Financial Services UK

  • October 15, 2024

    Sustainability Assurance Market Lacks Choice, FRC Says

    Market players are concerned that the U.K. sustainability assurance market could become dominated by the Big Four accounting giants, limiting choice and effective competition, the industry's regulator said Tuesday.

  • October 15, 2024

    Bankers Say WSJ Articles Used Criminal Data In GDPR Claim

    Two investment bankers alleged Tuesday that Wall Street Journal articles on court proceedings in the Cayman Islands falsely suggested they defrauded nearly $1 billion from a Chinese entrepreneur, in an early stage of their London claim against the publisher.

  • October 15, 2024

    Starmer Hints At National Insurance Hike Over Capital Gains

    British Prime Minister Keir Starmer on Tuesday again refused to rule out raising employers' National Insurance, a payroll levy used to fund social programs, after downplaying claims that his government is planning to raise the capital gains tax.

  • October 15, 2024

    Trustees Urged To Do More Than Minimum On ESG

    Trustees of retirement saving schemes should do more than just what's required to comply with ESG duties, The Pensions Regulator's climate change lead said.

  • October 22, 2024

    Hughes Hubbard Adds Securities Pro From Clifford Chance

    Hughes Hubbard & Reed LLP has hired an experienced U.S. securities and capital markets expert as a partner in Paris, as the firm looks to grow its financing and cross-border M&A practices in Europe.

  • October 15, 2024

    StanChart Wins UK Test Case Over Alternative To Libor Rate

    Standard Chartered PLC on Tuesday was granted permission by a London court to use an alternative to the defunct London interbank offered rate to help set the interest it pays on $750 million in shares, without having to repay the investment now.

  • October 22, 2024

    Ex-A&O Lawyer Brings Int'l Expertise To Twenty Essex

    A former solicitor at Allen & Overy LLP has joined Twenty Essex Ltd. alongside her existing position at an Australian barristers set to bolster the London chambers' team of experts in international disputes.

  • October 15, 2024

    Barclays Challenges UK Motor Finance Ruling In Test Case

    Barclays launched a legal challenge Tuesday against a decision that found it had treated a consumer unfairly by paying a commission to a car finance broker, in a test case with potential implications for future complaints over motor financing arrangements.

  • October 15, 2024

    EU To Create Governance Structure For Faster Settlements

    The financial watchdogs and executive arm of the European Union said Tuesday that they will establish a governance structure that will work with the sector to oversee a move toward faster one-day settlements of securities trades.

  • October 15, 2024

    UBS Told To Bolster Crisis Plans After Credit Suisse Deal

    UBS must boost its emergency plans after buying stricken rival Credit Suisse to ensure that the combined group can wind down or be sold without cost to taxpayers, Switzerland's finance watchdog said on Tuesday.

  • October 14, 2024

    Tycoon Sentenced To 8 More Years Over Real Estate Fraud

    A businessman imprisoned for a £2.5 million ($3.3 million) property fraud has been sentenced to another eight years in prison for defaulting on a £4.5 million court order that was part of legal proceedings to recover money taken in a failed deal to develop a luxury apartment.

  • October 14, 2024

    Finance Firms Urge EU To Back Shorter Settlement Period

    Europe's financial institutions urged the bloc's public authorities on Monday to commit to moving to one-day settlement of securities trades in coordination with the U.K. and Switzerland.

  • October 14, 2024

    African Bank Sues Engineering Biz For $111M In Unpaid Debt

    One of Africa's largest trade banks has sued Kaztec Engineering Ltd. for $111 million, accusing the Nigerian business of failing to pay back a loan it used to acquire oil assets in the country.

  • October 14, 2024

    Crypto-CEO Faces US Extradition In Market Manipulation Case

    The former chief executive of a $7.5 billion crypto-asset company appeared at a London court Monday accused by the U.S. government of manipulating the market for the company's dog-themed "Saitama Inu" crypto-tokens before selling them for tens of millions in profit.

  • October 14, 2024

    FCA Applies Consumer Duty To Tackle Fraud Reimbursement

    The Financial Conduct Authority has applied its consumer protection framework to banks to ensure that they tackle authorized push payment fraud and reimburse victims, beyond the rules set by the payments watchdog, according to lawyers.

  • October 11, 2024

    Bird & Bird Adds DLA Piper Legal Director To London Office

    Bird & Bird LLP has added a former DLA Piper legal director as a partner to its London tax team. 

  • October 11, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen billionaire Lakshmi Mittal sue steel magnate Sanjeev Gupta in a long-running clash to claw back €140 million ($153 million) of debt, a high-profile AI researcher take action against the Intellectual Property Office to register his software as a listed patent inventor and troubled housing trust Home Reit face a claim by a real estate developer. Here, Law360 looks at these and other new claims in the U.K.

  • October 11, 2024

    G-20 Regulators Told To Learn From Credit Suisse Collapse

    A global banking standards setter reminded regulators from G-20 countries Friday of the lessons they can learn from what led to the collapse of Credit Suisse and other banks during the 2023 crisis, including failures in risk management, governance and supervision.

  • October 11, 2024

    Market Abuse Behind Majority Of €71M EU Fines

    The European Union's markets authority said Friday the bloc's national regulators issued fines totaling €71.3 million ($93.2 million) in 2023 as they doubled down their efforts to curb insider trading and market manipulation.

  • October 11, 2024

    Art Dealer's Ex-Wife Denies Liability For His Loan

    The former wife of Andrew Valmorbida, an art dealer to the stars who was involved in a multi-million dollar art fraud, has said she should not pay back an investment firm part of $33.4 million taken by her then-husband, arguing the business can pursue other assets first.

  • October 11, 2024

    UK Insurer Saga In Talks Over £140M 20-Year Deal With Ageas

    Travel and insurance company Saga PLC confirmed Friday that it was in "exclusive negotiations" with Ageas over a two-decade partnership, as well as the sale of its underwriting unit to the Belgian business.

  • October 10, 2024

    Miner Liable To PE Firm Over Axed $1B Brazilian Mine Deal

    South African miner Sibanye-Stillwater is liable to pay damages to private equity firm Appian Capital Advisory LLP for withdrawing from a $1 billion deal to buy two Brazilian copper and nickel mines, a London court ruled Thursday.

  • October 17, 2024

    Sidley Boosts Global Finance Practice With 5 Partner Hires

    Sidley Austin LLP has bolstered its global finance practice with the hire of five new partners in the firm's London office from Latham & Watkins LLP.

  • October 10, 2024

    Ex-Goldman Manager Claims £3.8M In Paternity Sex Bias Case

    A former Goldman Sachs compliance manager launched his sex discrimination case against the investment bank on Thursday, claiming £3.8 million ($5 million) and alleging that his bosses used redundancy as a smokescreen to sack him for taking paternity leave.

  • October 10, 2024

    Ireland's Finance Bill Sets Out Foreign Dividend Exemption

    The Irish government set out its plans for a new participation tax exemption for foreign dividends as part of a finance bill published Thursday.

Expert Analysis

  • Breaking Down The New UK Pension Funding Regs

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    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.

  • 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.

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