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Financial Services UK
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October 21, 2024
Amex To Take Over Swisscard Joint Venture From UBS
UBS Switzerland AG on Monday said American Express has agreed to take over its 50% stake in credit card provider Swisscard, getting control of the former Credit Suisse joint venture as the credit card giant looks to expand its business in Switzerland.
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October 21, 2024
Kirkland Hires 2 Structured Finance Attys In NY, London
Kirkland & Ellis LLP is continuing the build-out of its structured finance and private credit practice, announcing on Saturday the lateral hiring of two partners in New York and London.
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October 21, 2024
FCA Sustainability Labels Prompt Worries From Trade Groups
Financial advisers and wealth managers remain concerned about the low range of labels the U.K.'s financial watchdog has included in its new sustainability disclosure regime, a trade group said in research released Monday.
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October 21, 2024
Trade Body 'Extremely Concerned' Over Pension Value Rules
The Financial Conduct Authority's proposed framework for gauging pension scheme value could have "significant consequences for customer outcomes" as currently set out, an investment trade body has warned.
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October 21, 2024
Startup Funder Wants Co-Founder To Pay £7.1M In Fraud Case
A Paris-based startup funder asked a London court on Monday to order one of its co-founders to pay £7.1 million ($9.2 million) after his defense to allegations of "substantial and wide-ranging fraud" was struck out over failures to comply with court orders.
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October 21, 2024
Insurance Premium Finance Costs Fall Under FCA Scrutiny
Insurers have dropped the interest they charge customers for finance arrangements on their annual premiums over the past year amid greater regulatory scrutiny, analysts said Monday.
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October 21, 2024
Billionaire Fights PE Giant Over Software Co. Stakes
An Irish venture capitalist has accused a unit of a major private equity firm of stopping him from forcing it out of its stake in a major management software company to make him buy them out at a premium, in documents disclosed at a London court hearing.
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October 21, 2024
FCA Fines Volkswagen £5.4M For Mistreating Customers
Britain's financial watchdog fined Volkswagen nearly £5.4 million ($7 million) on Monday after it found that the German automaker's financial arm had treated thousands of vulnerable customers unfairly for more than six years.
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October 21, 2024
Norwegian Bank DNB To Buy Carnegie Holding For $1.14B
DNB Bank ASA said Monday it has inked a deal to snap up investment bank Carnegie for 12 billion Swedish kronor ($1.14 billion) in cash, advised by Swedish law firm Mannheimer Swartling.
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October 21, 2024
Chinese Duo Plead Not Guilty To Laundering Cryptocurrency
A Chinese woman and her co-defendant pleaded not guilty Monday to money laundering charges in London over an alleged criminal conspiracy to acquire and transfer cryptocurrency.
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October 18, 2024
Consultant Ducks Prison For Helping OneCoin Launder $35M
A New York federal judge declined on Friday to sentence a co-founder of business consultancy and investment firm InterAmerican Group to any time in prison for his role in a scheme to launder about $35 million in proceeds from the multibillion-dollar OneCoin cryptocurrency scam.
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October 25, 2024
Sidley Hires Capital Markets Duo From Latham
Sidley Austin LLP has recruited two capital markets partners from Latham & Watkins LLP for its London office, further boosting its finance capabilities in the city after it recently snapped up a group of five partners from its U.S.-based rival.
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October 18, 2024
Gov't Warned Over Axing National Insurance Pension Relief
Slashing the tax relief on pension contributions paid by employers could cost businesses nearly £500 ($653) per worker and reduce future retirement savings pots at a time of growing concern that Britons aren't saving enough for later life, Hymans Robertson said Friday.
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October 18, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Professor Cat Jarman, Earl Spencer's new girlfriend, sue his ex-wife, Bitcoin fraudster Craig Wright file a £911 billion ($1.18 trillion) claim against BTC Core, journalist Oliver Kamm hit novelist Ros Barber with a defamation claim, and a barrister at Cloisters face a claim from a former client. Here, Law360 looks at these and other new claims in the U.K.
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October 18, 2024
Lender KMBL Buys StanChart India's $490M Loan Biz
Indian lender Kotak Mahindra Bank said Friday it has inked an agreement to buy the personal loan book of Standard Chartered, India worth an estimated 4,100 crore Indian rupees ($490 million), in a move to bolster its retail credit business.
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October 18, 2024
BoE To Tighten Capital Rules For Banks
The Bank of England proposed Friday to tighten the capital requirements rules protecting banks and investment firms from large losses caused by failures of firms with which they conduct business.
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October 18, 2024
Fraud Losses Reach £571M In 2024, But APP Scams Down
Fraudsters stole £571.7 million ($745 million) from individuals and businesses in the U.K. during the first six months of 2024, 1.5% down on the same period a year ago as banks crackdown on authorized fraud, a banking industry trade body said Friday.
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October 18, 2024
Trade Body Calls For FCA To Clarify UK Rules On PEPs
A trade body for financial institutions called Friday for the Financial Conduct Authority to clarify in proposed amendments to guidance when firms should treat U.K. politically exposed persons and linked entities as lower risk.
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October 18, 2024
Naming And Shaming To Hit 'Relatively Few' Firms, FCA Says
The City watchdog on Friday sought to reassure the financial sector that its controversial plan to name and shame the companies it investigates would affect "relatively few" because many firms in the sector voluntarily disclose when they are under investigation.
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October 18, 2024
FCA's 'Pension Value' Rules Criticized for Over-Simplification
The Financial Conduct Authority's proposed regime for assessing the value of pension plans through standardized measures risks overlooking the "unique characteristics" of retirement savings plans in Britian, a financial consultancy warned on Friday.
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October 17, 2024
Equip FCA And BoE For Green Transition Finance, Study Says
The U.K.'s financial watchdogs need to be equipped to help with green transition financing, a government-sponsored study said Thursday.
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October 17, 2024
Government Sets Out Plan To Regulate Buy Now, Pay Later
HM Treasury set out plans Thursday to protect millions of people using buy now, pay later products through legislation that will lead to a new regulatory regime run by the Financial Conduct Authority.
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October 17, 2024
Macfarlanes-Led Dignity To Acquire Farewill For £12.9M
Investment company Castelnau Group said Thursday that its funeral business Dignity has agreed to acquire its competitor Farewill Ltd. at an enterprise value of £12.9 million ($16.8 million).
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October 24, 2024
Weil Hires Private Funds Pro From Cleary
Weil Gotshal & Manges LLP has added a private funds expert to its London team, as the firm moves to bolster its offering in the growing private capital sector.
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October 17, 2024
Insurer Launches UK's 1st Cybercrime Recovery Service
Digital risk insurer Coalition has launched what it says is the U.K.'s first dedicated service for recovering cash stolen from cyberattacks — and has already recouped £1.4 million ($1.8 million) for a law firm.
Expert Analysis
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.
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Decoding Arbitral Disputes: The Benefits Of Non-EU Venues
In Spain v. Triodos, a Swedish appeal court recently annulled an intra-EU investment treaty award, reinforcing a growing trend in the bloc against enforcing such awards, and highlighting the advantages of initiating enforcement proceedings in common law jurisdictions, such as the U.K., says Josep Galvez at 4-5 Gray's Inn Square.
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How Proposed Platforms For Unlisted Co. Trading May Work
The U.K. government is continuing development of its proposed private intermittent securities and capital exchange system to facilitate secondary share trading in private companies through a regulatory sandbox while ironing out details, representing an innovative step for unlisted company liquidity, say lawyers at Sullivan & Cromwell.
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Experian Ruling Helps Cos. Navigate GDPR Transparency
In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.
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Clarity Is Central Theme In FCA's Greenwashing Guidance
Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What To Know About The Russia-Stranded Plane Ruling
The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
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3 Notable Pensions Reforms In Spring Budget
The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Focus On Private Funds Will Boost Ireland's Global Standing
As the market increasingly pivots to private funds, Ireland's recent introduction of particular products — such as an updated, flexible European long-term investment fund — provides more structuring opportunities and paves the way for a brighter outlook in the country, say lawyers at Dechert.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.