Financial Services UK

  • February 13, 2025

    Essity Faces Investors' Claim Over Chinese Tissue Biz Sale

    A group of investment companies has sued Essity at a London court, alleging that the manufacturer of hygiene and health products defaulted on bond notes when it sold its controlling stake in a Chinese tissue company.

  • February 13, 2025

    FCA Files Criminal Charges Against Financial Adviser

    The Financial Conduct Authority said Thursday it has charged an independent financial adviser with multiple criminal offenses that resulted in more than £2.3 million ($2.9 million) in losses for clients.

  • February 13, 2025

    Gov't Urged To Act On Growing Number Of Small Pension Pots

    The number of small pension pots in the U.K. rose by two million between 2020 and 2023, a think tank has said, as it urged the government to urgently intervene for consolidation.

  • February 13, 2025

    FRC Probes Former Finance Staff At Bankrupt Local Authority

    Two former accountants are under investigation for their work at a bankrupt local authority in England that has amassed debts of £2.4 billion ($3 billion), a corporate governance watchdog said Thursday.

  • February 12, 2025

    UK Annuity Sales Hit Record After Pension-Freedom Reforms

    Pension annuity sales in Britain reached £7 billion ($8.7 billion) in 2024, figures published Wednesday by the Association of British Insurers show, marking a 34% increase on the previous year.

  • February 12, 2025

    Russia Loses State Immunity Bid In $63B Yukos Case

    A London appeals court on Wednesday dismissed the Russian government's attempt to use state immunity to block investors from enforcing an over $63 billion arbitration award, saying the state should honor the award without engaging in "trench warfare."

  • February 12, 2025

    Justices Rewrite Extradition Rules In Shock To DOJ's Reach

    The decision by Britain's highest court to block the extradition of a British trader has rewritten decades of precedent, although lawyers are divided on whether the findings will weaken the long reach of U.S. law or simply refocus it.

  • February 12, 2025

    Financial Ombudsman's Sudden Exit Draws MP Scrutiny

    A cross-party group of MPs is scrutinizing the sudden and unexplained resignation of the chief executive of Britain's Financial Ombudsman Service after failing to get answers from the body's board.

  • February 12, 2025

    Watchdog Warns Pension Providers Over Climate Lethargy

    The U.K. retirement savings watchdog issued a warning to pension providers Wednesday after campaigners found the sector to be dragging its heels on climate action.

  • February 12, 2025

    Reading FC Owner Sues Buyer Over Unreturned Loan Security

    The owner of Reading Football Club has sued a potential buyer of the League One club over a "continuing refusal" to return assets used to secure the outfit's sale, in the latest legal twist in litigation following the botched takeover deal.

  • February 12, 2025

    UK Clears £2.55B BlackRock Bid For Data Biz Preqin

    The U.K.'s competition watchdog said Wednesday it has given the green light to asset management giant BlackRock's £2.55 billion ($3.16 billion) takeover of Preqin Ltd., a markets data provider based in London.

  • February 12, 2025

    Arena Liquidators Challenge Lloyds' Directors' Authority Defense

    Arena Television's liquidators have dismissed Lloyds Bank's defense to allegations it processed payments linked to a £1.2 billion ($1.5 billion) fraud, saying the bank's claim it was acting on the instructions of directors who were authorized to make the payments is "unsustainable."

  • February 12, 2025

    Close Brothers Sets Aside £165M For Car Finance Probe

    London merchant bank Close Brothers said Wednesday that it plans to set aside £165 million ($205 million) to cover potential costs stemming from a Financial Conduct Authority probe into motor finance commission agreements and a related appeal at the U.K.'s top court.

  • February 12, 2025

    HMRC Can't Tax Canadian Bank For Oil Loan Payments

    The U.K. Supreme Court ruled Wednesday that HM Revenue and Customs cannot tax loan payments made to Royal Bank of Canada connected to oil rights in the North Sea because the underlying agreement did not give an oil company the right to work the oilfield.

  • February 12, 2025

    UK Supreme Court Bars Trader's Extradition To The US

    Britain's highest court has barred the extradition of a British-Lebanese trader to the U.S. over insider dealing allegations, finding on Wednesday that the charges he faced for allegedly doling out lavish gifts in exchange for tips occurred in Britain.

  • February 11, 2025

    £5.5B Tax Evasion Could Be 'Tip Of Iceberg,' Watchdog Warns

    The £5.5 billion ($6.8 billion) annual cost of tax evasion drawn up by HM Revenue and Customs is probably "vastly underestimated" — and the authority has no plan to tackle the gap in the public purse, the government's spending watchdog warned Wednesday.

  • February 11, 2025

    Vacuum Or Trap? What Trump's FCPA Halt Means For SFO

    U.S. President Donald Trump's decision to stop enforcing bribery laws against American companies creates a potential vacuum for the Serious Fraud Office to fill, though lawyers caution that prosecuting U.S. companies could prove a political hazard for the U.K. enforcement agency.

  • February 11, 2025

    StanChart Bids To Slash £762M From UK Investor Claim

    Standard Chartered urged the High Court on Tuesday to strike out claims from passive investors worth £762 million ($943 million) in litigation accusing the bank of making untrue or misleading market statements about its sanctions noncompliance.

  • February 11, 2025

    Tribunal To Consider If FCA Has Equality Duty In Cum-Ex Row

    The U.K.'s Upper Tribunal will hold a preliminary hearing to decide whether the Financial Conduct Authority has a duty to not discriminate when it fined and banned a cum-ex trader from the industry, according to a tribunal decision published Tuesday.

  • February 11, 2025

    Barclays Sued Over Staffer's Alleged Role In $643K Fraud

    A Singaporean fire safety business has sued Barclays Bank PLC over an elaborate fraud that caused it to send $643,000, alleging that a bank employee was involved in the plot to dupe it into transferring funds to criminals.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

Expert Analysis

  • Key Takeaways From Proposed EU Anticorruption Directive

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    The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.

  • How Regulation Of Tech Providers Is Breaking New Ground

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    The forthcoming EU regulation on digital operational resilience and the U.K. critical third-party regime, by expanding the direct application of financial services regulation to designated technology providers, represent a significant development that is not to be underestimated, say David Berman and Emily Lemaire at Covington.

  • What EU Net-Zero Act Will Mean For Tech Manufacturers

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    Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.

  • Complying With EU Commission's Joint Purchasing Rules

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    One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.

  • Tips For Implementing EU Sustainability Reporting Guidance

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    Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.

  • Why Ukraine Aircraft Insurance Case Failed To Take Off In UK

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    In Aercap v. PJSC Insurance, the High Court decided the claimants could not avoid an exclusive jurisdiction clause and advance their case in England rather than Ukraine, and the reasoning is likely to be of relevance in future jurisdiction disputes, say Abigail Healey and Genevieve Douglas at Quillon Law.

  • Labour's 'Fresh Approach' To Tackling Financial Crime

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    Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.

  • Unpacking Pressures, Trends Affecting Global Supply Chains

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    A recent HSBC report reveals a number of trends and challenges for global supply chains in the current uncertain geopolitical landscape, and with constant emerging opportunities, companies that can stay informed, be proactive and adapt to change will be well positioned to succeed, says Michelle Craven-Faulkner at Shoosmiths.

  • What UK Digital Markets Act Will Mean For Competition Law

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    The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.

  • What New UK Labour Gov't Is Planning For Financial Services

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    Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.

  • Companies Trading In The EU Should Heed Mondelēz Ruling

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    The European Commission’s recent €337.5 million fine of Mondelēz is the latest decision targeting restrictions on EU cross-border trade, and serves as a warning to companies active in the region to check their contracts and practices for illegal restraints, and to perform audits to ensure compliance, says Matthew Hall at McGuireWoods.

  • Why Reperforming Loan Securitization In UK And EU May Rise

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    The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.

  • What French Watchdog Ruling Means For M&A Landscape

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    Although ultimately dismissed due to lack of evidence, the French competition authority’s recent post-closing review of several nonreportable mergers is a landmark case that highlights the increased complexity of such transactions, and is further testament to the European competition authorities’ willingness to expand their toolkit to address below-threshold M&As, say lawyers at Cleary.

  • New Directors' Code Of Conduct May Serve As Useful Guide

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    Although the Institute of Directors’ current proposal for a voluntary code of conduct is strongly supported by its members, it must be balanced against the statutory requirement for directors to promote their company’s success, and the risk of claims by shareholders if their decisions are influenced by wider social considerations, says Matthew Watson at RPC.

  • Exploring The EU's Draft Standards On Crypto Authorization

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    The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.

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