Financial Services UK

  • May 15, 2024

    FCA Charges 3 For Alleged £8M Pension Fraud

    The Financial Conduct Authority said Wednesday it has charged three consultants over an alleged fraudulent investment scheme in which victims lost £8 million ($10.1 million) of their pension savings.

  • May 15, 2024

    Experts See Risks In FCA's Soft-Touch Response To AI

    The Financial Conduct Authority has so far failed to detail its rules on artificial intelligence and is moving toward a reliance on companies to self-report, putting it at risk of deferring excessively to the sector it regulates, legal experts say.

  • May 14, 2024

    Autonomy Overstated Revenue Before HP Sale, Jury Hears

    Autonomy's reported revenue was overstated by a combined $300 million in the two-and-a-half years before HP acquired it, an accounting expert testified Tuesday in a California criminal trial over claims that Autonomy founder Michael Lynch duped HP into buying his software company for an inflated $11.7 billion price.

  • May 14, 2024

    Christian Org. Staves Off Same-Sex Bias Trial With $120K Deal

    A Christian nonprofit has agreed to pay a Washington job candidate $120,000 to avoid a damages trial on claims it refused to hire her because she was in a same-sex marriage, though it said it would appeal the liability finding against it.

  • May 14, 2024

    Billionaire's Pilot Cops To Tax Count, Avoids Insider Trial

    A pilot from Virginia accused of profiting from stock tips fed to him by British billionaire Joe Lewis on Tuesday copped to dodging taxes on $500,000 of income from Lewis' company, in a plea deal that avoids an insider trading trial.

  • May 14, 2024

    UK Gov't Rules Out NDA Ban In Harassment Cases

    HM Treasury said Tuesday that the U.K. government will not commit to a legislative ban on nondisclosure agreements in harassment cases, rejecting a call from MPs to bring an end to the "abusive use" of NDAs to silence victims.

  • May 14, 2024

    UniCredit Bids To Toss $69M Plane Payment Sanctions Ruling

    UniCredit urged an appeals court on Tuesday to overturn a ruling that it was not reasonable for its London branch to believe it was prohibited from making $69.3 million in payments to three Irish lessors tied to aircraft held in Russia because of Western sanctions.

  • May 14, 2024

    EU Watchdog Sets Anti-Greenwashing Guidelines For Funds

    The European Union's markets regulator on Tuesday published its final guidelines for firms using ESG terms in fund names, requiring 80% of the fund's investments to match the claimed criteria to combat greenwashing risk.

  • May 14, 2024

    Gov't To Add Legal Powers, Staff To Stop Benefits Fraud

    The Department for Work and Pensions said Tuesday it will support new legislation to expand its powers to make arrests and conduct searches in its crackdown on benefits fraud.

  • May 14, 2024

    EU Finance Ministers Strike Deal On Withholding Tax Refunds

    European Union finance ministers agreed Tuesday to a withholding tax refund law, as previous holdouts Poland and the Czech Republic withdrew their objections.

  • May 14, 2024

    UK Pension Scheme Funding Edges Up £2.8B

    The overall funding level of U.K. pension schemes edged up £2.8 billion ($3.5 billion) last month, according to official figures Tuesday, but experts warned that there was potential "volatility" on the horizon amid uncertainty over whether interest rates will change this year.

  • May 14, 2024

    Repository Denies Withholding Investment Data From Fund

    A securitization repository has denied "capriciously" withholding investment data from an investment fund, claiming that it never received a request for the information and did not know the fund existed.

  • May 14, 2024

    ATM Network Accuses Stripe Of Infringing 'Link' TMs

    The main ATM network in the U.K. has accused Stripe of infringing its trademarks and hijacking its reputation by providing a payments system under the "Link" name, telling a court that consumers associate this branding with the cash machine system in Britain.

  • May 13, 2024

    Irked Autonomy Judge Vents On HP Fraud Trial's Slow Pace

    U.S. District Judge Charles Breyer on Monday blasted lawyers for the government and two former Autonomy Corp. PLC executives in a criminal fraud case over the trial's slow progress, saying he's "annoyed," but also "complicit" because he "did not take more of a controlling posture."

  • May 13, 2024

    JP Morgan Battles Viva Wallet Founder Over Buyout Value

    J.P. Morgan International Finance Ltd. urged a London judge Monday to reject a payment company's "nonsensical" case over the investment bank's option to buy out its partner's stake in a joint venture fintech business.

  • May 13, 2024

    Barclays Can Keep $148M Russian Swaps Dispute In London

    Barclays has secured a permanent London court order preventing sanctioned Russian state investment company VEB from taking its $147.7 million swaps dispute with the bank away from the U.K. to an arbitration court in Moscow.

  • May 13, 2024

    Warning On Surge In Mortgages Going Beyond Retirement

    Almost half of new mortgages issued in Britain toward the end of 2023 reach beyond the state pension age, figures published on Monday show, raising the risk of an impending retirement crisis.

  • May 13, 2024

    EasyGroup Sues Vehicle Rental Co. Over 'EasyHire' TM

    EasyGroup has hit English car and van rental business Easihire with a trademark infringement claim, arguing that customers are likely to confuse Easihire with its own easyHire brand.

  • May 13, 2024

    Gov't Tells Finance, Law Watchdogs To Improve AML Reports

    HM Treasury and Britain's anti-money laundering watchdog have told professional bodies in sectors including law and accounting to sharpen the focus in their annual reports on failures in compliance and supervisory actions.

  • May 13, 2024

    Demand Grows For Cross-Border Pensions In Unstable States

    Cross-border pension and saving plans have more than doubled in just five years, with much of the growth in schemes covering employees in unstable countries, according to a survey published Monday.

  • May 10, 2024

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

    The past week in London has seen Playtech file an intellectual property claim against online casino company OnAir Entertainment amid allegations of corporate spying, a broadcast equipment company sue its former owner amid allegations he conspired to inflate a customer’s finances, and aerospace company Vertical Aerospace hit a manufacturer with a claim following a test flight crash. Here, Law360 looks at these and other new claims in the U.K.

  • May 10, 2024

    Commerzbank Analyst To Pay £20K After False Allegations

    A financial analyst has lost all his claims of harassment, sexual harassment, victimization and race discrimination at the hands of Commzerbank, as the Employment Tribunal found that some allegations were "pure inventions" and ordered him to hand over £20,000 ($25,000).

  • May 10, 2024

    Costs Of Pension Portals Rise £54M Over Launch Delays

    The cost of building new online pensions dashboards has risen by £54 million ($67.6 million) in three years as the project has faced delays due to poor governance, a damning report by the public sector audit watchdog said on Friday.

  • May 10, 2024

    Ex-Plastics Co. Manager Spared Prison For Insider Dealing

    A London judge gave a former manager at a plastics company an 18-month suspended prison sentence on Friday for insider dealing in connection with the £261 million ($327 million) purchase of a rival company.

  • May 10, 2024

    Financial Co. Sues Tende Energy For $5M Over Loan Deal Fee

    Cayman Islands financial services company Omega Financial Corporation has sued energy developer Tende Energy for $5 million (£4 million), alleging it is owed the debt from its deal to transfer to Tende its rights to a loan with an oil and gas exploration company.

Expert Analysis

  • In Int'l Arbitration Agreements, Be Clear About Governing Law

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    A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.

  • Crypto As A Coin Of The Corporate Realm: The Pros And Cons

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    The broadened range of crypto-assets opens up new possibilities for employers looking to recruit, incentivize and retain employees through the use of crypto, but certain risks must be addressed, say Dan Sharman and Sunny Mangatt at Shoosmiths.

  • Comparing UK And EU's View On 3rd-Party Service Providers

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    The U.K. is taking welcome steps to address the lack of direct oversight over critical third-party service providers, and although less onerous than that of the EU Digital Operational Resilience Act, the U.K. regime's proportionate approach is designed to make providers more robust and reliable, say lawyers at Shearman.

  • Key Points Of BoE Response To Digital Pound Consultation

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    Lawyers at Hogan Lovells analyze the recent Bank of England and U.K. government response to a consultation on the launch of a digital pound, finding that the phased approach to evaluating the issues makes sense given the significant potential impact on the U.K. economy.

  • Goldman Prosecution Delivers A Clear Sign Of FCA Strength

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    The recent successful prosecution of a former Goldman Sachs analyst for insider dealing and fraud is a reminder to regulated individuals that economic crime will never be tolerated, and that the Financial Conduct Authority is willing to bare its teeth in the exercise of its prosecutorial remit, says Doug Cherry at Fladgate.

  • The Good, The Bad And The New Of The UK Sanctions Regime

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    Almost six years after the Sanctions and Money Laundering Act was introduced, the U.K. government has published a strategy paper that outlines its focus points and unveils potential changes to the regime, such as a new humanitarian exception for financial sanctions, highlighting the rapid transformation of the U.K. sanctions landscape, says Josef Rybacki at WilmerHale.

  • A Look At Environment Agency's New Economic Crime Unit

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    Sophie Wood at Kingsley Napley explains how the Environment Agency’s newly established Economic Crime Unit will pursue criminal money flows from environmental offenses, and discusses the unit’s civil powers, including the ability to administer account freezing and forfeiture orders, says Sophie Wood at Kingsley Napley.

  • Opinion

    UK Whistleblowers Flock To The US For Good Reason

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    The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.

  • 4 Legal Privilege Lessons From Dechert Disclosure Ruling

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    The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.

  • BT Case May Shape UK Class Action Landscape

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    The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.

  • Key Points From EC Economic Security Screening Initiatives

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    Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.

  • Following The Road Map Toward Quantum Security

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    With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.

  • Why EU Ruling On Beneficial Ownership May Affect The UK

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    Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.

  • Key Changes In FRC Code Aim To Promote Good Governance

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    The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

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