Financial Services UK

  • February 20, 2024

    Israeli Fintech Plans $175M Share Buyback, Dividend Payout

    Plus500 said on Tuesday that it will roll out a new share buyback program worth up to $100 million, as it looks to reward investors despite a sharp drop in revenue.

  • February 20, 2024

    Alleged Putin Ally To Face UK Sanctions Breach Trial In 2025

    A former Russian politician and alleged ally of Vladimir Putin will face a criminal trial in London in 2025 over allegations he breached the U.K.'s Russian sanctions regime, a judge said Tuesday.

  • February 19, 2024

    Insurers Detail Plans To Free £100B Amid Solvency Changes

    Developing more consistent long-term decarbonization plans will help accelerate infrastructure investment of £100 billion ($126 billion) after the U.K. overhauls the capital adequacy rules for insurers, a report said on Monday.

  • February 19, 2024

    No Room For Doubt Over Madagascan Aide Bribery, Jury Told

    The way a former top aide of the Madagascan president asked about payments "removes any room for doubt" that she knew she was soliciting bribes to secure mining rights for a U.K. gem company, prosecutors told a jury Monday.

  • February 19, 2024

    Lawyers For LC&F Chief Quit 'Ponzi Scheme' Trial Over Pay

    Lawyers representing a former chief at London Capital & Finance walked out on the first day of a trial at a London court over the £237 million ($298 million) investment scandal, saying that one of the directors of the alleged Ponzi scheme was unable to pay him. 

  • February 19, 2024

    Bank Of Georgia Offers $303.6M For Armenian Lender

    Bank of Georgia said Monday that it has agreed to buy an Armenian bank for around $303.6 million in a deal guided by Baker McKenzie and Travers Smith LLP as it seeks to grow beyond the national Georgian market.

  • February 19, 2024

    AmTrust Hikes Counterclaim To £14M In Legal-Funding Fight

    Insurer AmTrust has boosted its counterclaim against Novitas to £14.4 million ($18.1 million), alleging it paid out to the legal loans company under after-the-event litigation policies that were unenforceable and did not comply with regulations.

  • February 19, 2024

    Santander Launches €1.5B Share Buyback After Profit Gains

    Banco Santander SA said on Monday it will reward investors with a new program to repurchase shares of up to €1.5 billion ($1.6 billion).

  • February 19, 2024

    ECB Imposes Stricter Bank Asset Rules For Climate Risk

    The European Central Bank updated its guidance Monday on models used by banks to gauge risks to assets, adding new requirements on climate and environmental exposures.

  • February 19, 2024

    NatWest Begins £300M Share Buyback As Profits Soar

    NatWest Group PLC said on Monday that it has launched a share buyback program worth up to £300 million ($380 million) as the financial services group looks to reduce its shareholder equity after posting a surge in profits.

  • February 19, 2024

    Investment Scheme Manager Admits £19M Fraud

    The manager of an investment scheme admitted defrauding investors out of £19 million ($24 million) over the course of five years when he appeared at a London criminal court on Monday.

  • February 16, 2024

    Ex-SFO Prosecutor, Disputes Chief Join Paul Hastings

    Paul Hastings LLP has hired former senior Serious Fraud Office prosecutor Stuart Alford KC from Latham & Watkins LLP along with the co-chair of Latham's London litigation practice, a person with knowledge of the move said Friday.

  • February 16, 2024

    Rusal Drags Abramovich Into Potanin Mining Dispute

    Aluminum giant Rusal has successfully dragged Roman Abramovich into its legal action against another oligarch over alleged breaches of an agreement setting out the governance of a Russian mining company, with a London judge ruling Friday that the claims should be heard together.

  • February 16, 2024

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

    This past week in London has seen a legal battle erupt between JPMorgan and the founder of a Greek payments company following a dispute over the valuation of their jointly owned fintech business, the children of late Russian oligarch Vladimir Scherbakov face a claim by Fieldfisher LLP, the Director of Education and Training at the Solicitors Regulation Authority tackle a claim by two solicitors, and train operator First MTR South Western Trains file a claim against a security company. Here, Law360 looks at these and other new claims in the U.K.

  • February 16, 2024

    Lawyers Advising PE On Alternative Exits Amid Market Slump

    Private equity firms have turned to their lawyers to find creative solutions for realizing cash for investors as deals activity in the IPO market in London remains sluggish — such as setting up continuation funds, making partial sales or working creatively with debt.

  • February 16, 2024

    Illegal Lender Imprisoned For Refusing To Pay Back Victims

    An illegal moneylender has been sentenced to almost eight years in prison for failing to pay a £5.1 million ($6.4 million) confiscation order to compensate victims he charged exorbitant interest rates for small loans, the finance watchdog said on Friday.

  • February 16, 2024

    NatWest Plans £300M Buyback After Earnings Jump

    NatWest Group PLC said Friday that it is planning to buy back up to £300 million ($380 million) of its shares in 2024 through an on-market program, as it reported a 20% increase in operating profit for 2023.

  • February 16, 2024

    Stephenson Harwood Hires Regulatory Pro In Corporate Boost

    Stephenson Harwood LLP has appointed regulatory lawyer Christophe Boucherie as a partner in its London office, a move it believes will strengthen its corporate practice.

  • February 16, 2024

    UK Pension Annuity Sales Hit £5.2B In 2023, ABI Says

    The total value of pension annuities for consumers jumped by almost 50% to £5.2 billion ($6.6 billion) in 2023, a trade body said Friday, a rise fueled in part by rising interest rates.

  • February 16, 2024

    Claims Managers Are Clouding Regulatory Status, FCA Warns

    Claims management companies are failing to distinguish between regulated and unregulated activity, which can mislead consumers into thinking that it all enjoys the same protection, according to a review by the Financial Conduct Authority.

  • February 16, 2024

    Ex-Goldman Sachs Banker Gets 22 Months For Insider Dealing

    A former Goldman Sachs banker was sentenced at a London court on Friday to 22 months in prison for insider dealing after he was convicted of using price-sensitive information gleaned from his job at the investment bank to trade in company shares.

  • February 15, 2024

    JP Morgan And Viva Wallet Founder Sue Each Other

    J. P. Morgan and the founder of a Greek payment company co-owned by the investment bank have filed legal claims against each other in London in a dispute over the value of the fintech business.

  • February 15, 2024

    Collapsed Pension Fund Claws Back £1.9M Lost In Fraud

    The liquidators of a pension fund said they have clawed back £1.9 million ($2.4 million) as part of their long-running quest to recover many millions of pounds of investors' pension savings lost to an elaborate fraud.

  • February 15, 2024

    City Lobby Calls For Tax Cuts, Investment Reform In Budget

    The U.K. government should cut taxes on banking, make it easier for firms to list as public companies and create a new investment office to boost competitiveness, according to a leading financial lobby.

  • February 15, 2024

    Bitcoin 'Inventor' Mentioned Blockchain in 2008, Witness Says

    A former business associate of Craig Wright told a London court Thursday that he believes Wright's claim to be the inventor of bitcoin is "feasible" based on conversations he remembers dating back to the 2000s.

Expert Analysis

  • Key Points From Ireland's New Accountability Framework

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    The recently introduced Individual Accountability Framework is a positive step for the financial services industry in Ireland, and in contributing to cultural and practical change will encourage positive behavior and good governance for the benefit of the industry and investors, say Aongus McCarthy and Niall Esler at Walkers Global.

  • Technology And AI: 2024's Legal And Regulatory Landscape

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    Alexander Amato-Cravero at Herbert Smith discusses what businesses and their lawyers can expect in the year ahead in terms of regulation, policies and associated risks related to advancing technologies and artificial intelligence, including the need for increased internal governance and workforce engagement.

  • US And UK Law Firms Continue Trend Of EU Expansion

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    A broad spectrum of U.S. and U.K. law firms are now seeking fresh opportunities in Europe's fastest growing and constantly evolving sectors by opening offices in strategic locations across the continent, says James Lavan at Buchanan Law.

  • A Look At 2023's Landmark Insolvency Developments

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    The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.

  • Pension Industry Should Monitor Evolving ESG Issues In 2024

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    ESG thinking in the pensions industry has substantially evolved from focusing on climate change and net-zero to including nature and social considerations, and formalizing governance processes — illustrating that, in 2024, continually monitoring ESG issues sits squarely within trustee fiduciary duties, says Liz Ramsaran at DWF.

  • What 2024 Has In Store For White Collar Crime Enforcement

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    Changes in Serious Fraud Office leadership and corporate crime laws in the U.K. signal a chance to kickstart enforcement in 2024, and companies need to stay alive to risks within their business, preparing in particular for the new offense of failure to prevent fraud, say lawyers at Latham.

  • Emerging Trends From A Busy Climate Litigation Year

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    Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.

  • Regulating Digital Platforms: What's Changing In EU And UK

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    Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.

  • How Boards Can Mitigate Privacy, Cybersecurity And AI Risks

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    In 2023, data privacy, cybersecurity and AI persist as prominent C-suite concerns as regulators stepped up enforcement, and organizations must develop a plan for handling these risks, in particular those with a global footprint, say lawyers at Latham.

  • The Outlook For UK Restructuring Plans At Home And Abroad

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    The U.K. continues to be a center for large-cap, cross-border restructurings, though its competitive edge over the EU in this regard may narrow, while small and medium-sized enterprises are already likely to avoid costly formal processes by reaching out to their secured lenders for restructuring solutions, say Paul Keddie and Timothy Bromley-White at Macfarlanes.

  • Foreign Assets Ruling Suggests New Tax Avoidance Approach

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    The U.K. Supreme Court's recent ruling in His Majesty's Revenue & Customs v. Fisher, which found that the scope of the transfer of foreign assets is narrow, highlights that the days of rampant tax avoidance have been left behind, and that the need for wide-ranging and uncertain tax legislation is lessening, says James Austen at Collyer Bristow.

  • Lessons To Be Learned From 2023's Bank Failures

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    This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.

  • An Overview Of European Private Investments in Public Equity

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    Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.

  • Cos. Must Monitor Sanctions Regime As Law Remains Unclear

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    While recent U.K. government guidance and an English High Court's decision in Litasco v. Der Mond Oil, finding that a company is sanctioned when a designated individual is exercising control over it, both address sanctions control issues, disarray in the law remains, highlighting that practitioners should keep reviewing their exposure to the sanctions regime, say lawyers at K&L Gates.

  • Unpacking The UK's Proposals To Regulate Crypto-Assets

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    Recent proposals for crypto-asset regulation in the U.K. demonstrate support for crypto's potential, but there is concern around the authorization process for organizations undertaking crypto-asset activities, and new regulations will require a more detailed assessment of firms' compliance not previously addressed, say Jessica Lee and Menelaos Karampetsos at Brown Rudnick.

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