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Financial Services UK
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August 06, 2024
Law Firm Sued Over Negligent Property 'Ponzi Scheme' Advice
Four investors have sued AI Law for £373,000 ($473,000) over the regional English firm's alleged failure to advise them that there is a risk their purchase of leases in apartments was an investment in a potential Ponzi scheme.
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August 06, 2024
Alternative Investor Great Point Enters Into Liquidation
Alternative investment fund manager Great Point Investments Ltd. has wound up its operations and liquidated its assets to pay off creditors after its parent company became insolvent, the financial watchdog said Tuesday.
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August 06, 2024
Brown & Brown Buys Trade Credit Insurance Specialist
Brown & Brown (Europe) Ltd. said Tuesday that it has bought trade credit insurance broker The CI Group Holdings Ltd. to expand its services for lenders and the small and midsized businesses in the U.K.
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August 05, 2024
NCA Not Liable For Regulator's License Withdrawal Decision
A former financial investigator cannot sue the National Crime Agency for losing his license, after an employment tribunal ruled that the agency could lobby on his behalf but couldn't overturn a regulatory body's decision.
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August 05, 2024
Azeri Banker's Wife Forfeits Golf Club, Knightsbridge Home
The wife of a jailed Azeri banker has agreed to forfeit a house and golf course that the National Crime Agency says were bought with embezzled money, the agency announced on Monday.
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August 05, 2024
Glencore Ordered To Pay $152M In Swiss Bribery Case
Switzerland's federal prosecutor ordered commodities trader and miner Glencore on Monday to pay $152 million for failing to prevent bribery linked to the acquisition by a business partner of minority stakes in two mining companies in the Democratic Republic of Congo in 2011.
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August 05, 2024
Most Pension Plans Unclear On Members' Retirement Income
Aon PLC said Monday that almost two-thirds of defined contribution pension plans in Britain do know how much money a typical member can expect in retirement — and welcomed the intention of the new government to make remedying this a priority.
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August 12, 2024
Goodwin Adds Secondaries Partner From Dechert In London
Goodwin Procter LLP has tapped private investment funds partner Thiha Tun to work in its London office from Dechert LLP.
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August 05, 2024
FRC Tightens Accounting Guidance, Extends It To Listed Firms
Britain's accounting watchdog on Monday proposed tighter guidance for directors to assess whether a company is a "going concern" and broadened its application to the largest listed companies, after some high-profile corporate failures.
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August 05, 2024
Gov't Warned Over Tapping Pensions For Economic Growth
The Labour government must remember that the "primary role" of pensions is to support retirees in later life amid growing efforts to use the trillion-pound sector to drive economic growth, Royal London has warned.
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August 05, 2024
Ukraine War Shifts Contours Of Russian Litigation Landscape
The war in Ukraine and global sanctions have caused the number of Russian litigants using England's commercial courts to tumble dramatically, and lawyers expect that the consequences of the invasion will continue to influence the disputes landscape.
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August 05, 2024
Unauthorized Mortgage Broker Must Pay £4M To FCA
A court has ordered two unauthorized investment firms that misled vulnerable people into handing over their homes to hand over £4 million ($5.1 million) to the Financial Conduct Authority, the regulator said Monday
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August 05, 2024
SocGen Sells 2 Banking Units To Swiss Bank For €900M
Societe Generale said Monday that it has agreed to sell two of its private banking subsidiaries in the U.K. and Switzerland to a Swiss bank for €900 million ($990 million), as well as all its business in Madagascar, in a move to streamline its business.
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August 12, 2024
Paul Hastings Hires Finance Pro From Weil In London
Paul Hastings LLP has recruited a structured finance partner and two other lawyers from Weil Gotshal & Manges LLP in London, the latest to move from its U.S. rival, as the firm boosts its services for clients in asset-backed finance transactions.
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August 02, 2024
S. Korea Loses Bid To Set Aside $48.5M Hedge Fund Award
A London court has upheld a $48.5 million arbitral award favoring hedge fund Elliott Associates LP against South Korea in a dispute over a government bribery scandal that allegedly underpinned the $8 billion merger of two Samsung affiliates in 2015.
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August 02, 2024
Self-Styled 'Business Guru' Faces Investor's £5.6M Fraud Case
An investor has hit a self-styled business guru with a £5.6 million ($7.2 million) fraud claim, accusing the entrepreneur of running a Ponzi scheme and of duping him into funding a loan for a luxury hotel development that was never lent.
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August 02, 2024
Property Investor Denies Hiding Info From Franchise Buyers
A real estate investment scheme's former owner has hit back at a £6.4 million ($8.1 million) counterclaim by the management consultancy that acquired it, saying in London court documents that he did not conceal any important information and that he had not breached any agreement.
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August 02, 2024
Taxation With Representation: Sullivan, Dechert, Kirkland
In this week's Taxation With Representation, BNP Parabis SA acquires an investment management subsidiary for €5.1 billion, Cleveland accounting firm CBIZ merges with competitor Marcum for $2.3 billion, and Arcosa Inc. inks a deal with a family-owned construction materials business for $1.2 billion.
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August 02, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen insurance broker Marsh sue the collapsed Greensill Bank, the former chair of the Islamic Students Association of Britain pursue a defamation case against the Jewish Chronicle, Berkshire Hathaway and Lloyd's face action from a shipping company, and alleged fraudster Ronald Bauer hit a loan company with a claim. Here, Law360 looks at these and other new claims in the U.K.
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August 02, 2024
SFO Claws Back Funds From Convicted Property Developer
Britain's white-collar crime prosecutor said Friday it has seized £86,000 ($110,000) from a former commercial property developer who was convicted of fraud more than a decade ago after it discovered that he had acquired a luxury car.
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August 02, 2024
Top UK Court To Hear HMRC Car Park Tax Dispute With NHS
HM Revenue and Customs has been granted permission by Britain's highest court to challenge a ruling that a National Health Service trust qualified for value-added tax exemption for hospital car parking, a decision that could affect appeals brought by NHS entities.
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August 02, 2024
FCA Charges Unauthorized Mortgage Broker With Fraud
An unauthorized mortgage broker has been charged with fraud for allegedly arranging mortgage applications based on false information, the Financial Conduct Authority said Friday.
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August 02, 2024
FCA To Allow Flexible Use Of Unclaimed Investment Assets
The Financial Conduct Authority said Friday it has changed its rules to enable companies such as banks and insurers to release dormant investment assets and client money into a scheme to find their owners or support U.K. growth through good causes.
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August 02, 2024
Ex-F1 Boss Sues HSBC For £5.5M For Wrongly Selling Bonds
Former Formula One team boss Eddie Jordan has sued HSBC for £5.5 million ($7 million) for losses suffered as the result of the bank's allegedly false and negligent advice over a bond in which he invested tens of millions of pounds.
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August 02, 2024
BNP Paribas To Buy Axa's Investment Manager For €5.1B
BNP Paribas SA has said it will buy an investment management subsidiary from French insurer Axa SA for €5.1 billion ($5.5 billion) to create a combined platform with €1.5 trillion of assets under management.
Expert Analysis
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Comparing UK And EU's View On 3rd-Party Service Providers
The U.K. is taking welcome steps to address the lack of direct oversight over critical third-party service providers, and although less onerous than that of the EU Digital Operational Resilience Act, the U.K. regime's proportionate approach is designed to make providers more robust and reliable, say lawyers at Shearman.
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Key Points Of BoE Response To Digital Pound Consultation
Lawyers at Hogan Lovells analyze the recent Bank of England and U.K. government response to a consultation on the launch of a digital pound, finding that the phased approach to evaluating the issues makes sense given the significant potential impact on the U.K. economy.
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Goldman Prosecution Delivers A Clear Sign Of FCA Strength
The recent successful prosecution of a former Goldman Sachs analyst for insider dealing and fraud is a reminder to regulated individuals that economic crime will never be tolerated, and that the Financial Conduct Authority is willing to bare its teeth in the exercise of its prosecutorial remit, says Doug Cherry at Fladgate.
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The Good, The Bad And The New Of The UK Sanctions Regime
Almost six years after the Sanctions and Money Laundering Act was introduced, the U.K. government has published a strategy paper that outlines its focus points and unveils potential changes to the regime, such as a new humanitarian exception for financial sanctions, highlighting the rapid transformation of the U.K. sanctions landscape, says Josef Rybacki at WilmerHale.
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A Look At Environment Agency's New Economic Crime Unit
Sophie Wood at Kingsley Napley explains how the Environment Agency’s newly established Economic Crime Unit will pursue criminal money flows from environmental offenses, and discusses the unit’s civil powers, including the ability to administer account freezing and forfeiture orders, says Sophie Wood at Kingsley Napley.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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4 Legal Privilege Lessons From Dechert Disclosure Ruling
The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.
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BT Case May Shape UK Class Action Landscape
The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.
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Key Points From EC Economic Security Screening Initiatives
Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.
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Following The Road Map Toward Quantum Security
With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.
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Why EU Ruling On Beneficial Ownership May Affect The UK
Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.
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Key Changes In FRC Code Aim To Promote Good Governance
The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.
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Ruling In FCA Case Offers Tips On Flexible Work Requests
In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.
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Breaking Down The New UK Pension Funding Regs
Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.
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Predicting DeFi Regulations At Home And Abroad In 2024
Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.