Financial Services UK

  • June 11, 2021

    Most Payment Firms Now Meet Customer ID Rules, EU Says

    Almost all European Union payments services companies now comply with new standards for authenticating their customers' details, but some are still lagging behind with implementation, the banking regulator said on Friday.

  • June 11, 2021

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

    The past week in London has seen Ukraine's bank deposit protection scheme sue a bank in Liechtenstein, streaming platform Twitch take aim at a viewing bot, and law firm Kennedys files for an injunction against Hiscox.

  • June 11, 2021

    French Insurers End Long Legal Feud Over Failed Takeover

    French reinsurers Scor SE and Covea Group have reached a settlement ending their bitter three-year legal battle after a planned €8.2 billion ($9.9 billion) takeover soured, announcing their intention to resume "peaceful relations" as Covea sheds shares in its rival. 

  • June 11, 2021

    Payroll Boss Banned For Unaccounted £37M, Tax Avoidance

    The boss of a payroll services company has been banned from acting as a director for 11 years after he failed to account for £37 million ($52 million) of expenses paid by his business, a government agency has said.

  • June 11, 2021

    Credit Suisse Says Banker Knew Risks Of Working In Romania

    A former banker suing Credit Suisse for £60.3 million ($85.2 million) for failing to protect him when he was convicted in Romania while working on the privatization of state assets was an expert on the country's political and economic climate, the lender's lawyer said at a trial on Friday.

  • June 11, 2021

    Compensation Fund Pays Out £3.75M To Wealth Firm's Clients

    Britain's financial lifeboat fund has said it paid out just under £3.75 million ($5.3 million) in compensation to 88 customers who lost out when embattled wealth manager Greyfriars went bust, with most of the payments covering bad pensions transfer advice.

  • June 11, 2021

    BoE Warns Against Collateral Concentration After Archegos

    A Bank of England committee has warned investment banks against competing to win business by relaxing rules on the type of collateral they take from clients, after prime brokers lost billions in credit extended to Archegos Capital Management when it collapsed.

  • June 11, 2021

    BoE Joins Global Drive To Upgrade Tech To Match Markets

    The Bank of England announced on Friday the launch of a new innovation research hub for regulatory technology in London to help keep central banks up to speed with advances in financial technology in the marketplace.

  • June 11, 2021

    UniCredit Can Withhold Finance Docs In $26M Oil Row

    UniCredit Bank AG will not have to turn over documents in connection with the lender's $26.3 million lawsuit against the owner of a cargo tanker after a shipment of oil disappeared at a port, a London court ruled on Friday.

  • June 10, 2021

    Fall Bench Trial Set For Lehman Bros' CDS Insurer Fight

    A New York state judge on Thursday set an October bench trial date for a lawsuit by Lehman Brothers' bankrupt European unit that accuses an Assured Guaranty Ltd. affiliate of failing to make good on hundreds of millions of dollars worth of credit default swap trades after the 2008 financial crisis.

  • June 10, 2021

    UK Legal Panel Explores Tightening Corporate Crime Law

    The U.K.'s independent Law Commission on Thursday called for input from the business and legal communities on how to upgrade laws for more effective prosecution of corporations, their senior management and directors for criminal offenses.

  • June 10, 2021

    Banks Can't Use Legal Deadlines To Block EU Consumer Suits

    Europe's highest court ruled on Thursday that consumers seeking to strike out unfair loan agreements cannot be blocked by statutes of limitations under the bloc's consumer protection rules.

  • June 10, 2021

    Dolfin Can't Escape PE Firm's $9M Crypto Fraud Suit

    A London judge refused Thursday to dismiss a lawsuit brought by a private equity firm seeking to track down $9.25 million lost through an alleged cryptocurrency scam, finding that the complex dispute needs to go to trial.

  • June 10, 2021

    Gov't Pension Scam Crackdown Could Backfire, Experts Warn

    The government's plan to tackle pension scams by allowing trustees to block suspicious transfers of funds could create administrative delays and inconsistency in how the rules are applied, industry experts warned Thursday.

  • June 10, 2021

    Banks Face Tough Global Capital Rules For Crypto Assets

    Global financial regulators proposed tougher capital requirements on Thursday for banks holding Bitcoin and other cryptocurrencies, as authorities seek to manage threats to the financial system caused by the rapid growth of digital assets.

  • June 09, 2021

    Gazprombank Can't Sink Energy Co.'s $2B Debt Deal

    A London judge has cleared a Ukrainian energy company to restructure $2.16 billion in debt after rejecting Gazprombank's objections that the deal, which would see the bank's $23 million loan deferred, was fundamentally unfair to the banking giant. 

  • June 09, 2021

    Broker Accuses Rival Of Bad Faith In Refusing To Cut Fees

    A brokerage has argued that it does not owe OBEX Securities £1.7 million ($2.4 million) in introduction fees because the U.S. investment firm failed to act in good faith by refusing to renegotiate the fees down in line with what a client was paying.

  • June 09, 2021

    EU Commission Says 5 Countries Need To Change Tax Laws

    The European Commission announced Wednesday that five countries in the European Union need to change their tax rules, in areas including corporate tax, value-added tax and vehicle taxation, to bring them in line with EU norms.

  • June 09, 2021

    Pension Trustees Urged To Meet Planned Governance Rules

    Just over half of pension trustees currently carry out an annual review of their work, an insurance broker has found, as it warned that the industry has a long way to go to meet new governance requirements that the sector's watchdog is considering.

  • June 09, 2021

    Denmark Hit With £46M Legal Bill In Failed UK Cum-Ex Suit

    A judge has ordered Denmark's tax authority to pay £46.4 million ($65.8 million) in legal costs racked up by the defendants in the country's failed attempt to recover the proceeds of an alleged £1.5 billion fraud through England's High Court.

  • June 09, 2021

    UK Brings In Experts To Crack Down On 'Greenwashing'

    The Treasury department said on Wednesday that it is setting up an expert advisory group to help the government crack down on finance firms that exaggerate the green credentials of their products and services.

  • June 09, 2021

    Master Trust Funds Recover Fast After COVID, Analysts Say

    The country's largest pension master trusts have seen investments improve in the last year, despite market shocks from the COVID-19 pandemic, according to retirement consultancy Hymans Robertson.

  • June 09, 2021

    Property Developer Gets 14-Year Ban For £13M Ponzi Scheme

    A property developer has been banned from acting as a director in the U.K. for 14 years after his company took £13 million ($18.4 million) of investors' money to operate a Ponzi scheme, a government agency has said.

  • June 08, 2021

    Adviser Recommends Redo On $506M Award Enforcement

    A legal adviser for the Netherlands' highest court has recommended overturning a decision enforcing a half-billion-dollar arbitral award against Kazakhstan that was issued to a pair of Moldovan energy investors, saying the case was filed with the wrong court.

  • June 08, 2021

    Consultancy Wins Appeal Over Fees For $57M Developer Loan

    A London appeals court on Tuesday revived EMFC Loan Syndications LLP's efforts to recoup fees for the work it carried out to arrange a $57 million loan facility for a luxury property developer, sending the dispute back for another trial.

Expert Analysis

  • What New UK Money Laundering Law Means For Fintech

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    New U.K. money laundering legislation will likely benefit electronic money and payment institutions, but an increase in state forfeiture powers and a lingering possibility of a broad failure-to-prevent offense leave the fintech industry's regulatory future uncertain, say Andrew Herd and Helena Spector at Red Lion Chambers.

  • Warnings And Guideposts From EU Sanctions Blocking Case

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    An advocate general's recent opinion in Bank Melli Iran v. Telekom Deutschland, a European Union sanctions blocking case, highlights serious new international regulatory compliance risks but also presents helpful guidance for navigating conflicting EU and U.S. rules, say Thomas Grant at Cambridge University and Scott Kieff at George Washington University.

  • UK Bill Must Navigate Crosscurrents Of Internet Regulation

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    The U.K.'s draft Online Safety Bill seeks to regulate a broad swath of online content and internet services but faces a number of potential implementation challenges, including balancing digital safety with freedom of expression and administering regulatory goals with frequently opposing objectives, say Ben Packer and Jemma Purslow at Linklaters.

  • Islamic Financing Faces A Post-Libor Test

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    Libor's impending demise and replacement by near risk-free reference rates throw up a set of unique challenges for Islamic financial transactions, which necessitate compliance with both Sharia pricing requirements and regulations of the relevant jurisdiction, say attorneys at King & Spalding.

  • Serco Exec Acquittals Are Fueling Criticism Of SFO

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    The recent collapse of the U.K. Serious Fraud Office's case against two former Serco Geografix Ltd. directors underscores the SFO's continued challenges in turning lucrative deferred prosecution agreements into the guilty verdicts it seeks, raising concerns about the agency's success rates, say Richard Sallybanks and Alex Swan at BCL Solicitors.

  • 2 UK Pension Cases Guide On 3rd-Party Due Diligence

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    The U.K. Court of Appeal's recent decision in Adams v. Options UK, and upcoming hearing in Financial Conduct Authority v. Avacade, highlight important precautions self-invested personal pension operators should take when dealing with unauthorized third parties, says Paul Ashcroft at Wedlake Bell.

  • How Fraudsters Have Abused UK's Pandemic Relief Efforts

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    The COVID-19 pandemic has provided many new opportunities for fraudsters to exploit resulting assistance measures or changes in victims' behavior, and the U.K. government's efforts to combat fraud and recover public funds may be insufficient, say Cameron Brown at Red Lion Chambers and Kabir Sondhi at 9 Bedford Row.

  • FCA's NatWest Scrutiny Suggests Enforcement Sea Change

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    The U.K. Financial Conduct Authority’s recent criminal proceedings against NatWest over Money Laundering Regulation compliance failures show how the regulator may be positioning itself to take on a more active role as a prosecutor, says Jemma Sherwood-Roberts at Constantine Law.

  • Asset Disclosure Can Help Claimants Enforce Judgments

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    Amid the economic turmoil of COVID-19, a proactive approach to asset disclosure should be central to a strong strategy for enforcing judgments, enabling civil fraud claimants to identify and freeze all manner of assets while applying pressure and gaining information, say Kate Gee and Olivier Swain at Signature Litigation.

  • UK's Backdoor Cum-Ex Strategy May Shape Int'l Enforcement

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    The U.K. Financial Conduct Authority's recent fine against Sapien Capital for money laundering failures related to the cum-ex trading scandal never actually touched upon the practice's legality, foreshadowing a roundabout strategy regulators outside the affected countries may employ to hold those responsible to account, says Syed Rahman at Rahman Ravelli.

  • Lifting US Sanctions On Iran Would Increase Financial Activity

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    If recent talks for the U.S. to rejoin the Iran nuclear deal pan out, financial activity between formerly sanctioned entities and European counterparties will likely increase, and demand for certain types of legal work may shift, say Kartik Mittal and Stephanie Limaco at Zaiwalla.

  • Financial Sanctions Guidance Shows Subtle Policy Shift

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    Although the U.K. Office of Financial Sanctions Implementation’s recently released guidance seems like a simple policy update, it demonstrates a desire to maximize the reach of its enforcement powers and the intention to take a harder approach going forward, says Syed Rahman at Rahman Ravelli.

  • UK Ruling Shows Tool For Taming Multijurisdictional Disputes

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    In PJSC National Bank Trust v. Mints, the U.K. High Court imposed costs on the prevailing party for failure to notify the court of related proceedings, demonstrating an approach that judges may use to mitigate the risk of discordant outcomes in multijurisdictional litigation, say Thomas Grant at Cambridge University and Scott Kieff at George Washington Law School.

  • 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.

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