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Financial Services UK
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Featured
Experts See Risks In FCA's Soft-Touch Response To AI
The Financial Conduct Authority has so far failed to detail its rules on artificial intelligence and is moving toward a reliance on companies to self-report, putting it at risk of deferring excessively to the sector it regulates, legal experts say.
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December 02, 2024
PE Firms Swap Calisen Stake At Reported $5B Value
A majority stake in Calisen Group is changing hands in a private equity-backed deal that is said to value the British smart metering company at more than $5 billion, according to disclosures made Monday.
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December 02, 2024
Skat Settles With Ex-Barclays Director In £1.4B Fraud Case
The Danish tax authority has settled its claim against a former Barclays Capital director and four companies that it sued alongside dozens of others over an alleged scheme to defraud it of £1.4 billion ($1.8 billion) in tax revenue.
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December 02, 2024
Mogul Can't Duck £102M Debt Using Sham Settlement
Property mogul Andrew Ruhan colluded with a British businessman convicted for fraud to cook up sham litigation to escape a £102 million ($129 million) debt owed to the liquidators of three luxury hotels, a London judge has ruled.
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December 02, 2024
BoE Finds Pension Funds Resilient After LDI Crisis
The Bank of England has said that the pensions sector has significantly improved its financial and operational resilience since the crisis that hit liability-driven investment funds two years ago.
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December 02, 2024
DLA Piper Taps Senior Finance Pro As New Leeds Chief
DLA Piper said on Monday that it has appointed a senior finance lawyer as the managing partner for its office in Leeds as it prepares to relocate to a new £85 million ($108 million) office development in the northern English city.
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December 02, 2024
Eversheds Aids Canada Life On £250M Pension Deal For Kion
German industrial supplier Kion Group AG has offloaded £250 million ($316 million) of its U.K. pension liabilities to Canada Life, the insurer said Monday, in a deal steered by Pinsent Masons LLP and Eversheds Sutherland.
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December 02, 2024
Compensation Fund Open To Claims On Failed SIPP
Customers of a self-invested personal pension operator can now file compensation claims through the Financial Services Compensation Scheme following the company's administration and liquidation earlier this year.
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December 02, 2024
FCA Urges Better AML Regulation Of Conveyancing
The supervisory body for watchdogs in the legal and accountancy sectors has told them that they must take further steps to prevent money laundering in the transfer of ownership in U.K. property transactions.
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November 29, 2024
US Firm Gathers Support For £351M Bid For Loungers
U.S. investment firm Fortress Investment Group LLC said Friday that its takeover bid of approximately £350.50 million ($447 million) for British hospitality chain Loungers has won support from another shareholder.
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November 29, 2024
Greensill Rejects Gov't's 'Immaterial' Defense To Leaked Probe
Lex Greensill has said a claim by the Department for Business and Trade that leaking private details of an investigation into him had not damaged his reputation is "immaterial" to his data and privacy claim against the government.
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November 29, 2024
Lombard Odier Indicted In Switzerland For Money Laundering
Swiss prosecutors said on Friday that they have indicted Lombard Odier and one of its former employees for "aggravated money laundering" — a rare move against one of the country's largest wealth managers.
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November 29, 2024
UK Pension Funds Back Gov't Mansion House Reforms
The largest pension providers in Britain threw their weight Friday behind the government's measures to develop Canadian-style megafunds in the U.K. to achieve better results for savers through economies of scale.
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November 29, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the National Crime Agency file a civil recovery order against a Chinese couple suspected of £29 billion ($37 billion) banking fraud, Norwich City FC of the second tier of English football hit two drinks companies with IP claims, and Owen Jones of the Guardian newspaper sue Telegraph columnist Allison Pearson for libel.
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November 29, 2024
Audit Watchdog Urges EU To Curb Harmful Tax Practices
The European Union is still not doing enough to stop harmful corporate tax practices that are costing governments more than €100 billion ($105 billion) a year in revenue, the bloc's independent audit watchdog has warned.
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November 29, 2024
Apollo Accused Of Confidential Info Misuse In Wagamama Bid
Apollo Global Management is facing allegations in a London court that it misused an investment company's confidential information to mount an acquisition in 2023 of The Restaurant Group, the owner of Wagamama Asian food restaurants.
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November 29, 2024
Fund Vehicle Sells $173M Shares In UK Investment Platform
A vehicle controlled by investment firms Centerbridge and Gallatin has said it has sold its final stake in Phoenix Financial Ltd., a financial services and investment firm for consumers in the U.K., raising approximately $173 million.
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November 28, 2024
Barclays Fights 'Shareholder Rule' In Privilege Dispute
Investors sought to prevent Barclays PLC asserting legal privilege over documents requested for disclosure in securities fraud litigation at a court hearing Thursday, after a judge ruled in a separate case that a "shareholder rule" exception to legal privilege did not exist.
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November 28, 2024
Vacation Co. Denies Avoiding Wyndham Hotels' TM Royalties
A vacation group has denied that it is avoiding paying hotel chain operator Wyndham at least approximately $6.5 million a year in royalties and administration fees, claiming Wyndham knew that the group had no interest in using its trademarks.
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November 28, 2024
TPR To Become 'Prudential' Regulator After Gov't Reforms
The retirement savings watchdog has said that its role as a regulator will change as pension schemes become consolidated into much larger megafunds and effectively become too big to fail.
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November 28, 2024
Police Detain 32 People In Raids On €297M VAT Fraud Network
Police have detained more than 30 people in raids on a €297 million ($313 million) value-added tax fraud network that spanned 16 EU countries, the European Public Prosecutor's Office said Thursday.
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November 28, 2024
Former Finance Execs Must Pay £45M For Takeover Violations
The financial troubles of three former executives of MWB Group, an investment firm that has collapsed, does not preclude them from owing £44.8 million ($56.8 million) in compensation for violating the U.K. takeover rules by deceiving shareholders, a court ruled on Thursday.
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November 28, 2024
Ex-HMRC Compliance Officer Helped Husband Launder £3M
A former compliance officer with HM Revenue and Customs has been handed a suspended sentence for her role in a £3 million ($3.8 million) money laundering operation carried out by her husband, the Crown Prosecution Service has said.
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November 28, 2024
AXA Loses Time Limits Appeal In HMRC Foreign Tax Claim
Insurer AXA has lost its fight over time limits for bringing claims for restitution against the British tax authority over taxes collected in violation of European Union law, as a London appeals court ruled that the limits could not be extended.
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November 28, 2024
Asset Manager Liontrust Launches £5M Share Buyback
Liontrust Asset Management PLC launched a share buyback program Thursday worth up to £5 million ($6.3 million) aimed at lowering its outstanding share capital.
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November 28, 2024
Coventry's £780M Co-op Bank Deal Wins Regulatory Approval
Coventry Building Society said on Thursday that its £780 million ($990 million) buy-out of the Co-operative Bank will be finalized at the start of January after U.K. finance regulators approved the all-cash transaction.
Editor's Picks
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UK Draft Pay Fraud Rules Open Tricky Legal Liabilities
The government's new draft legislation, which will give banks longer to investigate suspicions of fraud before they send payments instructed by customers, will create a wave of new legal liabilities and lead to regulatory hurdles, according to lawyers.
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FCA Fires Warning Shot Over City's Consumer Duty Failings
The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.
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5 Questions for Osborne Clarke Partner Nick Price
The Payment Systems Regulator is due to start forcing payment firms to reimburse victims of scams who have been tricked by a fraudster into transferring them money. Here, Law360 talks to Osborne Clarke partner Nick Price about how this new regime could mean uncertainty about compliance.
Expert Analysis
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Cross Market Drill Highlights Operational Resilience Priorities
The U.K.’s recent cross-market major infrastructure failure simulation exercise, demonstrates that operational resilience of the financial sector is high on the regulatory agenda, and the findings should ensure that the sector develops collective capabilities to deliver improvements, say lawyers at Taylor Wessing.
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What Partners Should Know About Net Asset Value Loans
The increasing popularity and evolution of net asset value facilities means they continue as an important financing tool to generate liquidity for funds’ portfolios, so general partners looking to capitalize on this expanding market should be mindful of their limited partners' concerns to maximize their value, says Anthony Lombardi at Dechert.
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What The Future Of AI In Financial Services Looks Like
Artificial intelligence is rapidly transforming the global financial services industry, with a hybrid model likely to evolve where AI handles routine tasks and humans focus on strategy and decision-making, so financial institutions should work with regulators to establish ethical standards and meet regulatory expectations without stifling innovation, say lawyers at Womble Bond.
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FCA Survey Results Reveal Rise In Nonfinancial Misconduct
After a Financial Conduct Authority survey recently reported a significant rise in nonfinancial misconduct, there are a number of preventive steps firms should take to create a healthy workplace environment and mitigate the risk of increased regulatory scrutiny, say lawyers at WilmerHale.
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When Investigating An Adversary, Be Wary Of Forged Records
Warnings against the use of investigators who tout their ability to find an adversary’s private documents generally emphasize the risk of illegal activity and attorney discipline, but a string of recent cases shows an additional danger — investigators might be fabricating records altogether, says Brian Asher at Asher Research.
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What UK Security Act Report Indicates For Future Gov't Policy
Following the recent publication of the National Security and Investment Act report on the scrutiny of proposed investments, it will be interesting to see how the act’s powers fit into a government policy that plans to cut regulatory obstacles, while maintaining a hard line on national security, say lawyers at Katten Muchin.
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Examining UK And EU Approaches To Sanctions Enforcement
In light of the Financial Conduct Authority’s recent £28.9 million fine of Starling Bank for its lax sanctions screening processes, businesses should understand both the U.K.’s and the European Union’s enforcement approaches, the larger sanctions landscape and the importance of cooperation, says Angelika Hellweger at Rahman Ravelli.
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Factors Driving EU Competition Policy For The Next 5 Years
Teresa Ribera Rodríguez’s recent nomination as the new European Union commissioner for competition prompts questions about policy and enforcement, with goals to enhance competition in business, implement stronger and faster enforcement, and promote and fund decarbonization likely in her sights during a five-year term, say lawyers at Linklaters.
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What UK Procurement Act Delay Will Mean For Stakeholders
The Procurement Act 2023’s delay until February 2025 has sparked debate among contracting authorities and suppliers, and the Labour Party’s preference for a broader reform package demonstrates the challenges involved in implementing legislative changes where there is a change in government, say lawyers at Shoosmiths.
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How Energy Scheme Is Affecting Large Co. Fund Investment
The latest phase of the Department of Energy and Climate Change's Energy Savings Opportunity Scheme implicates funds with investments in large companies by establishing significant and complex changes to the reporting cycle for mandatory assessments, say lawyers at Macfarlanes.
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How Companies House Enforcement Powers Are Growing
Companies House's recently increased ability to assess what material is submitted to the U.K. register of companies, and to proportionately enforce where violations have occurred, may require some degree of cultural shift within many companies, say lawyers at Greenberg Traurig.
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How New Sanctions Office Will Affect UK Trade Landscape
The recent launch of the Office of Trade Sanctions Implementation will help to create a more comprehensive civil enforcement terrain, but the potential for multiple investigations means businesses should reassess their systems to ensure they do not inadvertently incur civil liability, says Julia Pearce at Robertson Pugh.
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FCA Savings Update Focuses On Good Customer Outcomes
The Financial Conduct Authority’s recent cash savings update emphasizes its expectations of firms to deliver fair value to consumers by documenting the rationale for actions at each stage, considering customer communications and demonstrating that potential harms are acted upon, say Matt Handfield, Charlotte Rendle and Caroline Hunter-Yeats at Simmons & Simmons.
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5 Takeaways From UK Justices' Arbitration Jurisdiction Ruling
The U.K. Supreme Court's recent judgment in UniCredit Bank v. RusChemAlliance, upholding an injunction against a lawsuit that attempted to shift arbitration away from a contractually designated venue, provides helpful guidance on when such injunctions may be available, say attorneys at Fladgate.
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FCA's Broad Proposals Aim To Protect Customer Funds
The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.