Financial Services UK

  • October 04, 2024

    FCA's £29M Fine Of Starling Sends Wider Compliance Warning

    The Financial Conduct Authority hit Starling Bank Ltd. with a £28.9 million ($38.4 million) fine on Wednesday for inadequate anti-money laundering and sanctions controls. This has sent a wider warning to companies that compliance levels must match growth.

  • October 04, 2024

    Bahamian Bank Claims No Fault In $3M Loan Row

    A Bahamian bank has argued it did not breach a $3 million loan agreement with a director of an American biotech company, arguing the deal was justifiably terminated and that it does not owe him $15 million for any alleged losses.

  • October 03, 2024

    Former Senior Accountant Jailed For £1M Council Fraud

    A former council accountant has been jailed for defrauding a local authority out of nearly £1 million ($1.3 million) over two decades, according to the Crown Prosecution Service.

  • October 03, 2024

    FCA Charges 2 Brothers With Insider Dealing

    The U.K.'s financial watchdog charged two men with insider dealing in London on Thursday over allegations they pocketed £110,000 ($144,230) by profiting off confidential information on oil and gas stocks over a four-year period. 

  • October 03, 2024

    Whisky Fund Manager To Pay £51K Over Sexist Treatment

    An employment tribunal has ordered an investment consultancy specializing in rare whiskies to pay £51,800 ($68,000) to a female staff member after employees harassed her and forced her out with sexist treatment.

  • October 03, 2024

    New UK Anti-Fraud Law Could Fuel Prosecution Of Individuals

    The new "failure to prevent fraud" offense that is likely to take effect in 2025 was written to target large companies that do not have internal controls to prevent such crime, but lawyers are warning clients that bosses will be expected to help pursue individual fraudsters

  • October 03, 2024

    Pension Co. Expects Greater Investment Plan Detail In Budget

    More detail on how the British government plans to generate greater investment from the £800 billion ($1.05 trillion) defined contribution sector into the economy seems "highly likely" to feature in the upcoming autumn Budget, PensionBee has said.

  • October 03, 2024

    Herbert Smith-Led WTW Buys Stake In Wealth Manager

    Insurance group Willis Towers Watson PLC said Thursday that it has acquired a minority stake in U.K. wealth manager Atomos, following an alliance between the companies since 2022.

  • October 03, 2024

    EU Finance Bodies Seek Clarity On Cybersecurity Compliance

    Financial trade bodies across the European Union have urged regulators to clarify critical requirements under the Digital Operational Resilience Act, which is set to come into effect in January, saying they are not clear on how the cybersecurity legislation applies to them.

  • October 02, 2024

    UK To Give Banks New Powers To Combat Fraudsters

    The U.K. government said Thursday it is introducing new laws enabling banks to extend investigations of suspected fraudulent payments.

  • October 02, 2024

    Parliamentary Ombudsman Probes Pensions Injustice

    The independent complaints body for government departments has launched an inquiry into historical injustices in state pensions that could lead to hundreds of millions of pounds being paid out in compensation to women who were affected, a consultancy said Thursday.

  • October 02, 2024

    FCA Wins Appeal In $700M BlueCrest Investor Redress Case

    The Financial Conduct Authority can resume its bid to impose a redress scheme of more than $700 million for investors of hedge fund BlueCrest Capital Management, an appeals court said Wednesday, ruling that a tribunal wrongly held that the regulator did not have that power.

  • October 02, 2024

    Italian Lender Beats Rival's Challenge To 'Isybank' TM Bid

    An Austrian bank cannot rely on its "Easybank" trademarks to stop Italian rival Intesa Sanpaolo from protecting its "Isybank" brand because there is no likelihood of European Union consumers mixing up the signs, officials in the bloc have ruled.

  • October 09, 2024

    Shoosmiths Adds Privacy & Data Partner From BCLP

    Shoosmiths LLP has hired a new partner to its privacy and data unit in London from Bryan Cave Leighton Paisner LLP, with the new arrival saying Wednesday that an immediate rapport with Shoosmiths' partners led her to jump ship.

  • October 02, 2024

    Hogan Lovells Leads Royal London's 1st £30M Pension Deal

    The Royal London Mutual Insurance Society Ltd. completed its first full scheme buy-in with the £30 million ($39.8 million) acquisition of The Retreat York Pension Scheme in a deal guided by Hogan Lovells and Wrigleys Solicitors, its adviser K3 Advisory said Wednesday.

  • October 02, 2024

    FCA Fines Starling £29M For 'Shockingly Lax' Client Screening

    The U.K.'s City watchdog said Wednesday that it has hit Starling Bank Ltd. with a £28.9 million ($38.4 million) fine over failures to screen for financial sanctions and for breaching a ban on opening accounts for high-risk clients.

  • October 02, 2024

    Reed Smith Steers £140M Pension Deal For Insurance Biz

    Aviva PLC has covered £140 million ($186 million) of pension liabilities for insurance group Thomas Miller & Co. Ltd. to secure the benefits of all members of the retirement savings plan, the companies said Wednesday.

  • October 01, 2024

    Westfield Denies Infringing Clearpay IP In Partnership Dispute

    Shopping giant Westfield has returned fire in a battle with Clearpay Finance Ltd. over a collapsed partnership, with the shopping center company denying infringing the credit business's intellectual property by continuing to show Clearpay advertisements in its centers.

  • October 01, 2024

    Investors Settle Wirecard Fraud Case With Transfer Provider

    Two businessmen have settled claims worth €33 million ($36.5 million) brought by investors who alleged the pair duped them into selling their stake in a money transfer provider for a pittance before the company was sold on to payments giant Wirecard for many times the price.

  • October 01, 2024

    McFaddens Dodges Client's Late Claim Over Loan Advice

    A court said Tuesday that a City of London law firm can sidestep a client's claim that she received negligent advice over a loan, ruling that there was no good reason for her filing key details of the claim too late.

  • October 08, 2024

    Eversheds Sutherland Taps Rutgers & Posch For Finance Trio

    Eversheds Sutherland said Tuesday it has hired three finance lawyers from Dutch law firm Rutgers & Posch as it looks to grow its partner cohort in the Benelux region.

  • October 01, 2024

    UK's 1st Sanction Fine Fires Warning Shot, But A Muffled One

    Britain's sanctions enforcer's recently imposed its first fine for a breach of Russia-related restrictions — a modest reminder that the watchdog will penalize companies that fail to understand black-letter regulations rather than the warning shot that lawyers had expected.

  • October 01, 2024

    Lloyd's Says Forgery Sinks Claim Over Ship Struck In Ukraine

    Lloyd's of London's Belgian unit has denied owing a wealth advisory business $3.7 million to cover alleged losses after a ship was struck by a mine, claiming the vessel at the time was trading in Ukrainian waters so it wasn't covered under the insurance policy.

  • October 01, 2024

    Pension Insurance Deal Market To Hit £60B In 2025

    The total value of pension insurance transactions could hit £60 billion ($79.6 billion) for the first time next year, according to a poll of lawyers, trustees and others in the retirement sector published on Tuesday.

  • October 01, 2024

    Crypto Developers Take Aim At 'Patent Trolls' In New Deal

    A cryptocurrency collective said Tuesday it has inked a deal with Unified Patents to help stop "patent trolls" from registering intellectual property that risks hampering blockchain innovation.

Expert Analysis

  • Predicting DeFi Regulations At Home And Abroad In 2024

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    Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.

  • Consultation Docs Can Help EU Firms Prep For Crypto Regs

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    Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • Investors' Call For Voting Changes Faces Practical Challenges

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    A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.

  • Litigation Funding Implications Amid Post-PACCAR Disputes

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    An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

  • What To Expect For Private Capital Investment Funds In 2024

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    As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • Cos. Should Plan Now For Extensive EU Data Act Obligations

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    The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn. 

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

  • What New Digital Sandbox Regs Hold In Store For UK Markets

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    The recently enacted Digital Sandbox Regulations will be key to incorporating distributed ledger technology into the activities of a central securities depository, but despite being a potentially transformative innovation, a number of considerations may need to be addressed to accommodate the trading, settlement and maintenance of shares, say Tom Bacon and Andrew Tsang at BCLP.

  • Why Investment In Battery Supply Chain Is Important For UK

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    The recently published U.K. battery strategy sets out the government’s vision for a globally competitive battery supply chain, and it is critical that the U.K. secures investment to maximize opportunities for economic prosperity and net-zero transition, say lawyers at Watson Farley & Williams.

  • What Extending Corporate Liability Will Mean For Foreign Cos.

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    Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.

  • A Consequential Moment For Sanctions Activity

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    It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.

  • ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring

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    A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.

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