Financial Services UK

  • March 04, 2025

    Cinema Chain Says Landlord Overcharged For Premiums

    Cinema companies who leased part of the landmark Trocadero building in London's well-known Piccadilly Circus accused their landlord of breaching the rental agreement by overcharging them for insurance premiums at the start of a London trial Tuesday.

  • March 04, 2025

    Trader Denies Unlawful 'Team Move' That Energy Co. Alleged

    A trader has hit back against an "oppressive" £2 million ($2.5 million) claim by his former employer, denying that he was part of an unlawful "team move" alongside former colleagues in the energy investing company.

  • March 04, 2025

    Pension Schemes Post Record-Breaking Consolidation

    Britain's retirement savings watchdog said Tuesday the number of defined contribution pension schemes decreased 15% in 2024 to 920 — dropping to fewer than 1,000 plans for the first time.

  • March 04, 2025

    Barclays Official Kept In Dark About Staley's Email To Epstein

    Former Barclays boss Jes Staley told Jeffrey Epstein about forthcoming press coverage detailing their relationship without the bank's knowledge, its former head of communications testified at a trial on Tuesday.

  • March 04, 2025

    BNY Tries To Escape £93M Nationwide, A&O Negligence Case

    Bank of New York Mellon on Tuesday asked a London court to dismiss Allen Overy Shearman Sterling's claims that the bank negligently caused Nationwide Building Society to face a £93 million ($118 million) tax bill by mishandling the issuance of notes.

  • March 04, 2025

    UK Financial Ombudsman Reports Jump In Complaints

    Complaints to the Financial Ombudsman Service spiked almost 42% in the third quarter of 2024 compared to the same period the previous year, with grievances about bank cards, insurance and automobile hires the most common, a survey published Tuesday said.

  • March 04, 2025

    New Pension Standards Need Improvement, Trade Body Says

    The Financial Reporting Council's proposed changes to the actuarial rules used in the retirement savings sector are welcome but introduce additional requirements that should be avoided, a pensions trade body said Tuesday.

  • March 04, 2025

    FCA Bans Ex-Credit Suisse Execs Linked To 'Tuna Bond' Case

    The City watchdog said Tuesday that it has banned two former Credit Suisse executives from U.K. financial services for lack of integrity after they were convicted in the U.S. for arranging corrupt loans to Mozambique.

  • March 04, 2025

    Verdane Ends £315M Offer Talks For Team Internet

    Swedish investment manager Verdane on Tuesday said it has backed out of talks to make a £315 million ($401 million) offer for British software company Team Internet Group PLC.

  • March 04, 2025

    Socialite Acquitted Over £200M Money Laundering Plot

    Socialite James Stunt was acquitted on Tuesday over his alleged involvement in an operation to launder £200 million ($254 million) of criminal money into gold. Four other men were convicted. 

  • March 03, 2025

    Investor To Pay £2M For 'Unashamed' Software Copying

    An investment firm must pay over £2.1 million ($2.7 million) in damages for "unashamedly misappropriating" a software developer's application designed to help the elderly care industry, a London court ruled Monday.

  • March 03, 2025

    UK Pensions Watchdog Calls For Improved Scheme Data

    The Pensions Regulator said Monday it has launched a strategy to help the retirement savings industry digitalize more data to help inform savers and product designers.

  • March 03, 2025

    Brookfield Launches In UK To Tap Pension Buyout Demand

    North American investment giant Brookfield Corp. said Monday it is poised to enter the U.K. pension transfer market, amid an increasing number of retirement savings plans offloading their liabilities to insurers.

  • March 03, 2025

    Ex-Barclays Trader Loses Fight To Redo Sexism Payout Fight

    A tribunal has tossed a bid by a former Barclays analyst for a review of her £50,000 ($63,500) payout for sex discrimination and a failure to accommodate her disabilities, ruling that it did not botch its original decision.

  • March 03, 2025

    Moving Shares Amid Fraud Claim Was Valid, Ex-Director Says

    A former director of a food products supplier has denied giving shares in a construction company to his wife and associates in the face of allegations of fraud and misrepresentation, saying that it was a "reasonable and commercial" reallocation of assets.

  • March 03, 2025

    AXA Launches €1.2B Share Buyback After Profit Gain

    AXA SA on Monday kick-started a program to repurchase up to €1.2 billion ($1.25 billion) worth of its own shares, after the French insurance giant unveiled a "very strong performance" for its 2024 financial year.

  • March 03, 2025

    Pension Insurer Utmost Appoints Schroders For £400M Book

    Utmost Life and Pensions has appointed Schroders to act as asset manager for its retirement portfolio, after the insurer entered the bulk purchase annuity market last year.

  • March 03, 2025

    Investec Bank Demands Pair Of Businessmen Pay £22M Debt

    Anglo-South African lender Investec Bank PLC has sued two "high net worth" individuals in London, claiming they failed to pay almost £22 million ($28 million) under loan agreements.

  • March 03, 2025

    Ex-Barclays CEO Banned For Lies, Not Epstein Ties, FCA Says

    The finance watchdog said at the start of a trial in London on Monday that it was concerned about James "Jes" Staley's personal relationship with Jeffrey Epstein but that it banned the former Barclays boss for lying — not for his choice of friends.

  • February 28, 2025

    Illegal Crypto ATM Operator Sentenced To 4 Years In Prison

    A London judge sentenced a businessman to four years' imprisonment on Friday for illegally operating a network of crypto ATMs and producing fake documents to hide his involvement, saying his actions were "deliberate, carefully planned and thoroughly dishonest."

  • February 28, 2025

    Ex-Barclays Boss Staley Fights FCA Ban Over Epstein Ties

    Former Barclays boss Jes Staley will challenge on Monday the Financial Conduct Authority's ban for his lies about his relationship with sex offender Jeffrey Epstein in a high-stakes legal battle that will test the regulator's appetite for taking on the biggest cases. 

  • February 28, 2025

    FCA Charges Pair With Financial Fraud, Money Laundering

    The City watchdog said Friday that it has filed criminal charges against financial advisers Kerry Nelson and Jacqueline Stephens for alleged fraud, forgery and money laundering that lost clients £2 million ($2.5 million).

  • February 28, 2025

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen the billionaire Zakay brothers, founders of Topland Group, become embroiled in a legal dispute with each other, Unilever sue three major perfume companies over alleged illegal price-fixing, and the publisher of Vogue magazine file an intellectual property suit against Cornucopia Events. Here, Law360 looks at these and other new claims in the U.K.

  • February 28, 2025

    Indian Beats Tax Fraud Extradition On Prison Extortion Fears

    Sanjay Bhandari will not be extradited to India to face charges of tax evasion and money laundering as a London court ruled Friday that he would be at "a real risk" of inhumane treatment in one of the largest prisons in the world.

  • February 28, 2025

    EU Asset Managers See Flaws In ESG Rules Revamping

    A trade body has warned that European proposals to water down ESG reporting rules for companies will leave asset managers waiting too long for data, and that it is unclear how broadly they must apply climate change reduction plans.

Expert Analysis

  • 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.

  • How FCA Guidance Aligns With Global Cyberattack Measures

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    The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.

  • Takeaways From Regulators' £61.6M Citigroup Trading Fine

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    Following the Financial Conduct Authority and Prudential Regulation Authority’s recent significant fining of Citigroup for its catastrophic trading error, and with more enforcement likely, institutions should update their controls and ensure system warnings do not become routine and therefore disregarded, says Abdulali Jiwaji at Signature Litigation.

  • Factors For London Cos. To Consider If Adding US Listings

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    Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.

  • Assessing The Energy Act 2023, Eight Months On

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    Although much of the detail required to fully implement the Energy Act 2023 remains to be finalized, the scale of change in the energy sector is unprecedented, and with the U.K. prioritizing achieving net-zero, it is likely that developments will continue at pace, say lawyers at Paul Hastings.

  • Opinion

    Why Timing Makes UK Libor Judgments Controversial

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    The recent U.K. Court of Appeal decision in the R v. Hayes and Palombo appeal against Libor convictions demonstrates that had U.K. regulators probed with the facts known today, civil claims in all jurisdictions would be dismissed and a decadelong wasted investigation should be put to rest, says Charles Kuhn at Clyde & Co.

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