Financial Services UK

  • February 06, 2024

    EU Securities Watchdog To Get New ESG Rating Powers

    The European Union's securities watchdog will gain new powers to regulate environmental, social and governance ratings providers under rules agreed by EU lawmakers.

  • February 06, 2024

    Burges Salmon Guides Insurance Co. In £72M Pension Deal

    DAS Insurance has offloaded £72 million ($90 million) of its employee pension liabilities to Canada Life, in a deal steered by Burges Salmon LLP.

  • February 06, 2024

    UBS Plans $1B Buyback In 2024 After Credit Suisse Deal

    UBS Group AG said Tuesday that it plans to resume its share buyback program by returning up to $1 billion to shareholders in 2024 after it fully absorbs Credit Suisse AG.

  • February 06, 2024

    PE-Funded Charity Beats Former Exec's Notice Pay Claim

    The former head of investor relations at a private equity-funded charity has lost his claim for notice pay after a tribunal ruled that the organization was not required to give him written notice of his dismissal.

  • February 05, 2024

    PE Firm Can't Revive Ex-Soccer Club Exec's Asset Freeze

    A London appeals court on Monday declined to restore a freezing order on the assets of a former director of Leeds United Football Club that was imposed in a dispute with a private equity firm, confirming the "nuclear" litigation option had already lapsed.

  • February 05, 2024

    Bitcoin 'Inventor' Accused Of Forgery On 'Industrial Scale'

    Bitcoin developers told a London court Monday that Australian computer scientist Craig Wright is lying and committing "forgery on an industrial scale" when he claims to be Satoshi Nakamoto, the pseudonymous inventor of the digital currency.

  • February 05, 2024

    Insurer Cuts Claim Against Cigna For Costs Of Missold PPI

    PA (GI) Ltd. has cut its £36.7 million ($46.1 million) claim against Cigna to recover the costs of dealing with missold payment protection insurance for healthcare cover, following a London court order that it cannot recoup costs for life-related insurance policies.

  • February 05, 2024

    Ex-Clifford Chance Lawyer Acquitted Of Insider Trading

    A former Clifford Chance solicitor has been cleared of insider trading charges after a London judge ruled that he had no case to answer in the Financial Conduct Authority's criminal prosecution, the watchdog said Monday.

  • February 05, 2024

    Pension Watchdog Warns Schemes After Capita Cyber Breach

    The U.K.'s retirement savings watchdog has asked pension trustees to report cyber incidents to it on a voluntary basis, in the wake of a data breach at one of the U.K.'s largest scheme administrators.

  • February 05, 2024

    EU Listing Act Could Drive Issuers Abroad, Industry Warns

    A European trade body for wholesale markets has warned that agreed new rules for companies listing shares on stock markets would set tight limits on disclosure in prospectuses, which could discourage companies from listing in Europe.

  • February 05, 2024

    Buyer Seeks £6.4M In Investment Scheme Franchise Feud

    The buyers of a property investment scheme have countersued its former owner for at least £6.4 million ($8 million), seeking to claw back losses they said they incurred as a result of his tricking them into buying an ailing business.

  • February 05, 2024

    UK Could Have To Raise Pension Age To 71, Study Warns

    The retirement age might have to rise to 71 in Britain by 2050 to maintain the number of workers per pensioner to sustain economic stability and the viability of pension systems, a specialist think tank said on Monday.

  • February 05, 2024

    Gov't Clarifies Pension Dashboard 'Deferral' Rules

    The U.K. government has published guidance setting out under which circumstances pension schemes can delay connecting to new online retirement savings portals.

  • February 05, 2024

    Confidence In Pensions Outlook Dips In UK, Studies Show

    Confidence in pensions and the overall outlook for retirement is declining in Britain, according to analysis published Monday, with concerns about allocated state payments in old age driving negative sentiment.

  • February 02, 2024

    Deloitte Consultant's Discrimination Claims Had 'No Evidence'

    Deloitte has successfully fought off a barrage of claims from a former senior consultant who resigned, after a tribunal ruled there was no evidence the consultant was constructively dismissed or discriminated against.

  • February 02, 2024

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

    This past week in London has seen Dentons sued by a former high-profile partner in Saudi Arabia, Jaguar Land Rover rev its engine in the intellectual property court against automotive company HaynesPro, and the Russian National Reinsurance Company tackle a settlement with BOC Aviation over stranded aircraft. Here, Law360 looks at these and other new claims in the U.K.

  • February 02, 2024

    Lawyer Struck Off Roll Over $14M US Tax Fraud Conviction

    A British lawyer who was convicted in the U.S. over a multimillion-dollar tax fraud was barred from practicing in England on Friday after a tribunal concluded that he was shown to have been dishonest.

  • February 02, 2024

    ED&F To Face £56M Trial Over Role In Danish Cum-Ex Fraud

    Denmark's £56 million ($70.7 million) claim against ED&F over its alleged role in a fraudulent tax refund scheme can head to trial, a London judge ruled Friday despite finding that the Danish tax authority could have raised its new case against the broker earlier.

  • 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. 

Expert Analysis

  • More UK Collective Actions On The Horizon After Forex Ruling

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    A U.K. appeals court's recent decision in Forex case Evans v. Barclays is likely to significantly widen the scope of opt-out collective proceedings that can be brought, paving the way for more class actions by prospective claimants who have previously been unable to bring individual claims, say Robin Henry and Tamara Davis at Collyer Bristow.

  • FCA Listing Reform Proposals Aim To Modernize UK Markets

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    The U.K. Financial Conduct Authority's recent proposals to reform listing rules will enhance equities while retaining protections and high governance standards, and will also make the capital markets work more efficiently and competitively with other global markets, say lawyers at Greenberg Traurig.

  • Takeaways From ICO's Action In NatWest Privacy Dispute

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    The U.K. Information Commissioner’s Office's latest intervention in the Nigel Farage NatWest Bank dispute highlights the importance of the legal responsibilities of all data processors in possession of sensitive information, and is a reminder that upholding bank customers' privacy rights is paramount, says James Kelliher at Keller Postman.

  • How The OECD Global Tax Proposal Could Affect M&A

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    Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.

  • How Russia Sanctions May Complicate Contract Obligations

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    Against the backdrop of recent comprehensive sanctions against Russia and Belarus, a review of recent U.K. case law clarifies that certain force majeure clauses likely cover trade sanctions, and that future litigation will further develop the scope of force majeure and frustration in the context of sanctions, says Frances Jenkins at Quillon Law.

  • New Guidance Offers Clarity For Charities On ESG Investing

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    The need for charities to understand investing in line with environmental, social and governance aspirations has never been more pressing, and recently updated U.K. Charity Commission guidance should give trustees confidence to make decisions that are right for their organization, says Robert Nieri at Shoosmiths.

  • US And EU Poised For Closer Ties In Tech Financial Market

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    The Consumer Financial Protection Bureau and the European Commission are both concerned about the challenges posed by the increasing digitalization of financial products, such as the use of AI and new forms of credit, and by working together, the two regulators can share information and best practices, says Yulia Makarova at Cooley.

  • FCA Case Failures Highlight Value Of Robust Investigation

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    The recent U.K. upper tribunal judgment in Seiler, Whitestone and Raitzin v. The Financial Conduct Authority, criticizing the regulator for accepting a narrative advanced by the firm, makes clear that such admissions must not get in the way of a proper investigation to enable agencies to target the correct individuals, say Tom Bushnell and Olivia Dwan at Hickman & Rose.

  • UK Shares-Tax Proposals Offer Long-Awaited Modernization

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    The U.K. government's recent consultation on the introduction of a new tax on transactions in securities raises detailed legal and practical issues, but the prospect of a single digital stamp tax offering both streamlined legislation and administration will be welcomed, say Zoë Arnautov and Mark Sheiham at Simmons & Simmons.

  • Directors Should Beware Reinvigorated UK Insolvency Service

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    The recent lengthy disqualification of Carillion directors serves as a salutary lesson to executives on the level of third-party scrutiny to which their actions may be exposed, and a reminder that the directors’ fiduciary duty to creditors is paramount once a company is irretrievably insolvent, says Ben Drew at Fladgate.

  • The New Accountability Landscape For Financial Regulators

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    The preliminary-stage success of a group of U.K. lawmakers in a case against the Financial Conduct Authority highlights the significant hurdles for review of regulatory actions, but the Financial Services and Markets Act 2023 creates additional visibility into the regulators' decision making, which may lead to an increase in judicial review activity, say attorneys at Cleary.

  • Director Responsibilities Amid Russian Asset Seizures

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    Following Russia's recent takeover of several companies, shareholders may argue that directors failed to properly guard the companies' assets and choose to bring derivative claims or unfair prejudice petitions, say lawyers at Collyer Bristow.

  • Investors Should Prepare For Possible EU Energy Treaty Exit

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    Following the European Commission’s recent call for the European Union and Euratom to withdraw from the Energy Charter Treaty, investors in the energy sector should assess the legal structure of their existing investments and consider restructuring to ensure adequate protections, says Philipp Kurek at Kirkland.

  • EU Raw Materials Initiative Vital For Sustainable Value Chains

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    The European Commission’s recent steps toward developing partnerships with the U.S. and Argentina to ensure a secure supply of critical raw materials are a welcome recognition of the importance of mining to the European Union's sustainable transition, say lawyers at Watson Farley.

  • UK Top Court Ruling Spells Uncertainty For Litigation Funders

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    The U.K. Supreme Court's recent decision in Paccar Inc. v. Competition Appeal Tribunal has called litigation funding agreements impermissible, causing astonishment in the legal industry and raising questions over how funders should now approach litigation, say Mohsin Patel at Factor Risk Management and Imran Benson at Hailsham Chambers.

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