Financial Services UK

  • April 18, 2024

    Coventry Building Society Makes £780M Offer For Co-Op Bank

    The Coventry Building Society is offering to buy the Co-operative Bank for £780 million ($970 million) in a move that comes after the two revealed in December that they were in exclusive talks to merge.

  • April 18, 2024

    HMRC Opens Consultation On Payroll Tax In Freeports

    The U.K. tax authority is mulling changes to National Insurance, a payroll levy used to fund state pensions and healthcare, for employees working in special economic zones known as freeports.

  • April 18, 2024

    Negligence Claims Against Law Firm May Go To Trial

    A London court has ordered 35 investors to clarify their claims against a law firm that they say failed to properly advise them on the risks of sinking an estimated £2.7 million ($3.4 million) into a "worthless" property development.

  • April 18, 2024

    Monex Unit And Drug Co. Settle £19M Contract Dispute

    An Indian drugmaker has settled its £19.4 million ($24.1 million) claim against a unit of foreign exchange giant Monex, alleging it unfairly canceled currency exchange contracts with "no basis."

  • April 18, 2024

    City Pushes For UK Regulators To Be Globally Competitive

    A body representing U.K. financial services called Thursday for a new post-Brexit international framework to compare regulators' performance and their impact on competitiveness.

  • April 18, 2024

    'Long Journey Ahead' On Dashboard Readiness, LCP Says

    Pension scheme trustees must finalize plans to be ready for the launch of a long-awaited dashboard program designed to connect savers with lost pots, a consultancy has said, warning that many still have a "long way to go."

  • April 18, 2024

    Banks Demand Wider Access To New Share Trading Outlet

    U.K. and European banking trade associations said Thursday they have asked the government to allow certain categories of retail investors access to its new post-Brexit platform for trading existing shares in private companies.

  • April 18, 2024

    Insurer Group Warns Of Creating State Pensions Consolidator

    The U.K. trade body for insurers said on Thursday that turning the Pension Protection Fund into a state-backed consolidator for smaller retirement plans would be a major and unjustified intervention.

  • April 18, 2024

    Pensions Ombudsman Probing 6 Multimillion Pound Scams

    The pensions arbitration body has told MPs that it is currently investigating 425 possible retirement scams, including six that are similar in scope to the Norton Motorcycle scandal. 

  • April 18, 2024

    SFO Vows To Be 'Bold And Pragmatic' Under New Strategy

    The Serious Fraud Office unveiled on Thursday its new five-year strategy focused on fraud prevention, the use of AI and greater use of covert intelligence, reflecting director Nick Ephgrave's intention for the agency to be more proactive and pragmatic.

  • April 17, 2024

    Ex-JPMorgan Analyst Liked 'Winding Up' Autonomy CEO, Jury Told

    A former JPMorgan stock analyst testifying Wednesday in the criminal fraud trial of former Autonomy CEO Michael Lynch said that he "took pleasure in winding up Lynch" and once even used a Hitler analogy to describe his performance, but said his critical coverage was never personal.

  • April 17, 2024

    Swedish Tax Investigations Add $90M To Crypto Miners' Bills

    Investigations revealed that a number of cryptocurrency mining centers in Sweden misrepresented their business dealings, which led to the Swedish Tax Agency doling out a total of 990 million Swedish krona ($90 million) in increased tax liabilities, the agency said Wednesday.

  • April 17, 2024

    Raid On Broker In Cum-Ex Fraud Case Was Lawful, Court Says

    A raid on the London office of commodity brokerage MCML Ltd. following a request from Danish prosecutors investigating an alleged £56 million ($70 million) tax fraud was lawful, a London court ruled Wednesday.

  • April 17, 2024

    Merchants Bring Modified Bid For Swipe Fee Class Actions

    A group of merchants urged Britain's competition tribunal on Wednesday to approve proposed class actions accusing Visa and Mastercard of unfairly imposing interchange fees on retailers for several years, arguing they had sufficiently addressed concerns that led to their initial proposals being rejected.

  • April 17, 2024

    Gazprom Unit Fights Ruling Blocking Russian UniCredit Claim

    A Gazprom joint venture told the U.K. Supreme Court on Wednesday that appeal judges in England did not have jurisdiction to grant an anti-suit injunction blocking its €450 million ($480 million) claim in Russia against UniCredit Bank.

  • April 17, 2024

    Coinbase Loses EU Appeal To Bloc Rival TM

    Coinbase lost part of its bid Wednesday to stop an Estonian company bearing the same name from registering a trademark, with a European court saying the cryptocurrency platform cannot block the trademark of the Baltic state business for news services, publishing or education.

  • April 17, 2024

    UK Savers Report £2B Lost From Pensions Since 2019

    The compensation program for financial services said Wednesday that thousands of U.K. savers have reported losing almost £2 billion from pension schemes that went bankrupt since 2019.

  • April 17, 2024

    Standards Setter Proposes Steps To Boost Non-Bank Liquidity

    A global standards setter proposed on Wednesday new measures to enable non-bank financial firms such as hedge funds or insurers to better support their derivatives or securities positions in stressed markets.

  • April 16, 2024

    Autonomy CEO Pressured JPMorgan Over Analyst, Jury Told

    An ex-JPMorgan stock analyst testifying Tuesday in the criminal fraud trial of former Autonomy CEO Michael Lynch told jurors that the software company founder responded with hostility when his research reports questioned its growth, and that Lynch offered JPMorgan millions in business if he were taken off the Autonomy beat.

  • April 16, 2024

    Cigna Denies Insurer's Claim For PPI Complaints Indemnity

    Cigna hit back at insurer PA (GI) Ltd.'s claim to recover its costs of dealing with missold payment protection insurance for healthcare cover, saying that it is not entitled to any compensation.

  • April 16, 2024

    Hill Dickinson Bolsters Disputes Team With New Partner

    Hill Dickinson LLP has snapped up a partner from Teacher Stern LLP to join its commercial litigation team, bringing a wealth of dispute resolution and crisis management experience to the table.

  • April 16, 2024

    Pensions Industry Backlash Grows Over New Reporting Rules

    The U.K.'s pension watchdog is facing mounting pressure from retirement industry trade bodies to back down from its new reporting obligations for schemes.

  • April 16, 2024

    UK Pension Transfer Numbers Continue To Decline

    The number of savers transferring from defined benefit to defined contribution pension schemes dropped by 32% in the financial year that ended in March 2023, according to figures published Tuesday by the Financial Conduct Authority.

  • April 16, 2024

    Treasury Gains £12B Fiscal Headroom In New Tax Year

    HM Treasury may have an extra £12 billion ($14.9 billion) to spend this financial year started April 6 thanks to the government's fiscal rule to cut national debt by 2029, the Institute for Fiscal Studies said in a report Tuesday.

  • April 16, 2024

    EU Watchdogs Ally With ECB To Help Firms' Data Reporting

    European Union finance watchdogs said Tuesday they have set up an alliance with Europe's central bank to collaborate more efficiently on regulatory data transfers, reducing reporting costs for financial firms.

Expert Analysis

  • Creating A Safe Workplace Goes Beyond DEI Compliance

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    The Financial Conduct Authority and Prudential Regulation Authority recently proposed a new diversity and inclusion regulatory framework to combat sexual harassment in the workplace, and companies should take this opportunity to holistically transform their culture to ensure zero tolerance for misconduct, says Vivek Dodd at Skillcast.

  • Asset Managers Should Prepare For Nature-Related Reporting

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    Although it is doubtful that the U.K. nature-related task force’s recent recommendations for mandatory nature reporting will come into effect imminently, it is likely that investors will begin to use them to assess risks and will request asset managers to shift capital flows to more sustainable outcomes, say lawyers at Macfarlanes.

  • What Justices' Cert. Denial Of Terrorism Suit Means For Banks

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    The U.S. Supreme Court's denial of certiorari in Freeman v. HSBC Holdings lets stand the Second Circuit's decision on the narrow scope of conspiracy liability under the Justice Against Sponsors of Terrorism Act, providing protection for banks that otherwise could have faced liability for finance activities with limited connections to third parties' unlawful acts, say attorneys at Sidley.

  • Firms Should Prepare For New DEI Reporting Requirements

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    While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.

  • What The UK Digital Markets Bill Will Mean For Businesses

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    The new investigatory and enforcement powers conferred by the U.K. Digital Markets, Competition and Consumers Bill mean that although businesses may be aware of their market status due to existing EU law, they should ensure they are mindful of the changes to consumer law and the implications for digital markets, says Richard Hugo at Burges Salmon.

  • 5 Takeaways From ICO's Biometric Recognition Guidance

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    Recent guidance from the U.K. Information Commissioner’s Office is a helpful reminder of key data protection principles and obligations stemming from the U.K. General Data Protection Regulation that organizations should consider when implementing biometric recognition technology, say lawyers at Dechert.

  • Shifting From Technical To Clear Insurance Contract Wordings

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    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.

  • A Case For The Green Investment Regime Under The ECT

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    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.

  • Considerations For Fund Managers Seeking Retail Investment

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    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.

  • FDI Considerations For UK Venture Capital Transactions

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    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.

  • How Employers Can Support Neurodiversity In The Workplace

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    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.

  • What The Anti-Coercion Instrument Will Bring To The EU

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    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.

  • Why FCA Crypto Rules Need To Align With UK Gov't Aims

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    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.

  • CMA Report On AI May Lead to Greater Competition Control

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    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.

  • UK Mozambique Ruling Will Have Int'l Ramifications

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    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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