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Financial Services UK
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April 24, 2024
Feds Nab Latest OneCoin Plea On $35M Laundering Charge
An eighth defendant has been charged by federal prosecutors over the global OneCoin cryptocurrency scam and has pled guilty to laundering about $35 million in illicit proceeds through bank accounts he controlled in China and Hong Kong.
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April 24, 2024
Fund Manager Denies Losing Jailed Politician's Wife £8M
A fund manager has denied transferring €28 million ($30 million) from the account of an imprisoned Turkish politician's wife without her permission, claiming she gave written instructions to invest the money in emerging markets.
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April 24, 2024
EU Keeps Gibraltar, Panama, UAE On AML Blacklist
Gibraltar, Panama and the United Arab Emirates should remain on the European Union's blacklist of high-risk countries for money laundering, the European Parliament said, stopping the EU from following the lead of a global organization promoting standards for countries to fight those crimes.
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April 24, 2024
Payments Watchdog Seeks Responses On Supervision Plans
The Payment Systems Regulator said Wednesday it is opening a consultation on its approach to supervision of payment systems operators, including new principles for firms in the sector to apply.
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April 24, 2024
Osborne Clarke Guides Canada Life's £46M Lexmark Deal
Insurer Canada Life has agreed to a £46 million ($57 million) buy-in with the pension scheme of printing business Lexmark Holdings Inc. in a transaction guided by Osborne Clarke LLP.
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April 24, 2024
PRA Asks Banks To Review Private Equity Exposure
The Prudential Regulation Authority asked banks to review and assess their current practices to ensure they align with the regulator's expectations for effective risk management concerning private equity-linked credit and counterparty exposures.
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April 24, 2024
EU Says 3 States Aren't Correctly Following AML Law
The European Commission said Wednesday that three European Union countries — Ireland, France and Latvia — aren't correctly implementing the bloc's laws against money laundering, meaning that the countries now have two months to correct the shortcomings.
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April 24, 2024
Law Firm Ordered To Repay Couple £194K For Loan Breach
A court has ordered a law firm to reimburse a married couple at least £194,000 ($241,000) after finding that it had failed to adhere to the terms of two loan agreements the pair provided to help to fund its working capital and cover general business expenses.
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April 23, 2024
Ex-Autonomy Tech Exec Doubted 'Bizarre' $6M Deal, Jury Told
Autonomy's ex-chief technology officer testified Tuesday in the California federal fraud trial of former CEO Michael Lynch that he had concerns about Autonomy's "bizarre" 2010 deal to sell $6 million in repackaged hardware, which prosecutors allege was never delivered and was only used to artificially inflate Autonomy's revenues.
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April 23, 2024
RGL Confirms Woodford Claim Against Hargreaves Lansdown
RGL Group confirmed Tuesday it is pursuing a fresh claim against investment firm Hargreaves Lansdown over the collapse of Woodford Equity Investment Fund.
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April 23, 2024
FCA To Return £530K To Investors From Deposit-Taking Scam
The Financial Conduct Authority said Tuesday it will return £533,000 ($664,000) in recovered money to investors who were hit by a deposit scam run through two companies, including a soccer league operator.
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April 23, 2024
FCA Charges Man With Fraud In £2.7M Investment Scheme
The Financial Conduct Authority said Tuesday that it had charged a British man with fraud after he hid "significant losses" from investors as part of a £2.67 million ($3.33 million) scheme trading on foreign exchange markets.
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April 23, 2024
Bank Of Ireland Used Deceit To Loan Millions, Investor Claims
Bank of Ireland allegedly deceived a real estate investment business into borrowing millions from it by giving inflated property evaluations based on old estimates that were £1.2 million ($1.5 million) higher than up-to-date figures, according to a London court filing.
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April 23, 2024
Investment Fund Accuses Repository Of Dishonesty
A U.K. investment fund has accused a registered securitization repository of acting dishonestly and unlawfully when it repeatedly refused to provide the fund's subsidiary access to data critical to help it make informed decisions about future investments.
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April 23, 2024
FCA Clarifies Greenwashing Rule, Extends ESG regime
The Financial Conduct Authority has published clarifying final guidance on its anti-greenwashing rule for all regulated firms, saying on Tuesday that it will also extend its broader sustainability regime to include portfolio managers.
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April 23, 2024
Top UK Court Blocks Gazprom Unit's Russian UniCredit Claim
Britain's highest court upheld an injunction on Tuesday barring a Gazprom subsidiary from pursuing a €450 million ($480 million) claim against UniCredit Bank AG in Russia after the German lender withheld financing for the construction of gas processing plants because of sanctions.
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April 22, 2024
Finance Biz. Sues Ex-Contractor For £1.6M Over Stolen Clients
A finance company has accused a self-employed adviser of breaching obligations after exiting the company and taking more than a hundred customers worth £1.6 million ($1.9 million) of future income with her to a competitor.
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April 22, 2024
Freshfields-Led CVC Unveils Range On $1.7B Amsterdam IPO
European private equity giant CVC Capital Partners PLC, represented by Freshfields Bruckhaus Deringer LLP, on Monday set a price range on initial public offering estimated to raise about €1.6 billion ($1.7 billion), mostly benefiting selling shareholders.
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April 22, 2024
Trader Behind £1.4B Tax Fraud Thought Trades Were Valid
A British trader accused of being the mastermind of a fraudulent trading scheme that cost Denmark's tax authority £1.4 billion ($1.7 billion) genuinely believed that the trades worked, his lawyer told a London court on Monday.
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April 22, 2024
Med Tech Founder Denies Deceiving Investors For $20M Sale
The co-founder of a medical technology business has denied concealing his financial interest in a $20 million deal to purchase shares in his company, claiming he was never told it was important to reveal the seller's identity to the investment company.
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April 22, 2024
Leaked Doc Undermines Court's Libor Findings, Hayes Says
A leaked document from Britain's former banking trade association casts doubt over a key finding in the Court of Appeal's decision to uphold the convictions of two traders jailed for rigging interest rate benchmarks, one of the men claimed Monday.
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April 22, 2024
Commerzbank Did Not Pay Analyst Less Due To His Gender
Commerzbank did not pay an axed compliance analyst a lower salary than his female colleagues based on his sex, a London tribunal has held, ruling that the bank based its pay offers on salary expectations among other benchmarking factors.
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April 22, 2024
Complaints Of Closed Bank Accounts To Ombudsman Surge
Customer complaints to the Financial Ombudsman Service about closure of or refusal to open bank accounts have risen sharply in the last year, particularly from businesses, according to figures recently released by a select group of members of Parliament.
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April 22, 2024
FCA To Consider Big Tech Data-Sharing With Finance Firms
The Financial Conduct Authority said on Monday it will examine how Big Tech's access to data could be valuable to firms in the finance sector if it reveals consumers' preferences, and will consider setting out incentives to encourage information-sharing.
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April 22, 2024
FCA Defends Response To British Steel Pension Scandal
The Financial Conduct Authority on Monday said it took "appropriate regulatory action" amid complaints over its handling of the British Steel Pension Scheme transfer scandal and would not uphold any of the grievances it has received over its approach.
Expert Analysis
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Why The Draft UK Fraud Offense May Not Be A Game Changer
Although the U.K.’s proposed "failure to prevent fraud" offense will generate a need for large businesses to reassess their existing processes, given the long lead-in times for prosecutions and the Serious Fraud Office's current success rate, it seems unlikely that the corporate fraud landscape will be immediately transformed, say Charles Kuhn and Charlotte Gill at Clyde & Co.
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A Review Of The EU FDI Screening Regulation And Its Scope
The EU advocate general’s recent broad interpretation of the EU Foreign Direct Investment Screening Regulation takes account of some of the geopolitical challenges faced by the bloc, and may foreshadow a revision of the regulation and widen the scope of investments screened, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.
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Key Takeaways From EU Proposal For Greenwashing Rules
If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.
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How EU ESG Regs Affect US Financial Market Participants
The European Commission recently confirmed that the Sustainable Finance Disclosure Regulation applies to all funds marketed in the EU, so affected U.S. financial market participants will need to consider the new guidance on principal adverse impacts, sustainable investments and promotion of carbon emissions reductions, say attorneys at Debevoise.
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UK Plan For AI Rules Raises Compliance Questions For Cos.
The U.K. government's proposal for a new, clear and pro-innovation regulatory framework on artificial intelligence diverges from the European Union's approach, which may create incoherence and compliance burdens for businesses operating in both jurisdictions, says attorneys at Akin Gump.
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UK Investment Screening Inches Closer To US Regime
The recent agreement between the U.K. Cabinet Office and House of Commons concerning parliamentary scrutiny of the Investment Security Unit represents a step toward greater transparency of intervention in investments that may raise national security concerns, and underscores increasing alignment with the U.S. regime, say attorneys at Hogan Lovells.
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UK Ruling May Affect 3rd-Party Fraud Liability Post-Insolvency
While the recent Court of Appeal decision in Tradition Financial Services v. Bilta could make Section 213 of the Insolvency Act a powerful tool for liquidators, it also heightens the risk of companies tangentially involved in fraud being subject to claims following insolvency, say attorneys at Dechert.
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5 Ways For A Legal Practice To Close Technology Gaps
With technology a driving force for success, the U.K. legal sector must embrace innovation to maintain its competitive edge, and investing in new processes is no longer optional, says Gareth Preece at Doherty Associates.
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UK Ruling Offers Useful Guidance To Insolvency Practitioners
The recent U.K. High Court ruling in a matter involving Sova Capital represents the first unsecured credit bid to be approved by an English court, demonstrating a pragmatic approach to complex sanctions-related administrations and identifying a novel solution for insolvency practitioners to maximize value for the benefit of creditors, say attorneys at Katten.
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The FCA's Timely Plan To Reform Asset Management Regime
The discussion paper recently issued by the U.K. Financial Conduct Authority finally addresses how, in the future, asset management regulation will work in totality from an investor, manager and distributor perspective, and its review of the purpose and balance of the regime is welcomed, says Tim Dolan at Greenberg Traurig.
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UK's Draft Fraud Offense And How It May Affect Companies
The new U.K. corporate criminal offense of "failing to prevent fraud," recently published in draft form, will make it easier for prosecutions to be brought against companies, with no need to show that the "directing mind and will" of a company were involved in the fraud, say attorneys at Allen & Overy.
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Questions Raised By UK Plan For ESG Ratings Providers
HM Treasury is taking steps toward regulating environmental, social and corporate governance ratings providers, aiming to ensure adequate protection for U.K. users and level the playing field, but the potential new regime risks imposing undue regulatory burden and overlapping requirements on U.K. and overseas firms, say Ferdisha Snagg and Andreas Wildner at Cleary.
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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.