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Financial Services UK
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August 19, 2024
RPC Helps Japanese Fintech Debut In London After Purchase
Japanese crowdfunding platform MOH Nippon PLC was admitted to trading on the London Stock Exchange on Monday after being bought by a special purpose acquisition company for £34.5 million ($44.7 million).
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August 19, 2024
Pinsent Masons Steers Aviva's £34M Macmillan Pension Deal
Aviva PLC has covered £33.7 million ($43.7 million) of pension liabilities for Macmillan Cancer Support, which covers the retirement savings plans of all the retirees and deferred members of the British charity.
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August 16, 2024
Deutsche, Ex-Trader End 2nd Libor Malicious Prosecution Suit
Deutsche Bank and a former U.K. derivatives trader who accused the bank of scapegoating him to U.S. authorities investigating interest rate-rigging have resolved his $30 million malicious prosecution lawsuit in New York state court.
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August 16, 2024
Telecom Directors Deny Adviser's HMRC Fraud Claim
Two directors have denied owing a financial adviser a fee for attempting to source a £5 million ($6.4 million) investment for their telecommunications business, characterizing his July claim that they hoped to defraud the U.K.'s tax department through the company as "entirely fictitious."
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August 16, 2024
Local Council Accuses Tycoon Of Misappropriating £150M
A local English council pushed into effective bankruptcy after a spate of failed investments has sued a businessman for upward of £150 million ($194 million) it claims he siphoned off to buy yachts, private jets and a country estate.
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August 16, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Barry Manilow sued by music rights company Hipgnosis, a struck-off immigration lawyer take on the Solicitor's Disciplinary Tribunal and the former CEO of a collapsed bridging loan firm start proceedings against the FCA. Here, Law360 looks at these and other new claims in the U.K.
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August 16, 2024
Pension Scheme Endgames Pushed Back Amid Falling Yields
The average timeline for U.K. pension schemes to reach a point where they can buy out their liabilities with an insurance company was extended last month, due to falling bond yields, experts said.
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August 16, 2024
Specialist Lender OSB Announces New £50M Share Buyback
OSB Group PLC said it will roll out a share repurchase program worth up to £50 million ($65 million) as the buy-to-let lender announced an increased pretax profit but warned of more competition in the "subdued" mortgage market.
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August 16, 2024
PwC Fined £15M For Failing To Flag LC&F Fraud Suspicion
The Financial Conduct Authority said Friday it has fined PricewaterhouseCoopers LLP £15 million ($19.3 million) for failing to report to the regulator its belief that London Capital & Finance PLC might be involved in fraud.
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August 16, 2024
Revolut Valued At $45B After Secondary Equity Issue
U.K. fintech Revolut said Friday it has secured a $45 billion valuation in a share sale by its employees to new and existing investors, cementing its status as Europe's most valuable private technology company.
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August 16, 2024
FCA Apologizes For Treatment of 'Voluntary Requirement'
Britain's financial watchdog has apologized for an unnecessary extension of two years of publishing on its register a "voluntary requirement" for a company indicating failure to meet standards after the Complaints Commissioner upheld a claim.
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August 15, 2024
Union Group Calls For UK To Address Gender Pension Gap
The Trades Union Congress has said retired women receive £7,000 ($9,000) a year less from their pensions than retired men, a gender gap, it warns, that is closing far too slowly.
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August 15, 2024
Gov't Urged To Unlock £16B LGPS Pensions For Investment
The U.K. government could immediately unlock around £16 billion ($20.5 billion) of investment in U.K. infrastructure just by lifting thresholds on the asset class constraining the Local Government Pension Scheme, a report found.
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August 15, 2024
FCA Censures Audit Firm On Client Assets Report Breaches
The Financial Conduct Authority said Thursday it has censured auditor Macintyre Hudson LLP for failing to report breaches of the FCA's rules on treatment of client assets.
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August 15, 2024
London's Listing Regime Revamp Overshadows Junior Market
The revamp by the City watchdog of the London Stock Exchange's rule book, which burnishes its appeal for corporate listings in competition with U.S. and European markets, has raised doubts on the future role of the junior market for growth companies and tech startups, lawyers say.
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August 14, 2024
Ukrainian Bank In $1.1B Russia Case Points To Nigeria Ruling
A Ukrainian bank looking to enforce a $1.1 billion arbitral award against Russia has asked a Washington, D.C., federal judge to consider a decision issued last week by the D.C. Circuit rejecting Nigeria's sovereign immunity defense in another litigation over an arbitral award.
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August 14, 2024
PwC Owes $11M For Tax Errors, Real Estate Group Says
PwC should pay £8.9 million ($11.4 million) in damages to a real estate group for miscalculating its tax liabilities and mispricing its properties, which prompted several additional assessments and penalties, according to a claim in a London court.
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August 14, 2024
Adviser Denies Owing Bank £9.2M After Bad Property Loan
A property adviser has denied overvaluing a building development and causing a U.K. bank to lend millions of pounds more than it should have, claiming it made a competent assessment within the same range as other independent valuers.
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August 14, 2024
World Bank Member Sues Lebanese Lender For Unpaid $234M
A member of the World Bank Group is suing Lebanon's largest private lender for more than $234 million in loans and interest payments due over the past four years, as the Middle Eastern state has struggled with a major financial crisis that devalued its currency.
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August 14, 2024
Aegon Launches Digital Pension Comparison Service
Financial firm Aegon UK PLC launched a digital pension transfer comparison service on Wednesday with The Pension Lab to enable savers to compare the costs of different plans.
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August 14, 2024
Pension Funding Surplus Rises To £475B Despite Rate Cut
The funding surplus of British retirement savings plans rose to £475.5 billion ($611 billion) at the end of July, according to official figures released on Wednesday, even as experts warned of the need to hedge against fresh interest rate cuts.
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August 14, 2024
EU Watchdog Sets Priorities For Bank Resolution Rules
The European Union banking watchdog has found banks need to prepare better for the process of orderly failure known as resolution, including by obtaining more accurate data for assessing their financial positions.
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August 14, 2024
FCA Fines, Bans Consultant For Leaving Clients Uninsured
The financial regulator said Wednesday that it has banned an insurance consultant from working in financial services and hit him with a fine of just over £5,000 ($6,430) fine for using funds from clients to pay his business and personal debts.
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August 14, 2024
Cypriot Forex Firm Fined For Exploiting Customers
Britain's financial watchdog said Wednesday that it has hit Cypriot trading firm Forex TB Ltd. with a £276,100 ($355,000) fine for failing to treat customers fairly and providing unauthorized investment advice.
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August 13, 2024
Travelers Defends DWFM Beckman Over Investment Advice
The insurer of now-defunct DWFM Beckman LLP has hit back against claims that the firm negligently advised a real estate investor on an almost £20 million ($25.5 million) deal, denying that the firm advised her on the investment at all.
Expert Analysis
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Assessing The Energy Act 2023, Eight Months On
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.
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Opinion
Why Timing Makes UK Libor Judgments Controversial
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.
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Tips For Orgs Using NDAs In Light Of New UK Legislation
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.
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What Alternative Fuel Proposals Mean For EU Infrastructure
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.
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Continuation Funds: What You Need To Know
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.
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EU Anti-Greenwashing Guide Analyzed For Fund Managers
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.
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FCA 'Finfluencer' Trial Exposes Social Media Promo Risks
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.
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A Look At US-EU Consumer Finance Talks' Slow First Steps
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.
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FCA Doubles Down On New Priorities With Target ID Plan
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.
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Examining Senior Managers' Accountability For AI Use
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.
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FCA Brokerage Changes Offer Asset Managers Wider Options
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.
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What Cos. Should Know About The EU Greenwashing Rules
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.
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Sanctions Ruling Opens Door For Enforcer To Clear Up Rules
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.
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'Debanking' Complaints Highlight Need For Flexibility In AML
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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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.