Financial Services UK

  • February 07, 2025

    Pharmacy Chain Says Seller Inflated Value In £10M M&A Deal

    A Yorkshire-based pharmacy chain has brought a £9.9 million ($12.3 million) claim in a London court against the previous owners of a group of pharmacy companies it acquired, alleging they made dishonest statements about the group's finances.

  • February 07, 2025

    Quantum Computers 'Imminent Threat' To Data, Europol Says

    The financial sector faces an "imminent threat" that coded security measures to protect data could be broken by advanced computers and companies must start transitioning to more secure defenses now, a European Union law enforcement agency warned Friday.

  • February 07, 2025

    FCA Doubles Withdrawals, Changes To Misleading Ads In 2024

    The Financial Conduct Authority said Friday its interventions led to authorized businesses withdrawing or amending 19,766 misleading advertisements in 2024 — up from 10,008 the previous year.

  • February 07, 2025

    HSBC Seeks To Quash Discrimination, Whistleblowing Claim

    HSBC urged the Employment Tribunal on Friday to toss out a claim from a former compliance manager for disability discrimination, harassment and unfair dismissal against the bank, saying her claims had no real prospect of success and should not be allowed to move to a hearing.

  • February 07, 2025

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

    This past week in London has seen Investec Bank PLC sue two diamond tycoons, London florist Nikki Tibbles file a claim against an "imitator company," a direct descendant of the Cartier family launch a claim, and a Coronation Street actor hit footballer Joe Bunney with a defamation claim. Here, Law360 looks at these and other new claims in the U.K.

  • February 07, 2025

    Blowback From Name And Shame Plan Hurts FCA Credibility

    An embarrassing rebuke for the City watchdog's controversial proposal to "name and shame" companies under investigation for financial misconduct at an early stage has undermined its regulatory credibility as well as efforts to boost London's competitiveness as a financial center.

  • February 07, 2025

    Investor Can Sue Trading Brokerage For $4M Debt In England

    An investor can bring claims against a Dubai-based trading brokerage in England, over her allegations that it sold its clients to a consultancy to avoid paying her the remainder of a $4.1 million debt, after a ruling by a London court on Friday.

  • February 07, 2025

    Danske Bank To Buy Back $695M Worth Of Shares

    Danske Bank said on Friday that it will reward shareholders with a share repurchase program of up to five billion Danish kroner ($695 million) as it reported a bumper annual pre-tax profit for 2024.

  • February 07, 2025

    EU Finance Watchdog Seeks Ways To Ease Reporting Burden

    The European Securities and Markets Authority unveiled plans on Friday to streamline and reduce the reporting burden for the financial sector as it aims to cut down on costs and complexity.

  • February 07, 2025

    Pension Plans Urged To Eye Bulk Annuity Sustainability

    The U.K. retirement savings watchdog has told pension trustees to weigh sustainability guidelines when they enter into a bulk annuity deal.

  • February 06, 2025

    Ex-Bank Exec Fired For Hotel Spend Can't Sue CEO, GC

    A Manchester bank's former chief commercial officer can't revive her claims against the chief executive officer and two other senior officials after already agreeing to withdraw them, an employment tribunal has ruled. 

  • February 06, 2025

    Allianz UK Detects £157M 'Record' Level Of Fraud In 2024

    Allianz UK on Thursday said it uncovered a total of £157.24 million ($195.94 million) worth of insurance fraud in 2024 — a 10% year-on-year increase in part driven by the rising cost of living increasing the number of consumers turning to scams.

  • February 06, 2025

    Wine Biz CFO Fights US Extradition Over Alleged $99M Fraud

    A wine company's former chief financial officer accused of cheating investors out of $99 million by persuading them to make interest-bearing loans using valuable wine collections as collateral urged a London judge Thursday to overturn a decision to allow his extradition to the United States.

  • February 06, 2025

    Energy Trader Faked Illness When Quitting For Rival

    An energy trading company has won its breach of contract claim against a former employee who quit to work for a rival, after a court concluded that he used sickness as a "ruse" to avoid working during a noncompete restriction period.

  • February 06, 2025

    Mastercard Deal Battle Goes Through The Looking Glass

    The landmark class action brought by Walter Merricks against Mastercard has entered "Alice in Wonderland" territory, as the credit card giant is now backing the class representative who sued it in his dispute with his litigation funder over the terms of the controversial settlement, analysts say.

  • February 06, 2025

    Pension Funds Warned Of Impact Of Global Trade War

    Pension providers should consider the potential impact on their funding levels of a global trade war in the coming months, a consultancy warned Thursday.

  • February 06, 2025

    FCA Rejects Complaints On Handling Of Blackmore Collapse

    The Financial Conduct Authority said Thursday that it has written to thousands of investors to reject complaints about how it handled the case of Blackmore Bond PLC, a minibonds provider that collapsed in 2021, but has agreed to pay them compensation for its slow response.

  • February 05, 2025

    FCA Told To Shelve Controversial Investigation Plans

    The Financial Conduct Authority should not go ahead with controversial plans to name firms under investigation at an earlier stage unless it can ensure the proposals sufficiently balance increased transparency and managing the potential risks to firms, a House of Lords committee said Thursday.

  • February 05, 2025

    EU Guidance Clarifies AI Rules, But Key Concepts Lack Detail

    Lawyers broadly welcomed the European Commission's belated guidance on newly enforced laws banning so-called artificial intelligence systems that pose an unacceptable risk Wednesday, but are wary of provisions regarding how AI providers should crack down on the prohibited use of their systems.

  • February 05, 2025

    Tycoon Can Redo Confiscation Fight After Fraud Conviction

    A businessman imprisoned for eight years for failing to repay £4.5 million ($5.6 million) following a conviction for fraud can re-argue his case after the Court of Appeal said Wednesday that there is new evidence he might be serving longer than necessary.

  • February 05, 2025

    Audit Watchdog Seeks Rules For Sustainability Opinions

    Britain's accounting regulator called Wednesday for the regulation of sustainability assurance reports by auditors and others to iron out current inconsistencies in quality.

  • February 05, 2025

    Santander Plans €10B In Share Buybacks Over Two Years

    Banco Santander SA said Wednesday that it plans to reward investors with a €10 billion ($10.4 billion) share buyback that will be completed by the end of 2026, beginning with a first chunk of €1.6 billion.

  • February 05, 2025

    Construction Industry Insiders Get Prison For £22M Tax Fraud

    A group of seven construction industry insiders has been sentenced to between nine years and four months and two years in prison for their roles in a tax fraud in which an estimated £22 million ($28 million) was hidden from the U.K. tax authorities. 

  • February 04, 2025

    Barclays Poised To Slash Former Staffer's Racism Claims

    Barclays has won a key decision as it looks to beat a former employee's race discrimination case, convincing a tribunal that he brought the vast majority of his claims too late.

  • February 04, 2025

    UniCredit Bids To Undo Ruling Blocking Gazprom Unit's Claim

    UniCredit Bank AG urged an appeals court Tuesday to overturn an order blocking a Gazprom joint venture from bringing a €450 million ($467 million) claim against it in Russia under bond guarantees linked to an aborted gas plant project.

Expert Analysis

  • Dissecting Recent Developments Against The Misuse Of NDAs

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    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.

  • What To Know About The Russia-Stranded Plane Ruling

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    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.

  • 3 Notable Pensions Reforms In Spring Budget

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    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.

  • Assessing The FCA Data Study's Response To User Concerns

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    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.

  • Focus On Private Funds Will Boost Ireland's Global Standing

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    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.

  • Cum-Ex Prosecutions Storm Shows No Sign Of Abating

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    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.

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • Opinion

    FCA Greenwashing Rules Need To Be Stronger To Be Effective

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    The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.

  • EU Ruling Exposes Sovereignty Fissures In Int'l Arbitration

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    The European Court of Justice's recent ruling that the U.K. had breached EU law by allowing an arbitral award to proceed underscores the diminished influence of EU jurisprudence in the U.K., hinting at the EU courts' increasingly nominal sway in international arbitration within jurisdictions that prize legal autonomy, says Josep Galvez at 4-5 Gray’s Inn.

  • Companies House False Filings Raise Issues Of Integrity

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    A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.

  • UK Courts Continue To Struggle With Crypto-Asset Cases

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    Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.

  • Comparing The UK And EU Approaches To AI Regulation

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    While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.

  • Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases

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    The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.

  • A Look At The Latest EU Alternative Investment Regulation

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    Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.

  • Unpacking The Law Commission's Digital Assets Consultation

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    The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.

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