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Financial Services UK
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January 27, 2025
FCA Warns Wholesale Brokers Of Money Laundering Risk
The City watchdog has urged wholesale brokers to work harder to manage risks associated with money laundering because they might be used to execute trades that facilitate financial crime.
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January 24, 2025
Amex GBT Faces Sept. Trial In DOJ Case Against $570M Deal
A New York federal judge set a September trial date Friday for the U.S. Department of Justice suit challenging American Express Global Business Travel Inc.'s planned $570 million purchase of CWT Holdings LLC, rejecting company assertions of "exigencies" necessitating a decision by June.
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January 24, 2025
Reed Smith Brings Back Tax Pro From Amazon In Brussels
An attorney who specializes in customs, trade and excise tax matters in the European Union and U.K. has rejoined Reed Smith LLP in Brussels after a stint at Amazon, the firm announced.
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January 24, 2025
FCA Settles Claims Law Firm Helped Illegal Investment Plans
The Financial Conduct Authority said Friday it has settled with a regional law firm over allegations that it helped a client promote a misleading care home investment scheme causing £50 million ($62 million) in losses.
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January 24, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Axa Insurance and Admiral face a claim from a former lawyer recently exposed for personal injury fraud, the owner of Reading Football Club sue a prospective buyer and mobile network Lycamobile tackle action by Spanish network Yogio. Here, Law360 looks at these and other new claims in the U.K.
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January 24, 2025
Russian Banking Oligarch's Wife Loses Bid To Lift Sanctions
A Ukrainian-Russian tycoon's wife lost her fight to lift U.K. sanctions against her on Friday as an appellate court ruled that the restrictions were a proportionate way of undermining the Kremlin after Russia invaded Ukraine.
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January 24, 2025
Gov't Stats Reveal 13% Of Pensioners Living In Poverty
The government has said that approximately 13% of pensioners are living in poverty, publishing figures that shine further light on the issue of retirement deprivation that is now under parliamentary scrutiny.
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January 24, 2025
2 Firms Guide Monte Dei Paschi's €13.3B Mediobanca Bid
Italian lender Monte dei Paschi, said to be the world's oldest bank, launched a €13.3 billion ($14 billion) takeover offer for rival Mediobanca SpA on Friday in the latest move to consolidate Italy's banking sector.
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January 23, 2025
UK Gov't Tones Down Plan For Non-Dom Tax Changes
The U.K. government will amend its finance bill to soften its plan to abolish the nondomicile tax status for people claiming tax benefits as nonresidents, Exchequer Chancellor Rachel Reeves said in an interview broadcast Thursday.
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January 23, 2025
FX Trader Blames Wasted Time On Misleading Ex-Client
A foreign-exchange trader has hit back at claims it unjustifiably closed trades losing $8.2 million, saying in court filings that its former client misrepresented how it would use the trades in the first place.
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January 23, 2025
Actuaries Body Wants Separate Inheritance Tax For Pensions
The government must consider a separate inheritance tax regime for pension assets, a trade body said, warning that proposed reforms were unworkable as currently drafted.
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January 23, 2025
FCA Finds Gaps In Brokers' Money Laundering Defenses
The Financial Conduct Authority on Thursday urged brokers to tighten anti-money laundering controls, after a review it ran found gaps in their defenses against the flow of tainted cash through Britain's capital markets.
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January 23, 2025
Watchdog Restricts Scottish Broker Over Premium Concerns
The Financial Conduct Authority has restricted a Scotland-based insurance broker from carrying out regulated activities over "concerns" the business has sold policies but failed to pass on payments to insurers.
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January 23, 2025
Litigation-Funder Sues Merricks Over Mastercard Settlement
A representative of more than 45 million U.K. consumers in a class action against Mastercard is being sued by his litigation-funder over his decision to reach a settlement in the £10 billion ($12.3 billion) case for £200 million.
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January 23, 2025
5 Questions For Katten Partner Nathaniel Lalone
The Digital Operational Resilience Act has set tough new rules for financial businesses in the European Union to prevent disruptions in digital services from external providers. Here, Nathaniel Lalone, of Katten Muchin Rosenman LLP, tells Law360 about how the act could have an impact on some financial entities in Britain.
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January 23, 2025
Compensation Fund To Pay Out £15M To Credit Union Clients
The U.K. compensation fund for clients of failed financial companies has said it will pay approximately £15.4 million ($19 million) to more than 18,000 members of a collapsed London credit union within the next seven working days.
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January 22, 2025
Parliament Defends Report Alleging HMRC Has Poor Service
The chair of a United Kingdom parliamentary committee said Wednesday he was disappointed in HM Revenue & Customs rejection of an inquiry alleging the tax authority's customer service standards deteriorated to an all-time low in 2023 and 2024, arguing the agency approved reports that back up his findings.
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January 29, 2025
Weil Hires Credit Funds Pro From PSP Investments
Weil Gotshal & Manges LLP has hired an expert in credit funds as it looks to make the most of opportunities to grow its portfolio of work from large asset management firms and other clients.
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January 22, 2025
TSB Must Face Most Of Adviser's Sex, Race Bias Claims
TSB Bank must face an employee's sex and race bias claims after an employment tribunal ruled that it could not resolve the differences between the two versions of events without going to trial.
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January 22, 2025
UK Gov't To Tap Into Bank Accounts Of Benefits Fraudsters
Benefits cheats who fail to reimburse taxpayers could have cash owed taken directly from their bank accounts, as part of the U.K. government's plan to launch the "biggest fraud crackdown in a generation."
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January 22, 2025
BoE Sets Out Data Priorities For Bank CEOs, Warns Of AI Risk
The regulatory arm of the Bank of England has set out 2025 priorities for U.K. and international banks in two "Dear CEO" letters, saying they should use data better at a time of growing use of artificial intelligence.
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January 22, 2025
SFO's 1st UWO Hints At New Strategy In Hunt For Illicit Funds
The first unexplained wealth order secured by the Serious Fraud Office, against the former wife of a convicted solicitor, suggests that the agency is thinking creatively about how to use the dirty-money tools at its disposal, although lawyers wonder whether it will be a durable strategy.
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January 22, 2025
Norway Pays £306M For Stake In London Property Portfolio
Norway's sovereign wealth fund said Wednesday that it has paid £305.7 million ($378 million) for a 25% stake in a portfolio of mixed properties in central London in a new joint venture with developer Grosvenor Property UK.
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January 21, 2025
Parliamentary Panel Faults HMRC's Customer Service
HM Revenue & Customs is failing to deliver a good service to taxpayers, with its standards sliding even lower last tax year compared with the prior year, the U.K. Parliament's Public Accounts Committee said in a report published Tuesday.
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January 21, 2025
Climate-Related Financial Reporting 'Inconsistent,' FRC Says
Britain's audit watchdog on Tuesday said the quality of the first round of mandatory climate-related finance disclosures by large British businesses was "inconsistent," but is set to mature as companies adapt to the requirement.
Expert Analysis
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Why Investment In Battery Supply Chain Is Important For UK
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.
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What Extending Corporate Liability Will Mean For Foreign Cos.
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.
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A Consequential Moment For Sanctions Activity
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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ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring
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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Economic Crime Act Offers Welcome Reform To AML Regime
The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.
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3 Financial Services Hot Topics To Watch In 2024
Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.
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What Venice Swaps Ruling Says About Foreign Law Disputes
The English appeals court's decision in Banca Intesa v. Venice that the English law swaps are valid and enforceable will be welcomed by banks, and it provides valuable commentary on the English courts' approach toward the interpretation of foreign law, say Harriet Campbell and Richard Marshall at Penningtons Manches.
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Key Litigation Funding Rulings Will Drive Reform In 2024
Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.
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How Draft Trading Regs Provide Framework For UK Regime
Representing an important part of the U.K. government's post-Brexit regulatory reform agenda, the most recent draft of the proposed Trading Regulations seeks to provide a framework for a new rules-based regime for regulating public offers of securities and admissions to trading on a U.K.-regulated market, say lawyers at Davis Polk.
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Breaking Down The New Rules For High Net Worth Individuals
Andrew Northage at Walker Morris outlines what businesses need to be aware of to ensure ongoing compliance with revised conditions in the U.K. government's updated financial promotion exemptions for high net worth individuals and sophisticated investors, and suggests a few practical tips for businesses to follow.
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How Data Privacy Law Cases Are Evolving In UK, EU And US
To see where the law is heading in 2024, it is worth looking at privacy litigation and enforcement trends from last year, where we saw a focus on General Data Protection Regulation regulatory enforcement actions in the U.K. and EU, and class actions brought by private plaintiffs in the U.S., say lawyers at Morgan Lewis.
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Misleading Airline Ads Offer Lessons To Avoid Greenwashing
Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.
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An Overview Of UK Short Selling Regulation Reforms
The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.
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Supreme Court Ruling Is A Gift To Insolvency Practitioners
As corporate criminal liability is in sharp focus, the Supreme Court's recent decision in Palmer v. Northern Derbyshire Magistrates' Court that administrators are not company officers and should not be held liable under U.K. labor law is instructive in focusing on the substance and not merely the title of a person's role within a company, say lawyers at Greenberg Traurig.
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What Can Be Learned From Adobe-Figma Merger Termination
The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.