Financial Services UK

  • 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.

  • March 11, 2024

    Insolvency Service Makes Progress on Gender Pay, Diversity

    Discrepancies in salaries between men and women at the Insolvency Service narrowed further by five percentage points in 2023, the bankruptcy administrator has revealed in its latest gender pay gap report, with women now making up more than half of its workforce.

  • March 18, 2024

    Taylor Wessing Hires Investment Funds Pro From Reed Smith

    Taylor Wessing LLP has hired Shervin Shameli from Reed Smith LLP as partner in its London office to bolster its investment business.

Expert Analysis

  • Factors Driving Increased Litigation Against European Cos.

    Author Photo

    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

    Author Photo

    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

    Author Photo

    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.

  • Report On UK Investment Act Offers Welcome Insights

    Author Photo

    The U.K. government's recent report on the National Security and Investment Act's first full year of operation is to be applauded for disclosing more information on the act's notification system than was required, enabling a better understanding of what has taken place and what the next year may hold, say Andrea Hamilton and Ajal Notowicz at Milbank.

  • Preparing For M&A Under The Foreign Subsidies Regulation

    Author Photo

    The EU Foreign Subsidies Regulation introduces requirements that companies operating in the region must consider in M&A transactions, and any foreign financial contributions received by a target should be checked during the due diligence stage, with specific provisions for commission approval if a notification requirement is triggered, say Hendrik Viaene and Stéphane Dionnet at McDermott.

  • Important Generative AI Considerations In M&A

    Author Photo

    The recent surge of interest in generative artificial intelligence and its use of machine learning algorithms means there are novel concerns as well as inherent risks for those engaging in M&A activity, and acquirers should pay careful attention to a target’s scope of ownership and licensing rights, say attorneys at Davis Polk.

  • Pension Trustee Case Could Lead To Fossil Fuels Divestment

    Author Photo

    While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.

  • Outbound Screening May Be Next EU Investment Control Step

    Author Photo

    Following the European Commission’s recent commitment to reduce dependence on third countries by developing an outbound investment review mechanism, it will be interesting to see whether member states will take a united stand or whether national security interests will trump such an approach, say Christoph Barth and Neil Hoolihan at Linklaters.

  • Barclays Ruling Narrows Banks' Fraud Recovery Duty

    Author Photo

    The U.K. Supreme Court's recent ruling in Philipp v. Barclays decided against the so-called Quincecare duty's application in authorized push payment fraud, shining light on how banks should balance their responsibility to follow customers' instructions against making reasonable inquiries, say lawyers at Ontier.

  • Green Loans May Be Hungary's Path To Sustainable Financing

    Author Photo

    Fueled by a rising trend in the use of green loans, Hungary is making impressive progress in its journey toward achieving a net-zero future, although the development of social and sustainability-linked loans is still a work in progress, say Gergely Szalóki and Bálint Bodó at Schönherr.

  • How The Law Must Change To Accommodate Digital Assets

    Author Photo

    The Law Commission's recent report shows that the common law of England and Wales is well suited to adapt to digital assets, and with targeted statutory reform to unlock the possibility of recognizing property in intangible things, the U.K. can become an ideal hub for parties to transact with emerging technology, says Sarah Green at the commission.

  • Tackling Global Inflation Is A Challenge For Antitrust Agencies

    Author Photo

    Recent events have put pressure on antitrust agencies to address the global cost-of-living crisis, but the relationship between competition and inflation is complex, and with competition agencies’ reluctance to act as price regulators, enforcement is unlikely to have a meaningful impact, say lawyers at Linklaters.

  • Key Findings From EBA's Money Laundering Report

    Author Photo

    The European Banking Authority's recent report on money laundering and terrorist financing risks, highlighting that payment institutions may be ineffectively assessing or managing those risks, makes clear that addressing its findings will be essential to protecting the European Union from financial crime, say lawyers at Hogan Lovells.

  • Cos. Using AI Should Note Regulators' Privacy Concerns

    Author Photo

    The past year’s unprecedented explosion in the use of artificial intelligence tools has sparked fears over the way personal data may be collected and treated, and organizations adopting AI will need to ensure that they have a lawful basis to use data collected in this way, says Paula Williamson at Excello Law.

  • Comparing EU And UK Proposals To Regulate ESG Ratings

    Author Photo

    Ferdisha Snagg and Andreas Wildner at Cleary examine the key aspects of the EU proposal for regulating environmental, social and governance rating activities and draw comparisons to the U.K. proposal regarding scope, substantive provider obligations on regulated providers and the likely timeline for adoption and implementation.

Want to publish in Law360?

Submit an idea

Have a news tip?

Contact us here
Can't find the article you're looking for? Click here to search the Financial Services UK archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!