Financial Services UK

  • January 31, 2025

    Claims Management Sector Warned Over Misleading Adverts

    The Financial Conduct Authority has written to claims management companies warning that it will respond to multiple cases of misleading advertising with new consumer protection measures.

  • January 31, 2025

    FCA Launches Survey To Gauge Opinion On Its Work

    The Financial Conduct Authority has launched its annual market survey of regulated firms to gauge industry opinion on its performance, which comes amid calls from the financial sector for more growth-geared regulation.

  • January 31, 2025

    Banks, Insurers Told To Go Further On Managing Climate Risk

    The regulatory arm of the Bank of England has said that the lenders and insurers it supervises have made progress on managing financial risks linked to climate change, but expects more ahead of a planned update to its expectations this year.

  • January 31, 2025

    FCA Warns Mortgage Firms Against Sales Target Culture

    The Financial Conduct Authority has warned mortgage intermediaries that some companies have a "culture driven by sales targets," which motivates advisers to wrongfully sell products to consumers that pay higher commission or fees.

  • January 31, 2025

    Investment Manager Must Repay £6M To Ponzi Victims

    A judge has ordered a former investment manager serving six years in prison for defrauding more than 200 investors to repay victims £5.9 million ($7.3 million), the Financial Conduct Authority said Friday.

  • January 31, 2025

    UK To Ease Bond Issuance By Firms To Draw Retail Investors

    The finance watchdog set out plans on Friday aimed at encouraging individual investors to buy corporate bonds by making it easier for companies listed on the London Stock Exchange to raise money through smaller issuances.

  • January 31, 2025

    LSE Bets On Growth Firms To Secure Post-Brexit Status

    The position of the London Stock Exchange as Europe's leading listings market has been challenged in the five years since Brexit, but lawyers believe that the removal of the venue's "super-equivalent" regime could make it a viable competitor for growth companies.

  • January 30, 2025

    Wise Reaches $2.5M CFPB Deal Over Disclosure, Fee Issues

    In its first new enforcement action since President Donald Trump's return to office, the Consumer Financial Protection Bureau on Thursday ordered Wise, a global money transfer fintech, to pay nearly $2.5 million on allegations it committed misleading fee marketing and disclosure-related violations.

  • January 30, 2025

    Chancery Tosses Last Of Deutsche Bank, Vik Debt Suit

    A more than seven-year Delaware Court of Chancery battle tied to Norwegian billionaire Alexander Vik's alleged efforts to avoid a $236 million U.K. judgment in 2009 ended on Wednesday with a quiet fizzle.

  • January 30, 2025

    Amex GBT Calls Judge's Sept. DOJ Trial 'Manifest Injustice'

    American Express Global Business Travel Inc. asked a New York federal judge Wednesday to reconsider waiting until September to hear the U.S. Department of Justice challenge to its planned $570 million purchase of CWT Holdings LLC, arguing it needs an answer much sooner.

  • January 30, 2025

    JPMorgan, Fintech Each Claim Victory On Appeal In JV Spat

    A JPMorgan Chase & Co. unit and fintech business WeRealize on Thursday both claimed victories in their dispute over the valuation of a joint venture following a mixed judgment by the Court of Appeal that settled complex issues between the two sides.

  • February 06, 2025

    Hogan Lovells Adds 5 Pros From White & Case In Italy

    Hogan Lovells has recruited a team of five corporate and finance lawyers from White & Case LLP in Italy, its latest group hire, as it looks to keep building in the country.

  • January 30, 2025

    Osborne Clarke Guides Aviva's £23M Pension Deal

    Insurance giant Aviva has taken on £23 million ($28.7 million) of retirement savings liabilities from The Colthrop Board Mill Pension Scheme in a deal guided by Osborne Clarke, according to lead advisers on the transaction Thursday.

  • January 30, 2025

    FCA Says Ban On Pension Advice Contingent Charging Works

    The Financial Conduct Authority said Thursday that almost 200 financial advisers stopped offering pension transfer services after it changed its rules on contingent charging five years ago.

  • January 30, 2025

    Denmark Cuts British Trader's Tax Fraud Prison Sentence

    A British hedge fund trader convicted of defrauding Denmark's tax authority out of more than 320 million Danish krone ($47 million) in a sham trading scheme to reclaim tax has had his prison sentence shortened by an appeals court.

  • January 30, 2025

    Growth Stocks Need Rule Changes, City Group Says

    The government and regulators need to rewrite the rulebook for growth stocks in share trading, including an urgent review of "hampering" regulations like the Consumer Duty and "Dear CEO" letters, a leading City trade body said Thursday.

  • January 30, 2025

    UK Gov't Vows To Overhaul Pension Lifeboat Levy

    The government said Thursday that it is considering allowing the Pension Protection Fund more flexibility over how it sets its levy, as it looks at further measures to boost economic growth.

  • January 30, 2025

    OFSI's 'Troubling' Licensing Regime Dents Sanctions Win

    The government ran a slow and "troubling" process for approving the basic living expenses of sanctioned individuals that forced an oligarch's wife to choose between breaking the law and feeding her children, but the system was nevertheless lawful, an appeals court has said.

  • January 30, 2025

    City Struggles With Compliance Amid Post-Brexit Rule Shifts

    Brexit paved the way for Britain to rip up the EU's financial services rule book and create a more U.K.-friendly regime — but some regulatory analysts say the process is taking too long, which imposes a bigger compliance burden on companies.

  • January 29, 2025

    Pension Plans Seek Trader's Testimony In $2B Tax Fraud Suit

    Pension plans and individuals who Denmark's government alleges received fraudulent refunds have asked a New York federal court to allow U.K. court testimony into the record from a trader who Danish authorities say masterminded a $2.1 billion tax fraud, saying it shows he deceived other participants.

  • January 29, 2025

    Lawyers, Ex-Tax Inspector Took £278M From Trust, Court Rules

    A London appeals court has upheld a High Court ruling that two solicitors and a former senior tax manager devised a scheme to cut out beneficiaries from Jersey trusts in what they saw as a "huge commercial opportunity" to divert an estimated £278 million ($345 million) to themselves.

  • January 29, 2025

    Law Firm Faces £68M Ponzi Scheme Negligence Claim Again

    The administrators of a group of investment companies won a second shot on Wednesday at bringing a £68 million ($85 million) negligence claim against Lupton Fawcett over a Ponzi scheme as an appeals court granting the administrators permission to revive their case.

  • January 29, 2025

    Barclays Beats Sex Bias Case, Citing Performance Concerns

    A mortgage adviser has failed to prove that Barclays Bank treated her differently from male colleagues when it put her on an improvement plan, as an employment tribunal ruled that bosses were worried about her performance.

  • January 29, 2025

    Pensions Watchdog Backs Gov't Surplus Investment Plans

    Britian's retirement savings watchdog has given its backing to proposals recently floated by the government that would relax rules to allow pension funds to invest billions of pounds tied up in surpluses.

  • January 29, 2025

    FCA Sets 1st Fine For Breach Of Transaction Reporting Rule

    Infinox Capital Ltd. has been fined £99,200 ($123,240) for failing to submit transaction reports and risking market abuse going undetected, in the first action of its kind under the U.K. Markets in Financial Instruments Regulation, the Financial Conduct Authority reported Wednesday.

Expert Analysis

  • Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.

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    Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.

  • A Look At UK, EU And US Cartel Enforcement Trends

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    The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.

  • Testing The Limits Of English Courts' Pro-Arbitration Stance

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    Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.

  • What Green Claims Directive Proposal Means For Businesses

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    With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.

  • £43M Legal Bill Case Shows Courts' View On Exchange Rates

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    A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.

  • Examining The EU's New Payments Services Package

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    Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.

  • Examining The State Of Paccar Fixes After General Election

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    Following the U.K. Supreme Court's Paccar decision last year, which made many litigation funding agreements for opt-out collective actions in the Competition Appeal Tribunal unenforceable, the judiciary will likely take charge in implementing any fixes — but the general election has created uncertainty, says Ben Knowles at Clyde & Co.

  • EU Reports Signal Greenwashing Focus For Financial Sector

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    Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.

  • Opinion

    Without Change, Fighting Fraud Is A Losing Battle For The UK

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    To successfully fight fraud cases in the U.K. — like the Russian Coms scam recently shut down by the National Crime Agency — it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country’s intelligence platforms, says Anthony Hanratty at Howard Kennedy.

  • Embedding Consumer Duty: 6 Areas Firms Should Prioritize

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    The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.

  • 2 UK Rulings Highlight Persistent Push Payment Fraud Issues

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    Two recent High Court decisions, Larsson v. Revolut and Terna DOO v. Revolut, demonstrate that authorized push payment fraud continues to cause headaches for consumers and financial institutions alike, and with forthcoming mandatory reimbursement requirements, more APP fraud litigation can be expected, say lawyers at Charles Russell.

  • Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling

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    The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.

  • Key Points From UK Prospectus Regime Reform Consultation

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    The Financial Conduct Authority's current consultation on U.K. prospectus regime reform proposals, including when a prospectus will be required and the requirements concerning content, is designed to enhance the attractiveness of the U.K.'s capital markets, say lawyers at Sullivan & Cromwell.

  • Why NCA's 1st Seizure Of Sanctioned Funds Is Significant

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    The National Crime Agency’s recently secured forfeiture of a Russian oligarch's sanctioned funds was a landmark achievement, and is particularly notable because it was made under the Proceeds of Crime Act, illustrating how U.K. authorities can coordinate their respective powers to confiscate assets, says Lindsey Cullen at WilmerHale.

  • Takeaways From New FCA Rules On Research Payments

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    The Financial Conduct Authority’s recently published final rules on payment optionality for investment research, which involve a client disclosure obligation option, will be welcome news for U.K. managers who buy investment research from U.S. brokers, and for global asset management groups, says Anna Maleva-Otto at Schulte Roth.

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