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Financial Services UK
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February 18, 2025
Dechert Hires PE Pro From Gibson Dunn In London
Dechert LLP has hired a longtime partner at Gibson Dunn & Crutcher LLP to augment its services for clients in private equity transactions and corporate mergers and acquisitions.
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February 11, 2025
Procurement Biz Blocks Disclosure In Byju's $533M Debt Fight
A London judge on Tuesday ruled it would be oppressive to force a U.K. procurement company to provide evidence related to an allegedly fraudulent $533 million transaction for Delaware court proceedings involving the bankrupt U.S. subsidiary of Indian educational tech firm Byju's.
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February 11, 2025
Audit Watchdog Signals More Support For Stewardship Code
Britain's audit watchdog on Tuesday said there are now 297 companies signed up to its stewardship code as it looks to finalize the latest iteration of the regime for investors this year.
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February 11, 2025
PE Unit Defeats Investor In Fight Over Software Co. Stakes
Wealthy investor Barry Maloney attempted to force a subsidiary of Intermediate Capital Group out of their joint investment in an Irish technology unicorn, in breach of his obligations to the U.S. private equity giant, a London court ruled on Tuesday.
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February 11, 2025
Pension Providers Step Up Illiquid Investments In UK
The largest defined contribution pension providers are aiming to allocate up to 40% of their illiquid portfolios to U.K. assets, a consultancy said Monday, after years of pressure from the government to encourage more domestic investment in long-term projects.
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February 11, 2025
UniCredit Lifts Block On Gazprom Unit Claim To Avoid Penalty
UniCredit Bank AG won its unusual fight to lift an injunction protecting it from a claim from a Gazprom subsidiary on Tuesday after it asked a London court to help it avoid a €250 million ($258 million) penalty from a Russian court.
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February 11, 2025
Gender Pension Gap Set To Keep Rising, Analysts Predict
Some 23% of men aged 16 and above are actively contributing to their work-place defined contribution pension plans, compared with only 19% of women, a financial services consultancy said Tuesday, adding to fears that the retirement savings gap between the genders is growing.
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February 11, 2025
Pension Schemes 'Healthier' Since 2022 Bond Crisis
More than half of the pension schemes in Britain are likely to "run on" because of improvements in funding since the liquidity crisis caused by a bond market crash three years ago, a professional services company has said.
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February 10, 2025
Yodel Denies Handing Investment Bank 10% Of Business
Yodel has denied in court filings that it agreed to hand an investment bank a 10% stake in the business in return for the bank waiving £2.6 million ($3.2 million) in fees the logistics company allegedly owed for investment and financing services.
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February 10, 2025
Financier Bids To Resurrect HMRC Bungled Prosecution Claim
A corporate financier sought permission Monday to challenge a decision to dismiss his claim against HM Revenue and Customs and the Crown Prosecution Service for wrongly prosecuting him, arguing that the judge had failed to properly consider the evidence.
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February 10, 2025
Gov't Prompted To Prioritize Fighting Economic Crime
The U.K. government was urged by a financial services group on Monday to spend more on fighting economic crime and to require that tech companies contribute to fraud reimbursement.
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February 10, 2025
Pension Deal Adviser Isio Buys Rival Broking Specialist
Pension advisory business Isio Group Ltd. has formally confirmed its acquisition of rival insurance and risk settlement specialist K3 Advisory Ltd. for an undisclosed fee.
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February 10, 2025
BoE Sets Out Pro-Growth Priorities For Finance Infrastructure
The Bank of England this year will focus on regulating financial market infrastructures to help underpin growth, as it benefits from technology such as artificial intelligence, a senior BoE official said Monday.
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February 10, 2025
Ombudsman To Charge Claims Firms For Dispute Referrals
The Financial Ombudsman Service has said that it will impose a charge on claims companies for referring disputes as it attempts to deal with a surging caseload.
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February 07, 2025
Pharmacy Chain Says Seller Inflated Value In £10M M&A Deal
A Yorkshire-based pharmacy chain has brought a £9.9 million ($12.3 million) claim in a London court against the previous owners of a group of pharmacy companies it acquired, alleging they made dishonest statements about the group's finances.
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February 07, 2025
Quantum Computers 'Imminent Threat' To Data, Europol Says
The financial sector faces an "imminent threat" that coded security measures to protect data could be broken by advanced computers and companies must start transitioning to more secure defenses now, a European Union law enforcement agency warned Friday.
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February 07, 2025
FCA Doubles Withdrawals, Changes To Misleading Ads In 2024
The Financial Conduct Authority said Friday its interventions led to authorized businesses withdrawing or amending 19,766 misleading advertisements in 2024 — up from 10,008 the previous year.
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February 07, 2025
HSBC Seeks To Quash Discrimination, Whistleblowing Claim
HSBC urged the Employment Tribunal on Friday to toss out a claim from a former compliance manager for disability discrimination, harassment and unfair dismissal against the bank, saying her claims had no real prospect of success and should not be allowed to move to a hearing.
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February 07, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Investec Bank PLC sue two diamond tycoons, London florist Nikki Tibbles file a claim against an "imitator company," a direct descendant of the Cartier family launch a claim, and a Coronation Street actor hit footballer Joe Bunney with a defamation claim. Here, Law360 looks at these and other new claims in the U.K.
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February 07, 2025
Blowback From Name And Shame Plan Hurts FCA Credibility
An embarrassing rebuke for the City watchdog's controversial proposal to "name and shame" companies under investigation for financial misconduct at an early stage has undermined its regulatory credibility as well as efforts to boost London's competitiveness as a financial center.
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February 07, 2025
Investor Can Sue Trading Brokerage For $4M Debt In England
An investor can bring claims against a Dubai-based trading brokerage in England, over her allegations that it sold its clients to a consultancy to avoid paying her the remainder of a $4.1 million debt, after a ruling by a London court on Friday.
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February 07, 2025
Danske Bank To Buy Back $695M Worth Of Shares
Danske Bank said on Friday that it will reward shareholders with a share repurchase program of up to five billion Danish kroner ($695 million) as it reported a bumper annual pre-tax profit for 2024.
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February 07, 2025
EU Finance Watchdog Seeks Ways To Ease Reporting Burden
The European Securities and Markets Authority unveiled plans on Friday to streamline and reduce the reporting burden for the financial sector as it aims to cut down on costs and complexity.
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February 07, 2025
Pension Plans Urged To Eye Bulk Annuity Sustainability
The U.K. retirement savings watchdog has told pension trustees to weigh sustainability guidelines when they enter into a bulk annuity deal.
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February 06, 2025
Ex-Bank Exec Fired For Hotel Spend Can't Sue CEO, GC
A Manchester bank's former chief commercial officer can't revive her claims against the chief executive officer and two other senior officials after already agreeing to withdraw them, an employment tribunal has ruled.
Expert Analysis
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Examining Senior Managers' Accountability For AI Use
With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
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FCA Brokerage Changes Offer Asset Managers Wider Options
The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.
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What Cos. Should Know About The EU Greenwashing Rules
The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
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Sanctions Ruling Opens Door For Enforcer To Clear Up Rules
In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.
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'Debanking' Complaints Highlight Need For Flexibility In AML
The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.
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Decoding Arbitral Disputes: The Benefits Of Non-EU Venues
In Spain v. Triodos, a Swedish appeal court recently annulled an intra-EU investment treaty award, reinforcing a growing trend in the bloc against enforcing such awards, and highlighting the advantages of initiating enforcement proceedings in common law jurisdictions, such as the U.K., says Josep Galvez at 4-5 Gray's Inn Square.
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How Proposed Platforms For Unlisted Co. Trading May Work
The U.K. government is continuing development of its proposed private intermittent securities and capital exchange system to facilitate secondary share trading in private companies through a regulatory sandbox while ironing out details, representing an innovative step for unlisted company liquidity, say lawyers at Sullivan & Cromwell.
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Experian Ruling Helps Cos. Navigate GDPR Transparency
In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.
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Clarity Is Central Theme In FCA's Greenwashing Guidance
Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.