Financial Services UK

  • October 24, 2024

    Charles Russell Brings On Tax Specialist From Sheridans

    Charles Russell Speechlys LLP hired a partner from Sheridans as part of expanding its London tax practice to support its strategy focused on private capital, the firm said.

  • October 24, 2024

    Brits Missing Over £31B In Unclaimed Pension Pots, ABI Says

    The Association of British Insurers urged Britons on Thursday to trace their pension funds ahead of this Sunday's National Pension Tracing Day as almost 3.3 million pension pots totaling £31.1 billion are still unclaimed, inactive or considered lost.

  • October 24, 2024

    Watchdog Finds Inadequacies In Consumer Credit Firms

    The Financial Conduct Authority has found in a multifirm review that most consumer credit firms and nonbank mortgage lenders lack a clear view of the financial resources they consider adequate, making risk management difficult.

  • October 31, 2024

    Bird & Bird Taps Dutch Financial Regulation Pro

    Bird & Bird LLP has hired an experienced financial regulation expert as a partner in The Hague, as the law firm looks to bolster its finance practice in the Netherlands and across Europe.

  • October 24, 2024

    FCA 'Finfluencers' Crackdown May Prove More Bark Than Bite

    The Financial Conduct Authority's criminal prosecutions of finfluencers who might be illegally promoting unauthorized investments is likely to have only limited deterrence if overseas firms can simply ignore British rules with online offerings, according to lawyers.

  • October 23, 2024

    ECJ Won't Call Off Clawback Of Portugal's Tax Breaks

    The European Court of Justice declined to overturn a European Commission decision that Portugal must claw back tax breaks provided in a free trade zone to companies with no local economic activity, as those breaks violated the bloc's state aid rules, according to a judgment issued Wednesday.

  • October 23, 2024

    EU Tax Nominee Vows Corp. Tax Simplification, Pillar 1 Work

    The nominee to serve as the European Union's next tax commissioner pledged to simplify corporate rules and affirmed his support for the reallocation of taxing rights known as Pillar One in remarks to the European Parliament.

  • October 23, 2024

    Ex-Business Partners Deny Deceiving Investors For £12M

    Two former business partners have denied deceiving investors about how much money was required to set up a specialist bank and said the investment company suing the lender was prepared to invest regardless.

  • October 23, 2024

    Gov't To Prioritize Own Dashboard Before Commercial Models

    The U.K. government has said it will prioritize the launch of its own pensions dashboards service ahead of other commercial models involved in the program intended to connect savers with lost retirement pots.

  • October 23, 2024

    Aviva Deal 'Rescues' Pension Plan From Lifeboat Scheme

    Pensions consultant BESTrustees said it has managed to secure the benefits for 59 members of a client that went under liquidation almost a decade ago in a £6 million ($7.7 million) deal with insurance heavyweight Aviva.

  • October 23, 2024

    SAP Faces Trademark Infringement Claim Over 'Joule' AI Tool

    A financial trading platform provider has sued SAP for trademark infringement in a London court, alleging that the software giant's "Joule" artificial intelligence tool infringes its trademarks over the same word.

  • October 23, 2024

    Firms Say FCA Could Better Encourage Innovation

    The Financial Conduct Authority could do more to facilitate growth and innovation and to act proportionately when making requests on firms, according to industry feedback published by the regulator Wednesday.

  • October 23, 2024

    FCA Warns Investors In Novus Black Investment Fund

    The financial watchdog said Wednesday it has written to investors into an alternative investment fund, warning them that it suspected the firm failed to tell them about "significant losses."

  • October 23, 2024

    Aegon Calls For 'Cool Heads' Ahead Of Autumn Budget

    Dutch life insurance giant Aegon Ltd. called on Wednesday for "cool heads" in the lead-up to the autumn budget, urging caution from both the sector and savers against acting recklessly on rumors surrounding changes to pension rules.

  • October 22, 2024

    Commerzbank Urges Contempt Case Over False Assault Claim

    Commerzbank AG asked a London court in a hearing Tuesday to allow it to bring contempt of court proceedings against a former employee who made false sexual assault allegations against a colleague as part of his failed harassment case against the bank.

  • October 22, 2024

    Pensions Watchdog Urges Industry To Embrace New Tech

    The Pensions Regulator published its digital, data and technology strategy for 2025 on Tuesday with the intent to modernize its operations and encourage similar changes within the pensions industry, including reducing administrative burdens for pension schemes and improving competition.

  • October 22, 2024

    Bird & Bird Hires M&A Pro In Milan From A&O

    Bird & Bird LLP has added an experienced M&A and private equity expert as a partner to its main office in Milan, as part of the law firm's long-term strategy to bolster its global corporate platform.

  • October 22, 2024

    FCA Restricts Financial Services Platform After Failings

    London-based financial firm Business Agent Ltd. has been restricted from acting as an individual savings accounts manager due to major regulatory breaches, including the unauthorized handling of client funds, the Financial Conduct Authority said Tuesday.

  • October 22, 2024

    Budget Fears Spark Surge Of Savers Raiding Pensions

    A third of financial advisers have seen an uptick in customers tapping into their pensions, an investment platform company said, amid speculation the government could reduce the amount that Britons can withdraw without being taxed.

  • October 22, 2024

    UK To Loan Ukraine £2.3B Backed By Frozen Russian Assets

    The U.K. government announced Tuesday that it will loan Ukraine approximately £2.3 billion ($3 billion) to support its military and reconstruction efforts in an arrangement backed by profits from sanctioned Russian assets.

  • October 22, 2024

    Kirkland Guides Wendel's $1.13B Bid For Monroe Capital Stake

    French investor Wendel Group said Tuesday that it will take an initial 75% stake in U.S. asset manager Monroe Capital LLC for $1.13 billion to expand its private credit services as demand surges.

  • October 21, 2024

    FCA Cracking Down On Illegal 'Finfluencing'

    Britain's financial watchdog is cracking down on individuals who may be promoting financial services products illegally, announcing Tuesday that it is interviewing 20 "finfluencers."

  • October 21, 2024

    BDO Appoints Former HMRC Official, 3 Others To UK Offices

    An HM Revenue & Customs official is among four tax professionals BDO LLP has appointed to its offices in the U.K., the firm announced.

  • October 21, 2024

    UK Director's Use Of Tax Planning Data Subject For Retrial

    Whether a director of a U.K. company is liable for a breach of confidence over the misuse of information in marketing a complex tax structure is an issue to be retried, a London court ruled.

  • October 21, 2024

    Campaigners To Submit Whistleblowing Protections Bill

    Campaigners announced plans Monday to submit a new bill before Parliament that would establish a new government office to crack down on retaliation against whistleblowers who reveal fraud, corruption and misconduct.

Expert Analysis

  • 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.

  • Tips For Orgs Using NDAs In Light Of New UK Legislation

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    The recent passage of the Victims and Prisoners Act follows a crackdown on the misuse of nondisclosure agreements, but although NDAs are not prohibited and regulators recognize their legitimate justification, organizations relying on them must be able to clearly explain that justification if challenged, say attorneys at Macfarlanes.

  • What Alternative Fuel Proposals Mean For EU Infrastructure

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    The European Union’s proposed Alternative Fuels Infrastructure Facility, covering activities in the transport sectors supporting the decarbonization process, sets ambitious standards regarding the deployment of adequate supply infrastructure and offers new funding opportunities for port operators and shipowners, says Christian Bauer at Watson Farley.

  • Continuation Funds: What You Need To Know

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    As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.

  • EU Anti-Greenwashing Guide Analyzed For Fund Managers

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    Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.

  • FCA 'Finfluencer' Trial Exposes Social Media Promo Risks

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    The upcoming Financial Conduct Authority prosecution of nine individuals for Financial Services and Markets Act 2000 violations is the first time an online influencer will be tried for using social media to promote investments, demonstrating the need to be wary of the specific legal requirements surrounding financial product promotion, says David Claxton at Red Lion.

  • A Look At US-EU Consumer Finance Talks' Slow First Steps

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    The unhurried and informal nature of planned discussions between the U.S. Consumer Financial Protection Bureau and the European commissioner for justice and consumer protection suggests any coordinated regulatory action on issues like AI and "buy now, pay later" services is still a ways off, say attorneys at DLA Piper.

  • FCA Doubles Down On New Priorities With Target ID Plan

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    Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.

  • Examining Senior Managers' Accountability For AI Use

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    With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.

  • FCA Brokerage Changes Offer Asset Managers Wider Options

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    The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.

  • What Cos. Should Know About The EU Greenwashing Rules

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    The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.

  • Sanctions Ruling Opens Door For Enforcer To Clear Up Rules

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    In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.

  • 'Debanking' Complaints Highlight Need For Flexibility In AML

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    The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.

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