Financial Services UK

  • April 03, 2024

    Fintech Alpha Pushes Plan To List On London's Main Market

    Alpha Group International PLC on Wednesday confirmed its plan to shift its shares to the London Stock Exchange's main market to boost its reputation and its business prospects.

  • April 03, 2024

    Kirkland-Led Goldman Sachs Unit Buys Stake In Credit Fund

    Goldman Sach's private equity unit has acquired Italian asset manager Azimut's 20% stake in private credit fund Kennedy Lewis for $225 million, the companies said Wednesday.

  • April 03, 2024

    Insurer Lands Battery Brand Pension Scheme In £44M Deal

    Insurer Just Group said Wednesday it has completed a £44 million ($55.3 million) buy-in of a pension scheme sponsored by battery and lighting brand Energizer Group Ltd.

  • April 03, 2024

    Alleged Water Investment Fraudsters Appear In Court

    Three men who allegedly defrauded investors out of £3.9 million ($4.9 million) through an unregulated water investment scheme appeared at a London criminal court Wednesday.

  • April 02, 2024

    Ex-Autonomy Exec Denies He Blew Whistle To Deflect Scandal

    Autonomy's former U.S. chief financial officer denied under cross-examination Tuesday in the California criminal fraud trial of ex-CEO Michael Lynch that he brought whistleblower concerns about alleged accounting irregularities to the software company's Deloitte auditors to "cover" himself after a payroll scandal emerged in his department.

  • April 02, 2024

    Feds Seek Leniency For UK Billionaire Lewis In Trading Case

    Prosecutors have told a Manhattan federal judge that 87-year-old British billionaire Joe Lewis should serve less than 18 months in prison after he pled guilty to insider trading, citing his age and health and arguing he "has otherwise lived a law-abiding life."

  • April 02, 2024

    UK Reaches Landmark AI Risk Testing Agreement With US

    The U.K. government said Tuesday it had reached a landmark agreement with the U.S. to share the testing of advanced models for artificial intelligence, after highlighting in a report its increasing use by cybercriminals to attack financial institutions and business.

  • April 02, 2024

    Accountant Fined And Banned For Triple Loan Fraud

    The former director of a management consultancy has been banned from running a company for 12 years and agreed to pay back £75,000 ($94,000) after having claimed five times the amount his firm was entitled to under a government-backed COVID-19 loan program, the U.K. Insolvency Service said Tuesday.

  • April 02, 2024

    Luxembourg's Deduction Rules Flout EU Law, Bloc Tells Court

    The European Commission asked the European Union's Court of Justice to rule that Luxembourg is breaking EU law by including securitized entities among financial undertakings that are allowed deductibility of interest payments, the EU's Official Journal said Tuesday.

  • April 02, 2024

    Cost Of COVID Fraud Crackdown Leaves Authorities In A Bind

    As British authorities dial back their worst fears about the scale of fraud linked to COVID-19 relief loans, legal experts say the initial crackdown to prosecute rogue directors has faltered as the costs start to outweigh the benefits.

  • April 02, 2024

    UK Makes 2027 Commitment To 1-Day Securities Settlement

    HM Treasury has said that Britain will start a one-day cycle for securities trade settlement by December 2027, bringing the country into harmony with other markets to reduce the risk that those involved will fail to meet their obligations.

  • April 02, 2024

    Small UK Cos. 'Freed' From VAT Payments By Threshold Rise

    Some 28,000 businesses have been "freed" from paying value-added tax as the registration threshold rose from £85,000 ($106,000) to £90,000 in revenue, HM Treasury has said.

  • April 02, 2024

    Insurers Say Pension Models Could Undercut Auto-Enrollment

    Government plans to introduce new pension pot models risk undermining the success of automatic enrollment and could have a negative impact on retirement saver outcomes, the Association of British Insurers has warned.

  • April 02, 2024

    UBS To Launch $2B Buyback After Credit Suisse Deal Closes

    UBS said Tuesday that it will launch a share buyback program to return up to $2 billion to shareholders as the Swiss lender prepares to kickstart its capital returns after its takeover of Credit Suisse AG is finalized in June.

  • April 01, 2024

    Autonomy Paid Whistleblower $750K Over Firing, Jury Told

    Autonomy's former U.S. chief financial officer testified Monday in the California criminal fraud trial of ex-CEO Michael Lynch that he was fired after blowing the whistle to British regulators about accounting irregularities, and revealed that Autonomy later paid him $750,000 to resolve his wrongful termination claims.

  • March 28, 2024

    Feds Say Ex-OneCoin Atty Should Serve 'Substantial' Time

    Manhattan federal prosecutors have requested a "substantial" amount of prison time for a Bulgarian woman who worked on the legal team at the fraudulent OneCoin cryptocurrency exchange, but said the sentence should fall below the guidelines range of 10 years.

  • March 28, 2024

    Ex-Plastics Co. Manager Found Guilty Of Insider Dealing

    A former manager at a plastics company was found guilty of insider dealing on Thursday by a London jury, but his friend was acquitted of similar charges in connection with the £261 million ($329 million) purchase of a rival company.

  • March 28, 2024

    Insurers Must Face £13B Russia-Stranded Planes Suits In UK

    Major insurers including Allianz, AXA and Liberty Mutual will have to face £13 billion ($16.4 billion) worth of claims over planes stranded in Russia after the invasion of Ukraine as a London judge on Thursday ruled against attempts to move the claims to Moscow.

  • March 28, 2024

    Developer Says Law Firm Flubbed FOS Appeal

    A property developer is suing its former lawyers for just over £700,000 ($883,500) for negligence after the firm allegedly failed to file a complaint against a now-infamous turnaround unit of the Royal Bank of Scotland when its investments turned sour in the wake of the 2008 financial crisis.

  • March 28, 2024

    Traders' Loss Raises High Bar For Bankers To Clear Names

    The failure of two former traders to overturn their rate-rigging convictions could mark the end of the road for others convicted in connection with the scandal because of the reluctance of the English courts to topple precedent, lawyers say.

  • March 28, 2024

    EU Watchdogs To Relax On OTC Derivative Clearing Breaches

    The European Union's securities regulator has said it expects national regulators not to prioritize supervisory action against banks or insurers that fail to clear some over-the-counter derivatives with foreign pension schemes, ahead of legal exemption.

  • March 28, 2024

    NCA Logs 5% Decline In Suspicious Activity Reports Last Year

    The National Crime Agency reported Thursday a 5% decline in reports about potential criminal activities such as suspected money laundering and terrorist financing to its intelligence unit received during the financial year that ended March 2023.

  • March 28, 2024

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

    This past week in London has seen investors target fraudsters who ran a fake film tax scheme, Barclays Bank sue privately owned Russian bank PJSC Sovcombank, easyGroup bring a trademark infringement claim against online casino TGI Entertainment for its "easybet" word sign, and a bioethanol fuel company hit high-profile individuals connected to the collapsed Elysian Fuels scheme. Here, Law360 looks at these and other new claims in the U.K.

  • March 28, 2024

    UK Signs Accounting Standards Deal With Australia

    Britain's audit watchdog said Thursday it has secured a deal on accounting standards with Australian authorities to make it easier for auditors to work between both countries.

  • March 28, 2024

    Investors Told To Show Standing For £1.4B StanChart Claim

    A London judge on Thursday ordered part of a group of investors suing Standard Chartered PLC for £1.4 billion ($1.7 billion) — for allegedly downplaying how much it had breached U.S. sanctions — to prove they are entitled to bring the claim. 

Expert Analysis

  • Economic Crime Act Offers Welcome Reform To AML Regime

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    The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.

  • 3 Financial Services Hot Topics To Watch In 2024

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    Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.

  • What Venice Swaps Ruling Says About Foreign Law Disputes

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    The English appeals court's decision in Banca Intesa v. Venice that the English law swaps are valid and enforceable will be welcomed by banks, and it provides valuable commentary on the English courts' approach toward the interpretation of foreign law, say Harriet Campbell and Richard Marshall at Penningtons Manches.

  • Key Litigation Funding Rulings Will Drive Reform In 2024

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    Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.

  • How Draft Trading Regs Provide Framework For UK Regime

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    Representing an important part of the U.K. government's post-Brexit regulatory reform agenda, the most recent draft of the proposed Trading Regulations seeks to provide a framework for a new rules-based regime for regulating public offers of securities and admissions to trading on a U.K.-regulated market, say lawyers at Davis Polk.

  • Breaking Down The New Rules For High Net Worth Individuals

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    Andrew Northage at Walker Morris outlines what businesses need to be aware of to ensure ongoing compliance with revised conditions in the U.K. government's updated financial promotion exemptions for high net worth individuals and sophisticated investors, and suggests a few practical tips for businesses to follow.

  • How Data Privacy Law Cases Are Evolving In UK, EU And US

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    To see where the law is heading in 2024, it is worth looking at privacy litigation and enforcement trends from last year, where we saw a focus on General Data Protection Regulation regulatory enforcement actions in the U.K. and EU, and class actions brought by private plaintiffs in the U.S., say lawyers at Morgan Lewis.

  • Misleading Airline Ads Offer Lessons To Avoid Greenwashing

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    Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.

  • An Overview Of UK Short Selling Regulation Reforms

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    The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.

  • Supreme Court Ruling Is A Gift To Insolvency Practitioners

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    As corporate criminal liability is in sharp focus, the Supreme Court's recent decision in Palmer v. Northern Derbyshire Magistrates' Court that administrators are not company officers and should not be held liable under U.K. labor law is instructive in focusing on the substance and not merely the title of a person's role within a company, say lawyers at Greenberg Traurig.

  • What Can Be Learned From Adobe-Figma Merger Termination

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    The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.

  • How FCA Listing Regime Reform Proposals Are Developing

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    The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.

  • Major EU AI Banking Ruling Will Reverberate Across Sectors

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    Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.

  • Key Points From Ireland's New Accountability Framework

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    The recently introduced Individual Accountability Framework is a positive step for the financial services industry in Ireland, and in contributing to cultural and practical change will encourage positive behavior and good governance for the benefit of the industry and investors, say Aongus McCarthy and Niall Esler at Walkers Global.

  • Technology And AI: 2024's Legal And Regulatory Landscape

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    Alexander Amato-Cravero at Herbert Smith discusses what businesses and their lawyers can expect in the year ahead in terms of regulation, policies and associated risks related to advancing technologies and artificial intelligence, including the need for increased internal governance and workforce engagement.

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