Financial Services UK

  • July 11, 2024

    Ex-Autonomy CFO Formally Banned After Conviction

    The U.K. audit watchdog said on Thursday that it has formalized its 20-year exclusion from the accountants' professional body of the chief financial officer of software company Autonomy after he was convicted of fraud and securities offenses in the U.S.  

  • July 11, 2024

    FCA Overhauls Share Listing Rules To Boost LSE

    The Financial Conduct Authority unveiled a "significant" revamp of its share listings regime on Thursday, a move to help the London Stock Exchange provide corporate financing and stay competitive with other global financial centers. 

  • July 10, 2024

    Deutsche Bank Settles Ex-Trader's Malicious Prosecution Suit

    Deutsche Bank has settled a lawsuit brought by a former trader who claimed the bank scapegoated him when the U.S. Department of Justice began an investigation into suspected interest rate rigging, according to a Wednesday filing in New York federal court.

  • July 10, 2024

    HMRC, CPS Beat Financier's Claim Over Botched Prosecution

    HM Revenue and Customs and the Crown Prosecution Service have beaten claims of malicious prosecution and misfeasance in public office by a corporate financier following a failed criminal fraud case, with a judge finding that they had enough evidence to pursue him.

  • July 10, 2024

    FCA Beats Applicant's Claim Over Noise Aversion Condition

    The Financial Conduct Authority did not fail to accommodate a job applicant with a sound sensitivity condition, an employment tribunal has ruled after finding the agency did everything it could to mitigate her condition.

  • July 10, 2024

    UK Prosecutors Secure 1st Monero Crypto Payout

    A drug dealer has paid back £15,000 ($19,200) of his illegal profits by surrendering his Monero cryptocurrency to a U.K. government agency, the first time the coin has been sold off in a Crown Prosecution Service case.

  • July 10, 2024

    Citi Rebuked Over Botched Misconduct Probe Into Trader

    A decision by Citigroup to fire a trader amid allegations that he had given misleading updates on deals was unfair because its probe was plagued by delays and led to an unreasonable finding of gross misconduct, a tribunal has ruled.

  • July 10, 2024

    Gov't Appoints Minister For Both Treasury And DWP

    The new Labour government has appointed a minister spanning HM Treasury and the Department for Work and Pensions, a move that analysts said could indicate a more joined-up approach to pensions policy.

  • July 10, 2024

    Finance Co. Can't Escape Liability In £1.7M Failed Investments

    A finance company has failed to duck liability for botched property investments worth approximately £1.7 million ($2.2 million) as a London appeals court found the firm had accepted responsibility for another business to arrange the deals.

  • July 10, 2024

    PE Biz TowerBrook Bids £253M For Payments Platform Co.

    Private equity shop TowerBrook Capital Partners LP has made an improved cash offer of £253 million ($325 million) for Equals Group PLC, the British financial technology company said Wednesday after it put itself up for sale.

  • July 09, 2024

    Hedge Fund Says Nickel Pause Was 'Regulatory Overreaction'

    A U.S. hedge fund on Tuesday sought to revive its claim against the London Metal Exchange over the market's decision to cancel over $12 billion in nickel trades, arguing that the exchange never had the power to do so.

  • July 09, 2024

    Labour Gov't Plans Investment-Boosting National Wealth Fund

    The U.K. Treasury on Tuesday detailed plans to create a National Wealth Fund worth £7.3 billion ($9.3 billion) to boost private investment in energy and infrastructure, part of the new Labour government's plans to stimulate economic growth.

  • July 09, 2024

    Global Standard Setter Guides Firms On Third-Party Risk

    A global banking standard setter on Tuesday proposed new principles to guide banks and regulators on how to manage and supervise risks from services increasingly outsourced to external organizations due to technology growth.

  • July 09, 2024

    MHA MacIntyre Hudson, 2 Ex-Staff Fined For Audit Failures

    Britain's accounting watchdog on Tuesday said it had fined MHA MacIntyre Hudson LLP and two of its former employees for "numerous breaches" in the audits of a subsidiary of commodities business Monaco Resources Group.

  • July 09, 2024

    Malaysian Investor Fights To Block €36M Claim At Top Court

    A Malaysian businessman urged the U.K.'s top court on Tuesday to rule that a creditor should be blocked from bringing a €36 million ($39 million) claim against him because it already won a declaration in an earlier action pursuing the debts. 

  • July 09, 2024

    Pensions Bill Unlikely In King's Speech, Aegon Says

    Sweeping pension reform is unlikely to be included in the first King's Speech under Keir Starmer's newly elected government, pensions provider Aegon said Tuesday as it predicted that existing changes in retirement savings policy might take center stage.

  • July 09, 2024

    FCA To Require Criminal Record Checks On New Firm Owners

    The Financial Conduct Authority has proposed to require owners and controllers of financial firms applying for authorization to obtain criminal background checks.

  • July 09, 2024

    Ex-Pensions Minister Timms Returns To DWP In New Gov't

    Former pensions minister Stephen Timms has returned to the Department for Work and Pensions in the new Labour government, the ministry has said. 

  • July 09, 2024

    BBC Rebuffed In Effort To Cut Costs Of £20B Pension Scheme

    An attempt by the British Broadcasting Corp. to reduce benefits for employees enrolled in its £19.8 billion ($25.4 billion) pension scheme has been rebuffed as the Court of Appeal ruled in favor of members on Tuesday.

  • July 09, 2024

    Thomas Cook Creditors To Get Back £280M After Asset Sale

    Creditors of Thomas Cook will receive a total of £280 million ($358 million) before the end of September after the senior civil servant overseeing the liquidation sold all available assets owned by the collapsed travel giant, according to the Insolvency Service.

  • July 08, 2024

    FX Fund Says Investments Wiped Out By Legit Trading Losses

    An investment fund that lost a client's money trading on the foreign exchange market has denied running a scam, claiming it owes the investor nothing because the losses were part of normal day-to-day trading.

  • July 08, 2024

    Trader Denies Knowingly Making False Cum-Ex Trades

    A British trader who has been convicted of defrauding Denmark in a sham tax reclaim scheme on Monday testified before a London court that he did not knowingly make false trades in order to make fraudulent tax refund applications, in a landmark £1.4 billion ($1.8 billion) trial.

  • July 08, 2024

    Council's Whistleblowing Investment Head Unfairly Sacked

    An English city council official has won his whistleblowing detriment and unfair dismissal claim against his former employer after he was fired for conduct unrelated to his concerns that a fellow director encouraged a contractor to bring legal action against the council.

  • July 08, 2024

    Audit Watchdog Creates New Monitoring, Digital Functions

    Britain's accounting watchdog said Monday it will create two new market functions to support enforcement and supervision as well as digital reporting, driving U.K. growth as part of its response to earlier government-led criticisms.

  • July 08, 2024

    Reeves Sets Out Plans For Pensions Investing, Fiscal Review

    HM Treasury will work to direct pensions investment to British businesses, create a national wealth fund and conduct a fiscal review into government finances, Rachel Reeves said in her first public speech as chancellor on Monday.

Expert Analysis

  • Assessing The Energy Act 2023, Eight Months On

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    Although much of the detail required to fully implement the Energy Act 2023 remains to be finalized, the scale of change in the energy sector is unprecedented, and with the U.K. prioritizing achieving net-zero, it is likely that developments will continue at pace, say lawyers at Paul Hastings.

  • Opinion

    Why Timing Makes UK Libor Judgments Controversial

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    The recent U.K. Court of Appeal decision in the R v. Hayes and Palombo appeal against Libor convictions demonstrates that had U.K. regulators probed with the facts known today, civil claims in all jurisdictions would be dismissed and a decadelong wasted investigation should be put to rest, says Charles Kuhn at Clyde & Co.

  • Tips For Orgs Using NDAs In Light Of New UK Legislation

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    The recent passage of the Victims and Prisoners Act follows a crackdown on the misuse of nondisclosure agreements, but although NDAs are not prohibited and regulators recognize their legitimate justification, organizations relying on them must be able to clearly explain that justification if challenged, say attorneys at Macfarlanes.

  • What Alternative Fuel Proposals Mean For EU Infrastructure

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    The European Union’s proposed Alternative Fuels Infrastructure Facility, covering activities in the transport sectors supporting the decarbonization process, sets ambitious standards regarding the deployment of adequate supply infrastructure and offers new funding opportunities for port operators and shipowners, says Christian Bauer at Watson Farley.

  • Continuation Funds: What You Need To Know

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    As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.

  • EU Anti-Greenwashing Guide Analyzed For Fund Managers

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    Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.

  • FCA 'Finfluencer' Trial Exposes Social Media Promo Risks

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    The upcoming Financial Conduct Authority prosecution of nine individuals for Financial Services and Markets Act 2000 violations is the first time an online influencer will be tried for using social media to promote investments, demonstrating the need to be wary of the specific legal requirements surrounding financial product promotion, says David Claxton at Red Lion.

  • A Look At US-EU Consumer Finance Talks' Slow First Steps

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    The unhurried and informal nature of planned discussions between the U.S. Consumer Financial Protection Bureau and the European commissioner for justice and consumer protection suggests any coordinated regulatory action on issues like AI and "buy now, pay later" services is still a ways off, say attorneys at DLA Piper.

  • FCA Doubles Down On New Priorities With Target ID Plan

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    Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.

  • Examining Senior Managers' Accountability For AI Use

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    With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.

  • FCA Brokerage Changes Offer Asset Managers Wider Options

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    The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.

  • What Cos. Should Know About The EU Greenwashing Rules

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    The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.

  • Sanctions Ruling Opens Door For Enforcer To Clear Up Rules

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    In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.

  • 'Debanking' Complaints Highlight Need For Flexibility In AML

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    The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.

  • Mitigating Incarceration's Impacts On Foreign Nationals

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    Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.

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