Financial Services UK

  • March 21, 2024

    LC&F Was 'Doomed From The Start,' Administrator Tells Trial

    An administrator of London Capital & Finance said on Thursday that the mini-bonds provider was "doomed from the start," as he gave evidence at the £237 million ($300 million) investment scandal trial at a London court.

  • March 21, 2024

    HSBC Settles Investors' £240M Claim Over Disney Tax Scheme

    HSBC has settled a £240 million ($304 million) claim brought by more than 100 investors alleging that the bank misled them to finance a Disney film tax relief scheme it developed which turned out to be worthless.

  • March 21, 2024

    Ex-OneCoin Attorney Says 1 Year In Prison Is Enough

    A Bulgarian woman who held the title of legal and compliance executive at the fraudulent OneCoin cryptocurrency exchange asked a Manhattan federal judge to credit her for the year she'd spent in prison in harsh conditions and not sentence her to any more jail time.

  • March 28, 2024

    White & Case Hires 2nd Funds Pro From Ropes & Gray

    White & Case LLP has recruited a private funds lawyer from Ropes & Gray LLP — the second time it has hired a specialist as a partner from the London office of its U.S. rival in recent months.

  • March 21, 2024

    Influencer Denies Contempt Charge Over 'Lavish Lifestyle'

    The founder of a French startup argued against accusations of contempt of court on Thursday after his former company accused him of "flagrantly" breaching a worldwide freezing order by continuing to live a "lavish lifestyle."

  • March 21, 2024

    Audit Watchdog To Probe UK Sustainability Assurance Market

    The Financial Reporting Council on Thursday said it would be studying the quality of sustainability assurance services in the U.K. to ensure the market is providing high-quality guarantees over companies' reporting.

  • March 21, 2024

    FCA Tells Consumer Lenders To Detect Financial Crime Better

    The City watchdog has warned chief executives of consumer lending firms that they must improve on their detection of financial crime.

  • March 21, 2024

    ECJ Adviser Rejects Taxing Foreign Pension Funds Differently

    Taxing dividends paid to foreign public pension funds while exempting dividends paid to the source country's general retirement savings funds contravenes European Union law, an adviser to the bloc's highest court said Thursday, backing Finnish pension funds' challenge of a Swedish law.

  • March 21, 2024

    Nationwide Agrees To Buy Virgin Money For £2.9B In Cash

    Nationwide Building Society said Thursday that it will buy Virgin Money UK for £2.9 billion ($3.7 billion) in cash, in a deal backed by the boards of both companies.

  • March 20, 2024

    Spanish Investment Co. Beats Slovak TM Opposition In EU

    A Spanish investment company has won an appeal to revive its trademark application, as European officials ruled that buyers of financial services paid a "high degree of attention" and wouldn't think that the sign was linked to a Slovak company.

  • March 20, 2024

    Investor Seeks To Toss €10M Case Over Share Deal Row

    An investment company urged a London court on Wednesday to throw out a €10.2 million ($11 million) claim by an asset management firm, arguing that it had not consented to the terms of the sale of shares in a luxury Greek resort.

  • March 20, 2024

    Russian F1 Driver's EU Sanctions Over Oligarch Father Lifted

    A Formula One racing driver and son of a Russian oligarch has won his fight to lift European Union sanctions, with a court ruling Wednesday there was insufficient evidence to prove that his business interests were benefiting from his fathers' wealth.

  • March 20, 2024

    Health And Safety Top Risk For Directors, Global Survey Says

    Health and safety is the top risk for directors and officers worldwide, according to a survey published Wednesday, in a "surprise" result partly attributed to the lingering impact of the COVID-19 pandemic on businesses and increasing mental health considerations.

  • March 20, 2024

    Ex-Russian Minister Fails To Renew Bid To Jail Deripaska

    The Court of Appeal dismissed on Wednesday an attempt by Vladimir Chernukhin, a former Russian minister, to have his ex-business associate Oleg Deripaska jailed for contempt of court, finding that a judge had been entitled to conclude the case had not met the criminal standard of proof.

  • March 20, 2024

    Bank of Cyprus Eyes €137M Investor Return After ECB Nod

    The Bank of Cyprus Group said Wednesday it intends to boost shareholder returns to €137 million ($149 million) by launching a share buyback and ramping up dividends, after receiving the green light for both payouts from the regional banking watchdog.

  • March 20, 2024

    Swiss Watchdog To Inspect UBS Closely For Merger Impact

    The Swiss financial markets regulator said Wednesday it plans 40 on-site supervisory reviews at UBS AG in Switzerland and abroad and two in-depth stress tests in 2024 to assess the result of the bank's merger with Credit Suisse last year.

  • March 20, 2024

    AI Misuse Will Drive Cyber Insurance Demand, Actuary Says

    The use of artificial intelligence by criminals and other evolving threats will boost demand for cyber-insurance for at least the next decade, according to analysis published Wednesday by actuarial consultancy OAC.

  • March 20, 2024

    British Bank CEOs Shift Blame For Pay Fraud To Social Media

    Britain's largest banks told a cross-party group of MPs Wednesday they blamed social media and telecommunications companies for a rise in authorized push payment fraud in the banking sector, calling for mandatory requirements to help prevent it.

  • March 20, 2024

    EU Insurers Warn Regulators Of Gaps In Greenwashing Rules

    European insurers have urged the bloc's insurance and pensions watchdog to be consistent and clear with its greenwashing rules for investment products, pointing to discrepancies between jurisdictions and inconsistencies with other sustainability frameworks.

  • March 20, 2024

    Dentons AML Ruling Deals Blow To SRA's Enforcement Plans

    The failure by the Solicitors Regulation Authority to secure a sanction against Dentons over the firm's handling of anti-money laundering checks on a former client is a blow to the regulator's enforcement ambitions which – if upheld – could prompt caution in future prosecutions, lawyers say.

  • March 20, 2024

    Slaughter And May Cuts Partner Promotions By Half In 2024

    Slaughter and May said on Wednesday that it is adding to its bench of up-and-coming leaders by promoting five lawyers to its partnership — only half the number it elevated in 2023.

  • March 20, 2024

    Ex-LC&F Chief Says SFO And FCA 'Wrecked' His Career

    A former director of London Capital & Finance had his career "wrecked" by the finance regulator and fraud investigation agency when they forced the investment company into administration without reason, his lawyers said at his trial Wednesday.

  • March 20, 2024

    Woman Guilty Of Laundering Proceeds Of £5B Bitcoin Fraud

    A British-Chinese woman has been convicted of money laundering in London over allegations that she helped a fugitive Chinese national launder bitcoin converted from a £5 billion ($6.3 billion) investment fraud, it can now be reported.

  • March 20, 2024

    HMRC Makes U-Turn On Helpline Cuts After Backlash

    The U.K. tax authority backtracked Wednesday on plans to close down several helplines for taxpayers from April through September after facing criticism from politicians and industry groups.

  • March 20, 2024

    Imprisoned Money Laundering Boss Ordered To Pay £3.5M

    The imprisoned ringleader of a money laundering network that smuggled tens of millions of pounds in criminal cash out of the U.K. to the United Arab Emirates has been ordered to repay £3.5 million ($4.4 million), the National Crime Agency has said.

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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