Financial Services UK

  • February 02, 2024

    Developer's Claims To Be Bitcoin Inventor Face Key Test At Trial

    Australian computer scientist Craig Wright is set to open his case Monday in London court to prove he is Satoshi Nakamoto, the pseudonymous inventor of bitcoin. But he must head off accusations from developers that he is lying in order to stake his claim to the intellectual property behind the popular cryptocurrency.

  • February 02, 2024

    UK Labour Party Vows To Keep Corp. Tax Rate, Full Expensing

    The U.K.'s Labour Party is committed to keeping the government's corporate income tax rate at 25% and to keeping full capital expensing for businesses, party leaders told business executives at a conference in London.

  • February 02, 2024

    Denmark Sentences Brit Trader To 6 Years For Cum-Ex Fraud

    A British trader who defrauded the Danish treasury out of 320 million Danish kroner ($46.7 million) in a sham tax reclaim scheme was sentenced to six years in prison Friday, Danish prosecutors said.

  • February 02, 2024

    Gazprom Subsidiary Told To Halt Claim Proceedings In Russia

    A London appeals court on Friday granted an anti-suit injunction against a Gazprom joint venture, putting a halt to its €450 million ($488 million) claim in the Russian courts against UniCredit Bank AG for allegedly refusing to pay out under seven bond contracts.

  • February 02, 2024

    'Unprecedented' Year Ahead For UK Pension Risk Transfers

    The year ahead is poised to be one of "unprecedented change" for the U.K. pension risk transfer market, a consultancy has said, predicting more competition among insurers and increasing value of deals.

  • February 02, 2024

    Mishcon Partner Says Bitcoin Property Buy Made Him Uneasy

    A Mishcon de Reya partner testified on Friday that he grew "increasingly uncomfortable" with shifting answers from a Chinese-British woman trying to buy a mansion about where her bitcoin, laundered from a £5 billion ($6.3 billion) fraud, originated.

  • February 02, 2024

    EU Watchdog Warns Of High Level Of Pensions Risk Exposure

    The European Union's pensions watchdog has warned that workplace pension schemes are exposed to high risks on market and asset returns, due to highly volatile bond markets. 

  • February 02, 2024

    Pension Schemes Still Behind On Watchdog Code Prep

    One quarter of defined benefit retirement saving schemes have not yet analyzed how they fall short of the requirements mapped out in the pension watchdog's new code of practice due to take effect next month, WTW said Friday.

  • February 02, 2024

    Quality Of Financial Reporting Still Mixed, Watchdog Says

    The U.K.'s largest private companies still need to improve the quality of their financial reporting, especially for risk management, according to a review by Britain's accounting watchdog.

  • February 02, 2024

    Putin Ally Charged With Breaching UK Sanctions On Russia

    A Russian oligarch and alleged ally of President Vladimir Putin is believed to be the first person charged in the U.K. with breaching Russian sanctions following his arrest on money laundering charges.

  • February 02, 2024

    Danske Bank Launches $800M Share Buyback

    Denmark's largest bank Danske Bank A/S said on Friday it plans to buy back stock worth up to 5.5 billion Danish kroner ($800 million) as it looks to reduce its share capital.

  • February 02, 2024

    HgCapital Trust To Invest £44M In German Insurance Broker

    U.K. investment company HgCapital Trust PLC said Friday that it will invest £44.2 million ($56.4 million) in German insurance brokerage platform GGW Group to help it grow.

  • February 01, 2024

    Accounting Watchdog Flags Barriers To Entry For Audit Firms

    Britain's accounting regulator said Thursday that the audit market still has steep barriers to entry, holding back the level of competition and choice in the sector.

  • February 01, 2024

    Lawyer Convicted Of Tax Fraud Can't Halt Disciplinary Case

    An English tribunal refused Thursday to throw out a disciplinary case against a lawyer over his conviction for tax fraud in the U.S., rejecting his argument that it couldn't hear his case because he wasn't a registered solicitor at the time.

  • February 01, 2024

    EU Leaders Slow Plan To Use Frozen Russian Assets

    European Union leaders reined in the bloc's rush to use frozen and immobilized Russian state assets for the reconstruction of Ukraine, as leaders from Germany, France and Italy called for caution Thursday.

  • February 01, 2024

    Greenwashing Risk Hurting ESG Funds, EU Watchdog Says

    Europe's financial markets watchdog has warned that greenwashing risks are hurting the growth of environmental, social and corporate governance funds, potentially damaging investor confidence.

  • February 01, 2024

    Duet Group Co-Founder Gets Nearly 5-Year Cum-Ex Sentence

    The co-founder of the London-based Duet Group investment firm received a nearly five-year jail sentence for crimes related to so-called cum-ex activities following a trial in Germany, a person familiar with the verdict confirmed to Law360 on Thursday.

  • February 01, 2024

    EU Plans Closer Scrutiny Of BigTech Financial Services

    European Union financial regulators on Thursday revealed plans to create a data mapping tool available for all regulatory bodies of member states that will monitor the major tech companies' activities in financial services.

  • February 01, 2024

    Labour To Take Forward Mansion House Pension Reforms

    The Labour Party appears likely to continue with the current policy trajectory for pension plans to invest to a greater extent in the U.K. economy if it wins the election, in a move experts said would offer stability to the sector.

  • February 01, 2024

    Gov't To Navigate 'Regulatory Arbitrage' With Superfund Laws

    Any future legislation on so-called pension superfunds will be drafted in a way that ensures that the emerging sector does not have an unfair advantage over insurance companies, the government has said.

  • February 01, 2024

    Switzerland Floats Plan To Curb Nature-Related Financial Risk

    Switzerland's finance watchdog launched plans on Thursday that it said would improve how banks and insurers in the country manage financial risks related to nature and strengthen their resilience to those challenges.

  • February 01, 2024

    Car Leasing Directors In Court For £88M SFO Fraud Case

    Two directors of a failed car leasing group made their initial court appearance in London on Thursday to face charges brought by the Serious Fraud Office after they allegedly left investors £88 million ($111 million) out of pocket.

  • February 01, 2024

    Austrian Lender BAWAG Buys Dutch Online Bank For €510M

    Austria's BAWAG Group AG said Thursday that it will buy a Dutch online bank from ASR Nederland NV, an insurer, for €510 million ($550 million) in a move to expand its retail and small business banking services in Europe.

  • January 31, 2024

    FCA Warns Firms Against False Price, Trade Messaging

    The Financial Conduct Authority has warned companies to take steps to prevent the communication of false prices or trades in securities to investors, which could cause potential financial harm.

  • January 31, 2024

    FCA Tells MPs It Will Intervene On Cash Access Failings

    The Financial Conduct Authority told MPs on Wednesday that if banks close branches now without leaving customers access to cash, it will take retrospective action under new powers it receives later this year.

Expert Analysis

  • Recent Trends In European ESG-Related Shareholder Activism

    Author Photo

    New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.

  • Audit Regulator Review Has Tips On Climate Metric Reporting

    Author Photo

    The U.K. Financial Reporting Council’s recent review of climate-related metrics and targets in listed companies’ annual reports is an extremely useful guide for issuers considering the quality of their disclosure reporting, with a number of key areas identified as central to further improvement, say lawyers at Bryan Cave.

  • What Russia Case Reveals About UK Sanctions Enforcement

    Author Photo

    The Office of Financial Sanctions Implementation recently issued its first enforcement action under the U.K.'s expanded Russia sanctions against a relatively small company for a moderately severe breach — a decision that highlights several questions about the watchdog’s purpose and methods, say Maia Cohen-Lask and Tasha Benkhadra at Corker Binning.

  • Breaking Down The UK's Draft Updates To Prospectus Regime

    While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.

  • Italy's Bank-Profits Tax Plan May Become Model For Eurozone

    Author Photo

    If Italy's recently proposed 40% bank-profits tax helps keep its populist coalition government in power, notwithstanding the European Central Bank's legal challenges, the passage could spark a windfall tax trend across the eurozone and even in the U.K., says Cris Cicala at Stinson.

  • Bitcoin Case Highlights Advanced Age Of UK's IP Law

    Author Photo

    An appellate court's recent decision in a case involving the copyright of bitcoin's file format emphasizes the role of copyright protection in software, and also the challenges of applying decades-old laws to new technologies, say Marianna Foerg and Ben Bell at Potter Clarkson.

  • Accountability Is Key To Preventing Miscarriages Of Justice

    Author Photo

    The wrongful conviction of Andrew Malkinson and other recent cases show that in order to avoid future miscarriages of justice, there needs to be a fundamental reevaluation of how investigators, prosecutors and the Criminal Cases Review Commission operate, prioritizing stronger penalties and increased funding, say Thomas Walford at Expert Evidence International and policy analyst Gerald Frost.

  • 4 Compliance Considerations Under FCA Consumer Duty

    Author Photo

    Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.

  • What Could Come Of CFPB, EU Consumer Finance Collab

    Author Photo

    A recent joint statement from the European Commission and Consumer Financial Protection Bureau focused on how technology is affecting consumers of financial services, potentially recognizing that legal protections are lacking because tech regulations lag behind its development, say attorneys at DLA Piper.

  • 6 Key Factors For Successful Cross-Border Dispute Mediation

    Author Photo

    The European landscape of cross-border disputes diverges markedly from the U.S. experience and presents unique challenges, including the amalgamation of diverse cultures and legal systems, but there are several practical steps that practitioners can take to effectively navigate the process, says Peter Kamminga at JAMS.

  • Operational Resilience Considerations In Financial Services

    Author Photo

    A recent letter from the Financial Conduct Authority reminds CEOs of U.K. wholesale banks of their role in the safety and soundness of markets, but all firms can draw lessons and consider their own operational resilience for longer-term security and commercial benefit, says Richard Tall at Faegre Drinker.

  • UK Tech Cases Warn Of Liability Clause Drafting Pitfalls

    Author Photo

    The recent U.K. High Court cases Drax Energy Solutions v. Wipro and EE v. Virgin Mobile Telecoms indicate a more literal judicial approach to construing limitations of liability, even when this significantly limits a claimant's recoverable damages, highlighting the importance of carefully drafted liability provisions, say Helen Armstrong and Tania Williams at RPC.

  • How The UK Investment Screening Regime Is Taking Shape

    Author Photo

    A recent order imposing remedies on an acquisition by EDF Energy highlights emerging trends in the U.K. government's national security reviews of transactions under the U.K. National Security and Investment Act, and shows how the U.K. remedy landscape compares to the U.S. regime, say lawyers at Arnold & Porter.

  • Consultations Underpin Mandatory Fraud Victim Repayment

    Author Photo

    The U.K. Payment Systems Regulator’s recent consultations on authorized push payment fraud reinforce its June policy expectation, which said that unless there is evidence of gross negligence and the consumer standard of caution has not been followed, providers must reimburse fraud victims, say lawyers at Hogan Lovells.

  • Swiss Privacy Law Reforms Present Divergences From GDPR

    Author Photo

    The differences between Switzerland’s recently reformed Federal Act on Data Protection and the EU's General Data Protection Regulation, particularly around data breach reporting and the liability of company officers, will need to be carefully managed by multinationals that may have competing obligations under different laws, say Kim Roberts and Vanessa Alarcon Duvanel at King & Spalding.

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!