Financial Services UK

  • April 12, 2021

    Latham-Led Cybersecurity Biz Darktrace Floats London IPO

    Cybersecurity giant Darktrace, working with Latham & Watkins LLP, unveiled plans Monday to launch a public offering and list on the London Stock Exchange.

  • April 12, 2021

    Wilmington Seeks Quick Win In Suit Over $16.2M Aircraft Debt

    An asset consultant and two aviation companies suing an Indian budget airline for more than $16.2 million allegedly owed under three jet leasing agreements argued to a judge on Monday that the case could be decided in their favor without trial.

  • April 12, 2021

    Italian Cos. Urge CAT To Apply English Law In Swipe Fee Suits

    Nearly 40 Italian companies have told the Competition Appeal Tribunal that they should be able to rely on English law in their damages claims against Visa and Mastercard over swipe fees.

  • April 12, 2021

    Ex-Trader Sues RBS For £1.1M In Unpaid Bonuses

    A former Royal Bank of Scotland trader is suing the lender for more than £1.1 million ($1.5 million), claiming he is being denied promised bonuses after being unlawfully dismissed during a regulatory investigation into the Libor rate-rigging scandal.

  • April 12, 2021

    City Law Firm Beats Negligence Claim Over Mansion Advice

    A City law firm has beaten a professional negligence lawsuit for allegedly providing bad advice to a former client about refinancing his mansion after a judge said on Monday that the retainer barred any right to sue. 

  • April 12, 2021

    Financial Firms Blamed For Delays In Bereavement Process

    Financial service providers are a major cause of delays when it comes to processing the affairs of deceased people, Exizent, an online platform for professionals that manage the bereavement process, said Monday.

  • April 12, 2021

    Gov't To Investigate Cameron's Lobbying For Greensill Capital

    The government confirmed on Monday that it will launch an independent investigation into former prime minister David Cameron's efforts to gain access to an emergency COVID-19 funding facility for Greensill Capital, the finance company that has collapsed amid controversy.

  • April 12, 2021

    Pension Schemes Seek Judicial Review Over Price Index Plan

    The trustees of three of Britain's biggest workplace pension schemes will seek a legal challenge to the government's plan to change the national official measure of inflation, which they say will harm the retirement income of 10 million people.

  • April 12, 2021

    Criminal Defense Firm Hires White Collar Crime Expert

    Criminal defense law firm Stokoe Partnership Solicitors said on Monday that it has hired a fraud and white-collar crime expert from Gunnercooke to be a partner in its central London offices.

  • April 12, 2021

    Gov't Urged To Rethink Hike In UK Minimum Pension Age

    Government plans to increase the retirement age by two years should be scrapped because such a move might not prevent savers from withdrawing their full pensions as soon as they can and could create complications, a consultancy has warned.

  • April 12, 2021

    Singapore's Competition Body Weighs $30B Aon-Willis Merger

    Singapore's competition watchdog has asked for responses from industry and consumers on the $30 billion acquisition of insurance broker Willis Towers Watson PLC by its rival Aon PLC as it considers antitrust concerns.

  • April 09, 2021

    Swiss Court Says UBS Clients Can't Bar French Data Transfer

    A Swiss court rejected bids by five UBS Group clients to stop the transfer of their data to France in a wider case in which the bank has been fined for helping French clients dodge taxes, rulings released Friday show.

  • April 09, 2021

    Clydesdale Bank Beats Fraud Lawsuit Over Property Valuation

    A judge threw out a British businessman's fraud lawsuit against Clydesdale Bank on Friday after finding he had abused court rules by trying to revive allegations the lender exaggerated the value of commercial property. 

  • April 09, 2021

    UK Urges World Bank To Reject Coal, Oil Investments

    The World Bank Group should formally reject investments in coal and oil energy and sign a statement endorsing nature-friendly assets, Britain's ministers of finance and foreign affairs said in a statement published on Friday.

  • April 09, 2021

    Banker Avoids Summons On Turkish Politician's Wife's Assets

    A judge refused on Friday to issue a summons under contempt of court rules against a U.K. banker accused of acting inappropriately when he helped the wife of a jailed Turkish politician move her family's assets out of the country.

  • April 09, 2021

    EU Sees Liquidity Concerns In Alternative Investment Funds

    Europe's markets watchdog has said there is a mismatch between the speed with which investors can pull their money from alternative investment funds and the time it takes managers to liquidate assets to meet requests.

  • April 09, 2021

    Digital Growth Denies Elderly Access To Finance, Report Says

    Elderly people in Europe are being denied access to basic financial services because of the move to technology and their low incomes, according to a study by a research and advocacy group.

  • April 09, 2021

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

    The past week in London has seen Microsoft hit with an antitrust suit over software licenses, Britain's new high-speed rail service face another contract challenge and one of the first lawsuits related to a massive container ship that blocked the Suez Canal. Here, Law360 looks at these and other cases.

  • April 09, 2021

    Energy Trader Denies It Lied To Prax Parent In £4M Loan Suit

    A commodity trading company suing the parent company of Prax Group for £4 million ($5.5 million) over a financing agreement terminated by the oil giant has denied that it falsely confirmed due diligence over the deal had been completed.

  • April 09, 2021

    Charity Watchdog To Simplify Responsible Investment Guide

    Britain's charity watchdog has launched a consultation on ways to simplify guidance for trustees that will include allowing them to make responsible investments in a way that may also produce a financial return.

  • April 09, 2021

    Buy-To-Let Lender Sets Aside £20M For Potential Fraud

    A British lender of buy-to-let and residential mortgages has said it has set aside £20 million ($27 million) to cover the cost of potentially fraudulent activity by a third-party company that owed it £28.6 million in outstanding funding.

  • April 09, 2021

    Italian Police Bust €1B 'Mafia-Style' Tax Fraud Ring

    Authorities in Italy have arrested 23 individuals while busting a fuel-tax fraud scheme that allowed "mafia-style" criminal gangs to avoid paying almost €1 billion ($1.2 billion) in fuel tax, the European Union's criminal justice agency has said.

  • April 09, 2021

    SFO Launches Criminal Probe Into Car Leasing Business

    The Serious Fraud Office said on Friday that it has arrested one person in a criminal investigation into an automobile financier that collapsed this year after authorities halted its business amid financial concerns. 

  • April 08, 2021

    Execs Sued By SEC No 'Mailroom' Underlings, 1st Circ. Says

    The First Circuit appeared unconvinced on Thursday by arguments that two former employees of a Boston technology firm were low-level workers far removed from a stock fraud scheme alleged by the U.S. Securities and Exchange Commission.

  • April 08, 2021

    Firm Directors Fraudulently Ignored Duties, High Court Told

    An insolvency litigation financing company suing three directors of a liquidated investment advisory firm it claims fraudulently breached their duties has blasted the trio's assertions that they didn't believe the arrangements to use disallowed tax avoidance schemes would be challenged.

Expert Analysis

  • Opinion

    DPAs May Not Be Receiving Sufficient Judicial Scrutiny

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    Bribery Act-related deferred prosecution agreements lack sufficient defense analysis, are heard too quickly and may contain defective indictments among other signs that point to insufficient judicial scrutiny of the agreements, says David Corker at Corker Binning.

  • 3 Lessons For UK Litigators In Virtual Trials

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    UK litigators should note several best practices for adapting to the hurdles, and capitalizing on the benefits, of virtual trials, and expect the new hearing format to persist beyond the end of the pandemic, say Christopher Boyne and Emma Laurie-Rhodes at Debevoise.

  • Opinion

    The UK Needs Safe Harbors For Libor's Wind-Down

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    A synthetic Libor could come to the aid of tough legacy contracts when Libor ceases to exist later this year, but the U.K. should legislate safe harbors to mitigate transaction risk during the transition, say former Federal Reserve Bank of New York general counsel Thomas Baxter and former London Commercial Court Judge Sir William Blair.

  • UK Rules Revamp Offers Shot At Post-Brexit IPO Boom

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    The raft of regulatory changes recently recommended by the independent U.K. Listing Review report represents a golden opportunity to overhaul the U.K. public markets regulations, allay fears of a post-Brexit slump and ensure the London Stock Exchange remains one of the prime destinations for initial public offerings, say Marcus Young and William Charnley at King & Spalding.

  • SEC Data Transfer Safe Harbor Raises Questions For UK Cos.

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    The U.K. Information Commissioner's Office recently authorized British companies to transfer U.K. subjects’ personal data to facilitate U.S. Securities and Exchange Commission investigations, but companies need more detail on how to invoke the safe harbor or handle EU data subjects, say attorneys at Davis Polk.

  • Analyzing Cost Issues After Top Court MasterCard Ruling

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    The U.K. Supreme Court recently directed MasterCard v. Merricks back to the Competition Appeal Tribunal after clarifying the tests for class action certification, likely resulting in a green light for the action and a review of the regime-specific costs and funding models of the opt-out class action, says Andy Ellis at Practico.

  • Remote Working Tips For Lawyer Trainees And Their Firms

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    The prospect of joining a law firm during the pandemic can cause added pressure, but with a few good practices — and a little help from their firms and supervising attorneys — lawyer trainees can get ahead of the curve while working remotely, say William Morris and Ted Landray at King & Spalding.

  • High Court Ruling Checks Growth Of Bank Protection Duty

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    A number of recent claimant-friendly decisions have considered and broadened a bank's common law duty to refrain from making payments where fraud is suspected, but the High Court's recent judgement in Philipp v. Barclays Bank suggests a turn in the tide, say Paul Brehony and Kate Gee at Signature Litigation.

  • A Road Map For US Involvement In Europe's Cum-Ex Probe

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    The dividend arbitrage trading strategy known as cum-ex continues to face regulatory scrutiny in Europe, and stateside regulators may soon follow suit with the U.S. Securities and Exchange Commission’s recent American depositary receipt probe as a guide for enforcement, says Joshua Ray at Rahman Ravelli.

  • 4 Lessons From Record Money Services Biz Fine

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    HM Revenue & Customs recently imposed a record fine on MT Global over anti-money laundering law violations, highlighting several AML enforcement and supervision considerations for money services businesses and their advisers, says Jessica Parker at Corker Binning.

  • UK Approach To AML Remains Robust Despite Brexit

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    Despite the seismic shifts that Brexit has brought to many other issues, the U.K. will likely continue to maintain and potentially heighten its regulatory oversight of anti-money laundering practices and procedures, says Nicola Sharp at Rahman Ravelli.

  • Finance Firms May See Increased FCA Enforcement This Year

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    Financial firms will likely see increased investigation and enforcement actions from the U.K. Financial Conduct Authority following Brexit and the COVID-19 pandemic, including in the areas of financial crime, customer protection, operational resilience and conduct, says Tracey Dovaston at Boies Schiller.

  • SEC Settlement With Hedge Fund Offers Corporate AI Lessons

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    The U.S. Securities and Exchange Commission's recent settlement with BlueCrest, over alleged failures to disclose its use of an algorithmic trading tool, highlights key governance, supervision, conflicts and enforcement considerations for companies using artificial intelligence and algorithmic-based applications, say attorneys at Debevoise.

  • Evaluating Ethical And Legal Risk In Ransomware Payments

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    Deciding whether to pay the demanded ransom during a cyberattack is complex and requires a careful balancing of the risks to the firm's business against the reputational and regulatory risks, but companies can also prepare for this eventuality by taking concrete steps now, say Rob Dedman and Kim Roberts at King & Spalding.

  • Top Court MasterCard Ruling Lowers Bar For UK Class Suits

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    Although the U.K. Supreme Court's recent decision in MasterCard v. Merricks removes some certification barriers for collective actions, aspects of the court's opinion may provide comfort for defendants, say Louise Freeman and Harry Denlegh-Maxwell at Covington.

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