Financial Services UK

  • 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.

  • March 13, 2024

    Traders To Fight Rate-Rigging Convictions In Landmark Appeal

    Two former traders who say they were made scapegoats for public anger during the last financial crisis challenge their convictions for rigging benchmark interest rates on Thursday in a case that could undermine the legal theory that underpinned dozens of prosecutions.

  • March 13, 2024

    'Significant' Gaps Remain In UK Pension Provision, FCA Says

    Automatic enrollment should be recognized as a success, but gaps around the retirement saving provision remain, the Financial Conduct Authority's chief executive said Wednesday, raising questions about Britain's current and future pension landscape.

  • March 13, 2024

    Energy Co. Founder Denies Owing Abraaj Investment $41M

    The founder of an energy company has denied an investment management firm's claim it is owed $41 million by the electrical manufacturer that part-owned his business, telling a London court that the alleged debt was transferred to a UAE bank.

  • March 13, 2024

    Bond Market Seeks Mix Of FCA Proposals On Trade Reporting

    U.K. and European trade bodies jointly laid out their preferences on Wednesday for a U.K. regulatory framework for publishing bond trading data based on elements of two potential models proposed by the Financial Conduct Authority.

  • March 20, 2024

    King & Spalding Hires Paul Hastings Finance Pro

    King & Spalding LLP has appointed Paul Hastings LLP finance expert Peter Schwartz as partner in its London office in a bid to boost its European corporate practice.

  • March 13, 2024

    Taylor Wessing's Legal App Teams Up With Fundraising Site

    Taylor Wessing LLP said on Wednesday that its app designed to help startup companies manage their legal requirements has worked with an investment platform to offer growing businesses a "competitive" edge during fundraising.

  • March 12, 2024

    Man Loses Bid To Challenge US Tax Refund Fraud Extradition

    A man facing extradition to the U.S. — to stand trial on allegations that he took part in a scheme to fraudulently receive millions in tax refunds — was denied a chance to challenge the extradition by a London judge on Tuesday.

  • March 12, 2024

    'Clearer Than Ever' That Wright Is Not Satoshi, Developers Say

    Lawyers for developers seeking to prove that Craig Wright is not the pseudonymous inventor of bitcoin told the High Court that it is "clearer than ever" that the Australian computer scientist is not Satoshi Nakamoto in closing arguments on Tuesday.

  • March 12, 2024

    Spanish PE Firm Denies Owing PwC €2M Over Hotel Deal

    A Spanish private equity firm has said it does not owe a €2 million ($2.2 million) fee to PricewaterhouseCoopers LLP, claiming the Big Four accounting firm failed to provide all the services required under an agreement to raise money to buy a hotel in Mallorca.

  • March 12, 2024

    Trader Says UBS Has 'Habit' Of Not Following The Law

    The director of a collapsed commodities trader told a London court on Tuesday that UBS has a "habit" of not following the law, rejecting accusations that he siphoned off company funds to family members after the business became insolvent.

  • March 12, 2024

    Finance Biz TP ICAP Starts Second £30M Buyback

    Finance services firm TP ICAP Group PLC said on Tuesday it will begin a share buyback worth up to £30 million ($38 million) to boost its investor returns and announced it is exploring listing a stake in its data business.

  • March 12, 2024

    CMS Guides UK Cash Savings Platform On £108M Investment

    Flagstone has secured a £108 million ($138 million) investment from U.S. private equity firm Estancia Capital Partners to help it "capitalize on the opportunities ahead" in Britain's savings market.

  • March 12, 2024

    Gov't To Give Banks More Time To Investigate Payment Fraud

    HM Treasury on Tuesday published draft legislation giving banks more time to investigate suspected fraud on payments, giving them a better chance of stopping thieves.

  • March 12, 2024

    SFO Arrests 3 In £76M Luxury Care Home Fraud Probe

    The Serious Fraud Office arrested three people on Tuesday in an investigation into an alleged £76 million ($97 million) fraud over the collapse of a luxury care home provider that left elderly residents homeless and 600 investors out of pocket.

  • March 12, 2024

    AI Attacks Pose Critical Threat To Businesses, Lloyd's Says

    Artificial intelligence will empower cybercriminals and potentially increase the frequency and sophistication of digital attacks, Lloyd's of London warned in a report published Tuesday.

  • March 12, 2024

    FCA's New Greenwashing Rules Lack Clarity, City Firms Warn

    City firms are pressing the Financial Conduct Authority to revise the draft guidance for its new anti-greenwashing rules to clear up critical ambiguities as they seek greater clarity on how broadly it will be applied.

  • March 11, 2024

    Lawyers Say 'Stale' $88M Negligence Suit Is Too Late

    A Cayman Islands law firm and two barristers asked a London court on Monday to toss out a construction magnate's $88 million negligence suit against them and Clyde & Co. LLP, arguing he waited too long to bring his case.

  • March 11, 2024

    Nuvei Unit Sues Pay Group Over Failed Domain Name Deal

    A Nuvei Group subsidiary has sued several payments companies and their bosses for allegedly failing to use the company's payments technology, despite signing a deal promising to do so in return for a website domain.

  • March 11, 2024

    Santander Whistleblower Loses Bid To Revive Claim

    An appellate tribunal has rejected a bid by a former financial crime policy manager at Santander to revive her whistleblowing and discrimination claims against the bank, ruling a fair trial was not possible because she failed to exchange witness statements.

  • March 11, 2024

    £237M Ponzi Case Doesn't Stack Up, Ex-LC&F Director Says

    A former director of London Capital & Finance told a trial over the £237 million ($304 million) investment scandal on Monday that he did not take part in the alleged Ponzi scheme.

  • March 11, 2024

    New Treasury Review Of AML Rules To Cast Wide Net

    The U.K. Treasury said Monday that a new review on the effectiveness of anti-money laundering regulations will have a broad scope, encompassing more than 100,000 businesses, including law firms.

Expert Analysis

  • New Guidance Offers Clarity For Charities On ESG Investing

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    The need for charities to understand investing in line with environmental, social and governance aspirations has never been more pressing, and recently updated U.K. Charity Commission guidance should give trustees confidence to make decisions that are right for their organization, says Robert Nieri at Shoosmiths.

  • US And EU Poised For Closer Ties In Tech Financial Market

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    The Consumer Financial Protection Bureau and the European Commission are both concerned about the challenges posed by the increasing digitalization of financial products, such as the use of AI and new forms of credit, and by working together, the two regulators can share information and best practices, says Yulia Makarova at Cooley.

  • FCA Case Failures Highlight Value Of Robust Investigation

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    The recent U.K. upper tribunal judgment in Seiler, Whitestone and Raitzin v. The Financial Conduct Authority, criticizing the regulator for accepting a narrative advanced by the firm, makes clear that such admissions must not get in the way of a proper investigation to enable agencies to target the correct individuals, say Tom Bushnell and Olivia Dwan at Hickman & Rose.

  • UK Shares-Tax Proposals Offer Long-Awaited Modernization

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    The U.K. government's recent consultation on the introduction of a new tax on transactions in securities raises detailed legal and practical issues, but the prospect of a single digital stamp tax offering both streamlined legislation and administration will be welcomed, say Zoë Arnautov and Mark Sheiham at Simmons & Simmons.

  • Directors Should Beware Reinvigorated UK Insolvency Service

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    The recent lengthy disqualification of Carillion directors serves as a salutary lesson to executives on the level of third-party scrutiny to which their actions may be exposed, and a reminder that the directors’ fiduciary duty to creditors is paramount once a company is irretrievably insolvent, says Ben Drew at Fladgate.

  • The New Accountability Landscape For Financial Regulators

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    The preliminary-stage success of a group of U.K. lawmakers in a case against the Financial Conduct Authority highlights the significant hurdles for review of regulatory actions, but the Financial Services and Markets Act 2023 creates additional visibility into the regulators' decision making, which may lead to an increase in judicial review activity, say attorneys at Cleary.

  • Director Responsibilities Amid Russian Asset Seizures

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    Following Russia's recent takeover of several companies, shareholders may argue that directors failed to properly guard the companies' assets and choose to bring derivative claims or unfair prejudice petitions, say lawyers at Collyer Bristow.

  • Investors Should Prepare For Possible EU Energy Treaty Exit

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    Following the European Commission’s recent call for the European Union and Euratom to withdraw from the Energy Charter Treaty, investors in the energy sector should assess the legal structure of their existing investments and consider restructuring to ensure adequate protections, says Philipp Kurek at Kirkland.

  • EU Raw Materials Initiative Vital For Sustainable Value Chains

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    The European Commission’s recent steps toward developing partnerships with the U.S. and Argentina to ensure a secure supply of critical raw materials are a welcome recognition of the importance of mining to the European Union's sustainable transition, say lawyers at Watson Farley.

  • UK Top Court Ruling Spells Uncertainty For Litigation Funders

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    The U.K. Supreme Court's recent decision in Paccar Inc. v. Competition Appeal Tribunal has called litigation funding agreements impermissible, causing astonishment in the legal industry and raising questions over how funders should now approach litigation, say Mohsin Patel at Factor Risk Management and Imran Benson at Hailsham Chambers.

  • Gender Diverse Boards May Reduce Corporate Fraud Risk

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    Following the recently proposed "failure to prevent fraud" offense, companies should focus on diversity in leadership as research shows that an increase in women's representation on boards is associated with a decreased probability of fraud, say Anoushka Warlow and Suzanne Gallagher at BCL Solicitors.

  • Trustees Should Take Caution After UK Pension Tap Plan

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    The U.K. government's recent plan to boost technology startups by tapping into pension sector funds may risk the hard-earned savings of members, so trustees need to be mindful of the proposals in light of their fiduciary duties, say Beth Brown and Riccardo Bruno at Arc Pensions.

  • Factors Driving Increased Litigation Against European Cos.

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    European government regulation and enforcement, economic inflation and litigation funding are driving an increase in litigation, especially class actions, against corporations in Europe, a trend that seems to be here to stay, says Henning Schaloske at Clyde & Co.

  • New UK Offense Will Help Law Firms Tighten AML Compliance

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    By allowing for larger fines and introducing a failure to prevent fraud offense, the Economic Crime and Corporate Transparency Bill, currently passing through Parliament, will further motivate law firms to improve their anti-money laundering compliance process, says Richard Simms at AMLCC.

  • What Venezuelan Gold Fight Means For UK One Voice Doctrine

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    The Court of Appeal's judgment in Deutsche Bank v. Central Bank of Venezuela clarifies the application of the "one voice" doctrine to foreign court judgments, highlighting that the reasoning depends on the recognition or nonrecognition of a head of state or government that is contrary to the U.K. government's position, say lawyers at Latham.

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