Financial Services UK

  • June 24, 2024

    Businessman Sentenced For Disclosure Failings In Fraud Suit

    A real estate investor was given a suspended sentence by a London judge Monday for failing to hand over information about his financial assets to investors suing him for alleged fraud, despite a court order.

  • June 24, 2024

    Ex-Luminance CEO Joins The Barrister Group As COO

    The Barrister Group, which serves clients in England and Wales, announced on Monday the appointment of a chief operating officer with experience leading legal artificial intelligence co-pilot Luminance Technologies Ltd.

  • June 24, 2024

    BHS Asks For £133M In Damages From Former Director

    Liquidators for now-defunct retail chain British Home Stores argued Monday that one of the company's former directors owes it £133.5 million ($169.2 million), maintaining that the court should calculate damages from the day he was found to have agreed to a loan that was not in the interests of shareholders and not likely to save the business.

  • June 24, 2024

    German Banker's Cum-Ex Trial Dropped Due To Health

    The former chairman of M.M. Warburg & Co. KGaA will not face trial for alleged dividend-tax evasion linked to cum-ex transactions spanning from 2006 to 2019 after a German court halted the trial due to his health, according to a Monday court statement.

  • June 24, 2024

    Ex-Chief Of EU Lender Probed Over Corruption Allegations

    Werner Hoyer, the former head of the European Union's lending arm, is being investigated by the bloc's public prosecutor over corruption, abuse of influence and misappropriation allegations that he said on Monday were "unfounded and baseless."

  • June 24, 2024

    Dentons' Inadvertent AML Error Wasn't SRA Misconduct

    Dentons' U.K. arm failed in handling anti-money laundering checks on a politically exposed former client, but its oversight was entirely inadvertent and therefore did not amount to professional misconduct, a London tribunal has ruled.

  • June 24, 2024

    Herbert Smith Launches ESG Regulations Monitoring Tool

    Herbert Smith Freehills LLP on Monday launched a tool designed to help businesses stay up to date with the evolving landscape of environmental, social and governance regulations and reporting requirements.

  • June 24, 2024

    CEO Can Sue Nickel Mining Co. In UK Over 'Ambiguous' Firing

    An employment tribunal has ruled that the former CEO of a Zambian mining company can pursue his unfair dismissal claim in the U.K. after concluding that his contract was subject to English law.

  • June 24, 2024

    UAE Fund Can't Shake Asset Freeze As Mogul Chases £20M

    A London court agreed on Monday to continue a worldwide asset freezing order against a UAE sovereign wealth fund to allow an aviation tycoon to attempt to recover more than £20 million ($25.4 million) after a fraud allegedly assisted by a Dechert LLP partner.

  • June 24, 2024

    Charity Urges Better Ways To Fight Investment Greenwashing

    A legal environmental charity on Monday called for stronger measures to address the practice of misrepresenting financial products as environmentally friendly when they do not meet the necessary sustainability criteria.

  • June 24, 2024

    Prudential Launches First Tranche Of $2B Buyback Program

    Insurer and asset manager Prudential PLC on Monday commenced an initial $700 million share buyback program, the first phase of a wider up to $2 billion repurchase scheme aimed at rewarding investors and lowering its outstanding share capital.

  • June 24, 2024

    FCA Takes Action Against 3 Fund Mngrs On Risky Investments

    The financial watchdog said Monday that it has decided to ban and fine three individuals who ran fund manager SVS Securities PLC after it invested clients' pension money into high-risk bonds that have defaulted, threatening their retirement security.

  • June 24, 2024

    CMS-Led Aareal Bank To Sell Unit To TPG For €3.9B

    German lender Aareal Bank AG and investment company Advent International said Monday that they have agreed to sell a property management and maintenance software company to U.S. private equity firm TPG and Canada's CDPQ for approximately €3.9 billion ($4.2 billion).

  • June 21, 2024

    UK Tax Fraud Cases Rose 49% Over One-Year Period

    The U.K. tax authority launched more criminal cases for tax fraud for the year ended June 30, 2023, increasing 49% from 63 cases for the previous year to 94, Pinsent Masons LLP said Monday.

  • June 21, 2024

    Russian Bank Founder Hit With Asset Freeze In $850M Claim

    A London judge froze the assets of the co-founder of a Russian bank in a hearing Friday, in the latest development of an $850 million fraud claim in which two Russian lenders are seeking to claw back allegedly embezzled funds.

  • June 21, 2024

    OECD Official Sees Amount B Deal Helping With Amount A

    The Organization for Economic Cooperation and Development is close to a final deal on a key part of its efforts to establish new international taxing rights under Amounts A and B of its Pillar One plans, according to the organization's tax chief.

  • June 21, 2024

    Austrian Bank Beats Challenge To 'Easybank' TM

    Italian bank Intesa Sanpaolo lost its challenge to an Austrian bank's "easybank" trademark, after the Austrian bank persuaded the European Union's intellectual property office that it had put its direct banking brand to good use.

  • June 21, 2024

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

    This past week in London has seen JD Wetherspoon sue a Welsh pub over its name in the Intellectual Property Court, ex-professional boxer Amir Khan and his wife file libel action against an influencer, the Performing Right Society hit with a competition claim over music licensing, and Manolete Partners bring action against the directors of a bust investment firm. Here, Law360 looks at these and other new claims in the U.K.

  • June 21, 2024

    European Funds Want Laxer Rules On Derivatives Calls

    A European investment fund industry trade body has called for a reduction in proposed global rules to manage calls for extra money supporting derivatives positions intended to reduce the risk of a market crisis.

  • June 21, 2024

    Axiom Stays £65M Action As Directors Claim Bankruptcy

    A London judge ruled on Friday that shuttered firm Axiom Ince can stay its almost £65 million ($82 million) claim against its ex-director and several of his companies for allegedly misappropriating client funds, saying the main defendant has been declared bankrupt.

  • June 20, 2024

    Pensioners Still Taxed With 'Triple Lock Plus,' LCP Says

    The ruling Conservative Party's pledge to add a tax break to the anti-inflation "triple lock" on pensions would still mean that 2.5 million U.K. pensioners will be taxed, consultancy Lane Clark & Peacock LLP said Thursday.

  • June 20, 2024

    WTW Says Professional Trustee Appointments Up 11%

    Professional trustee appointments have surged by 11% over the past year, with corporate sole trustee appointments rising at 14%, according to WTW's 2024 professional trustee survey published Thursday.

  • June 20, 2024

    Mastercard Settles Retailers' Swipe Fees Group Litigation

    Mastercard has settled a class action claim brought by more than 1,900 businesses in ongoing litigation over allegations it imposed excessively high credit card fees on merchants, a person familiar with the case has confirmed.

  • June 20, 2024

    Aegon Plans ESG Shakeup Of £12B Workplace Pension Fund

    Pensions provider Aegon on Thursday announced a raft of measures to overhaul its £12 billion ($15.2 billion) workplace retirement fund, as it plots to reduce its carbon emissions and invest more in unlisted assets.

  • June 20, 2024

    Financial Watchdog Launches First-Ever ESG Probe Into Biz

    The Financial Conduct Authority has opened its first-ever enforcement investigation into a company over climate-related issues, lawyers from an environmental legal campaign group said on Thursday.

Expert Analysis

  • Factors For London Cos. To Consider If Adding US Listings

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    Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.

  • Assessing The Energy Act 2023, Eight Months On

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    Although much of the detail required to fully implement the Energy Act 2023 remains to be finalized, the scale of change in the energy sector is unprecedented, and with the U.K. prioritizing achieving net-zero, it is likely that developments will continue at pace, say lawyers at Paul Hastings.

  • Opinion

    Why Timing Makes UK Libor Judgments Controversial

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    The recent U.K. Court of Appeal decision in the R v. Hayes and Palombo appeal against Libor convictions demonstrates that had U.K. regulators probed with the facts known today, civil claims in all jurisdictions would be dismissed and a decadelong wasted investigation should be put to rest, says Charles Kuhn at Clyde & Co.

  • 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.

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