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Financial Services UK
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November 06, 2024
EU Investors Body Targets Murky Pension Costs
A European advocacy group called Wednesday for stricter regulation to enforce transparency in fee disclosures and performance reporting, so savers can accurately assess the costs of different pension products.
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November 05, 2024
Energy Co. Says Traders Faked Illness To Take 'Gap Year'
An energy investing company told a London court Tuesday that two traders faked illness to avoid yearlong restrictions before working for a rival, accusing one of trying to take "a gap year on steroids" funded by his six-figure salary.
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November 05, 2024
Forbes Loses TM For Some Financial Services In Europe
U.S. media company Forbes has partially lost a trademark over its name as European officials ruled that consumers might believe it was linked to investment firm Alexander Forbes.
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November 05, 2024
ICO Seeks To Appeal Dixons Carphone Data Breach Ruling
The U.K.'s Information Commissioner's Office is seeking permission to appeal a tribunal ruling that revived electronics retailer Dixons Carphone's bid to have a fine for a privacy breach affecting at least 14 million people reassessed.
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November 05, 2024
Greensill Bank Says Marsh Can't Dodge Australian Litigation
Greensill Bank AG has said that it should be allowed to add Marsh to litigation in Australia linked to the wider group's collapse, arguing in a court filing that it is not bound by an English jurisdiction clause in its contract with the insurance broker.
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November 05, 2024
FCA Sets Out Final Rules To Simplify Bond Trade Reporting
The Financial Conduct Authority set out on Tuesday final rules for publishing data on pricing and volume in bonds and derivatives more efficiently, with separate proposals to give asset managers greater flexibility on how to pay for investment research.
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November 05, 2024
European Union Overhauls Insurance Capital Regime
The European Union said Tuesday it has signed off on its long-awaited overhaul of capital adequacy rules for insurers, which it said will likely boost economic investment and make the sector more resilient.
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November 05, 2024
Pensions Giant Joins £54M Gov't Housebuilding Partnership
Pension Insurance Corp. has entered into a £54 million ($70 million) joint venture with a national developer and a government housing agency to build 3,000 low-carbon, affordable rental homes across England.
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November 05, 2024
FCA Charges Businesses Over Unauthorized Operations
The Financial Conduct Authority said Tuesday that it has charged three individuals involved in two commercial retailers that allegedly generated at least £4 million ($5.2 million) from unlawful business that involved thousands of consumers.
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November 04, 2024
UK Stock Pumper Admits To $100M Market Manipulation Rap
A London-based trader on Monday admitted to his role in what prosecutors say was a $100 million multi-faceted international stock manipulation scheme that used a Swiss asset manager tied to numerous claims of securities fraud to secretly control and falsely inflate the stock of several microcap companies.
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November 04, 2024
Shipowner Loses Appeal To Cut Claim Over Damaged Cargo
A London appeals court has rejected a shipowner's argument that an agricultural company overstated a claim for damaged cargo against it by wrongly asking for more than $280,000 that had already been recovered, finding instead that the money was paid under a separate contract.
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November 04, 2024
Barings Solicitors Sent Claims For Mickey Mouse, SRA Says
The Solicitors Regulation Authority has accused two senior lawyers at the consumer finance firm Barings Ltd. of misleading clients over their payday loans and sending out claim letters on behalf of fictional clients, including Mickey Mouse, in a London legal disciplinary tribunal Monday.
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November 04, 2024
Hedge Fund Lawyer Denies Role In £1.4B Cum-Ex Fraud
The former top lawyer at a hedge fund accused of defrauding Denmark's tax authority of £1.4 billion ($1.8 billion) told a London trial Monday he had no knowledge of cum-ex trading fraud at the business.
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November 04, 2024
FCA Warns SIPP CEOs On Handling Pensions Money
The financial watchdog has written to the chief executives of self-invested personal pension operators, warning them in a letter published Monday that it has growing concerns about how they handle pensions money, risking fraudulent payments from the savings plans.
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November 04, 2024
Tende Energy And Finance Biz Settle $5M Loan Dispute
A financial services company in the Cayman Islands has settled its $5 million claim against energy developer Tende Energy over an allegedly unpaid debt that arose from its deal to transfer to Tende its rights to a loan with another oil and gas exploration company.
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November 01, 2024
Investors Solely Liable For £5.4M Investment, Say Law Firms
Two law firms have hit back against a £5.4 million ($7 million) negligence claim by property investors, arguing there was no indication that the building project the investors put their money into was a Ponzi scheme.
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November 01, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen two industry magnates take on the Gambling Commission, Ordinance Survey hit with a claim from a Swiss GPS maker, and China's largest oil company PetroChina face a claim from a Polish documentary maker. Here, Law360 looks at these and other new claims in the U.K.
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November 01, 2024
Portfolio Manager Loses Sex Discrimination Claims
A former senior manager at a London investment company has failed to convince a tribunal that she was excluded from meetings and faced sexist comments because she was a woman in a male-dominated workplace.
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November 01, 2024
Barclays Ruling A Blow For Passive Investors Suing In UK
The willingness of the High Court to cut passive investors from a shareholders' claim that accuses Barclays of making misleading statements about its "dark pool" trading venue presents a substantial challenge to the prospects of stock price-drop litigation against listed companies.
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November 01, 2024
Gov't Criticized For No Women's Pensions Redress In Budget
The Labour government said Friday it does not know when it will begin compensating women affected by historic failings in their state pensions, after attracting criticism over the absence of a redress scheme in its inaugural budget earlier this week.
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November 01, 2024
Craig Wright Faces Contempt Case Over £911M Bitcoin Claim
Computer scientist Craig Wright was accused at a London court on Friday of violating a court order by claiming he was the inventor of Bitcoin, in a claim worth an estimated £911 million ($1.2 billion), after a judge had concluded he had repeatedly lied about creating the digital currency.
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November 01, 2024
FCA Warns Odey He 'Lacks Integrity' Over Misconduct Probe
The Financial Conduct Authority said Friday that it has warned hedge fund boss Crispin Odey that it will take regulatory action against him after finding that he frustrated an internal probe into sexual misconduct allegations and showed a "lack of integrity."
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November 01, 2024
Barclays Completes £600M Purchase Of Tesco Bank
Barclays PLC said Friday that it has completed its £600 million ($777 million) acquisition of the banking arm of Tesco PLC, bringing down the curtain on the retailer's 25 years of ownership of the lender.
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November 08, 2024
Gowling Taps Ashurst For 4 Real Estate Lawyers In Germany
Gowling WLG announced Friday that it has recruited a four-lawyer real estate team from Ashurst LLP to its new office in Frankfurt as it continues to expand in Germany.
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November 01, 2024
Law Firms Improving At Managing AML Risk, SRA Says
The Solicitors Regulation Authority reported on Friday that it has recorded improvements in the way law firms manage anti-money laundering risks after it took action to clamp down.
Expert Analysis
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What To Know About The UK Overseas Funds Regime
The U.K.’s overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
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Takeaways From SRA Consumer Protection Review
While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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What Updated Guide Means For Jersey's Private Funds
The Jersey Financial Services Commission's recent updates to the Jersey Private Fund Guide clarify existing provisions and introduce new requirements for fund managers, service providers and investors, demonstrating a clear commitment to maintaining Jersey's reputation as an attractive jurisdiction for investment, say lawyers at Walkers Global.
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The Road Ahead For Tokenized Investment Funds In The UK
With an HM Treasury working group expected to release the final phase of a road map for tokenized investment funds by the end of the year, Andrew Tsang and Tom Bacon at BCLP discuss the advantages for investors and fund administrators, the proposed model for implementation, and what the regulatory landscape may look like.
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Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.
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.
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A Look At UK, EU And US Cartel Enforcement Trends
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.
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Testing The Limits Of English Courts' Pro-Arbitration Stance
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.
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What Green Claims Directive Proposal Means For Businesses
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.
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£43M Legal Bill Case Shows Courts' View On Exchange Rates
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.
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Examining The EU's New Payments Services Package
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.
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Examining The State Of Paccar Fixes After General Election
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.
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EU Reports Signal Greenwashing Focus For Financial Sector
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.
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Opinion
Without Change, Fighting Fraud Is A Losing Battle For The UK
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.
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Embedding Consumer Duty: 6 Areas Firms Should Prioritize
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.