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Financial Services UK
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July 02, 2024
Worldpay Faces Demand For Client Info In Alleged FX Fraud
An architecture firm has asked a London court to order merchant service provider Worldpay to hand over a virtual ledger of one of its customer's accounts in an attempt to track down $1.17 million allegedly missing in a forex broker fraud.
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July 02, 2024
EU Watchdog Requires Regulatory Liaison On Insurer Moves
The European Union's insurance watchdog has published ground rules for regulators from departure and destination countries of insurers relocating within the bloc to engage actively and clearly.
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July 09, 2024
Latham Hires Finance Trio In London From Cahill Gordon
Latham & Watkins LLP has recruited a trio of partners from Cahill Gordon & Reindel LLP as it continues to grow its banking practice in London.
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July 09, 2024
Lawrence Stephens Hires 2 Directors From Rosling King
Ann Ebberson and Alex Edwards have joined Lawrence Stephens Ltd. from Rosling King LLP as directors on the real estate finance and banking teams.
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July 02, 2024
FCA Approves PE Firm's £432M Bid For Wealth Manager
Wealth management firm Mattioli Woods said Monday that the U.K.'s financial regulator has given a green light to its approximately £432 million ($546 million) acquisition by London private equity firm Pollen Street Capital.
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July 02, 2024
City Body Calls For Digital Gilt To Boost Retail Investing
Britain's leading financial services trade body called Tuesday for a U.K. digital gilt to encourage retail investors, in a set of briefing papers aiming to improve competitiveness of capital markets.
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July 02, 2024
Liechtenstein Bank To Buy Austria's Kantonalbank
Liechtensteinische Landesbank AG, a Liechtenstein-based lender known as LLB, said Tuesday that it agreed to buy Austrian bank Zürcher Kantonalbank Österreich AG in an all-cash deal. The purchase price was not disclosed.
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July 02, 2024
Just Group Lands £260M Aviation Co. Pension Deal
Insurer Just Group on Tuesday announced it has taken on £260 million ($328.7 million) worth of pension liabilities from a retirement savings plan sponsored by aviation company John Menzies Ltd., in a deal guided by Brodies LLP and Gowling WLG.
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July 02, 2024
HSBC Beats Former Risk Chief's Race Bias Case
HSBC has dodged claims of discrimination and unfair dismissal from a former financial risk chief after the High Street bank proved that it let him go because his role had become redundant, convincing a tribunal that race played no part in the decision.
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July 01, 2024
Accountant Loses Employee Status Bid In Partnership Fight
A tax accountant has failed to convince an appeals tribunal that he was an employee at the time of his dismissal, because despite a "shambolic" transition and lack of a written agreement, the genuine intention was to promote him to partner.
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July 01, 2024
Global Group Tells Banks To Report Suspected Crime Better
A global banking group for combating financial crime warned Monday that banks should improve the quality of suspicious activity reports to make them more useful to law enforcement and cutting current over-reporting.
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July 01, 2024
Monzo Introduces New Anti-Fraud Controls
Monzo Bank Ltd. launched Monday three new security features to add a layer of protection for payments and pot withdrawals exceeding a daily allowance while addressing the growing concern of phone theft and fraud.
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July 01, 2024
EU Bans Giving Tax Consulting Services To Belarus
The European Union has introduced a ban on providing tax consulting and many other professional services to Belarus in a wide-ranging package of measures largely aimed at preventing the circumvention of the bloc's sanctions against Russia, a statement said.
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July 01, 2024
Payment Services Business Begins £20M Share Buyback
PayPoint PLC on Monday commenced its up to £20 million ($25 million) share repurchase program, part of the payment services company's three-year scheme aimed at returning capital to investors.
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July 01, 2024
Skadden-Led BlackRock To Buy Data Group Preqin For £2.6B
Investment firm BlackRock said Monday that it has agreed to acquire private markets data provider Preqin for £2.55 billion ($3.2 billion) to boost its investment management in a deal guided by Skadden Arps Slate Meagher & Flom LLP and Macfarlanes LLP.
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July 01, 2024
Osborne Clarke Guides Aviva's School Pension Deal
Insurance giant Aviva has completed a full scheme buy-in for a pension plan sponsored by Taunton School, consultancy Broadstone said Monday, in a deal guided by Osborne Clarke LLP.
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June 28, 2024
EU Insurance Watchdog Warns Of Real Estate Risk Exposure
The European pensions and insurance industries are increasingly exposed to the possibility of a real estate collapse, the sector watchdog warned in a newly published report into the financial stability for the region.
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June 28, 2024
EU Adds 4 Pro-Russian Companies To Sanctions List
The Council of the European Union added four Russian companies and two individuals to its sanctions list Friday for actions that threaten Ukraine amid Russia's waging war against it.
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June 28, 2024
Taxation With Representation: Kirkland, Vinson, Skadden
In this week's Taxation with Representation, Aareal Bank AG and Advent International sell a property management and maintenance software company, Webtoon Entertainment Inc. and Tamboran Resources Corp. price initial public offerings, SM Energy Company acquires oil and gas assets, and Nokia sells Alcatel Submarine Networks to the French state.
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June 28, 2024
Firms Face Increased Scrutiny Amid FCA Focus On Resilience
The Financial Conduct Authority and the Prudential Regulation Authority have challenged two thirds of general insurance and investment firms about their ability to prevent disruption by threats like cyberattacks, according to an industry study.
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June 28, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Uber hit with claims from Addison Lee and the former CEO of the Kabbee app, animal by-product company Leo Group file a defamation claim against a local anti-odor campaigner, and a self-styled lord who claims to be the illegitimate son of the late Prince Phillip resume legal action against his cousins for a share in his late aunt's estate. Here, Law360 looks at these and other new claims in the U.K.
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June 28, 2024
Turkey Taken Off Global AML Monitoring List After Rule Fixes
The Financial Action Task Force said Friday that it has removed Turkey from its "gray list" after the country improved its anti-money laundering rules and strengthened its regulations combating the financing of terrorism.
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June 28, 2024
ING Claim Would Fund Sanctioned Billionaire, Tecnimont Says
ING cannot recover money from Tecnimont in a €212 million ($227 million) bond dispute because compensating the Dutch lender would directly fund a sanctioned Russian billionaire, the Italian industrial group said in London court filings.
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June 28, 2024
Fidelis Claims No Liability In $23M Stranded Jet Spat
Fidelis Underwriting Ltd. has hit back at another claim that it must pay out in a $23 million row over a leased plane stranded in Russia, arguing that no insured event has occurred, and that an Irish aviation lessor is not covered by the country's law.
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June 28, 2024
Manolete Sues MSR Partners For £15.6M Over Audit Failure
Manolete Partners PLC has sued MSR Partners LLP for £15.6 million ($19.7 million), alleging that the accounting firm failed in auditing a peer-to-peer lending platform that went into administration in 2019.
Expert Analysis
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Crypto As A Coin Of The Corporate Realm: The Pros And Cons
The broadened range of crypto-assets opens up new possibilities for employers looking to recruit, incentivize and retain employees through the use of crypto, but certain risks must be addressed, say Dan Sharman and Sunny Mangatt at Shoosmiths.
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Comparing UK And EU's View On 3rd-Party Service Providers
The U.K. is taking welcome steps to address the lack of direct oversight over critical third-party service providers, and although less onerous than that of the EU Digital Operational Resilience Act, the U.K. regime's proportionate approach is designed to make providers more robust and reliable, say lawyers at Shearman.
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Key Points Of BoE Response To Digital Pound Consultation
Lawyers at Hogan Lovells analyze the recent Bank of England and U.K. government response to a consultation on the launch of a digital pound, finding that the phased approach to evaluating the issues makes sense given the significant potential impact on the U.K. economy.
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Goldman Prosecution Delivers A Clear Sign Of FCA Strength
The recent successful prosecution of a former Goldman Sachs analyst for insider dealing and fraud is a reminder to regulated individuals that economic crime will never be tolerated, and that the Financial Conduct Authority is willing to bare its teeth in the exercise of its prosecutorial remit, says Doug Cherry at Fladgate.
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The Good, The Bad And The New Of The UK Sanctions Regime
Almost six years after the Sanctions and Money Laundering Act was introduced, the U.K. government has published a strategy paper that outlines its focus points and unveils potential changes to the regime, such as a new humanitarian exception for financial sanctions, highlighting the rapid transformation of the U.K. sanctions landscape, says Josef Rybacki at WilmerHale.
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A Look At Environment Agency's New Economic Crime Unit
Sophie Wood at Kingsley Napley explains how the Environment Agency’s newly established Economic Crime Unit will pursue criminal money flows from environmental offenses, and discusses the unit’s civil powers, including the ability to administer account freezing and forfeiture orders, says Sophie Wood at Kingsley Napley.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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4 Legal Privilege Lessons From Dechert Disclosure Ruling
The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.
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BT Case May Shape UK Class Action Landscape
The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.
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Key Points From EC Economic Security Screening Initiatives
Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.
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Following The Road Map Toward Quantum Security
With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.
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Why EU Ruling On Beneficial Ownership May Affect The UK
Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.
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Key Changes In FRC Code Aim To Promote Good Governance
The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.
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Ruling In FCA Case Offers Tips On Flexible Work Requests
In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.
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Breaking Down The New UK Pension Funding Regs
Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.