Financial Services UK

  • July 01, 2022

    The Funniest Moments Of The Supreme Court Term

    While considering weighty issues, the U.S. Supreme Court justices still found moments of levity during oral arguments, ribbing one another and Justice Stephen Breyer as he floated ever more fantastical hypotheticals during his final term on the bench.

  • July 01, 2022

    Legal Docs Can Go Directly To Russian Gov't After Attys Exit

    A London judge agreed Friday to let a group of Yukos Oil investors present legal documents to the Russian Federation directly after White & Case LLP stopped representing the country in its dispute over $57 billion worth of arbitral awards.

  • July 01, 2022

    Mishcon Tapped To Aid Striking Barristers Over Gov't List

    The Criminal Bar Association has instructed Mishcon de Reya LLP to look into whether it was lawful for the Ministry of Justice to instruct court staff to keep a list of the barristers taking strike action over inadequate government funding for the justice system.

  • July 01, 2022

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

    This past week in London has seen a Belgian precious metals company going for gold in a claim against the Guinean Central Bank, the former nanny of Princes William and Harry seeking royal treatment in a case against the BBC, and betting company IG Index looking to hit the jackpot in a legal battle with property tycoon Robert Tchenguiz over unpaid debt. Here, Law360 looks at these and other new claims in the U.K.

  • July 01, 2022

    Mogul Says Fraud Loss Based On Atty's 'Grotesque Lies'

    An airline tycoon has sought permission to revive his attempt to set aside a $4 million fraud judgment against him, claiming at a London court on Friday that the ruling was the result of the "most grotesque lies and deceits" practiced in the English courts.

  • July 01, 2022

    Moore Stephens Fights Liability In £14M Tax Advice Suit

    Accountants Moore Stephens has denied any liability for giving two Norwegian cousins tax reforms advice that ultimately left them facing a £14 million ($17.5 million) U.K. tax bill, saying that Taylor Wessing LLP has full responsibility.

  • July 01, 2022

    Letting Atty Off Hook Will Weaken Disclosure, Ocado Warns

    An attorney for Ocado told a judge on Friday that failure to approve a committal application against a former senior Jones Day lawyer for instructing a client to delete a secure messaging system would "undermine" court search orders.

  • July 01, 2022

    FCA Prepares Phase-Out Of Synthetic Sterling, Dollar Libor

    The finance watchdog called on Friday on mortgage lenders still using a temporary "synthetic" version of the Libor benchmark to underpin interest rates to work harder at moving customers to replacement rates to avoid a disorderly wind-down.

  • July 01, 2022

    Thommessen Leads Storebrand's Buy Of Danske Pension Unit

    Norwegian financial services company Storebrand Livsforsikring AS said on Friday that it has completed the 2.02 billion Norwegian kroner ($204 million) purchase of the Norwegian operations of a Danish pensions company from Danske Bank.

  • July 01, 2022

    EBA Sets Out Gender Pay Gap Benchmark Guidelines

    The European Banking Authority has published final guidance on the information it wants from national watchdogs about the pay levels of male and female staff at banks under their remit.

  • July 01, 2022

    Julius Baer To Settle Client Embezzlement Suit For €105M

    Julius Baer has agreed to pay €105 million ($110 million) to settle a lawsuit brought by the liquidator of a defunct Lithuanian bank that accused the Swiss lender of failing to prevent two former executives from embezzling assets.

  • July 01, 2022

    Swiss Watchdog Allows Sberbank Unit To Settle Debts

    Switzerland's finance watchdog said Friday it would partly lift restrictions on the Swiss arm of Russia's largest bank to allow it to settle its debts with creditors not under Western sanctions imposed because of the invasion of Ukraine.

  • July 01, 2022

    What Emerging Superfunds Mean For Booming Pension Deals

    The retirement industry this year is expecting the first U.K. companies to begin transferring their pension liabilities into a new type of investment fund, issuing a new challenge in the booming market for pensions deals so far dominated by insurance buy-in deals. 

  • June 30, 2022

    FINRA Fines Barclays $2.8M Over Disclosure Issues

    Barclays Capital Inc. will pay $2.8 million to settle allegations from the Financial Industry Regulatory Authority that it included inaccurate information in trade confirmations sent to customers and failed to put a proper compliance supervisory system in place.

  • June 30, 2022

    Deutsche, NatWest Eye Deals Worth $34M In Swiss Libor Case

    A proposed class of investors accusing various financial institutions of conspiring to manipulate the Swiss franc Libor has asked a New York federal court to approve a $21 million settlement with NatWest Markets and a $13 million settlement with Deutsche Bank.

  • June 30, 2022

    FCA Wants £13.5M Over Investment Firm's Unauthorized Fund

    The Financial Conduct Authority is seeking to claw back around £13.5 million ($16.4 million) from an investment firm and its director over allegations the company unlawfully accrued money from a fund it promoted without having authorization.

  • June 30, 2022

    Ex-Jones Day Atty Cops To Giving 'Burn' Order In Ocado Suit

    A former senior Jones Day lawyer testified at trial Thursday that he gave an order to "burn" a messaging application to protect his politician wife from being dragged into litigation brought by online grocer Ocado without considering the need to preserve communications.

  • June 30, 2022

    EU Backs Extending AML Rule To Cover Crypto-Transfers

    The European Union's decision-making bodies have agreed to extend financial crime transparency rules to the digital asset sector, in line with global efforts to tackle money launderers using new technologies.

  • June 30, 2022

    Global Standards Setter Proposes New Crypto-Regulation

    A global standards setter for financial regulators called Thursday for a cut to the amount of capital that banks should hold when trading in risky digital assets such as bitcoin to help them stay resilient if the value of their crypto-holdings plummets.

  • June 30, 2022

    Lloyd's Raises Alarm Over Rising Risks Of Online Attacks

    Lloyd's of London said on Thursday that insurers must help customers strengthen their IT security, warning that there is a growing threat of politically motivated online attacks against the world's infrastructure and private assets.

  • June 30, 2022

    Atty Says Businessman Would Face Unfair Trial In Montenegro

    The founder of a Montenegro financial corporation would not get a fair trial if he is extradited to the Balkan country to face charges of defrauding his company out of €12.5 million ($13 million), an expert legal witness told a London court on Thursday.

  • June 30, 2022

    FCA Urges Lifetime Mortgage Firms To Monitor Lending

    The Financial Conduct Authority has called on "later-life lending" businesses to check that their mortgages and loans are suitable for customers, amid concerns that older people are taking on deals they do not properly understand.

  • June 30, 2022

    Only Damages Left For 2nd Trial In €125M Venice Swaps Suit

    A judge has ruled that a continuing dispute over a €125 million ($130 million) debt restructuring deal between two Italian banks and the city of Venice will resolve several key issues about whether underlying interest rate swaps were valid, leaving only damages calculations for a later trial.

  • June 30, 2022

    Swiss Gov't Aligns With EU On Oil, Services Sanctions

    The Swiss government has announced it will adopt most of the financial and trade sanctions imposed on Moscow by the European Union, including a trading ban on Russian crude oil and petroleum products alongside a range of financial and professional services restrictions.

  • June 30, 2022

    FCA Will Need Upgrade If UK Merges Listing Segments

    Companies could be attracted to float in London rather than the U.S. or Europe if the standard and premium listing segments were merged and burdensome standards reduced — but lawyers are watching to see whether this could result in the loss of the sponsor role, which they fear could put too much pressure on the Financial Conduct Authority to police stock flotations.

Expert Analysis

  • New FCA Listing Rules May Start Regulatory Shift On Diversity

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    Listed companies that fail to meet new Financial Conduct Authority rules for minimum executive board diversity currently risk reputational damage mainly through social scrutiny, but should prepare for potential regulatory enforcement actions, say attorneys at King & Spalding.

  • New Clarity On Scope Of Banks' Quincecare Duty To Clients

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    A recent U.K. Privy Council decision clarified that a bank’s Quincecare duty to prevent banking fraud extends only to its customers, so third-party investors seeking protection may need to make alternative arrangements, say attorneys at Collyer Bristow.

  • Examining UK Commission's Corporate Crime Reform Ideas

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    The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.

  • How ESG Matters Are Influencing M&A Due Diligence Trends

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    With a proliferation of environmental, social and governance-related regulatory developments and a desire to comply with best practice, ESG matters have become an increasingly important area of focus for both clients and advisers in M&A transactions, say attorneys at Sullivan & Cromwell.

  • FCA Review Offers 'Challenger Banks' Advice On Crime Risks

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    Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.

  • Changes To UK Competition Rules Will Extend CMA Powers

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    Recent amendments to U.K. competition and consumer law regimes introduce changes to merger control and antitrust investigations that will result in the speedier resolution of cases and greater autonomy for the Competition and Markets Authority, say Bill Batchelor and Aurora Luoma at Skadden.

  • EU Risk Retention Standards Final Draft Offers Clarity

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    The long-awaited final draft of regulatory technical standards in relation to EU risk retention provides welcome detail and clarification of the rules and due diligence requirements, and is an important step toward finalizing the EU regime in this area, says Merryn Craske at Morgan Lewis.

  • J5 Warning Highlights Growing Risk Of NFT-Related Crime

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    As NFTs increase in popularity, so does the risk of such assets being used by those looking to exploit them for criminal gain, as illustrated by the Joint Chiefs of Global Tax Enforcement's recent warning of the possible dangers, says Syed Rahman at Rahman Ravelli.

  • New Anti-Modern Slavery Bill Unlikely To Accomplish Goals

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    A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.

  • Opinion

    FCA Proposal Fails British Steel Pension Scandal Victims

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    The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.

  • How New Framework Could Ease EU-US Data Transfer Burden

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    The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.

  • What EU Corporate Sustainability Plan Means For Contracts

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    The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.

  • When Investment Funds Are Not As Green As They Suggest

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    With the growing demand for funds that offer sustainable investment, there is increasing potential to discover that funds have misled investors, which in certain situations could result in a claim for legal redress for misselling, say attorneys at Keller Lenkner.

  • How A New Law Tightens The Screw On Dirty Money In The UK

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    By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.

  • Opinion

    The SFO Needs To Find Its Prosecutorial Mojo Again

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    As protracted investigations and low conviction rates continue to abound, the Serious Fraud Office has strayed too far from its original purpose as a specialist prosecuting authority to justify its existence in its current form, says David Corker at Corker Binning.

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