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Financial Services UK
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April 16, 2024
Hill Dickinson Bolsters Disputes Team With New Partner
Hill Dickinson LLP has snapped up a partner from Teacher Stern LLP to join its commercial litigation team, bringing a wealth of dispute resolution and crisis management experience to the table.
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April 16, 2024
Pensions Industry Backlash Grows Over New Reporting Rules
The U.K.'s pension watchdog is facing mounting pressure from retirement industry trade bodies to back down from its new reporting obligations for schemes.
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April 16, 2024
UK Pension Transfer Numbers Continue To Decline
The number of savers transferring from defined benefit to defined contribution pension schemes dropped by 32% in the financial year that ended in March 2023, according to figures published Tuesday by the Financial Conduct Authority.
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April 16, 2024
Treasury Gains £12B Fiscal Headroom In New Tax Year
HM Treasury may have an extra £12 billion ($14.9 billion) to spend this financial year started April 6 thanks to the government's fiscal rule to cut national debt by 2029, the Institute for Fiscal Studies said in a report Tuesday.
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April 16, 2024
EU Watchdogs Ally With ECB To Help Firms' Data Reporting
European Union finance watchdogs said Tuesday they have set up an alliance with Europe's central bank to collaborate more efficiently on regulatory data transfers, reducing reporting costs for financial firms.
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April 16, 2024
UK Pension Withdrawals Hit Record High
The number of people making lump sum withdrawals from their U.K. pension savings reached a record high during the financial year that ended in March 2023, according to a new report by the country's financial watchdog published Tuesday.
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April 16, 2024
Global Body Mulls Better Bank Modeling For Climate Change
Banks may need to develop new models that integrate artificial intelligence to better assess the risks posed by climate change, a global standard setter said Tuesday.
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April 15, 2024
Ex-Autonomy Exec Testifies To Handshake Deals, Backdating
Autonomy's former U.S. head of sales testified for the prosecution Monday in the criminal fraud trial of founder Michael Lynch, saying he boosted sales figures via "quid pro quo" handshake deals with customers, created pretextual emails to cover his tracks and even backdated a deal to meet revenue targets.
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April 15, 2024
UK Trading Platform Marex Eyes US Markets For $300M IPO
Private equity-backed U.K. trading platform Marex Group PLC launched plans Monday for an estimated $300 million initial public offering, represented by Latham & Watkins LLP and underwriters' counsel Kirkland & Ellis LLP, becoming the latest U.K.-area firm to seek capital from U.S. markets.
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April 15, 2024
Real Estate Plans Were £50M Ponzi Scheme, Investors Say
Over 400 real estate investors said two British men ran a U.K.-wide fraud akin to a Ponzi scheme at a London trial of their £50 million ($62.3 million) claim Monday, arguing the men had made false promises about the returns the investments would generate.
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April 15, 2024
AML Exec Loses Bid For Interim Pay In Whistleblowing Case
The co-founder of a London-based payments platform provider has lost his bid to be paid his £190,000 ($237,000) salary while he pursues a whistleblowing and unfair dismissal claim against the company.
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April 15, 2024
Freshfields-Led CVC Plans €1.25B IPO In Amsterdam
Private equity giant CVC said Monday that it is planning to list its shares in Amsterdam and raise at least €1.25 billion ($1.3 billion) in a widely anticipated initial public offering guided by Freshfields Bruckhaus Deringer LLP.
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April 15, 2024
Skat Kicks Off £1.4B London Trial Against British Trader
A British trader was accused Monday of being the "mastermind" behind a fraudulent trading scheme that cost the Danish tax authority £1.4 billion ($1.7 billion) at the start of a year-long High Court trial.
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April 15, 2024
European Banks Tell FCA To Prioritize Bond Data Rule Reform
A body representing large European banks has "strongly recommended" that the Financial Conduct Authority make any reforms to underlying rules causing high costs of data in bond markets without delay.
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April 15, 2024
Home Insurers Paid Record £573M In Weather-Linked Claims
Devastating storms that swept through the U.K. in 2023 drove up weather-related insurance claims by more than a third, hitting a record of almost £573 million ($715 million), the trade body for the sector said on Monday.
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April 15, 2024
BNP Paribas Buys 9% Stake In Insurer Ageas For €730M
French banking giant BNP Paribas said Monday that its insurance subsidiary has agreed to acquire a 9% stake in Belgian multinational insurer Ageas for approximately €730 million ($777 million) from Chinese conglomerate Fosun Group.
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April 15, 2024
WTW Plans £450M Private Equity Long-Term Asset Fund
Insurance firm WTW said on Monday it plans to launch a new long-term asset fund with £450 million ($560 million) to focus on private equity investments.
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April 15, 2024
Pension Protection Fund Has 'Crucial' Future Role, LCP Says
The Pension Protection Fund could play a crucial role in the "endgame" for defined benefit pension schemes as a state-backed consolidator of smaller retirement plans, a consultancy has said.
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April 15, 2024
Avoiding Legal Pitfalls In M&A Deferred Pricing Deals
One of the worst markets for M&A dealmaking in a decade has spawned innovative pricing models such as deferred consideration arrangements for buyers and sellers to come to terms, but lawyers warn that these agreements have to be watertight to protect against future litigation.
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April 12, 2024
Credit Suisse, Lloyds, Others Ink $3.5M Libor Deal
Plaintiffs in the yearslong suit alleging various big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $3.45 million settlement with Credit Suisse AG, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.
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April 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen footwear brand Dr. Martens hit online retailer Temu with a passing off claim, Welsh soccer club Swansea sue its former head coach Russell Martin, Russian diamond tycoon Dmitry Tsvetkov file a claim against his former business Equix Group Ltd., and U.S. bank Omega Financial Corporation hit African oil and gas company Tende Energy with a claim. Here, Law360 looks at these and other new claims in the U.K.
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April 12, 2024
Denmark's £1.4B Tax Fraud Trial Heads For 'Uncharted Waters'
Denmark will open its £1.4 billion ($1.7 billion) dividend fraud case in London on Monday, beginning a yearlong trial that will have wide implications for other disputes arising out of the cum-ex trading scandal that has swept Europe.
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April 12, 2024
Over 800 Directors Banned For COVID Loan Fraud In 1 Yr
A total of 831 company directors were banned in the last 12 months for defrauding the COVID loan support scheme for businesses following investigations by the Insolvency Service, the government agency said Friday.
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April 12, 2024
FCA Warns Motor Financing Firms To Hold Enough Capital
Britain's financial watchdog warned lenders Friday to keep enough cash at all times for their motor financing business as the regulator continues to look into a recent increase in customer complaints.
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April 12, 2024
Pension Body Warns Of 'Burdensome' New Reporting Rules
A U.K. pension industry body has called for new reporting regulations on the sector to be toned down, warning that the additional red tape could deter smaller schemes from taking steps to improve their investment strategies.
Expert Analysis
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How Decision On A Key Definition Affects SMEs
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.
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What New Digital Sandbox Regs Hold In Store For UK Markets
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.
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Why Investment In Battery Supply Chain Is Important For UK
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.
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What Extending Corporate Liability Will Mean For Foreign Cos.
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.
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A Consequential Moment For Sanctions Activity
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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ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring
A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.
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Economic Crime Act Offers Welcome Reform To AML Regime
The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.
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3 Financial Services Hot Topics To Watch In 2024
Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.
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What Venice Swaps Ruling Says About Foreign Law Disputes
The English appeals court's decision in Banca Intesa v. Venice that the English law swaps are valid and enforceable will be welcomed by banks, and it provides valuable commentary on the English courts' approach toward the interpretation of foreign law, say Harriet Campbell and Richard Marshall at Penningtons Manches.
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Key Litigation Funding Rulings Will Drive Reform In 2024
Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.
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How Draft Trading Regs Provide Framework For UK Regime
Representing an important part of the U.K. government's post-Brexit regulatory reform agenda, the most recent draft of the proposed Trading Regulations seeks to provide a framework for a new rules-based regime for regulating public offers of securities and admissions to trading on a U.K.-regulated market, say lawyers at Davis Polk.
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Breaking Down The New Rules For High Net Worth Individuals
Andrew Northage at Walker Morris outlines what businesses need to be aware of to ensure ongoing compliance with revised conditions in the U.K. government's updated financial promotion exemptions for high net worth individuals and sophisticated investors, and suggests a few practical tips for businesses to follow.
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How Data Privacy Law Cases Are Evolving In UK, EU And US
To see where the law is heading in 2024, it is worth looking at privacy litigation and enforcement trends from last year, where we saw a focus on General Data Protection Regulation regulatory enforcement actions in the U.K. and EU, and class actions brought by private plaintiffs in the U.S., say lawyers at Morgan Lewis.
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Misleading Airline Ads Offer Lessons To Avoid Greenwashing
Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.
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An Overview Of UK Short Selling Regulation Reforms
The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.