Financial Services UK

  • July 04, 2024

    Emirati Scrap Metal Sellers Lied To Secure $45M Loan

    A Dubai shipping broker and his son made false and fraudulent representations when they secured a $45 million loan arrangement from a Norwegian security agent and other lenders, a London court has ruled.

  • July 04, 2024

    Insurers Disadvantaged By EU Sustainability Reporting Rules

    European insurers have warned that bloc-wide rules on sustainability reporting for the sector are incomplete and inconsistent, meaning they are not reliable for investors.

  • July 04, 2024

    Briton Wins Bid To Challenge $99M Wine Fraud Extradition

    A British businessman accused of defrauding investors out of $99 million by persuading them to make interest-bearing loans using valuable wine collections as collateral won a chance on Thursday to challenge his extradition to the U.S.

  • July 04, 2024

    Pension Deals Market 'Driven By Transactions Under £100M'

    The record number of pension deals in the U.K. last year was driven primarily by smaller transactions of less than £100 million ($127.6 million), a consultancy has said.

  • July 04, 2024

    London IPO Market Gaining Momentum, EY Study Finds

    The London Stock Exchange attracted eight companies to take a listing in the first sixth months of 2024, raising a total of £513.8 million ($655.3 million), EY has said, signaling that the IPO market is gaining some momentum after a challenging couple of years.

  • July 04, 2024

    Barclays Sells €4.7B German Consumer Biz To Austrian Bank

    Barclays PLC said Thursday that it will sell its €4.7 billion ($5.1 billion) German consumer finance business to Austrian lender BAWAG as the British bank moves to simplify its operations.

  • July 03, 2024

    Ukraine Bank Slams Stay Request In $1.1B Suit Against Russia

    A Ukrainian bank is challenging the Russian Federation's bid to stay litigation to enforce a $1.1 billion arbitral award against the Kremlin pending efforts to annul the award in France, saying Russia's argument involves a string of contingencies that a D.C. federal judge should not entertain.

  • July 03, 2024

    M&G Lands £309M Pension Deal For Machinery Co.

    A subsidiary of finance and insurance company M&G PLC has taken on £309 million ($394.3 million) worth of pension liabilities from a scheme sponsored by machinery manufacturer NSK, in a deal guided by Shoosmiths, CMS and Hogan Lovells.

  • July 03, 2024

    PIC Seals £1.2B 2nd TotalEnergies UK Pension Plan Buy-in

    Pension Insurance Corporation PLC on Wednesday concluded a £1.2 billion ($1.5 billion) second buy-in with the trustee of TotalEnergies UK Pension Plan, a deal considered the largest completed pension scheme buy-in thus far this year, according to an announcement by PIC.

  • July 03, 2024

    Credit Suisse Units Fined $19.5M For South Korea Breaches

    South Korea's financial services watchdog said Wednesday it has fined two subsidiaries of the Credit Suisse group, which was absorbed by UBS in 2023, a record total of 27.17 billion South Korean won ($19.5 million) for breaching short selling rules.

  • July 03, 2024

    WTW Launches Insurance Policy For Asset Managers

    WTW has launched a new policy designed to provide a single comprehensive cover for asset managers rather than traditional insurance options that often require multiple policies.

  • July 03, 2024

    Financial Intel Biz Buys Abrdn's Compliance Unit For £14.6M

    Financial data intelligence provider Fintel said Wednesday that it has acquired Threesixty Services, a business support company, from British investment giant Abrdn for £14.6 million ($18.5 million) to boost its portfolio.

  • July 02, 2024

    Gambling Biz Settles €273M Buyout Dispute With Financier

    Gambling hall operator MaxBet has settled a host of international legal disputes with Luxembourg-based financial holdings company Maximus stemming from a deal for Maximus to purchase various MaxBet-owned businesses that went south, lawyers for MaxBet told Law360 on Tuesday.

  • July 02, 2024

    £8.5M Property Deal Said To Defraud Creditors In Debt Row

    A British Virgin Islands-registered company has asked a London court to declare that the transfer of an estimated £8.5 million ($10.8 million) property by one of its debtors was done to intentionally hinder the company's chances to reclaim the money it is allegedly owed.

  • July 02, 2024

    Worldpay Faces Demand For Client Info In Alleged FX Fraud

    An architecture firm has asked a London court to order merchant service provider Worldpay to hand over a virtual ledger of one of its customer's accounts in an attempt to track down $1.17 million allegedly missing in a forex broker fraud.

  • July 02, 2024

    EU Watchdog Requires Regulatory Liaison On Insurer Moves

    The European Union's insurance watchdog has published ground rules for regulators from departure and destination countries of insurers relocating within the bloc to engage actively and clearly.

  • July 09, 2024

    Latham Hires Finance Trio In London From Cahill Gordon

    Latham & Watkins LLP has recruited a trio of partners from Cahill Gordon & Reindel LLP as it continues to grow its banking practice in London.

  • July 09, 2024

    Lawrence Stephens Hires 2 Directors From Rosling King

    Ann Ebberson and Alex Edwards have joined Lawrence Stephens Ltd. from Rosling King LLP as directors on the real estate finance and banking teams.

  • July 02, 2024

    FCA Approves PE Firm's £432M Bid For Wealth Manager

    Wealth management firm Mattioli Woods said Monday that the U.K.'s financial regulator has given a green light to its approximately £432 million ($546 million) acquisition by London private equity firm Pollen Street Capital.

  • July 02, 2024

    City Body Calls For Digital Gilt To Boost Retail Investing

    Britain's leading financial services trade body called Tuesday for a U.K. digital gilt to encourage retail investors, in a set of briefing papers aiming to improve competitiveness of capital markets.

  • July 02, 2024

    Liechtenstein Bank To Buy Austria's Kantonalbank

    Liechtensteinische Landesbank AG, a Liechtenstein-based lender known as LLB, said Tuesday that it agreed to buy Austrian bank Zürcher Kantonalbank Österreich AG in an all-cash deal. The purchase price was not disclosed.

  • July 02, 2024

    Just Group Lands £260M Aviation Co. Pension Deal

    Insurer Just Group on Tuesday announced it has taken on £260 million ($328.7 million) worth of pension liabilities from a retirement savings plan sponsored by aviation company John Menzies Ltd., in a deal guided by Brodies LLP and Gowling WLG.

  • July 02, 2024

    HSBC Beats Former Risk Chief's Race Bias Case

    HSBC has dodged claims of discrimination and unfair dismissal from a former financial risk chief after the High Street bank proved that it let him go because his role had become redundant, convincing a tribunal that race played no part in the decision.

  • July 01, 2024

    Accountant Loses Employee Status Bid In Partnership Fight

    A tax accountant has failed to convince an appeals tribunal that he was an employee at the time of his dismissal, because despite a "shambolic" transition and lack of a written agreement, the genuine intention was to promote him to partner.

  • July 01, 2024

    Global Group Tells Banks To Report Suspected Crime Better

    A global banking group for combating financial crime warned Monday that banks should improve the quality of suspicious activity reports to make them more useful to law enforcement and cutting current over-reporting.

Expert Analysis

  • Breaking Down The New UK Pension Funding Regs

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    Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.

  • Predicting DeFi Regulations At Home And Abroad In 2024

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    Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.

  • Consultation Docs Can Help EU Firms Prep For Crypto Regs

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    Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • Investors' Call For Voting Changes Faces Practical Challenges

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    A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.

  • Litigation Funding Implications Amid Post-PACCAR Disputes

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    An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

  • What To Expect For Private Capital Investment Funds In 2024

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    As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • Cos. Should Plan Now For Extensive EU Data Act Obligations

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    The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn. 

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

  • What New Digital Sandbox Regs Hold In Store For UK Markets

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    The recently enacted Digital Sandbox Regulations will be key to incorporating distributed ledger technology into the activities of a central securities depository, but despite being a potentially transformative innovation, a number of considerations may need to be addressed to accommodate the trading, settlement and maintenance of shares, say Tom Bacon and Andrew Tsang at BCLP.

  • Why Investment In Battery Supply Chain Is Important For UK

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    The recently published U.K. battery strategy sets out the government’s vision for a globally competitive battery supply chain, and it is critical that the U.K. secures investment to maximize opportunities for economic prosperity and net-zero transition, say lawyers at Watson Farley & Williams.

  • What Extending Corporate Liability Will Mean For Foreign Cos.

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    Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.

  • A Consequential Moment For Sanctions Activity

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    It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.

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