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Top UK Court Simplifies Test For Advisers' Duty Of Care

The U.K. Supreme Court has simplified the legal test for the duty of care owed by professional advisers to their customers in a decision that found Grant Thornton liable for its former client's losses, a ruling described by lawyers as a major win for claimants.
September 24, 2021
SEC Sues UK Father And Son, 2 Others In Microcap Scam

The U.S. Securities and Exchange Commission filed two separate complaints in New York federal court on Thursday alleging that four individuals and five entities ran a fraudulent transatlantic microcap scheme that generated more than $10 million in unlawful stock sales.
September 24, 2021
Fugitive Billionaire Deflects Bank's $500M UK Fraud Suit

A fugitive billionaire does not have to fight claims he defrauded a Ukrainian lender out of more than $500 million in England after a judge said that the businessman, who faces criminal charges abroad, agreed to Ukrainian court jurisdiction.
September 24, 2021
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen two energy drink giants lock horns, Standard Chartered sued by the state of Wisconsin and IBM take aim at a Swiss software company. Law360 looks at these and other new claims in the U.K.
September 24, 2021
SEC Strikes $19M Bribery Settlement With Ad Giant WPP

The U.S. Securities and Exchange Commission and WPP PLC struck a more than $19 million deal on Friday, resolving allegations that the advertising giant violated the anti-bribery provisions of the Foreign Corrupt Practices Act as it scooped up subsidiaries across the globe and repeatedly failed to act on red flags of corruption.
September 24, 2021
Accountants Ditch Investors' Suit Over Alleged Ponzi Scheme

A judge has tossed claims by investors seeking more than £1 million ($1.4 million) from their accountants for losses from tax avoidance plans and investments made with a foreign exchange trading company investigated for fraud.
September 24, 2021
Solvency II Changes May Boost Insurers' ESG Investment

European Union proposals to lower capital requirements for life insurers focusing on longer-term investment could boost the sector's growing interest in assets that fit environmental, social and governance criteria, according to a ratings agency.
September 24, 2021
Man Sentenced To 28 Months For Forging Trust Deed

A British businessman was sentenced on Friday to nearly 2½ years in prison for forging a trust deed to help another man minimize restitution payments owed to victims of a multimillion-pound investment fraud.
September 24, 2021
Charles Stanley Takeover By Raymond James Inches Closer

Wealth manager Charles Stanley edged closer to its £278.9 million ($381.6 million) acquisition by U.S. financial group Raymond James on Friday after a judge agreed the company could cancel unregistered shares.
September 24, 2021
Liberty Steel Unit Sued For $138M Venture Capital Loan

A U.S. venture capital firm is suing one of the companies controlled by steel mogul Sanjeev Gupta for $137.7 million in loans it says fell due when the business' parent collapsed.
September 24, 2021
British Pension Scheme Funding Falls By £1.6B

The amount that companies paid to plug funding gaps in staff pension schemes fell by £1.6 billion ($2.2 billion) at the start of 2021, according to figures published on Friday, as business continues to wrestle with economic uncertainty amid the COVID-19 crisis.
September 24, 2021
Santander Under Scrutiny After Retail Banking Breaches

The antitrust regulator said on Friday that it is monitoring Santander UK PLC after finding that the lender has broken British retail banking rules for the second time since they came into force in 2018.
September 24, 2021
Barclays Fights New Suit Over MBS Accounts

Banking giant Barclays has defended itself against another suit brought by a company fighting to retain control over mortgage-backed securities, saying the latest claim over the £552.8 million ($757.3 million) loan portfolio is an abuse of process.
September 24, 2021
Uber Gears Up For UK Pension Plan For Drivers After Ruling

Uber said on Friday that it has launched a pension plan for its 70,000 drivers based in Britain, as the retirement savings watchdog said that other gig-economy employers should follow suit.
September 24, 2021
UK Records 'Dramatic' Rise In Financial Scam Complaints

The Financial Ombudsman Service said on Friday that it has seen a "dramatic rise" in complaints from consumers about fraud and scams, with 66% more cases in three months compared with the same period last year.
September 23, 2021
UK Says Reselling Supply Chain Loans Is Not A Systemic Risk

Britain's financial authorities said Friday they will not supervise the resale of pools of supply chain finance loans, such as those repackaged by Greensill Capital, under the country's Securitization Regulation as the process does not present a systemic risk.
September 23, 2021
Slaughter And May Picks Woman To Be 1st Managing Partner

London-based Slaughter and May has chosen an experienced female litigator to be its first-ever managing partner, the firm said Wednesday, joining a bevy of law firms in the U.S. and U.K. that have recently named women for top leadership roles.
September 23, 2021
Mozambique Minister Denies Bribes In $2B Debt Scandal Case

Mozambique's former deputy finance minister has denied accepting bribes through an Abu Dhabi-based company after being roped into litigation over a $2 billion corruption scandal by Credit Suisse.
September 23, 2021
Creditors Want Ukrainian To Face UK Bankruptcy Proceedings

Bankruptcy proceedings in Ukraine against a businessman embroiled in a multimillion-dollar fraud lawsuit should not prevent creditors from pursuing his bankruptcy in the English courts, a British asset recovery company said at a court hearing on Thursday.
September 23, 2021
EU Warns 4 Member Countries Over Tax Infractions

The European Union's executive body flagged four member countries Thursday for violations of EU tax law in areas including anti-avoidance rules, taxes on automobiles and value-added tax.
September 23, 2021
Banks Demand Gov't Action Amid 30% Fraud Surge

A trade association representing U.K. banks and building societies has called for government-coordinated action to address a sharp rise in bank fraud, including enhanced provisions in draft legislation for the Online Safety Bill.
September 23, 2021
New Finance Regs Planned To Thwart Illicit Weapons Funding

The government said on Thursday that it plans to introduce new regulations to clamp down on lenders that allow funds intended to buy illegal weapons to move unchecked through the British financial sector.
September 23, 2021
FCA Charging Ban Hits Pension Transfer Activity, Study Says

The pensions transfer advice market has been hollowed out since a "contingent charging" ban was brought in last year by Britain's financial watchdog, a retirement consultancy has warned.
September 23, 2021
Insolvency Pros Warn Calls For Reforms Are Overkill

The U.K.'s insolvency sector has voiced concerns about a legislative report calling for an overhaul of regulations to prevent conflicts of interest, claiming that the current system of rules to hold practitioners to account for any wrongdoing is working well.
September 23, 2021
Watchdog Issues Ultimatum To Smaller Pension Schemes

Smaller pension plans should be wound up if they are unable to demonstrate that they offer value for their members, the retirement savings watchdog said on Thursday.
September 23, 2021
FCA Signals More Litigation In Bolder Enforcement Push

The finance watchdog has said it will take a more interventionist approach to regulation and plans to bring more litigation against finance companies in Britain that fail to comply with its rules.

Editor's Picks

Litigation Funding Demand Rises As Pandemic Suits Percolate

More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
Financial List's Test Case Program Wins High Marks In 1st Use

The recent decision in the Financial Conduct Authority's business interruption insurance case was a big deal for policyholders forced to shut because of COVID-19, but it also marked the first test of the Financial List's most unusual features five years since its launch.
Reforms Abroad For Litigation Funders Raise Questions In UK

Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.

Expert Analysis

UK Focus On Int'l Data Transfers Shows Appetite For Reform

Recent U.K. public consultations on international transfers of personal data and structural amendments to the country's General Data Protection Regulation illustrate the post-Brexit appetite for reform and signal changes to the international data transfers regime, say Kate Brimsted and Tom Evans at BCLP.
The UK Reforms That Add Investor Allure To SPACs

The U.K. Financial Conduct Authority has removed significant disincentives to the listing of special purpose acquisition companies in London, making SPACs a more attractive investment, but key differences between London's regulations and those of other major stock exchanges make further reform a possibility, say Marcus Young and William Morris at King & Spalding.
What The Future Holds For UK Auditing Reform

The U.K.'s Financial Reporting Council has shown itself to be an increasingly effective and proactive regulator in its final months, and the greater powers of its incoming replacement — the Audit, Reporting and Governance Authority — will likely continue an era of heightened scrutiny for auditors, say Paul Brehony and Kate Gee at Signature Litigation.
Comparing 'Ultimate Beneficial Owner' Rules In EU And US

The European Union's efforts to improve transparency in company ownership have created an uneven patchwork of so-called ultimate beneficial owner rules, and recently introduced U.S. regulations will add another layer of complexity for global companies, says Rodrigo Calleja at TMF Group.
Challenges Await Proposed EU Anti-Money Laundering Body

Practical hurdles facing the European Union's proposed anti-money laundering authority include the creation of workable measures for countries with varying criminal codes, the role of national supervisory authorities and U.K.-EU cooperation, say Ian Hargreaves and Mia Neafcy at Covington.
Grant Thornton Ruling May Broaden Advisers' Duty Of Care

The U.K. Supreme Court's ruling in Manchester Building Society v. Grant Thornton will affect other professional negligence cases as it downgraded the scope of duty test and will provide more flexibility for judges in deciding similar cases now that they have been released from the 1997 SAAMCO precedent, says Robin Henry at Collyer Bristow.
2nd Circ. Ruling May Help Foreign Nationals Fight Extradition

The Second Circuit recently ruled in United States v. Sindzingre & Bescond that foreign defendants facing U.S. criminal charges should be permitted to challenge a U.S. court's jurisdiction over them without having to submit to that court's jurisdiction or be considered fugitives, which should cause more defendants to fight extradition rather than waive their rights, say attorneys at Dechert.
Arbitral Enforcement Takeaways From Kazakh Asset Ruling

While a Belgian court's recent decision in Stati v. Kazakhstan to uphold a freeze on Kazakhstan's assets sets a precedent in favor of arbitral award enforcement, it still highlights the difficulties of investor-state arbitration, and shows that investors' need to launch new proceedings may ultimately depend on the approach of the relevant jurisdictions, says Tomas Vail at Vail Dispute Resolution.
CPS Money Laundering Liability Theory On Shaky Ground

The Crown Prosecution Service's recently amended guidance on money laundering liability could lead to conviction for failure to report suspicions even when money laundering did not in fact occur — a remarkable and questionable conclusion, says Andrew Smith at Corker Binning.
Prospects Look Strong For UK Class Actions

Class actions have become more commonplace in the U.K. and elsewhere in Europe amid high returns, and the trend is expected to continue in areas as diverse as competition, environmental, data privacy and securities, with some busy years ahead, say Edward Coulson and Rachel Ziegler at BCLP.
What The Financial Markets Might Look Like After Libor

As the long-awaited transition out of Libor via alternative reference rates such as the Sterling Overnight Index Average edges closer, several long-term uncertainties and inherent litigation risks remain, with legacy contracts and misseling claims among the key areas of concern, say Alexander Edwards and Hannah Sharp at Rosling King.
Lloyds EU Operations Highlight Challenges For UK Insurers

Potential problems facing Lloyd's Europe could be shared by other U.K. insurers operating in the European Union's more stringent post-Brexit regulatory landscape, but individual countries' discrete provisions allowing for certain cross-border activities could enable a more nuanced approach, says Jeremy Irving at Browne Jacobson.
A Look At UK's Divergence Priorities After Brexit

The U.K.'s post-Brexit policy has been to focus on divergence from the European Union in sectors where it has a competitive advantage — particularly, financial services and dispute resolution — as evidenced by a series of recent regulatory and judicial developments, say attorneys at Covington.
First 2021 Corporate FCPA Case Offers Compliance Reminders

Foster Wheeler's recent Foreign Corrupt Practices Act settlement — the first corporate enforcement action since President Joe Biden took office — highlights the FCPA risks related to public contracting and tenders, the use of third-party agents, successor liability following M&A activity, and the U.S. authorities' aggressive assertion of jurisdiction in international corruption cases, says Robert Johnston Jr. at Lowenstein Sandler.
How UK Binance Ban Is Putting Cryptocurrency On Notice

The U.K. Financial Conduct Authority's ban on Binance Group, following concerns about insufficient oversight, conveys a significant warning that regulatory scrutiny on cryptocurrency exchanges is increasing and also that crypto users should exercise caution in their transactions, says Josie Welland at Rahman Ravelli.