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Financial Services UK
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May 28, 2024
RBS, Lloyds Bank, Others Ink $1.9M Libor Settlement
A group of plaintiffs in the yearslong suit alleging several big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $1.9 million settlement with the Royal Banks of Scotland, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.
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May 28, 2024
Property Firm Fined £12K For Anti-Money Laundering Failures
The Solicitors Regulation Authority fined a London property solicitors £12,777 ($16,300) after the firm carried out transactions for partners and their family members without appropriate anti-money laundering policies.
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May 28, 2024
Labour Party Rules Out Any Additional Tax Rises
The Labour Party on Tuesday ruled out introducing any more tax rises in addition to measures it has already announced in the event it wins the July 4 general election.
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May 28, 2024
Aviva Completes £130M Pension Deal With Telereal
A property investment company has offloaded £130 million ($166 million) of its pension liabilities to Aviva PLC, the insurer said Tuesday.
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May 28, 2024
EU Investment Firms Told To Upgrade Marketing Reports
The European Union's financial markets regulator has said that investment firms should improve their marketing disclosures to investors, calling on national watchdogs to act against rule-breakers.
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May 28, 2024
Pension Deals Market Working For Small Providers, Aon Says
The deal market for small pension schemes looking to offload their liabilities to insurers is working despite fears that such plans are being crowded out of the market, Aon said Tuesday.
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May 28, 2024
Israeli Aquaculture Firm Sued Over $21M Unpaid Settlement
An asset management firm based in the Cayman Islands is seeking more than $21 million from an Israeli aquaculture company over an allegedly unpaid settlement agreement intended to resolve earlier arbitration proceedings.
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May 28, 2024
NatWest Unaware Of Former Trader's Asperger's Diagnosis
A former NatWest trader has lost his bid to revive his disability discrimination claim against the high street lender's investment banking arm as an appeals tribunal upheld findings that it did not know about his Asperger's syndrome diagnosis when he unsuccessfully applied to rejoin the company.
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May 28, 2024
White & Case Guides ABN Amro On €672M German Bank Buy
Dutch lender ABN Amro said Tuesday that it plans to a buy German private bank for €672 million ($730 million) in a move to become one of the largest providers of banking services to wealthy clients in Germany.
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May 24, 2024
The UK Laws That Will Pass Or Fail As Election Looms
Prime Minister Rishi Sunak's decision to call an early general election to be held on July 4 has left several pieces of legislation hanging in the balance during the so-called "wash-up" period before Parliament is formally dissolved, while others have been pushed through.
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May 24, 2024
Labour Gov't Could Force Big Tech Into Fraud Repayments
A potential new Labour government means a turning point in tackling financial fraud if it should force big tech companies like Meta and Google to join banks in having to reimburse customers duped into sending fraudsters money, according to lawyers.
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May 24, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen an IT engineer seek permission to search a landfill hiding a hard drive supposedly storing millions of pounds in bitcoin, Glencore take on legal action by American Century Investments, gold payment app Glint bring a breach of duty claim against FRP Advisory, and an ongoing dispute between a solicitor and the Solicitors Regulation Authority. Here, Law360 looks at these and other new claims in the U.K.
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May 24, 2024
Banking 'Selfie' Fraudster Gets 3 Years In Prison
A fraudster was handed a three-year prison sentence for making fake applications to obtain loans and pensions potentially losing banks around £178,000 ($227,000), the Crown Prosecution Service announced Friday.
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May 24, 2024
FCA Bans Two Advisers Accused Of Misleading Clients
The Financial Conduct Authority has banned two advisers from working in financial services for "recklessly" exposing pension holders to high-risk investments, the regulator said Friday.
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May 24, 2024
Woman Imprisoned For Laundering From $5B Bitcoin Fraud
A British-Chinese woman was imprisoned for more than six years on Friday at a London court for laundering bitcoin converted from an alleged £5 billion ($6.3 billion) investment fraud.
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May 24, 2024
Addleshaw Guides Coventry's £780M Co-op Bank Deal
Coventry Building Society has formalized plans to buy the Co-operative Bank for £780 million ($990 million), the lenders said in a joint statement Friday, a move they claim will create an institution better equipped to challenge larger high street names.
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May 23, 2024
NY Top Court Revives FanDuel Investors Suit
New York's top appeals court on Thursday revived a suit brought by FanDuel investors who claim they were deprived of profits from a merger, disagreeing with a lower court's interpretation of Scottish law.
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May 23, 2024
White & Case Adds Former A&O Tax Pro In Luxembourg
White & Case LLP announced it has added a tax partner to its Luxembourg office from A&O Shearman who specializes in international and Luxembourg corporate tax law.
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May 23, 2024
Marketer Denies Owing Investors For Flawed Property Scheme
An investment marketer has denied owing care home investors £2.3 million ($2.9 million) after they sank money into a flawed property scheme, claiming it never said the investments were safe.
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May 23, 2024
FSB Spots Weaknesses In Short-Term Funding Markets
The Financial Stability Board said vulnerabilities used in short-term markets for financing companies need to be addressed because of the risk to the wider financial system in times of crisis such as COVID-19.
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May 23, 2024
Investec Sets Aside £30M For FCA Motor Finance Review
Investec PLC has put aside £30 million ($38 million) as the banking group faces the Financial Conduct Authority's industry-wide motor finance review, according to the company's report for financial year 2024 published Thursday.
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May 23, 2024
Trader Denies Using 'Magic Money Tree' At £1.4B Fraud Trial
Sanjay Shah, a former hedge fund owner who is accused of defrauding Denmark's tax authority out of £1.4 billion ($1.8 billion), denied using a "magic money tree" in his trading at a London court Thursday.
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May 23, 2024
Pension Plans Must Get Handle On Data Quality, TPR Says
Retirement savings plans in the U.K. face increased regulatory scrutiny to ensure that Britain has the best possible standards on safeguarding the personal data of clients, the pensions watchdog has said.
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May 23, 2024
Bank Sues Adviser For £9M In Property Overvaluation Dispute
A U.K. bank has alleged a retail adviser owes it £9.2 million ($11.7 million) for overvaluing a property development and causing it to lend millions of pounds more than it should have.
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May 23, 2024
Tech Resilience Regime Ambiguous, European Banks Say
A trade body representing banks in Europe warned on Thursday that new regulations requiring finance firms to prevent risks arising from cyberattack or systems failure are ambiguous and could create differing approaches to compliance.
Expert Analysis
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Why The Royal Mint Failed To Launch An NFT
Without a clear objective it is unsurprising that The Royal Mint’s attempt to launch a nonfungible token ended with a whimper rather than bang, says Dion Seymour at Andersen.
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Review Of Senior Managers Regime Provides Useful Insight
Although the recently launched review of the Senior Managers and Certification Regime suggests a remodel rather than wholesale change, the topics raised illustrate the mindset of the three key stakeholders in the U.K. financial services sector, say Richard Burger and Katy O’Connor at WilmerHale.
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Highlights Of The UK's New Economic Crime Plan
With the direction of the U.K. government’s newly launched second economic crime plan undeniably altered by the recent focus on kleptocrats and their money, the emphasis is now on how the U.K. can deliver a more effective approach to reducing the threat of economic crime, says Kathryn Westmore at the Royal United Services Institute.
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Fresh View Ruling Offers Clarity On Forfeiture Orders
The pragmatic focus on property rather than the defendants’ wrongdoing in Fresh View v. Westminster Magistrates' Court will be welcomed by enforcement authorities, although the low bar where mere knowledge or suspicion of unlawful conduct may be sufficient for forfeiture could be of concern to innocent recipients, says Joseph Sinclair at Mountford Chambers.
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Considering Sanctions Enforcement From An EU Perspective
The creation of the European G-7 Enforcement Coordination Mechanism and a sanctions environment with increased enforcement on a multijurisdictional level aims to streamline enforcement at EU level, essential for an effective implementation of the sanctions, say attorneys at Baker McKenzie.
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Analyzing The UK Proposal For A Digital Pound
While the HM Treasury and Bank of England’s consultation makes clear that a central bank digital currency will likely be needed in the future, and there is certainly momentum in the space, there are still a number of concerns to be addressed, say attorneys at Simmons & Simmons.
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How The LDI Crisis May Lead To Pensions' Negligence Claims
Following the liability-driven investment crisis and its impact on pension schemes, employers and trustees may now be considering if anyone is to blame for any losses arising, say Rachael Healey and Andrew Oberholzer at RPC.
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UK Financial Services Bill May Not Be Quick Fraud Fix
While the U.K. Financial Services and Markets Bill is expected to pass into law this year and will make it easier for fraud victims to achieve redress, the reforms could result in increased costs and greater friction in payment processing and may not directly make it more difficult for criminals to operate scams, say Daniel Murphy and Gary Orritt at Eversheds Sutherland.
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A Look At Key Trends In UK Enforcement Of G-7 Sanctions
In light of the recent creation of a G-7 Enforcement Coordination Mechanism that is opening the door for greater collaboration between the U.K. and G-7 countries, together with a more aggressive approach to enforcement in the U.K., an uptick in investigations is likely, particularly regarding Russia, say attorneys at Baker McKenzie.
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Proposed EU Directive May Bring Harmony To Insolvency Law
The diverging insolvency regimes across European Union member states often lead to significant discrepancies in the recovery value for creditors, but a recent proposal for a directive that would affect areas like directors' duties and prepack processes represents a welcome move toward the harmonization of these laws across the EU, say attorneys at Taylor Wessing.
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UK Enviro Ruling Takes Narrow View Of Standard Of Review
In an important case that should provide comfort to investors involved in large public-finance backed infrastructure projects, the U.K. Court of Appeal's judgment against Friends of the Earth suggests that English courts will only intervene in limited circumstances where the U.K. government is challenged on the basis of an international treaty, say Holly Stebbing and Maddie Hallwright at Norton Rose.
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How Changes To 'Acting In Concert' Will Affect UK Takeovers
The recent changes made to the rules by the U.K. Takeover Panel on who is presumed to be acting in concert will be of most interest to parties proposing to make a bid for a U.K. listed company, and give welcome clarity as to how the U.K. takeover regime operates, say attorneys at Herbert Smith.
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Crypto And The Potential For Insider Dealing Offense
Recent cases have raised concerns about crypto providing new opportunities for insider dealing, and while it isn't more vulnerable to schemes than any other security, the lack of regulation and the newness of the technology exasperate its susceptibility to insider trading and potential criminal offense, say Adam Craggs and Alice Kemp at RPC.
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UK Ruling Guides On Appropriation Of Financial Collateral
While a London court’s recent ruling in ABT Auto Investments v. Aapico sets out practical guidelines for enforcement of security over financial collateral by appropriation — particularly amid a breakdown of relations with the collateral provider — a recently proposed bill could mean the future of this method is in question, say Bruce Johnston and Paul Denham at Morgan Lewis.
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How Lenders And Borrowers Can Prepare For Libor's End
While the end of Libor in just over three months isn't expected to greatly affect the syndicated loan market, borrowers and lenders should check their agreements for fallback provisions and references to Libor in order to implement the applicable benchmark replacement, say attorneys at Cahill Gordon.