Financial Services UK

  • March 15, 2024

    US Acquittals Don't Upend UK Libor Convictions, SFO Says

    The acquittals in the U.S. of two former bankers previously convicted of rigging Libor doesn't undermine the legal rationale — upheld on several appeals — for prosecuting traders in English courts, counsel for the Serious Fraud Office said Friday.

  • March 15, 2024

    FCA To Review How Firms Treat Vulnerable Customers

    Britain's finance watchdog said on Friday that it will examine whether U.K. firms are treating vulnerable and elderly customers fairly.

  • March 15, 2024

    Debenhams Pension Deal Eases Superfund Fears, LCP Says

    The step by Clara-Pensions to take on all 10,400 members of the retirement savings plan of collapsed retailer Debenhams in the U.K.'s second-ever superfund deal will ease concerns around transactions in the nascent market, a consultancy has said.

  • March 15, 2024

    Fintech Co. R8 Capital Extends £50M Redwood Bank Deal

    Struggling fintech company R8 Capital said Friday that it now is likely to complete the approximately £50 million ($63.7 million) acquisition of the parent company of specialist business lender Redwood Bank in August to "accommodate certain aspects of the transaction."

  • March 15, 2024

    Scottish Mortgage Plans £1B In Buybacks Over 2 Years

    Scottish Mortgage Investment Trust said Friday it is planning to spend at least £1 billion ($1.3 billion) over the next two years to reward shareholders after a sharp rise in cash flow from its portfolio companies.

  • March 15, 2024

    Pension Watchdog Says Poor-Value Plan Initiative Is Working

    The U.K.'s retirement savings watchdog said that its fight against poor-value pension schemes is working and that plans are choosing to wind up following government regulations introduced to drive improvements for members.

  • March 15, 2024

    One-Day US Settlement Will Jeopardize Global FX Market

    European asset managers have warned central banks and regulators that the planned U.S. move in May to settle foreign exchange trades more quickly will make billions of dollars in daily settlements unsafe, putting the global market at risk.

  • March 22, 2024

    Charles Russell Speechlys Hires Ex-Burges Salmon Funds Pro

    Charles Russell Speechlys LLP has recruited a former head of private investment funds at Burges Salmon LLP in a bid to build out its profile in the market.

  • March 14, 2024

    Lehman Brothers Can't Undo Trial Loss Over Crisis-Era CDS

    A New York appeals court on Thursday affirmed a bench trial loss Lehman Brothers' bankrupt European unit suffered last year in a suit attempting to claw back nearly half a billion dollars from Assured Guaranty over losses on credit default swaps tied to the 2008 financial crisis.

  • March 14, 2024

    UK Top Court Wrongly Enforced $356M Award Against Romania

    Britain violated European Union law when the U.K. Supreme Court ruled in 2020 that two Swedish food investors could resume their efforts to enforce a $356 million arbitral award against Romania, despite findings within the EU that the award is illegal, the bloc's highest court found on Thursday.

  • March 14, 2024

    Barclays Beats Race Bias Claims From Cameroonian Ex-VPs

    Barclays did not discriminate against three of its former vice presidents based on their ethnicity or Cameroonian nationality, but two of the bankers proved it mishandled their performance reviews in light of disabilities they had, a tribunal has ruled.

  • March 14, 2024

    FCA Warns Firms To Give Fair Value Under Consumer Duty

    The Financial Conduct Authority warned firms on Thursday that it will act on significant concerns about failure to deliver fair value for savers under the Consumer Duty regime.

  • March 14, 2024

    Clara Takes Debenhams Pension Scheme In Landmark Deal

    All 10,400 members of the retirement savings plan of collapsed retailer Debenhams will have their promised pension benefits restored after Clara-Pensions announced Thursday it would take on the scheme in the U.K.'s second-ever superfund transaction.

  • March 14, 2024

    Craig Wright Timeline: From Australia To The London Courts

    Computer scientist Craig Wright's one-man mission to prove to the courts that he is the elusive creator of bitcoin came to an end Thursday as a London judge rejected his claim in one of the most-discussed intellectual property cases in the English courts. Here, Law360 looks back at the history of Wright's claims.

  • March 14, 2024

    Financier Denies Misusing Proceeds In Mike Ashley Dispute

    Financier Amanda Staveley has denied misusing a £10 million ($12.8 million) loan provided by former Newcastle United owner Mike Ashley to pay a consultant, saying it was a legitimate brokerage payment to secure the takeover of the English football club.

  • March 14, 2024

    Advisers Want Tax Reduction For Pensions, Aegon Says

    Many British financial advisers want the government to reduce taxes as part of pension reforms following the next general election, insurance firm Aegon UK said Thursday.

  • March 21, 2024

    DWF Hires Clyde & Co. Pro David Wynn As New Partner

    DWF LLP has bolstered its global insurance practice by hiring David Wynn as a new partner from Clyde & Co. LLP, where he headed the global legacy solutions practice for the past 10 years.

  • March 14, 2024

    Ex-Libor Trader Hayes Claims Judge Denied Him Fair Trial

    The conviction of former UBS trader Tom Hayes for rigging Libor is "unsafe" and should be overturned because the judge overseeing his trial committed a "cardinal" breach of his rights by telling jurors he had submitted false rates, his lawyer told the Court of Appeal on Thursday.

  • March 14, 2024

    Insurer Completes Full Construction Co. Pension Scheme Deal

    Insurer Just Group said on Thursday that it has completed a £37 million ($47.3 million) buy-out of a pension scheme sponsored by a leading engineering and construction company, finishing the process that it started in 2013.

  • March 14, 2024

    Wright Is Not The Inventor Of Bitcoin, Judge Rules

    A London judge ruled Thursday that Australian computer scientist Craig Wright is not the pseudonymous inventor of bitcoin, ruling that the evidence against his claim to be Satoshi Nakamoto was "overwhelming."

  • March 14, 2024

    CMS Leads Rothesay £6B Buy Of Scottish Widows Portfolio

    Pension insurer Rothesay Life said Thursday that it will buy Scottish Widows' £6 billion ($7.7 billion) portfolio of bulk annuities from Lloyds Banking Group PLC, in a transaction guided by CMS Cameron McKenna Nabarro Olswang LLP.

  • March 13, 2024

    Clyde & Co. Denies Negligence, Calls Ex-Client's Claim 'Loser'

    Clyde & Co. LLP urged a London judge Wednesday to block a construction magnate's $88 million negligence suit against his former lawyers in a lost suit over a failed investment, arguing that the claim for which they acted for him was a "loser at all times."

  • March 13, 2024

    Marketing Boss Says LC&F Services Provided In 'Good Faith'

    The head of a marketing company that provided services to London Capital & Finance did so in "good faith," and had no knowledge of an alleged Ponzi scheme, his lawyer told a London trial on Wednesday over the £237 million ($304 million) investment scandal.

  • March 13, 2024

    EU Parliament Overwhelmingly Passes Landmark AI Law

    European Union lawmakers voted overwhelmingly on Wednesday in favor of a first-of-its-kind artificial intelligence law, in a bid to help facilitate innovation while safeguarding the bloc's fundamental rights.

  • March 13, 2024

    Pensions Watchdog Workers Call Off Strike, Agree To Pay Deal

    Some 400 workers at The Pensions Regulator suspended their strike action after agreeing to a pay increase aligned with guidelines set for government employees, the watchdog said Wednesday.

Expert Analysis

  • Audit Regulator Review Has Tips On Climate Metric Reporting

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    The U.K. Financial Reporting Council’s recent review of climate-related metrics and targets in listed companies’ annual reports is an extremely useful guide for issuers considering the quality of their disclosure reporting, with a number of key areas identified as central to further improvement, say lawyers at Bryan Cave.

  • What Russia Case Reveals About UK Sanctions Enforcement

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    The Office of Financial Sanctions Implementation recently issued its first enforcement action under the U.K.'s expanded Russia sanctions against a relatively small company for a moderately severe breach — a decision that highlights several questions about the watchdog’s purpose and methods, say Maia Cohen-Lask and Tasha Benkhadra at Corker Binning.

  • Breaking Down The UK's Draft Updates To Prospectus Regime

    While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.

  • Italy's Bank-Profits Tax Plan May Become Model For Eurozone

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    If Italy's recently proposed 40% bank-profits tax helps keep its populist coalition government in power, notwithstanding the European Central Bank's legal challenges, the passage could spark a windfall tax trend across the eurozone and even in the U.K., says Cris Cicala at Stinson.

  • Bitcoin Case Highlights Advanced Age Of UK's IP Law

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    An appellate court's recent decision in a case involving the copyright of bitcoin's file format emphasizes the role of copyright protection in software, and also the challenges of applying decades-old laws to new technologies, say Marianna Foerg and Ben Bell at Potter Clarkson.

  • Accountability Is Key To Preventing Miscarriages Of Justice

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    The wrongful conviction of Andrew Malkinson and other recent cases show that in order to avoid future miscarriages of justice, there needs to be a fundamental reevaluation of how investigators, prosecutors and the Criminal Cases Review Commission operate, prioritizing stronger penalties and increased funding, say Thomas Walford at Expert Evidence International and policy analyst Gerald Frost.

  • 4 Compliance Considerations Under FCA Consumer Duty

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    Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.

  • What Could Come Of CFPB, EU Consumer Finance Collab

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    A recent joint statement from the European Commission and Consumer Financial Protection Bureau focused on how technology is affecting consumers of financial services, potentially recognizing that legal protections are lacking because tech regulations lag behind its development, say attorneys at DLA Piper.

  • 6 Key Factors For Successful Cross-Border Dispute Mediation

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    The European landscape of cross-border disputes diverges markedly from the U.S. experience and presents unique challenges, including the amalgamation of diverse cultures and legal systems, but there are several practical steps that practitioners can take to effectively navigate the process, says Peter Kamminga at JAMS.

  • Operational Resilience Considerations In Financial Services

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    A recent letter from the Financial Conduct Authority reminds CEOs of U.K. wholesale banks of their role in the safety and soundness of markets, but all firms can draw lessons and consider their own operational resilience for longer-term security and commercial benefit, says Richard Tall at Faegre Drinker.

  • UK Tech Cases Warn Of Liability Clause Drafting Pitfalls

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    The recent U.K. High Court cases Drax Energy Solutions v. Wipro and EE v. Virgin Mobile Telecoms indicate a more literal judicial approach to construing limitations of liability, even when this significantly limits a claimant's recoverable damages, highlighting the importance of carefully drafted liability provisions, say Helen Armstrong and Tania Williams at RPC.

  • How The UK Investment Screening Regime Is Taking Shape

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    A recent order imposing remedies on an acquisition by EDF Energy highlights emerging trends in the U.K. government's national security reviews of transactions under the U.K. National Security and Investment Act, and shows how the U.K. remedy landscape compares to the U.S. regime, say lawyers at Arnold & Porter.

  • Consultations Underpin Mandatory Fraud Victim Repayment

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    The U.K. Payment Systems Regulator’s recent consultations on authorized push payment fraud reinforce its June policy expectation, which said that unless there is evidence of gross negligence and the consumer standard of caution has not been followed, providers must reimburse fraud victims, say lawyers at Hogan Lovells.

  • Swiss Privacy Law Reforms Present Divergences From GDPR

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    The differences between Switzerland’s recently reformed Federal Act on Data Protection and the EU's General Data Protection Regulation, particularly around data breach reporting and the liability of company officers, will need to be carefully managed by multinationals that may have competing obligations under different laws, say Kim Roberts and Vanessa Alarcon Duvanel at King & Spalding.

  • New Legislation May Not Be Needed For Recovery Of Crypto

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    The recent seizure of cryptocurrency under a civil recovery order raises the issue of whether extended powers under the forthcoming Economic Crime Bill are necessary, with the ability to seize crypto-related items that may be the subject of a search order more likely to be of assistance, says Nicola McKinney at Quillon Law.

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