Financial Services UK

  • June 18, 2024

    Regulator Reminds Merging Firms To Put Clients First

    The regulator for solicitors in England and Wales on Tuesday issued a new warning notice, reminding law firms that their clients' interests must be the top priority during legal industry mergers and acquisitions.

  • June 18, 2024

    Hargreaves Lansdown Backs £5.4B CVC, Abu Dhabi Bid

    The board of Hargreaves Lansdown PLC said Tuesday that it would be willing to recommend to its shareholders a sweetened £5.4 billion ($6.9 billion) takeover offer from a consortium of private equity companies, including CVC and the sovereign wealth fund of Abu Dhabi.

  • June 18, 2024

    HSBC Hit With Swiss Restrictions After Compliance Breaches

    Switzerland's financial regulator said Tuesday that HSBC's Swiss private bank had breached anti-money laundering requirements in banking transactions with two high-profile individuals, restricting its new business relationships until it completes reviews overseen by a monitor.

  • June 18, 2024

    HSBC Manager Won't Be Reinstated After Unfair Dismissal

    An employment tribunal has refused to order HSBC to reinstate a former manager after it unfairly dismissed her in a flawed redundancy process, finding that the bank would have ended her employment on the same day anyway.

  • June 18, 2024

    Lifeboat Scheme Names PwC As Partner For Claims Service

    The Financial Services Compensation Scheme said Tuesday it has awarded its core claims service contract to Big Four accounting firm PwC as the scheme expands its in-house team.

  • June 18, 2024

    Akin Elects US, London Duo To Take Over From Veteran Chair

    Akin Gump Strauss Hauer & Feld LLP said on Tuesday that it has elected the partner in charge of its New York office and a corporate specialist in London to jointly lead the firm as its longtime chair prepares to step down next year.

  • June 18, 2024

    EU Finance Watchdogs Call For Improved Sustainability Rules

    The European Union's financial regulators called on legislators Tuesday to improve rules on disclosing sustainability in funds, introducing product categorization to combat greenwashing problems.

  • June 18, 2024

    Serco Settles Landmark Shareholder Dispute Mid-Trial

    Serco settled a landmark shareholders' claim on Tuesday with investors who sued the outsourcing giant for compensation over an overbilling scandal that caused its share price to nosedive.

  • June 17, 2024

    Ex-Energy Minister Revives Bid To Ax Libel Defense

    A lawyer for an Iraqi politician said an investigative journalism article about the Iraqi oil business is "cherry-picking" bits of a court judgment to "create a story of corruption," urging a judge Monday to throw out the journalists' defense to his libel claim.

  • June 17, 2024

    Feds Take Hard Line On Tycoon's Pilots After He Goes Free

    Manhattan federal prosecutors asked a sentencing judge to consider aggravating circumstances for two pilots who allegedly traded on stock tips from U.K. billionaire Joe Lewis, despite not seeking a prison term for the private equity honcho and former soccer club owner.

  • June 17, 2024

    Foreign Exchange Biz To Pay £61K Over Demotion

    A foreign exchange firm must pay £61,993 ($78,535) to a senior employee after an employment tribunal ruled that its decision to nix his desk management role was a demotion that amounted to a dismissal.

  • June 17, 2024

    SFO Intends To Charge Individuals In Glencore Bribery Case

    The Serious Fraud Office is seeking permission to charge individuals in its bribery probe into international commodities trader and miner Glencore, the crime-fighting agency confirmed at a London court on Monday.

  • June 17, 2024

    Tech Co. Loses Bid For Automatic Payments Patent In UK

    A payments software company cannot protect its automatic payments system with a patent in the U.K. because it relates solely to a method of doing business, intellectual property officials have ruled.

  • June 17, 2024

    StanChart Investors Can 'Piggyback' On US Sanctions Claims

    Standard Chartered PLC lost its bid at a London appellate court on Monday to toss accusations by investors that the bank downplayed by hundreds of billions of dollars the extent to which it had breached U.S. sanctions against Iran.

  • June 17, 2024

    White & Case-Led Ukraine Seeks Debt Relief By Aug. Deadline

    The Ukraine government, advised by White & Case LLP, appealed on Monday to bondholders to help restructure its $19.5 billion of eurobond debt before a payments freeze it agreed with international creditors expires on Aug. 1.

  • June 17, 2024

    Political Parties Urged To Accelerate Financial Inclusion

    An independent body of parliamentarians and finance experts called on Monday on the main political parties to establish a national strategy on financial inclusion in the first 100 days of a new government.

  • June 17, 2024

    UBS Sets $900M Aside For Greensill-Linked Redemptions

    UBS said on Monday that it expects to record a $900 million liability to pay back inherited Credit Suisse clients the money they lost in funds linked to Greensill Capital, the supply-chain finance company that collapsed in 2021.

  • June 14, 2024

    Mining Co. Entity Can't Deduct Loan Interest, UK Court Says

    A U.S. mining company's entity in the U.K. that was created to save taxes through the acquisition of a Texas-based firm cannot overturn the Upper Tribunal's decision that its U.K tax deductions weren't deserved, according to a Court of Appeal judgment.

  • June 14, 2024

    Swiss Re, Chubb Deny Liability In £13B Stranded Planes Feud

    Swiss Re and Chubb have denied that they are liable for aircraft detained in Russia after it invaded Ukraine amid a slew of claims totaling £13 billion ($16.5 billion), telling a London court that their insurance policies do not cover the fallout of war.

  • June 14, 2024

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

    This past week in London has seen toy company Jellycat hit supermarket Aldi with an intellectual property claim, AIG start proceedings against firefighting foam company Angus International Safety Group, and the Solicitors Regulation Authority file a legal claim against the Post Office amid the ongoing Horizon IT scandal. Here, Law360 looks at these and other new claims in the U.K.

  • June 14, 2024

    New Entrant Expected In Pension Transfer Market, LCP Says

    Lane Clark & Peacock LLP said that another new insurer will enter the pension transfer market by the end of the year, bringing the total number of companies securing the liabilities of retirement savings plans to a record high.

  • June 14, 2024

    Labour Eyes Flexible Financial Regulation To Spur Growth

    The Labour Party prioritized financial services growth this week as it eyes Downing Street, suggesting a new era of more flexible regulation to drive technological innovation and competitiveness, regulatory lawyers say.

  • June 14, 2024

    Pension Watchdog Head To Chair Diversity Initiative

    Britain's retirement savings watchdog has said that its head of regulatory transactions and frontline services Jenny Davie will now chair an initiative designed to promote greater diversity in the pensions sector.

  • June 14, 2024

    MPs' Pension Fund Has Only 1.3% Allocation To UK Assets

    A pension scheme for British members of Parliament has just £10 million ($12.7 million) of its portfolio invested in U.K. equities, experts revealed Friday, despite efforts by the government to push schemes into fueling the national economic recovery.

  • June 14, 2024

    UK Broker Denied Supreme Court Hearing Over Cum Ex Raids

    Judges at a London court refused on Friday to allow a brokerage to challenge at the U.K. Supreme Court findings that a raid on its London office during an investigation into tax fraud in 2022 was legal, finding that the "outcome of any appeal would be no different."

Expert Analysis

  • Tips For Orgs Using NDAs In Light Of New UK Legislation

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    The recent passage of the Victims and Prisoners Act follows a crackdown on the misuse of nondisclosure agreements, but although NDAs are not prohibited and regulators recognize their legitimate justification, organizations relying on them must be able to clearly explain that justification if challenged, say attorneys at Macfarlanes.

  • What Alternative Fuel Proposals Mean For EU Infrastructure

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    The European Union’s proposed Alternative Fuels Infrastructure Facility, covering activities in the transport sectors supporting the decarbonization process, sets ambitious standards regarding the deployment of adequate supply infrastructure and offers new funding opportunities for port operators and shipowners, says Christian Bauer at Watson Farley.

  • Continuation Funds: What You Need To Know

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    As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.

  • EU Anti-Greenwashing Guide Analyzed For Fund Managers

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    Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.

  • FCA 'Finfluencer' Trial Exposes Social Media Promo Risks

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    The upcoming Financial Conduct Authority prosecution of nine individuals for Financial Services and Markets Act 2000 violations is the first time an online influencer will be tried for using social media to promote investments, demonstrating the need to be wary of the specific legal requirements surrounding financial product promotion, says David Claxton at Red Lion.

  • A Look At US-EU Consumer Finance Talks' Slow First Steps

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    The unhurried and informal nature of planned discussions between the U.S. Consumer Financial Protection Bureau and the European commissioner for justice and consumer protection suggests any coordinated regulatory action on issues like AI and "buy now, pay later" services is still a ways off, say attorneys at DLA Piper.

  • FCA Doubles Down On New Priorities With Target ID Plan

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    Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.

  • Examining Senior Managers' Accountability For AI Use

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    With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.

  • FCA Brokerage Changes Offer Asset Managers Wider Options

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    The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.

  • What Cos. Should Know About The EU Greenwashing Rules

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    The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.

  • Sanctions Ruling Opens Door For Enforcer To Clear Up Rules

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    In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.

  • 'Debanking' Complaints Highlight Need For Flexibility In AML

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    The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.

  • Mitigating Incarceration's Impacts On Foreign Nationals

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    Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.

  • Decoding Arbitral Disputes: The Benefits Of Non-EU Venues

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    In Spain v. Triodos, a Swedish appeal court recently annulled an intra-EU investment treaty award, reinforcing a growing trend in the bloc against enforcing such awards, and highlighting the advantages of initiating enforcement proceedings in common law jurisdictions, such as the U.K., says Josep Galvez at 4-5 Gray's Inn Square.

  • How Proposed Platforms For Unlisted Co. Trading May Work

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    The U.K. government is continuing development of its proposed private intermittent securities and capital exchange system to facilitate secondary share trading in private companies through a regulatory sandbox while ironing out details, representing an innovative step for unlisted company liquidity, say lawyers at Sullivan & Cromwell.

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