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Financial Services UK

  • December 20, 2024

    Law Firm Awarded £4.2M For Co.'s Mishandled PPI Claims

    A London court awarded a specialist litigation law firm almost £4.2 million ($5.3 million) on Friday for the costs of a professional services company's botched handling of payment protection insurance claims.

  • December 20, 2024

    The Biggest Developments In Insurance In 2024

    The financial watchdog has come under pressure this year from the Labour government to tackle the cost of insurance, which has soared because of rising claims caused by the ongoing repercussions from Brexit and the war in Ukraine. 

  • December 20, 2024

    Crédit Agricole To Take Full Control Of Caceis From Santander

    Santander Bank has said that French international banking group Crédit Agricole SA will acquire full ownership of their jointly owned global asset servicing provider Caceis by buying out Santander's stake for an undisclosed sum.

  • December 20, 2024

    The Top FCA Enforcement Cases Of 2024

    The blockbuster fines imposed by the Financial Conduct Authority on challenger banks Starling and Metro for anti-money laundering failures, its notable penalties against Barclays and its conviction of a former Goldman Sachs banker for insider dealing are just a few of the key cases from 2024.

  • December 20, 2024

    The Biggest UK Commercial Litigation Cases Of 2024

    The High Court and Court of Appeal resolved some landmark legal disputes in 2024 — the justices liberated the open-source cryptocurrency community from spats over intellectual property protection and determined liability for the high-profile collapse of London Capital & Finance.

  • December 20, 2024

    Osborne Clarke Pro Fined £50K Over Zahawi Libel Letter

    A tribunal fined an Osborne Clarke LLP partner who represented Nadhim Zahawi £50,000 ($62,700) on Friday for trying to stop a blogger revealing that the former chancellor was contemplating libel action over allegations of dishonesty in his tax affairs.

  • December 20, 2024

    £3.5B 'Dartford Disneyland' Park Co. Must Close, Court Rules

    A company that had wanted to build a £3.5 billion ($4.4 billion) "Disneyland-style" theme park must be wound up for "serious and irremediable" breaches of its agreement to pay creditors, which include Paramount, a London court has ruled.

  • December 20, 2024

    Financial Adviser Colbourne In Default After FCA Restrictions

    The Financial Conduct Authority has said that Colbourne & Co., an independent financial adviser that it has prevented from doing regulated business, is in default and that clients can claim compensation.

  • December 19, 2024

    Craig Wright Gets Suspended Sentence Over Bitcoin Claim

    Australian computer scientist Craig Wright was given a suspended one-year prison sentence on Thursday after a London judge said he was in contempt of court for asserting he had invented bitcoin in an approximately £900 billion ($1.1 trillion) claim.

  • December 19, 2024

    Denmark Says $500M Recovered In Dividend Tax Fraud Suits

    Denmark's tax administration has recovered a total of 3.6 billion Danish kroner ($500 million) in money lost to suspected dividend tax refund fraud after entering settlements of civil cases in several countries in 2024, Denmark's tax minister announced.

  • December 19, 2024

    FCA Apologizes To Victims Of £15M Peer-To-Peer Fraud

    The financial regulator of the U.K. on Thursday issued an apology to the victims of peer-to-peer lender Collateral (UK) Ltd., which defrauded investors of £15 million ($18.8 million) by falsely claiming the business was authorized.

  • December 19, 2024

    Motor Finance Firms Get 1 Year To Address Fee Complaints

    Britain's financial watchdog said Thursday that it has extended the time motor finance firms have to respond to consumer complaints about commission arrangements by a year, after mulling over the extension for a month.

  • December 19, 2024

    PRA Pushes Back 'Solvent Exit' Rules For Insurers

    The Bank of England has pushed back a new regime designed to minimize the economic fallout of the collapse of a major insurer.

  • December 19, 2024

    FCA Proposes To Simplify Investment Product Information

    The financial regulator of the U.K. said Thursday that it has proposed changes to rules to simplify the information provided to investors to "boost confidence and drive investment" in the country.

  • December 19, 2024

    Retailers Lose Bid For Higher Damages Bill In Swipe Fees Trial

    Retailers taking legal action against Mastercard Inc. and Visa lost their bid on Thursday to increase their damages bill from alleged unlawful overcharging by the card companies.

  • December 19, 2024

    A Look Back At The Top UK Corporate Crime Cases Of 2024

    Julian Assange's blockbuster plea deal, which allowed the Wikileaks founder to walk free from prison, the first fine imposed by Britain's sanctions' enforcer over Russia and a landmark ruling on criminal liability in supply chains are just a few of the key cases from 2024.

  • December 19, 2024

    Osborne Clarke Pro's Email To Zahawi Critic Was 'Negotiation'

    A partner with Osborne Clarke LLP who represented Nadhim Zahawi "believed he was acting properly" when he sent an allegedly threatening email to a blogger scrutinizing the former Conservative chancellor's tax affairs, his counsel told a tribunal on Thursday.

  • December 19, 2024

    UK Private Stock Market May Fail To Attract Investors, Firms

    A world-first regulated market that the U.K. government has proposed for private companies to trade shares might fail to offer enough of an incentive to attract firms and investors.

  • December 18, 2024

    FCA Charges WealthTek Partner With £64M Fraud

    The Financial Conduct Authority on Wednesday said it has charged a former partner of wealth management firm WealthTek LLP with fraud, saying he transferred over £64 million ($81.3 million) from client accounts to ones he controlled.

  • December 18, 2024

    EU Court Rejects Latest Challenge To Portugal's Tax Clawback

    A European court rejected a Brazilian-based company's challenge Wednesday to a European Commission ruling that Portugal must claw back tax breaks provided to companies with no local economic activity because that ran counter to commission-approved policies.

  • December 18, 2024

    Colliers Sued For £3.9M For Shopping Mall Over-Valuation

    An investment manager and two commercial lenders have sued Colliers International for £3.95 million ($5 million) for allegedly overvaluing a shopping mall in northwest England used in a loan agreement, which they claim caused losses when its true worth became apparent.

  • December 18, 2024

    Attwells' Defense Sticks In £1.2M Loan Dispute

    Attwells Solicitors LLP's defense to an almost £1.2 million ($1.5 million) claim that it failed to adhere to a loan agreement will go to trial after a London court found it was too early to decide that there is "no real prospect" of fighting the allegation.

  • December 18, 2024

    Herbert Smith Freehills Brings Back Senior Regulation Pro

    Herbert Smith Freehills LLP has rehired a heavyweight former partner as a consultant to its global financial services regulatory team in London, as the firm looks to draw upon his longstanding economic expertise and experience representing both sides in the sector.

  • December 18, 2024

    Police Can Seize £2.6M From Influencers Over Unpaid Tax

    Police can seize £2.6 million ($3.3 million) in unpaid taxes from internet influencer Andrew Tate and his brother Tristan Tate over millions they made from online businesses, a London court ruled Wednesday.

  • December 18, 2024

    FCA's 2024 Consumer Focus Still Has Firms Guessing

    The Financial Conduct Authority shifted further toward results-based financial regulation in 2024 by requiring regulated companies to comply better with its Consumer Duty, forcing managers to make individual interpretations of the regime's often ambiguous requirements where more specific rules are missing.

Expert Analysis

  • 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.

  • Takeaways From ICO's Action In NatWest Privacy Dispute

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    The U.K. Information Commissioner’s Office's latest intervention in the Nigel Farage NatWest Bank dispute highlights the importance of the legal responsibilities of all data processors in possession of sensitive information, and is a reminder that upholding bank customers' privacy rights is paramount, says James Kelliher at Keller Postman.

  • How The OECD Global Tax Proposal Could Affect M&A

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    Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.

  • How Russia Sanctions May Complicate Contract Obligations

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    Against the backdrop of recent comprehensive sanctions against Russia and Belarus, a review of recent U.K. case law clarifies that certain force majeure clauses likely cover trade sanctions, and that future litigation will further develop the scope of force majeure and frustration in the context of sanctions, says Frances Jenkins at Quillon Law.

  • New Guidance Offers Clarity For Charities On ESG Investing

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    The need for charities to understand investing in line with environmental, social and governance aspirations has never been more pressing, and recently updated U.K. Charity Commission guidance should give trustees confidence to make decisions that are right for their organization, says Robert Nieri at Shoosmiths.

  • US And EU Poised For Closer Ties In Tech Financial Market

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    The Consumer Financial Protection Bureau and the European Commission are both concerned about the challenges posed by the increasing digitalization of financial products, such as the use of AI and new forms of credit, and by working together, the two regulators can share information and best practices, says Yulia Makarova at Cooley.

  • FCA Case Failures Highlight Value Of Robust Investigation

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    The recent U.K. upper tribunal judgment in Seiler, Whitestone and Raitzin v. The Financial Conduct Authority, criticizing the regulator for accepting a narrative advanced by the firm, makes clear that such admissions must not get in the way of a proper investigation to enable agencies to target the correct individuals, say Tom Bushnell and Olivia Dwan at Hickman & Rose.

  • UK Shares-Tax Proposals Offer Long-Awaited Modernization

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    The U.K. government's recent consultation on the introduction of a new tax on transactions in securities raises detailed legal and practical issues, but the prospect of a single digital stamp tax offering both streamlined legislation and administration will be welcomed, say Zoë Arnautov and Mark Sheiham at Simmons & Simmons.

  • Directors Should Beware Reinvigorated UK Insolvency Service

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    The recent lengthy disqualification of Carillion directors serves as a salutary lesson to executives on the level of third-party scrutiny to which their actions may be exposed, and a reminder that the directors’ fiduciary duty to creditors is paramount once a company is irretrievably insolvent, says Ben Drew at Fladgate.

  • The New Accountability Landscape For Financial Regulators

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    The preliminary-stage success of a group of U.K. lawmakers in a case against the Financial Conduct Authority highlights the significant hurdles for review of regulatory actions, but the Financial Services and Markets Act 2023 creates additional visibility into the regulators' decision making, which may lead to an increase in judicial review activity, say attorneys at Cleary.

  • Director Responsibilities Amid Russian Asset Seizures

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    Following Russia's recent takeover of several companies, shareholders may argue that directors failed to properly guard the companies' assets and choose to bring derivative claims or unfair prejudice petitions, say lawyers at Collyer Bristow.

  • Investors Should Prepare For Possible EU Energy Treaty Exit

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    Following the European Commission’s recent call for the European Union and Euratom to withdraw from the Energy Charter Treaty, investors in the energy sector should assess the legal structure of their existing investments and consider restructuring to ensure adequate protections, says Philipp Kurek at Kirkland.

  • EU Raw Materials Initiative Vital For Sustainable Value Chains

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    The European Commission’s recent steps toward developing partnerships with the U.S. and Argentina to ensure a secure supply of critical raw materials are a welcome recognition of the importance of mining to the European Union's sustainable transition, say lawyers at Watson Farley.

  • UK Top Court Ruling Spells Uncertainty For Litigation Funders

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    The U.K. Supreme Court's recent decision in Paccar Inc. v. Competition Appeal Tribunal has called litigation funding agreements impermissible, causing astonishment in the legal industry and raising questions over how funders should now approach litigation, say Mohsin Patel at Factor Risk Management and Imran Benson at Hailsham Chambers.

  • Gender Diverse Boards May Reduce Corporate Fraud Risk

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    Following the recently proposed "failure to prevent fraud" offense, companies should focus on diversity in leadership as research shows that an increase in women's representation on boards is associated with a decreased probability of fraud, say Anoushka Warlow and Suzanne Gallagher at BCL Solicitors.

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