Financial Services UK

  • 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.

  • February 13, 2024

    Former LC&F Exec Fined, Banned Over Misleading Ads

    The Financial Conduct Authority said Tuesday that it has fined and banned a former director at London Capital & Finance PLC from working in financial services after he recklessly oversaw scores of financial promotions that left investors out of pocket.

  • February 13, 2024

    LSE Faces 2 More Delistings Amid Exodus Concerns

    The board of German travel giant TUI urged shareholders on Tuesday to vote in favor of taking its listing off the London exchange as a consumer brands group signaled that it also plans to join an exodus of companies from the U.K. market.

  • February 12, 2024

    'More Dawn Raids,' New SFO Chief To Promise In 1st Speech

    A "bolder" Serious Fraud Office will act faster and conduct more dawn raids, but be unafraid of closing investigations where charges appear unlikely, the anti-graft agency's new director will say Tuesday as part of his first public speech setting out his vision.

  • February 12, 2024

    Madagascar Official Had 'To Be Paid' For Gem Deal, Jury Hears

    A former top aide to Madagascar's president who is accused of seeking bribes to secure mining rights for a U.K. company told an undercover officer posing as a company representative that she needed "to be paid," according to a recording played at the former aide's trial Monday.

  • February 12, 2024

    Proskauer Hires Sidley Austin's Funds Head In London

    Proskauer Rose LLP has brought aboard a new partner with years of experience at the helm of Sidley Austin LLP's investment funds practice, to co-lead its global credit funds and sovereign wealth funds initiatives.

  • February 12, 2024

    Danish Lender Spar Nord Kicks Off $72M Share Buyback

    Spar Nord Bank AS launched on Monday a share repurchase program worth up to 500 million Danish kroner ($72 million) aimed at lowering its outstanding share capital, after raking in bumper profits.

  • February 12, 2024

    UK Gov't Pushed To Reform Audit As Delays Cause Delistings

    A governance trade body has urged the government to proceed with abandoned audit reform proposals, claiming the delays have led to companies delisting from the London Stock Exchange.

  • February 12, 2024

    FCA Tells Firms To Bear Brunt Of Policing Financial Crime

    The City watchdog has said that companies must tackle financial crime by giving it better data that could lead to assertive supervision and enforcement action. But lawyers have told Law360 that this would put an even greater cost burden on companies.

  • February 12, 2024

    Pension Reform Key For UK Savings Shortfall, Report Says

    Allowing workers to access some of their pension pots before retirement as well as increasing savings contributions could support scores of Britons who do not have enough saved for immediate challenges or for later life, a think tank said Monday.

  • February 12, 2024

    Reporting Rules For Russia Sanctions Get UK Update

    Businesses in Britain have to tell the country's authorities whether they are holding any cash or other assets for Russian financial and state institutions under new rules announced Monday.

  • February 12, 2024

    'Mastermind' Fraudster Who Stole £12M Gets 5 Years' Prison

    A man has been sentenced to five years imprisonment for defrauding victims out of more than £12 million ($15 million) through high-pressure telesales of bogus investment products, City of London Police has said.

  • February 09, 2024

    2nd Circ. Revives Investors' Mexican Bond-Rigging Claims

    The Second Circuit on Friday reinstated U.S. investor claims accusing major banks of a yearslong collusion to rig Mexican government bond prices, saying a New York district court wrongly found it didn't have jurisdiction over the matter.

  • February 09, 2024

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

    This past week in London has seen a Saudi Arabian property investor file legal action against RLS Solicitors, Aspire Pharma and Bayer Intellectual Property tackle a patent dispute, the owners of soccer club West Ham United FC raise a red card against E20 Stadium LLP with a commercial fraud action, and accountants BDO file another commercial claim against the managing directors of KGJ Insurance Services. Here, Law360 looks at these and other new claims in the U.K.

  • February 09, 2024

    Simmons & Simmons Adds Debt Capital Markets Pro

    Simmons & Simmons has recruited a retail bonds specialist from Linklaters, in a move which the firm said will strengthen its debt capital markets practice in London.

  • February 09, 2024

    UK Gov't Audit Backlog Plan Gets Watchdog Support

    The government has floated plans that would mandate local government bodies to publish audit accounts by a statutory deadline in a bid to clear a "concerning backlog" that Britain's accounting watchdog says undermines the sector.

Expert Analysis

  • 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.

  • Deal Over Jets Stranded In Russia May Serve As Blueprint

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    In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.

  • Economic Crime Act Brings Changes For Limited Partnerships

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    The recently passed Economic Crime Act introduces significant financial transparency obligations for new and existing U.K. limited partnerships, and with criminal consequences for noncompliance, a degree of advance consideration is strongly advised, say Amelia Stawpert and Alex Jones at Hogan Lovells.

  • ESMA Report Offers A Glimpse At EU's Securitization Future

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    The European Securities and Markets Authority’s recent overview of the EU securitization sector suggests a growing market for both investors and businesses and offers useful insight into future regulatory priorities, says Alan Bunbury at Matheson.

  • What The Auto-Enrollment Law Means For UK Workforce

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    In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.

  • UAE Bank Case Offers Lessons On Enforcing Foreign Rulings

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    The High Court recently clarified in Invest Bank v. El-Husseini that foreign judgment debts may be enforceable in England, despite being unenforceable in their jurisdiction of origin, which should remind practitioners that foreign judgments will be recognized in England if they are final and conclusive in their court of origin, say lawyers at Macfarlanes.

  • Revised OECD Guidelines Key In Shaping Business Standards

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    The OECD’s recent revised guidelines on responsible business conduct, supported by a domestic government agencies’ grievance referral mechanism, have already influenced EU due diligence standards, and enterprises engaging in the unique procedure will benefit from case-specific nuances, parallel proceedings and the availability of confidentiality protections, say lawyers at Debevoise.

  • Libor Fallback To Prime May Increase Corporate Loan Costs

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    Despite preparations and legislative actions related to the transition away from Libor earlier this year, there remains a contingent of corporate borrowers that have fallen through the cracks and could face increased costs if their loans default to prime rates, say Nathan Moore and Dana Bradley at WilmerHale.

  • Report Can Aid With Sustainable Finance Disclosure Filings

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    The European Supervisory Authorities recently issued a report on companies' consideration of the principal adverse impacts of their investment decisions on sustainability factors, providing examples of good and bad disclosure practices under the Sustainable Finance Disclosure Regulation, which firms should note in their future reporting, say lawyers at Debevoise.

  • Protecting The Arbitral Process In Russia-Related Disputes

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    Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.

  • Audit Reform Takeaways After Record KPMG Fine

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    The Financial Reporting Council’s recent £21 million fine against KPMG for its Carillion audit work failures is representative of the agency’s increasing proactivity in policing audit quality, and brings to light the U.K. government’s slow-moving but ongoing efforts to majorly reform audit sector regulations, says Paul Brehony at Signature Litigation.

  • RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'

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    A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.

  • Putin Ruling May Have Unintended Sanctions Consequences

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    By widening the scope of control, the Court of Appeal's recent judgment in Mints v. PJSC opens the possibility that everything in Russia could be deemed to be controlled by President Vladimir Putin, which would significantly expand the U.K.'s sanctions regime in unintended ways, say attorneys at Greenberg Traurig.

  • Navigating The New Framework On Nature-Related Reporting

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    The Taskforce on Nature-related Financial Disclosures’ recently published disclosure framework represents a significant step toward the coalescence of nature-related disclosure standards for corporates and financial institutions, and has the potential to influence investor expectations and future regulation, say lawyers at Kirkland.

  • FCA Engagement Signals New Direction In ESG Disclosures

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    The Financial Conduct Authority recently published a response to a consultation on sustainability-related standards, highlighting the regulator's priorities for the U.K.'s green transition, including an early indication that it may turn its attention to nature-based disclosures, say Ferdisha Snagg and Andreas Wildner at Cleary.

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