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Financial Services UK
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July 04, 2024
Labour Gov't To Prioritize Competitive Financial Regulation
The Labour government is expected to step up regulatory change to make the country's financial services more innovative and globally competitive, with centralized oversight of the watchdogs to ensure they help consumers and facilitate economic growth.
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July 04, 2024
Labour's Big UK Election Win Clears Way For Tax Reform
Labour's victory in the U.K. general election clears the way for plans to raise taxes on the rich to close a widening spending gap, but it could also mean wider fiscal reform in the new government's first budget later this year.
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July 04, 2024
Labour Sweeps Tories From Power In UK Election Rout
Keir Starmer was poised to become Britain's next prime minister on Friday after his Labour Party ousted Rishi Sunak's Conservatives in a landslide general election victory, ending 14 years of Tory government with a pledge of "national renewal."
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July 04, 2024
HSBC Wins Appeal Over Brexit Move Of EU Body To Ireland
High street lender HSBC had no option but to move the U.K. arm of its European works council to Ireland after Brexit despite protests from the representative body for European staff, an appellate tribunal ruled Thursday.
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July 04, 2024
WSJ Publisher Dow Jones Must Face Bankers' GDPR Claims
The Wall Street Journal publisher Dow Jones has failed to strike out data protection allegations brought against it by two investment bankers as a London court found the claims were not a tactic to avoid the difficulties of bringing a defamation claim.
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July 04, 2024
Pope Aide Says Vatican 'Trapped' By UK Property Deal
A close aide to the pope testified Thursday that he authorized payments of Є15 million ($16.2 million) to an Italian broker to regain full ownership for the Vatican of a London building at the heart a now-notorious property deal.
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July 04, 2024
Lender Hits Elite Law For £1.9M Over Alleged Loan Breach
A lender has sued Elite Law Solicitors after it allegedly failed to spot that its client was a fraud and did not secure necessary protections over a £1.9 million ($2.4 million) property loan, telling a court that this has left it unable to recover its cash.
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July 04, 2024
Emirati Scrap Metal Sellers Lied To Secure $45M Loan
A Dubai shipping broker and his son made false and fraudulent representations when they secured a $45 million loan arrangement from a Norwegian security agent and other lenders, a London court has ruled.
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July 04, 2024
Insurers Disadvantaged By EU Sustainability Reporting Rules
European insurers have warned that bloc-wide rules on sustainability reporting for the sector are incomplete and inconsistent, meaning they are not reliable for investors.
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July 04, 2024
Briton Wins Bid To Challenge $99M Wine Fraud Extradition
A British businessman accused of defrauding investors out of $99 million by persuading them to make interest-bearing loans using valuable wine collections as collateral won a chance on Thursday to challenge his extradition to the U.S.
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July 04, 2024
Pension Deals Market 'Driven By Transactions Under £100M'
The record number of pension deals in the U.K. last year was driven primarily by smaller transactions of less than £100 million ($127.6 million), a consultancy has said.
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July 04, 2024
London IPO Market Gaining Momentum, EY Study Finds
The London Stock Exchange attracted eight companies to take a listing in the first sixth months of 2024, raising a total of £513.8 million ($655.3 million), EY has said, signaling that the IPO market is gaining some momentum after a challenging couple of years.
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July 04, 2024
Barclays Sells €4.7B German Consumer Biz To Austrian Bank
Barclays PLC said Thursday that it will sell its €4.7 billion ($5.1 billion) German consumer finance business to Austrian lender BAWAG as the British bank moves to simplify its operations.
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July 03, 2024
Ukraine Bank Slams Stay Request In $1.1B Suit Against Russia
A Ukrainian bank is challenging the Russian Federation's bid to stay litigation to enforce a $1.1 billion arbitral award against the Kremlin pending efforts to annul the award in France, saying Russia's argument involves a string of contingencies that a D.C. federal judge should not entertain.
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July 03, 2024
M&G Lands £309M Pension Deal For Machinery Co.
A subsidiary of finance and insurance company M&G PLC has taken on £309 million ($394.3 million) worth of pension liabilities from a scheme sponsored by machinery manufacturer NSK, in a deal guided by Shoosmiths, CMS and Hogan Lovells.
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July 03, 2024
PIC Seals £1.2B 2nd TotalEnergies UK Pension Plan Buy-in
Pension Insurance Corporation PLC on Wednesday concluded a £1.2 billion ($1.5 billion) second buy-in with the trustee of TotalEnergies UK Pension Plan, a deal considered the largest completed pension scheme buy-in thus far this year, according to an announcement by PIC.
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July 03, 2024
Credit Suisse Units Fined $19.5M For South Korea Breaches
South Korea's financial services watchdog said Wednesday it has fined two subsidiaries of the Credit Suisse group, which was absorbed by UBS in 2023, a record total of 27.17 billion South Korean won ($19.5 million) for breaching short selling rules.
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July 03, 2024
WTW Launches Insurance Policy For Asset Managers
WTW has launched a new policy designed to provide a single comprehensive cover for asset managers rather than traditional insurance options that often require multiple policies.
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July 03, 2024
Financial Intel Biz Buys Abrdn's Compliance Unit For £14.6M
Financial data intelligence provider Fintel said Wednesday that it has acquired Threesixty Services, a business support company, from British investment giant Abrdn for £14.6 million ($18.5 million) to boost its portfolio.
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July 02, 2024
Gambling Biz Settles €273M Buyout Dispute With Financier
Gambling hall operator MaxBet has settled a host of international legal disputes with Luxembourg-based financial holdings company Maximus stemming from a deal for Maximus to purchase various MaxBet-owned businesses that went south, lawyers for MaxBet told Law360 on Tuesday.
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July 02, 2024
£8.5M Property Deal Said To Defraud Creditors In Debt Row
A British Virgin Islands-registered company has asked a London court to declare that the transfer of an estimated £8.5 million ($10.8 million) property by one of its debtors was done to intentionally hinder the company's chances to reclaim the money it is allegedly owed.
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July 02, 2024
Worldpay Faces Demand For Client Info In Alleged FX Fraud
An architecture firm has asked a London court to order merchant service provider Worldpay to hand over a virtual ledger of one of its customer's accounts in an attempt to track down $1.17 million allegedly missing in a forex broker fraud.
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July 02, 2024
EU Watchdog Requires Regulatory Liaison On Insurer Moves
The European Union's insurance watchdog has published ground rules for regulators from departure and destination countries of insurers relocating within the bloc to engage actively and clearly.
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July 09, 2024
Latham Hires Finance Trio In London From Cahill Gordon
Latham & Watkins LLP has recruited a trio of partners from Cahill Gordon & Reindel LLP as it continues to grow its banking practice in London.
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July 09, 2024
Lawrence Stephens Hires 2 Directors From Rosling King
Ann Ebberson and Alex Edwards have joined Lawrence Stephens Ltd. from Rosling King LLP as directors on the real estate finance and banking teams.
Expert Analysis
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Shifting From Technical To Clear Insurance Contract Wordings
Recent developments on insurance policies, including the Financial Conduct Authority's new consumer duty, represent a major shift for insurers and highlight the importance of drafting policies that actively improve understanding, rather than shift the onus onto the end user, say Tamsin Hyland and Jonathan Charwat at RPC.
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A Case For The Green Investment Regime Under The ECT
The EU and U.K.'s potential plans to exit the Energy Charter Treaty, which has been criticized as protecting fossil fuel investments to the detriment of energy transition, ignore the significant strides taken to modernize the treaty and its ability to promote investment in cleaner energy forms, say Amy Frey and Simon Maynard at King & Spalding.
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Considerations For Fund Managers Seeking Retail Investment
With recent legal developments, including a revised Long Term Investment Funds Regulation effective in 2024, supporting the market trend of retailization, there are several practical considerations for alternative fund managers embarking on a European fundraise for retail capital, say Zac Mellor-Clark and Kate Downey at Fried Frank.
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FDI Considerations For UK Venture Capital Transactions
With the U.K. National Security and Investment Act highlighting foreign direct investment matters for venture capital transactions, investors dealing with companies connected to the U.K. should be alive to how the act's requirements can affect deal timelines, structures and terms, say lawyers at Covington.
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How Employers Can Support Neurodiversity In The Workplace
A recent run of cases emphasize employers' duties to make reasonable adjustments for neurodiverse employees under the Equalities Act, illustrating the importance of investing in staff education and listening to neurodivergent workers to improve recruitment, retention and productivity in the workplace, say Anna Henderson and Tim Leaver at Herbert Smith.
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What The Anti-Coercion Instrument Will Bring To The EU
Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring discuss why the European Union recently adopted a report on the anti-coercion instrument to reform its trade legislation, how the instrument will be used to respond to unfair economic pressure from third countries, and how businesses can impact the EU's decision making.
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Why FCA Crypto Rules Need To Align With UK Gov't Aims
There is a critical need for cryptocurrency regulations that protect consumers while supporting the government's aim to make the U.K. a crypto hub, but the Financial Conduct Authority’s recently effective rules on financial promotion of crypto-assets bring an unintended risk that legitimate firms will be driven out of the market, says Laura Navarathnam at the Crypto Council for Innovation.
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CMA Report On AI May Lead to Greater Competition Control
The U.K. Competition and Markets Authority’s recent report on artificial intelligence foundation models is a sign that developers could face increased merger control and antitrust enforcement, and businesses should be mindful of these views to ensure that their models do not come under investigation, say attorneys at Morgan Lewis.
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UK Mozambique Ruling Will Have Int'l Ramifications
The recent U.K. Supreme Court judgment in Mozambique v. Privinvest considered for the first time stay proceedings under the Arbitration Act, offering guidance on whether claims are a "matter" within the scope of an arbitration clause, which could become a point of reference for foreign courts in the future, say lawyers at Herbert Smith.
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Recent Trends In European ESG-Related Shareholder Activism
New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.
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Audit Regulator Review Has Tips On Climate Metric Reporting
The U.K. Financial Reporting Council’s recent review of climate-related metrics and targets in listed companies’ annual reports is an extremely useful guide for issuers considering the quality of their disclosure reporting, with a number of key areas identified as central to further improvement, say lawyers at Bryan Cave.
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What Russia Case Reveals About UK Sanctions Enforcement
The Office of Financial Sanctions Implementation recently issued its first enforcement action under the U.K.'s expanded Russia sanctions against a relatively small company for a moderately severe breach — a decision that highlights several questions about the watchdog’s purpose and methods, say Maia Cohen-Lask and Tasha Benkhadra at Corker Binning.
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Breaking Down The UK's Draft Updates To Prospectus Regime
While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.
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Italy's Bank-Profits Tax Plan May Become Model For Eurozone
If Italy's recently proposed 40% bank-profits tax helps keep its populist coalition government in power, notwithstanding the European Central Bank's legal challenges, the passage could spark a windfall tax trend across the eurozone and even in the U.K., says Cris Cicala at Stinson.
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Bitcoin Case Highlights Advanced Age Of UK's IP Law
An appellate court's recent decision in a case involving the copyright of bitcoin's file format emphasizes the role of copyright protection in software, and also the challenges of applying decades-old laws to new technologies, say Marianna Foerg and Ben Bell at Potter Clarkson.