Financial Services UK

  • February 09, 2024

    Visa, Mastercard Bid To Ax Retailers' Swipe Fees Class Action

    Visa and Mastercard told an appeals court on Friday that the antitrust tribunal should have dismissed proposed class actions accusing the credit card giants of unfairly imposing interchange rules on retailers.

  • February 09, 2024

    UK Insurers Agree To Pause Sales Of Asset Protection Cover

    The Financial Conduct Authority said on Friday that eight out of 10 providers of guaranteed asset protection insurance have stopped selling the product, after the watchdog warned that customers may be getting ripped off.

  • February 09, 2024

    UK Regulators Need 'Growth Mindset' Lloyd's Boss Says

    Financial watchdogs needed to change their mindset on international competitiveness in order to align with the U.K. government's plans for economic growth, the chair of Lloyd's of London said.

  • February 09, 2024

    Woodford Investors Get Court OK For £230M Redress Deal

    Investors in Neil Woodford's failed £3.7 billion ($4.6 billion) fund will get payment under a £230 million settlement scheme backed by the financial watchdog after the High Court signed off on the arrangement in a judgment published on Friday.

  • February 09, 2024

    Barclays Agrees To Buy Tesco Banking Unit For £600M

    Barclays said on Friday that it has agreed to buy the retail banking arm of the Tesco PLC supermarket chain for £600 million ($757 million) in a transaction in which it was guided by Hogan Lovells and Slaughter and May.

  • February 09, 2024

    FCA Sets Out Crime-Fighting Priorities For Finance Firms

    The finance watchdog has set out four priorities in its fight against financial crime as it emphasizes the damage caused by offenses such as money laundering, evading sanctions and terrorist financing.

  • February 08, 2024

    Plastics Manager Was Insider-Trading With Friend, FCA Says

    A former manager at a plastic packaging supplier and his friend used insider information of the company buying a rival for £261 million ($329 million) to make thousands in "unlawful profits," a Financial Conduct Authority prosecutor said at the opening of a trial Thursday.

  • February 08, 2024

    Bitcoin 'Inventor' Says He Is Victim Of Tampering

    The computer scientist being sued over his claims to have invented bitcoin said in court on Thursday that he has been framed by the family of a purported former business associate.

  • February 08, 2024

    Nordic Forex Bank's TM Opposition Gets Declined

    Nordic foreign exchange bureau Forex Bank lost its challenge to a trademark for "babaforex," as European intellectual property officials ruled that the word forex was not very distinctive.

  • February 08, 2024

    Pension Reform Needed To Plug Growing Savings Shortfall

    Only 40% of households with defined contribution schemes will have enough saved for a moderate standard of retirement living by 2040, an insurer has said, arguing that higher pension contributions could prevent a "bigger cost-of-living crisis" in the future.

  • February 08, 2024

    Pensions Regulator Boosts Data Gathering After Funds Crisis

    The Pensions Regulator has said it has bolstered its gathering of data from the U.K.'s retirement funds in the wake of the liability-driven investment sector crisis.

  • February 08, 2024

    FCA Urged By Industry To Boost Investment Research

    The Financial Conduct Authority should boost investment research by giving asset managers more choice in how to pay for it, helping to make U.K. finance more competitive, according to an organization representing City institutions.

  • February 08, 2024

    5 Questions For Hogan Lovells' Regulatory Expert Rachel Kent

    Capital markets are in decline, as London Stock Exchange data shows there are 20% fewer listed companies than five years ago — but the Financial Conduct Authority is about to reform its convoluted rules on investment research. Here, Rachel Kent of Hogan Lovells tells Law360 why those reforms have become more urgent.

  • February 08, 2024

    Russian Oligarch Usmanov Loses Bid To Lift EU Sanctions

    Russian oligarch Alisher Usmanov failed in his bid to remove sanctions imposed on him by the European Union, when the General Court affirmed the measures are justified and do not violate his fundamental rights.

  • February 08, 2024

    Fox Williams Hires Fintech Partner From Deloitte

    Fox Williams LLP has hired specialist tech and fintech partner Chris Hill to its London office from Deloitte Touche Tohmatsu Ltd.

  • February 08, 2024

    SocGen To Launch €280M Share Buyback Program

    Societe Generale said Thursday it plans to reward investors through a share buyback scheme worth around €280 million ($300 million), but also reported a sharp drop in profit in the final three months of 2023.

  • February 07, 2024

    Madagascar Official Tried 'Earning Life' In Gem Deal, Jury Told

    A former top aide to Madagascar's president on trial in London for bribery sought to line her pockets by demanding payments she claimed were necessary to secure mining rights for a U.K. gems company, a prosecutor told jurors Wednesday.

  • February 07, 2024

    Bank Shareholders Lose Claim Against Diamond's Atlas Mara

    A London court on Wednesday rejected claims from ex-shareholders of Finance Bank of Zambia that former Barclays PLC chief executive Bob Diamond's African financial services group breached a multimillion-dollar agreement to acquire the Zambian bank.

  • February 07, 2024

    Women Need Extra 19 Years In Work To Close Pension Gap

    Women in the U.K. would need to work for an additional 19 years on average to retire with the same amount of pension savings as a man, according to research published on Wednesday. 

  • February 07, 2024

    Fieldfisher Hires Arbitration Pro For New Amsterdam Practice

    Fieldfisher LLP has recruited a dispute resolution specialist from Pogust Goodhead to spearhead a new international arbitration practice it has launched in Amsterdam, as it continues to build out its disputes offering across Europe.

  • February 07, 2024

    City Regulator Warns It Cannot Fine Cloud Service Providers

    The Prudential Regulation Authority's senior leadership warned MPs on Wednesday that it will be unable to fine large third-party cloud service providers to banks and insurers like Google or Amazon Web Services under new powers.

  • February 07, 2024

    FCA's Insider Trading Case Built On Lies, Defense Says

    The Financial Conduct Authority's insider dealing case against a former Goldman Sachs banker is "as clear as mud" and prosecution witnesses lied on the stand, counsel for the banker said in closing submissions at his London criminal trial Wednesday.

  • February 07, 2024

    Privinvest Asks Court To Nix Immunity For Mozambican Prez

    Shipbuilding group Privinvest urged the Court of Appeal on Wednesday to overturn a decision to grant state immunity to the president of Mozambique in a battle over a $2 billion corruption scandal, saying that there is no absolute protection for heads of state in civil litigation.

  • February 07, 2024

    German Cum-Ex Trial Ends After €2.2M Profit Payback

    German prosecutors agreed to provisionally end a trial of an unnamed individual over a fraudulent tax refund scheme after he agreed to pay back €2.2 million ($2.4 million) in illegally gained profits, a court said Wednesday.

  • February 07, 2024

    SFO, FCA 'Failing To Punish' Top Execs For Corporate Crime

    Bosses at big companies are escaping punishment by Britain's corporate watchdogs, even though major fines have been levied on many of them for serious wrongdoing, a report published Wednesday has found.

Expert Analysis

  • New Policies Will Aid UK Cos. Accessing US Capital Markets

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    The U.K. government's recent adoption of regulations permitting the use of U.S. generally accepted accounting principles, and announcement of measures to remove a 1.5% tax on certain share issues and transfers, should help ensure that England remains an attractive holding company jurisdiction for companies seeking a listing on U.S. stock exchanges, say lawyers at Davis Polk.

  • Key Takeaways From ICO Report On Workforce Monitoring

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    The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.

  • Creating A Safe Workplace Goes Beyond DEI Compliance

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    The Financial Conduct Authority and Prudential Regulation Authority recently proposed a new diversity and inclusion regulatory framework to combat sexual harassment in the workplace, and companies should take this opportunity to holistically transform their culture to ensure zero tolerance for misconduct, says Vivek Dodd at Skillcast.

  • Asset Managers Should Prepare For Nature-Related Reporting

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    Although it is doubtful that the U.K. nature-related task force’s recent recommendations for mandatory nature reporting will come into effect imminently, it is likely that investors will begin to use them to assess risks and will request asset managers to shift capital flows to more sustainable outcomes, say lawyers at Macfarlanes.

  • What Justices' Cert. Denial Of Terrorism Suit Means For Banks

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    The U.S. Supreme Court's denial of certiorari in Freeman v. HSBC Holdings lets stand the Second Circuit's decision on the narrow scope of conspiracy liability under the Justice Against Sponsors of Terrorism Act, providing protection for banks that otherwise could have faced liability for finance activities with limited connections to third parties' unlawful acts, say attorneys at Sidley.

  • Firms Should Prepare For New DEI Reporting Requirements

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    While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.

  • What The UK Digital Markets Bill Will Mean For Businesses

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    The new investigatory and enforcement powers conferred by the U.K. Digital Markets, Competition and Consumers Bill mean that although businesses may be aware of their market status due to existing EU law, they should ensure they are mindful of the changes to consumer law and the implications for digital markets, says Richard Hugo at Burges Salmon.

  • 5 Takeaways From ICO's Biometric Recognition Guidance

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    Recent guidance from the U.K. Information Commissioner’s Office is a helpful reminder of key data protection principles and obligations stemming from the U.K. General Data Protection Regulation that organizations should consider when implementing biometric recognition technology, say lawyers at Dechert.

  • Shifting From Technical To Clear Insurance Contract Wordings

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    Recent developments on insurance policies, including the Financial Conduct Authority's new consumer duty, represent a major shift for insurers and highlight the importance of drafting policies that actively improve understanding, rather than shift the onus onto the end user, say Tamsin Hyland and Jonathan Charwat at RPC.

  • A Case For The Green Investment Regime Under The ECT

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    The EU and U.K.'s potential plans to exit the Energy Charter Treaty, which has been criticized as protecting fossil fuel investments to the detriment of energy transition, ignore the significant strides taken to modernize the treaty and its ability to promote investment in cleaner energy forms, say Amy Frey and Simon Maynard at King & Spalding.

  • Considerations For Fund Managers Seeking Retail Investment

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    With recent legal developments, including a revised Long Term Investment Funds Regulation effective in 2024, supporting the market trend of retailization, there are several practical considerations for alternative fund managers embarking on a European fundraise for retail capital, say Zac Mellor-Clark and Kate Downey at Fried Frank.

  • FDI Considerations For UK Venture Capital Transactions

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    With the U.K. National Security and Investment Act highlighting foreign direct investment matters for venture capital transactions, investors dealing with companies connected to the U.K. should be alive to how the act's requirements can affect deal timelines, structures and terms, say lawyers at Covington.

  • How Employers Can Support Neurodiversity In The Workplace

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    A recent run of cases emphasize employers' duties to make reasonable adjustments for neurodiverse employees under the Equalities Act, illustrating the importance of investing in staff education and listening to neurodivergent workers to improve recruitment, retention and productivity in the workplace, say Anna Henderson and Tim Leaver at Herbert Smith.

  • What The Anti-Coercion Instrument Will Bring To The EU

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    Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring discuss why the European Union recently adopted a report on the anti-coercion instrument to reform its trade legislation, how the instrument will be used to respond to unfair economic pressure from third countries, and how businesses can impact the EU's decision making.

  • Why FCA Crypto Rules Need To Align With UK Gov't Aims

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    There is a critical need for cryptocurrency regulations that protect consumers while supporting the government's aim to make the U.K. a crypto hub, but the Financial Conduct Authority’s recently effective rules on financial promotion of crypto-assets bring an unintended risk that legitimate firms will be driven out of the market, says Laura Navarathnam at the Crypto Council for Innovation.

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