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Financial Services UK
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November 06, 2024
EU Court Won't Toss Commission's Tax Clawback In Portugal
A European Union court on Wednesday tossed two challenges to a European Commission ruling that Portugal must claw back tax breaks provided to companies with no local economic activity because that ran counter to commission-approved policies.
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November 06, 2024
Hedge Fund Lawyer Defends Signing Off On £1.4B Fraud Docs
The former top lawyer at a hedge fund accused of defrauding Denmark's tax authority of £1.4 billion ($1.8 billion), who signed off on documents falsely confirming the trades were legitimate, told a London trial he didn't think it "was a big deal at the time."
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November 06, 2024
Rachel Reeves Calls Budget A 'Once In A Parliament' Reset  Â
Chancellor Rachel Reeves told lawmakers on Wednesday that her inaugural budget in October was a "once in a Parliament" reset and that her government would not set out fiscal proposals of a similar scale again.
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November 06, 2024
Credit Suisse, Crédit Agricole Lose EU Cartel Fine Challenge
Credit Suisse and Crédit Agricole lost their challenge at a European Court on Wednesday to millions of euros in fines imposed by the European Commission for their involvement in a bond trading cartel.
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November 06, 2024
Gov't Advice Kick-Starts Race To Comply With UK Fraud Law
The largest companies in Britain have 10 months to install safeguards to prevent employees from committing fraud after the government published guidance Wednesday on a sweeping new offense that would hold businesses criminally responsible for profiting from fraud.
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November 06, 2024
Commerzbank Applies To ECB For €400M Buyback Approval
Commerzbank AG said Wednesday that it is seeking the go-ahead from the European Central Bank to launch a share buyback of up to €400 million ($430 million), the second stage of its program to repurchase stock.
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November 06, 2024
EU Investors Body Targets Murky Pension Costs
A European advocacy group called Wednesday for stricter regulation to enforce transparency in fee disclosures and performance reporting, so savers can accurately assess the costs of different pension products.
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November 05, 2024
Energy Co. Says Traders Faked Illness To Take 'Gap Year'
An energy investing company told a London court Tuesday that two traders faked illness to avoid yearlong restrictions before working for a rival, accusing one of trying to take "a gap year on steroids" funded by his six-figure salary.
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November 12, 2024
DWF Hires 2 Barristers For In-House Chambers
DWF LLP has taken on two senior barristers for its in-house set of chambers to boost its services in areas such as personal injury and civil fraud.
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November 05, 2024
Forbes Loses TM For Some Financial Services In Europe
U.S. media company Forbes has partially lost a trademark over its name as European officials ruled that consumers might believe it was linked to investment firm Alexander Forbes.
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November 05, 2024
ICO Seeks To Appeal Dixons Carphone Data Breach Ruling
The U.K.'s Information Commissioner's Office is seeking permission to appeal a tribunal ruling that revived electronics retailer Dixons Carphone's bid to have a fine for a privacy breach affecting at least 14 million people reassessed.
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November 05, 2024
Greensill Bank Says Marsh Can't Dodge Australian Litigation
Greensill Bank AG has said that it should be allowed to add Marsh to litigation in Australia linked to the wider group's collapse, arguing in a court filing that it is not bound by an English jurisdiction clause in its contract with the insurance broker.
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November 05, 2024
FCA Sets Out Final Rules To Simplify Bond Trade Reporting
The Financial Conduct Authority set out on Tuesday final rules for publishing data on pricing and volume in bonds and derivatives more efficiently, with separate proposals to give asset managers greater flexibility on how to pay for investment research.
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November 05, 2024
European Union Overhauls Insurance Capital Regime
The European Union said Tuesday it has signed off on its long-awaited overhaul of capital adequacy rules for insurers, which it said will likely boost economic investment and make the sector more resilient.
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November 05, 2024
Pensions Giant Joins £54M Gov't Housebuilding Partnership
Pension Insurance Corp. has entered into a £54 million ($70 million) joint venture with a national developer and a government housing agency to build 3,000 low-carbon, affordable rental homes across England.
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November 05, 2024
FCA Charges Businesses Over Unauthorized Operations
The Financial Conduct Authority said Tuesday that it has charged three individuals involved in two commercial retailers that allegedly generated at least £4 million ($5.2 million) from unlawful business that involved thousands of consumers.
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November 04, 2024
UK Stock Pumper Admits To $100M Market Manipulation Rap
A London-based trader on Monday admitted to his role in what prosecutors say was a $100 million multi-faceted international stock manipulation scheme that used a Swiss asset manager tied to numerous claims of securities fraud to secretly control and falsely inflate the stock of several microcap companies.
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November 04, 2024
Shipowner Loses Appeal To Cut Claim Over Damaged Cargo
A London appeals court has rejected a shipowner's argument that an agricultural company overstated a claim for damaged cargo against it by wrongly asking for more than $280,000 that had already been recovered, finding instead that the money was paid under a separate contract.
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November 04, 2024
Barings Solicitors Sent Claims For Mickey Mouse, SRA Says
The Solicitors Regulation Authority has accused two senior lawyers at the consumer finance firm Barings Ltd. of misleading clients over their payday loans and sending out claim letters on behalf of fictional clients, including Mickey Mouse, in a London legal disciplinary tribunal Monday.
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November 04, 2024
Hedge Fund Lawyer Denies Role In £1.4B Cum-Ex Fraud
The former top lawyer at a hedge fund accused of defrauding Denmark's tax authority of £1.4 billion ($1.8 billion) told a London trial Monday he had no knowledge of cum-ex trading fraud at the business.
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November 04, 2024
FCA Warns SIPP CEOs On Handling Pensions Money
The financial watchdog has written to the chief executives of self-invested personal pension operators, warning them in a letter published Monday that it has growing concerns about how they handle pensions money, risking fraudulent payments from the savings plans.
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November 11, 2024
Skadden Taps Latham For New IP Head As Losses Continue
Skadden has recruited the head of Latham & Watkins LLP's intellectual property team in London, adding to the partners the firm has recently seen depart for a U.S. rival.
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November 04, 2024
Tende Energy And Finance Biz Settle $5M Loan Dispute
A financial services company in the Cayman Islands has settled its $5 million claim against energy developer Tende Energy over an allegedly unpaid debt that arose from its deal to transfer to Tende its rights to a loan with another oil and gas exploration company.
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November 01, 2024
Investors Solely Liable For £5.4M Investment, Say Law Firms
Two law firms have hit back against a £5.4 million ($7 million) negligence claim by property investors, arguing there was no indication that the building project the investors put their money into was a Ponzi scheme.
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November 01, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen two industry magnates take on the Gambling Commission, Ordinance Survey hit with a claim from a Swiss GPS maker, and China's largest oil company PetroChina face a claim from a Polish documentary maker. Here, Law360 looks at these and other new claims in the U.K.
Expert Analysis
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Embedding Consumer Duty: 6 Areas Firms Should Prioritize
The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.
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2 UK Rulings Highlight Persistent Push Payment Fraud Issues
Two recent High Court decisions, Larsson v. Revolut and Terna DOO v. Revolut, demonstrate that authorized push payment fraud continues to cause headaches for consumers and financial institutions alike, and with forthcoming mandatory reimbursement requirements, more APP fraud litigation can be expected, say lawyers at Charles Russell.
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Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling
The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.
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Key Points From UK Prospectus Regime Reform Consultation
The Financial Conduct Authority's current consultation on U.K. prospectus regime reform proposals, including when a prospectus will be required and the requirements concerning content, is designed to enhance the attractiveness of the U.K.'s capital markets, say lawyers at Sullivan & Cromwell.
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Why NCA's 1st Seizure Of Sanctioned Funds Is Significant
The National Crime Agency’s recently secured forfeiture of a Russian oligarch's sanctioned funds was a landmark achievement, and is particularly notable because it was made under the Proceeds of Crime Act, illustrating how U.K. authorities can coordinate their respective powers to confiscate assets, says Lindsey Cullen at WilmerHale.
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Takeaways From New FCA Rules On Research Payments
The Financial Conduct Authority’s recently published final rules on payment optionality for investment research, which involve a client disclosure obligation option, will be welcome news for U.K. managers who buy investment research from U.S. brokers, and for global asset management groups, says Anna Maleva-Otto at Schulte Roth.
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What To Expect From Labour's Pension Schemes Bill
The Labour government’s recently announced Pension Schemes Bill, outlining key policy areas affecting the retirement savings sector, represents a positive step forward for both defined contribution scheme members and defined benefit superfunds, but there are some missing features, says Sonya Fraser at Arc Pensions.
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Int'l Treaties May Aid Investors Amid UK Rail Renationalization
The recently introduced Passenger Railway Services Bill seeks to return British railways to public ownership without compensating affected investors, a move that could trigger international investment treaty protections for obligation breaches, says Philipp Kurek at Signature Litigation.
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What EU Opinion May Mean For ESG Product Classification
The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.
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What New UK Listing Rules Mean For Distressed Companies
The Financial Conduct Authority’s recently published overhaul of U.K. listing rules makes it easier for advisers to restructure distressed listed companies, and in moving to a more disclosure-based approach, simplifies timelines and increases opportunities for investors, say Kate Stephenson and Sarah Ullathorne at Kirkland & Ellis.
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AI Reforms Prompt Fintech Compliance Considerations
With the EU Artificial Intelligence Act's Aug. 1 enforcement, and the U.K.'s new plans to introduce AI reforms, fintech companies should consider how to best focus limited resources as they balance innovation and compliance, says Nicola Kerr-Shaw at Skadden.
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Irish Businesses Should Act Now To Prepare For EU AI Act
Artificial intelligence is increasingly transforming the Irish job market, and proactive engagement with the forthcoming European Union AI Act, a significant shift in the regulatory landscape for Irish businesses, will be essential for Irish businesses to responsibly harness AI’s advantages and to maintain legal compliance, say lawyers at Pinsent Masons.
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EU Investment Fund Standards Offer Welcome Clarity
The European Commission’s recently published regulatory technical standards for long-term investments, which granted managers greater flexibility with respect to open-ended European long-term investment funds, should help managers active in the space navigate the mandatory liquidity requirements for long-term investment funds, say Zac Mellor-Clark and Nishkaam Paul at Fried Frank.
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Unpacking The New Concept Of 'Trading Misfeasance'
In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.
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Key Takeaways From Proposed EU Anticorruption Directive
The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.