Financial Services UK

  • February 15, 2024

    FCA Quizzes Top Firms On Advice Services Fees

    The Financial Conduct Authority said Thursday it has written to 20 of the largest financial adviser firms to gauge how those businesses charge clients after giving advice amid its broader focus on ensuring customers are treated fairly.

  • February 15, 2024

    Osborne Clarke Steers £114M Standard Life Pension Deal

    Standard Life said Thursday that it has completed a £114 million ($143 million) buy-in transaction guided by Osborne Clarke LLP to acquire the pensions of around 1,800 members of the Vector Pension Scheme.

  • February 15, 2024

    UK Gov't Asks Financial Regulators To Review AI Policing

    The government said on Thursday that it has told financial markets regulators to publish an update by April 30 on how they will police artificial intelligence.

  • February 15, 2024

    Ex-Goldman Sachs Banker Guilty Of Insider Dealing

    A former Goldman Sachs banker was convicted of insider dealing by a London jury on Thursday, over allegations he used his price-sensitive information gleaned from his job at the investment bank to trade in company shares.

  • February 15, 2024

    Fintech Expert Appointed To FCA Board For 3-Year Term

    HM Treasury said Thursday it had appointed Bryan Zhang, an expert in financial technology and open banking, to the Financial Conduct Authority's non-executive board for an initial term of three years.

  • February 15, 2024

    Addleshaw Goddard Adds BoE Deputy GC To Finance Team

    Addleshaw Goddard said on Thursday that it has hired the Bank of England's deputy general counsel as a partner to bolster its financial services regulation team in London.

  • February 14, 2024

    5 Key Takeaways From The SFO Director's Maiden Speech

    Serious Fraud Office director Nick Ephgrave has signaled his desire to carry out more dawn raids, use more intelligence and pay whistleblowers to carry out swifter investigations. Here, lawyers tell Law360 that it is a return to an old-fashioned approach to enforcement.

  • February 14, 2024

    Madagascar Official 'Never' Sought Bribes For Gem Deal

    A former top aide to Madagascar's president denied asking for bribes to secure mining rights for a U.K. company, saying at her London trial Wednesday that she wanted to "deploy all her energy" to ensure the deal happened.

  • February 14, 2024

    Visa, Mastercard Accused Of Anticompetitive 'Floor' In Fees

    A group of merchants argued on Wednesday that Visa and Mastercard breach antitrust laws when they charge interchange fees and impose rules on some card schemes, saying that they are anticompetitive because there is no fair negotiation.

  • February 14, 2024

    FCA Arrests Insider Dealing Suspects At London Homes

    U.K. investigators arrested three individuals in London on suspicion of insider dealing, conspiracy to insider deal and money laundering linked to organized crime, the financial watchdog said Wednesday.

  • February 14, 2024

    BDO Sues Insurance Broker Over Unpaid M&A Advisory Fee

    Accounting firm BDO LLP has sued KGJ Insurance Services and three of its directors over claims they failed to pay out for the advisory services BDO provided the insurance broker as it looked for a new buyer.

  • February 14, 2024

    UK Access Rules Too Burdensome, Say European Funds

    An association for Europe's investment managers has asked the Financial Conduct Authority to make its planned regime giving European funds "equivalent" access to U.K. markets less burdensome, given similar requirements do not exist for U.K. funds.

  • February 14, 2024

    ABN AMRO Unveils €500M Share Buyback As Profit Rises

    ABN Amro Bank NV said Wednesday it will launch a share buyback program worth up to €500 million ($535 million), as it announced a leap in its profit, helped by higher interest rates.

  • February 14, 2024

    HMRC Warns Self-Employed Taxpayers Of Scammers

    Fraudsters are likely to target people who fill in self-assessment tax returns with phishing scams promising a tax refund now that the Jan. 31 filing deadline has passed, HM Revenue and Customs warned Wednesday.

  • February 14, 2024

    FCA Flagged 10,000 Misleading Financial Ads In 2023

    Britain's finance watchdog has ramped up its fight against misleading financial advertisements, reporting on Wednesday that it intervened to have more than 10,000 promotions posted online without proper authorization pulled or amended in 2023.

  • February 13, 2024

    Pay Whistleblowers To Spur Fraud Fight, SFO Director Says

    The U.K. should compensate whistleblowers to incentivize corporate insiders to report corruption and fraud, a measure that would spur the U.K.'s anti-graft agency's complex, data-heavy investigations, the director of the Serious Fraud Office said Tuesday.

  • February 13, 2024

    Analyst Must Pay £20K For False Claim Against Commerzbank

    A former Commerzbank AG compliance analyst must pay £20,000 ($25,000) in costs for his false claims of sexual harassment and discrimination in the workplace, after a London appeals tribunal found nothing wrong with the order.

  • February 13, 2024

    Ex-Tech CEO Wins £96K For Bullying, Payroll Whistleblowing

    The former chief executive of a technology startup has won more than £96,000 ($120,000) from an employment tribunal that found she was forced out of the company after blowing the whistle on bullying by directors and investors being lied to.

  • February 13, 2024

    JPMorgan Trust To Raise £40M After Demand From Investors

    Investment trust JPMorgan Global Growth & Income PLC said Tuesday that it is looking to raise up to £40 million ($50.4 million) in a share offering in light of "the ongoing demand in the market."

  • February 13, 2024

    EU Eases Rule Enforcement On Best Price For Clients

    The European Union financial markets regulator said on Tuesday that it expects all national watchdogs "not to prioritize" taking supervisory action against investment companies that fail to comply with certain rules to report how they achieved the best terms for clients.

  • February 13, 2024

    Morgan Stanley Must Fix Evidence Failures Before $995M Trial

    A London court concluded on Tuesday that Morgan Stanley had failed to properly disclose evidence before a trial over accusations that it had unfairly issued Frasers Group PLC with a $995 million margin call on Hugo Boss stock options.

  • February 13, 2024

    UK Pension Surplus Dips Slightly To £425B

    The total surplus of U.K. pension schemes dipped by £2.8 billion ($3.5 billion) over the past month, the sector's lifeboat scheme revealed Tuesday, but experts say the changes are unlikely to dim appetite for insurance de-risking transactions.

  • February 13, 2024

    New Panel Set Up To Promote UK Fund Investments

    A panel of pensions, venture capital and private equity experts has been established to boost returns for savers and support economic growth by encouraging funds to invest in fast-growing businesses, the British Private Equity and Venture Capital Association said on Tuesday.

  • February 13, 2024

    Post-Election UK Pension Changes Could Be In The Fine Print

    Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.

  • February 13, 2024

    One In Four Retirees 'Not Checking State Pension Forecast'

    Pensioners-to-be should check their state pension pots to avoid a "nasty surprise," a retirement specialist said on Tuesday as it published a survey showing that many opt not to look at their forecast before retiring.

Expert Analysis

  • The Top 7 Global ESG Litigation Trends In 2023

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    To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.

  • UK Takeover Code Changes: Key Points For Bidders, Targets

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    Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.

  • Russia Ruling Shows UK's Robust Jurisdiction Approach

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    An English High Court's recent decision to grant an anti-suit injunction in the Russia-related dispute Renaissance Securities v. Chlodwig Enterprises clearly illustrates that obtaining an injunction will likely be more straightforward when the seat is in England compared to when it is abroad, say lawyers at Linklaters.

  • How New Loan Origination Regime Will Affect Fund Managers

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    Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.

  • How EU Sustainability Directive Will Improve Co. Reporting

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    The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.

  • PPI Ruling Spells Trouble For Financial Services Firms

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    The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.

  • What Lawyers Can Learn From FDI Screening Report Findings

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    The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.

  • UK Review May Lead To Lower Investment Screening Burden

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    The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.

  • Economic Crime Act Exposure: What Companies Can Expect

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    The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.

  • FCA Promotions Review Sends A Strong Message To Firms

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    The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.

  • When Can Bonuses Be Clawed Back?

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    The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.

  • The State Of UK Litigation Funding After Therium Ruling

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    The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.

  • UK Shareholding Report A Missed Opportunity For New Tech

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    The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.

  • Tools M&A Deal Makers Can Use To Bridge Valuation Gaps

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    As macroeconomic headwinds reset valuation expectations, parties to merger and acquisition are increasingly looking to methods such as earnouts, vendor financing and minority transactions to bridge the valuation gap and get deals done, says Philip Herbst at Cleary.

  • Navigating The Novel Challenges Facing The Legal Profession

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    The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.

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