Election
Following the U.K. Supreme Court's Paccar decision last year, which made many litigation funding agreements for opt-out collective actions in the Competition Appeal Tribunal unenforceable, the judiciary will likely take charge in implementing any fixes — but the general election has created uncertainty, says Ben Knowles at Clyde & Co.
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EU Reports Signal Greenwashing Focus For Financial Sector
Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
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Opinion
Without Change, Fighting Fraud Is A Losing Battle For The UK
To successfully fight fraud cases in the U.K. — like the Russian Coms scam recently shut down by the National Crime Agency — it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country’s intelligence platforms, says Anthony Hanratty at Howard Kennedy.