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Financial Services UK
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February 19, 2025
Tether Co. Claims Crypto Trader Is Withholding Wallets
A Tether company has accused a former business partner in Tasmanian Bitcoin mining investments of withholding cryptowallets and roughly $5 million in tokens and cash after relationships turned sour.
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February 19, 2025
Mastercard Deal Does Not Need To Be Perfect, Tribunal Told
Mastercard's £200 million ($250 million) agreement with Walter Merricks "does not have to be perfect" to get approval from the Competition Appeal Tribunal, lawyers for both sides argued on Wednesday in the court's first hearing in a contested class action settlement.
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February 19, 2025
FCA Calls For Probe Into Digital Wallet Competition Issues
The Financial Conduct Authority and the Payment Systems Regulator on Wednesday urged the U.K. competition watchdog to investigate competition concerns for digital wallets because of market dominance by big tech groups like Apple and Google.
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February 19, 2025
Barrister Denies Owing Duty To Flag Law Firm's Negligence
A barrister has denied breaching his duties to a technology company by failing to highlight a potential negligence claim against a law firm, as he told a London court that no such obligation existed.
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February 19, 2025
HSBC Launches $2B Share Buyback As Profits Rise
HSBC Holdings PLC said Tuesday it will return up to $2 billion in cash to shareholders after the banking giant reported a rise in pre-tax profits for the final three months of 2024, despite an uncertain global economic outlook.
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February 19, 2025
UK Eyes One-Day Securities Settlements To Boost Growth
HM Treasury said Wednesday that the chancellor has met senior representatives from the investment banking and asset management sectors to hone the government's growth strategy as the ministry supports the move ahead to one-day securities settlement.
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February 19, 2025
Fintech Biz Plus500 Launches $110M Share Buyback Program
Trading platforms operator Plus500 has launched a fresh share repurchase program valued at up to $110 million, a move the company said reflects its "robust financial position" as it reported higher revenue.
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February 19, 2025
Supreme Court Says Businessman Can't Dodge £19M Debt
The U.K. Supreme Court ruled Wednesday that a businessman's family cannot avoid a £19 million ($24 million) debt to a UAE bank, finding that insolvency law can prevent a transaction by a company owned by the family because it was intended to put assets beyond the reach of creditors.
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February 18, 2025
Tycoon Fights Bankruptcy Order Over £1B Debt To Banks
An Indian tycoon asked a London court Tuesday to overturn a bankruptcy order against him that he argued was wrongly issued over a £1 billion ($1.26 billion) debt because several banks had already recovered the money in parallel criminal proceedings.
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February 18, 2025
Pensions Pro Loses Whistleblowing Claim Amid Merger Spat
An employment tribunal has ruled that the head of a financial planning firm did not fire her business partner for blowing the whistle on legal breaches but rather because she stopped doing her job.
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February 18, 2025
All Eyes On CAT Ahead Of Mastercard Settlement Hearing
A £200 million deal to end a long-running consumer class action will come under the spotlight on Wednesday when Walter Merricks and Mastercard seek to persuade the Competition Appeal Tribunal to sign off a settlement despite opposition from the finder of the claim.
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February 18, 2025
EU Watchdog To Set Knowledge Standard For Crypto Advisers
The European Union's financial markets regulator has proposed guidelines setting minimum knowledge standards for advisers and information providers at crypto-asset service providers.
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February 18, 2025
Trading Firm Fined £1.7M For Financial Crime Control Failings
The Financial Conduct Authority said Tuesday it has fined trader Mako Financial Markets Partnership LLP £1.66 million ($2 million) for its failure to have effective controls against financial crime in cum-ex trading.
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February 18, 2025
Morton Guides £1.5M Pension Deal For Accounting Firm
An accountancy firm has passed £1.5 million ($1.9 million) of its pension liabilities to Just Group, the insurer said Tuesday, in a deal advised by Morton Fraser MacRoberts LLP.
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February 18, 2025
Thames Water Wins Court OK For £3B Rescue Plan
Thames Water got approval on Tuesday for a £3 billion ($3.8 billion) rescue package needed to keep the struggling utility company afloat, although opponents of the plan won the right to appeal against the ruling.
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February 17, 2025
Gov't Can't Intervene In Motor Finance Case At Top Court
The U.K. government has been refused permission to intervene in a landmark appeal over motor finance commission payments that has left finance firms fearing they will be hit with a huge compensation bill, Britain's highest court confirmed Monday.
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February 17, 2025
Financial Adviser Fired For Calling Boss 'Idiot' Wins Claim
An adviser at a financial planner has won his claim alleging that the company botched his firing over explicit language he used to describe his boss — but could not convince the tribunal that he was a whistleblower.
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February 17, 2025
Pensions Watchdog To Go Further On Prudential Oversight
The retirement savings watchdog said Monday it will go further this year on managing risks affecting the wider pensions market and financial ecosystem, after announcing last year it would take on a more "prudential" approach to supervising the sector.
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February 17, 2025
E-Money Biz Enters Insolvency After FCA Ban Amid AML Fears
Payment services company Nvayo has entered into special administration, six months after it was banned from electronic money services because of serious concerns about its compliance with anti-money laundering regulations, the Financial Conduct Authority has said.
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February 17, 2025
Growth In UK Insurance Premiums Expected To Slow, EY Says
Insurance premium growth in Britain is expected to stabilize this year amid falling costs, a consultancy said on Monday, as it warned of potential storm clouds on the horizon caused by "geopolitical" developments.
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February 17, 2025
Shoosmiths Steers £16M Pension Deal For Manufacturing Co.
Insurer Just Group said on Monday that it has taken on £16 million ($20.2 million) of liabilities in a retirement scheme from a pension plan sponsored by industrial machinery manufacturer Deutz AG, in a deal guided by Shoosmiths.
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February 14, 2025
Brown Rudnick Bolsters Firm With Tax Pro From Fieldfisher
Brown Rudnick LLP announced it added a former Fieldfisher partner to work in the firm's London-based litigation and dispute resolution practice as a tax partner.
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February 14, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Spice Girls star Mel B's ex-husband bring a defamation claim against the publisher of The Sun, a hotel sue a former director convicted of embezzling its funds for breach of fiduciary duty, and comedian Russell Brand face a sexual abuse claim. Here, Law360 looks at these and other new claims in the U.K.
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February 14, 2025
Gowling, Squire Patton Pilot £50M Pension Deal For Textile Biz
A German textiles company has offloaded £50 million ($63 million) of its U.K. pension liabilities to insurer Just Group PLC, advisers said Friday, in a deal steered by Gowling WLG and Squire Patton Boggs LLP.
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February 14, 2025
Magomedov Must Pay £7M Costs Amid 'Secrecy' Over Funding
Imprisoned oligarch Ziyavudin Magomedov must pay £7.3 million ($9.2 million) in interim court costs after losing his claim over an alleged Russian state-led conspiracy to strip his assets, as a judge criticized on Friday the "secrecy" surrounding who funded the litigation.
Expert Analysis
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AI Reforms Prompt Fintech Compliance Considerations
With the EU Artificial Intelligence Act's Aug. 1 enforcement, and the U.K.'s new plans to introduce AI reforms, fintech companies should consider how to best focus limited resources as they balance innovation and compliance, says Nicola Kerr-Shaw at Skadden.
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Irish Businesses Should Act Now To Prepare For EU AI Act
Artificial intelligence is increasingly transforming the Irish job market, and proactive engagement with the forthcoming European Union AI Act, a significant shift in the regulatory landscape for Irish businesses, will be essential for Irish businesses to responsibly harness AI’s advantages and to maintain legal compliance, say lawyers at Pinsent Masons.
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EU Investment Fund Standards Offer Welcome Clarity
The European Commission’s recently published regulatory technical standards for long-term investments, which granted managers greater flexibility with respect to open-ended European long-term investment funds, should help managers active in the space navigate the mandatory liquidity requirements for long-term investment funds, say Zac Mellor-Clark and Nishkaam Paul at Fried Frank.
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Unpacking The New Concept Of 'Trading Misfeasance'
In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.
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Key Takeaways From Proposed EU Anticorruption Directive
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.
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How Regulation Of Tech Providers Is Breaking New Ground
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.
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What EU Net-Zero Act Will Mean For Tech Manufacturers
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.
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Complying With EU Commission's Joint Purchasing Rules
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.
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Tips For Implementing EU Sustainability Reporting Guidance
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.
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Why Ukraine Aircraft Insurance Case Failed To Take Off In UK
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.
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Labour's 'Fresh Approach' To Tackling Financial Crime
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.
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Unpacking Pressures, Trends Affecting Global Supply Chains
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.
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What UK Digital Markets Act Will Mean For Competition Law
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.
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What New UK Labour Gov't Is Planning For Financial Services
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.
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Companies Trading In The EU Should Heed Mondelēz Ruling
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.