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Financial Services UK
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October 09, 2024
Mozambique Targets Heirs Over 'Tuna Bond' Bribery Award
Mozambique urged a London court on Wednesday to hold the heirs of shipbuilding magnate Iskandar Safa liable for the French-Lebanese billionaire's involvement in a bribery scheme as the country seeks to enforce a $1.9 billion damages award.
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October 09, 2024
BoE To Give Big Banks More Time For Resolution Reports
The Bank of England has proposed to give large banks and building societies more flexibility on the timing of their reporting and disclosure obligations in resolution assessments of their risk of "successful" failure.
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October 08, 2024
SocGen Bids To Force €140M Clifford Chance Case To France
Societe Generale SA relaunched its fight on Tuesday to force its €140 million ($154 million) negligence case against Clifford Chance LLP out of England, arguing before the Court of Appeal that it should be heard in France.
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October 08, 2024
Ex-F1 Boss Accepted £57M Bond Risk, HSBC Says
HSBC has denied giving ex-Formula One team boss Eddie Jordan negligent investment advice that lost him £5.5 million ($7.2 million), claiming he was an experienced investor who knew the risks.
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October 08, 2024
Finance World Must Prepare For Constant Volatility, FCA Says
The financial sector should be prepared to face market volatility constantly, the chief executive of Britain's financial watchdog said Tuesday, likening today's financial landscape to a challenging tennis match where "the grounds keep changing and the opponents are tougher."
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October 08, 2024
EU Removes Antigua And Barbuda From Tax Blacklist
The Council of the European Union removed Antigua and Barbuda from its blacklist of noncooperation jurisdictions on global tax standards, the EU's Economic and Financial Affairs Council announced Tuesday.
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October 08, 2024
Wirecard Loses £12M Fraud Claim Against Greybull Capital
Greybull Capital has defeated an £11.8 million ($15.5 million) fraud claim brought by Wirecard's insolvency administrator, which alleges that the private equity company lied about the source of money injected into Monarch Airlines a year before the carrier collapsed.
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October 08, 2024
Travers Smith Leads Wealth Manager On £45M Purchase
Brooks Macdonald Group PLC said Tuesday that it has agreed to buy financial planners Lift in a deal worth up to £45 million ($59 million) to expand its client reach and accelerate growth in the planning sector, advised by Travers Smith LLP.
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October 08, 2024
Bear 'Polluter Pays' Liability For Redress, FCA Tells Firms
The finance watchdog has warned investment firms that they must take responsibility for holding sufficient resources to pay redress to clients, saying it has seen significant liabilities being pushed onto the country's financial compensation program.
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October 08, 2024
FCA Warns Banks To Improve Anti-Fraud Systems To Cut APP
The financial watchdog has ordered banks and other payments firms to improve their anti-fraud systems and controls, as it expects businesses to target authorized push payment scams in this way.
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October 07, 2024
Socialite Claims Ignorance In £200M Money Laundering Trial
A socialite accused of being at the heart of an £200 million ($262 million) money laundering scheme was "taken advantage of" while engaging in what he believed to be legitimate gold trading business, his lawyer argued at trial on Monday.
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October 07, 2024
Walker Crips Must Classify Investment Manager As Worker
An investment manager on Monday won his bid for worker status after an employment tribunal ruled that a lax agreement with Walker Crips giving him free rein over his hours and investment style didn't mean he owned a separate business.
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October 07, 2024
Rosenblatt Rejects Negligence Claims Over Jaeger Collapse
Rosenblatt Solicitors has denied being negligent in its handling of a claim for a fashion retail entrepreneur against Lloyds Bank over the bank's alleged role in the demise of fashion brand Jaeger, arguing it had to take a narrow focus to bolster the weak case.
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October 07, 2024
Covington UK White Collar Chief Heads To Litigation Boutique
Covington & Burling LLP's former co-head of white collar defense for Europe joined litigation boutique Quillon Law LLP on Monday to boost its capabilities in major fraud cases and investigations.
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October 07, 2024
Investors Urge UK Pension Reforms To Boost Returns
Investors have urged the U.K. to adopt new pension reforms designed to improve how pension schemes invest and operate following a call for evidence as the government carries out a review of pensions investment.
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October 07, 2024
LME Beats US Hedge Fund's Appeal Over $12B Nickel Trade
A London court has dismissed a U.S. hedge fund's appeal against a decision by the London Metal Exchange to cancel more than $12 billion in nickel trades, ruling on Tuesday that its actions were lawful, justified and proportionate.
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October 07, 2024
Watchdog Now Orders Banks To Pay Back APP Fraud Victims
The Payment Systems Regulator said Monday that new rules will provide world-leading protections to consumers who have been tricked into sending money to fraudsters through the banking system.
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October 04, 2024
SFO Seizes £295K From Convicted Tycoon In $700M Fraud
Britian's financial crime enforcer has seized £295,000 ($386,000) from a convicted fraudster imprisoned three times in connection with an international metal trading scam that defrauded lenders worldwide out of nearly $700 million more than two decades ago.
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October 04, 2024
G7 Antitrust Chiefs Vow To Scope Collusion In AI Tech Sector
U.S. and international antitrust regulators said Friday they intend to scrutinize any anticompetitive practice in the market for artificial intelligence technologies or any use of the emerging tech to circumvent competition.
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October 04, 2024
WealthTek Distribution Plan Was Approved For Expediency
England's High Court had the power to approve a plan to distribute client assets held by collapsed wealth manager WealthTek LLP even though the plan does not conform with investors' "strict rights" to their investment, a judge said Friday in giving his full reasons for sanctioning the plan earlier this year.
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October 04, 2024
ECJ Says Interest Deduction Limits Align With EU Law
Governments across the European Union can legislate to block businesses from getting corporate tax deductions on interest paid as part of noncommercial loans, the European Court of Justice ruled Friday.
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October 04, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen GMB Union sued by the makers of Tetley Tea after a staff walkout in September, boxer Mike Tyson hit with legal action from a marketing company and the Met Police face a misuse of private data claim from a woman who had a relationship with an undercover police officer. Here, Law360 looks at these and other new claims in the U.K.
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October 04, 2024
Experian To Acquire Brazil's ClearSale For $350M
Credit ratings agency Experian PLC said Friday that it has agreed to acquire Brazil-based digital fraud prevention company ClearSale SA for 1.90 billion Brazilian real ($350 million) to complement its existing identity and fraud business in the South American country.
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October 04, 2024
McDermott Taps Big 4 Partner As Senior Tax Pro In London
McDermott Will & Emery LLP announced it has recruited a former U.K. partner from KPMG to join its firm as a tax partner, bringing an expert in private equity to its London office.
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October 11, 2024
Dechert Hires Fund Finance Pro From DLA Piper
Dechert LLP has recruited a fund finance specialist as a partner from DLA Piper to boost its offerings for asset management firms, financial institutions and alternative lenders.
Expert Analysis
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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.
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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.