Financial Services UK

  • June 14, 2024

    Mining Co. Entity Can't Deduct Loan Interest, UK Court Says

    A U.S. mining company's entity in the U.K. that was created to save taxes through the acquisition of a Texas-based firm cannot overturn the Upper Tribunal's decision that its U.K tax deductions weren't deserved, according to a Court of Appeal judgment.

  • June 14, 2024

    Swiss Re, Chubb Deny Liability In £13B Stranded Planes Feud

    Swiss Re and Chubb have denied that they are liable for aircraft detained in Russia after it invaded Ukraine amid a slew of claims totaling £13 billion ($16.5 billion), telling a London court that their insurance policies do not cover the fallout of war.

  • June 14, 2024

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

    This past week in London has seen toy company Jellycat hit supermarket Aldi with an intellectual property claim, AIG start proceedings against firefighting foam company Angus International Safety Group, and the Solicitors Regulation Authority file a legal claim against the Post Office amid the ongoing Horizon IT scandal. Here, Law360 looks at these and other new claims in the U.K.

  • June 14, 2024

    New Entrant Expected In Pension Transfer Market, LCP Says

    Lane Clark & Peacock LLP said that another new insurer will enter the pension transfer market by the end of the year, bringing the total number of companies securing the liabilities of retirement savings plans to a record high.

  • June 14, 2024

    Labour Eyes Flexible Financial Regulation To Spur Growth

    The Labour Party prioritized financial services growth this week as it eyes Downing Street, suggesting a new era of more flexible regulation to drive technological innovation and competitiveness, regulatory lawyers say.

  • June 14, 2024

    Pension Watchdog Head To Chair Diversity Initiative

    Britain's retirement savings watchdog has said that its head of regulatory transactions and frontline services Jenny Davie will now chair an initiative designed to promote greater diversity in the pensions sector.

  • June 14, 2024

    MPs' Pension Fund Has Only 1.3% Allocation To UK Assets

    A pension scheme for British members of Parliament has just £10 million ($12.7 million) of its portfolio invested in U.K. equities, experts revealed Friday, despite efforts by the government to push schemes into fueling the national economic recovery.

  • June 14, 2024

    UK Broker Denied Supreme Court Hearing Over Cum Ex Raids

    Judges at a London court refused on Friday to allow a brokerage to challenge at the U.K. Supreme Court findings that a raid on its London office during an investigation into tax fraud in 2022 was legal, finding that the "outcome of any appeal would be no different."

  • June 14, 2024

    Bitcoin 'Inventor' Drops Case Against Software Developers

    Lawyers for the man who failed to prove he invented bitcoin told a London court on Friday that he has dropped a case brought by his company against software developers as it also turned on his claim to be the pseudonymous inventor of the virtual currency.

  • June 13, 2024

    JP Morgan Had No Incentive To Devalue Fintech Joint Venture

    J.P. Morgan had no reason to devalue a payment company it co-owned with fintech business Werealize, a London judge ruled Thursday, in a decision that ended the companies' dispute over the investment bank's option to buy out its partner's stake in their joint venture.

  • June 13, 2024

    Fladgate Blames Client's Wrong Instructions On $26.5M Loss

    Fladgate LLP has denied owing an investment fund an estimated $26.5 million for allegedly giving negligent advice, saying the client aiming to recover money owed under bonds supplied incorrect information from the outset.

  • June 13, 2024

    How 3 Firms Cleared 2 Ex-Autonomy Execs In HP Fraud Case

    A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.

  • June 13, 2024

    Labour Manifesto Targets Wealthy To Fill Funding Gaps

    Labour set out plans in its election manifesto on Thursday to raise a total of more than £8.5 billion ($10.8 billion) in tax reforms that target wealthy taxpayers, although some analysts questioned whether the measures will add up.

  • June 13, 2024

    UK Adds 42 Entries To Russian Financial Sanctions List

    The U.K. government slapped further sanctions on Thursday on 42 individuals and entities involved in sectors of strategic significance to the Russian government, including financial services and defense, as it continues to respond to the unprovoked war waged by Russia against Ukraine.

  • June 13, 2024

    Media Personalities Appear At Court Charged Over Forex Ads

    Six reality TV stars and social media influencers appeared at a London court for the first time Thursday charged with promoting an unauthorized trading scheme online that dealt with high-risk financial products tied to foreign exchange rates.

  • June 13, 2024

    Broad Consensus Emerges On Pensions Before UK Election

    The U.K.'s pension sector is set for a period of relative stability as the three main political parties this week unveiled manifestos that revealed more consensus than disagreement.

  • June 13, 2024

    Payment Services Firm Launches £20M Share Buyback

    PayPoint PLC said Thursday it will start an up to £20 million ($25.6 million) share repurchase program, part of a planned three-year buyback scheme aimed at rewarding shareholders.

  • June 13, 2024

    Labour Prioritizes Wealth Creation In Election Manifesto

    Keir Starmer said on Thursday that his Labour Party would kick-start a future of "national renewal" if it wins the general election, with economic growth and wealth creation driving a manifesto that lacked any surprise headline pledges.

  • June 12, 2024

    Rimon Hires 5 Partners, Expands Global Transactions Team

    A team of five partners focusing on transactional, finance and corporate matters has joined Rimon PC across several countries to represent investors, asset managers, credit funds and other clients.

  • June 12, 2024

    Ex-Serco Chair Says Contract Fraud 'Came Out Of The Blue'

    Serco's former chair said at a London trial Wednesday that the scandal of its overbilling for government contracts left a "cloud" hanging over the outsourcing multinational, as the company clashes with investors seeking to recover their losses from the resulting plunge of its stock price.

  • June 19, 2024

    King & Spalding Hires 5 Finance Pros From Cadwalader In UK

    King & Spalding LLP has boosted its partnership ranks in London with the hire of five finance lawyers from rival U.S. law firm Cadwalader Wickersham & Taft LLP.

  • June 12, 2024

    Eurojust Dismantles €113M Fraudulent Investment Scheme

    Police have taken down a €113 million ($122.2 million) pyramid fraud scheme based around crypto mining in an operation spanning several European countries, the Eurojust European law enforcement agency said on Wednesday.

  • June 12, 2024

    BHS Ruling A 'Coup For Liquidators' Over Director Duties

    A landmark ruling that found two directors liable for the collapse of a U.K. retailer and ordered them to repay a chunk of the losses highlights the limited reliance that directors can place on professional advice and a lack of experience to avoid responsibility.

  • June 12, 2024

    EU Agrees To Bolster Retail Investor Protection

    European Union negotiators agreed Wednesday on changes to rules on retail investor protection across the bloc, which would help get savings flowing into the economy.

  • June 12, 2024

    Gowling, Eversheds Steer £125M Med. Nonprofit Pension Deal

    Pension insurance company Rothesay said it has completed a £125 million ($160 million) full scheme buy-in with a plan sponsored by The nonprofit Medical Protection Society Ltd., in a deal steered by Gowling WLG and Eversheds Sutherland.

Expert Analysis

  • How The UK Investment Screening Regime Is Taking Shape

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    A recent order imposing remedies on an acquisition by EDF Energy highlights emerging trends in the U.K. government's national security reviews of transactions under the U.K. National Security and Investment Act, and shows how the U.K. remedy landscape compares to the U.S. regime, say lawyers at Arnold & Porter.

  • Consultations Underpin Mandatory Fraud Victim Repayment

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    The U.K. Payment Systems Regulator’s recent consultations on authorized push payment fraud reinforce its June policy expectation, which said that unless there is evidence of gross negligence and the consumer standard of caution has not been followed, providers must reimburse fraud victims, say lawyers at Hogan Lovells.

  • Swiss Privacy Law Reforms Present Divergences From GDPR

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    The differences between Switzerland’s recently reformed Federal Act on Data Protection and the EU's General Data Protection Regulation, particularly around data breach reporting and the liability of company officers, will need to be carefully managed by multinationals that may have competing obligations under different laws, say Kim Roberts and Vanessa Alarcon Duvanel at King & Spalding.

  • New Legislation May Not Be Needed For Recovery Of Crypto

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    The recent seizure of cryptocurrency under a civil recovery order raises the issue of whether extended powers under the forthcoming Economic Crime Bill are necessary, with the ability to seize crypto-related items that may be the subject of a search order more likely to be of assistance, says Nicola McKinney at Quillon Law.

  • Opinion

    Russia Ruling Should Lead UK To Review Sanctions Policy

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    The High Court's recent dismissal of the first-ever court challenge to Russian sanctions in Shvidler v. Secretary of State sets a demanding standard for overturning designation decisions, highlighting the need for an independent review of the Russia sanctions regime, says Helen Taylor at Spotlight on Corruption.

  • German Competition Law May Herald New Enforcement Trend

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    The recent amendment to the German Act against Restraints of Competition is expected to significantly expand the powers of the German Federal Cartel Office, and could signal a global trend toward greater direct intervention by national competition authorities and political interference in competition law, say lawyers at Simmons & Simmons.

  • New Financial Services Act Leaves Few Firms Untouched

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    The recently published Financial Services and Markets Act 2023, which replaces retained EU law with U.K. legislation, is one of the most significant pieces of post-Brexit regulation, with key practical implications for actors such as investment firms and crypto-asset and payment service providers, say Tim Cant, Emma Tran and Bisola Williams at Ashurst.

  • FCA 'De-Banking' Clampdown May Need Gov't Backing

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    The U.K. Financial Conduct Authority’s recent clampdown on unfair bank account closures will give customers greater transparency, but with terms usually skewed in the bank’s favor, it is a policy matter for the government to enact further protections for businesses and consumers, say Stephen Rosen and Jean-Martin Louw at Collyer Bristow.

  • UK Securitization Reform Opts For Modest Approach, For Now

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    Recently published consultation papers from the U.K. Prudential Regulation and Financial Conduct Authorities on new securitization rules mainly restate retained EU law, but there are some targeted adjustments being proposed and further divergence is to be expected, say Alix Prentice and Assia Damianova at Cadwalader.

  • Examining PayPal's Venture Into The Stablecoin Market

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    PayPal’s recent release of a stablecoin pegged to the U.S. dollar may represent a groundbreaking innovation or could fail as others have before it, and policymakers in the U.K. and the EU will be watching the impact of this new crypto token with a keen eye, say Ben Lee and Dion Seymour at Andersen.

  • High Court Dechert Ruling Offers Litigation Privilege Lessons

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    While the recent High Court ruling in Al Sadeq v. Dechert LLP, which concerned torture conspiracy allegations against the firm, held that litigation privilege can be claimed by a nonparty to proceedings, the exact boundaries of privilege aren't always clear-cut and may necessitate analyzing the underlying principles, says Scott Speirs at Norton Rose.

  • FCA Consumer Duty May Pose Enforcement Challenges

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    The new U.K. Financial Conduct Authority consumer duty sets higher standards of customer protection and transparency for financial services firms, but given the myriad products available across the sector, policing the regulations is going to be a challenging task, says Alessio Ianiello at Keller Postman.

  • UK Insolvency Reform Review Shows Measures Are Working

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    The U.K. Insolvency Service's recently published review of legislative reforms to the corporate insolvency regime demonstrates that despite being underutilized, the measures have been shown to help viable companies survive, and with the current difficult economic environment, will likely be an important aspect of organizational restructuring going forward, says Kirsten Fulton-Fleming at Taylor Wessing.

  • More UK Collective Actions On The Horizon After Forex Ruling

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    A U.K. appeals court's recent decision in Forex case Evans v. Barclays is likely to significantly widen the scope of opt-out collective proceedings that can be brought, paving the way for more class actions by prospective claimants who have previously been unable to bring individual claims, say Robin Henry and Tamara Davis at Collyer Bristow.

  • FCA Listing Reform Proposals Aim To Modernize UK Markets

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    The U.K. Financial Conduct Authority's recent proposals to reform listing rules will enhance equities while retaining protections and high governance standards, and will also make the capital markets work more efficiently and competitively with other global markets, say lawyers at Greenberg Traurig.

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