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Financial Services UK
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March 25, 2024
Pilot For UK Billionaire Says Stock Tips Case Is Too Vague
A pilot charged with trading on insider stock tips from U.K. billionaire Joe Lewis told a New York federal judge Friday that prosecutors had failed to identify a piece of information that he knew was non-public, urging the court to toss the case.
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March 25, 2024
Man Denies Conspiring Against Game Host's Ex-Biz Partner
A man accused of conspiring with convicted HBOS fraudster Mark Dobson to acquire a company from the ex-business partner of TV personality Noel Edmonds by undervaluing it has denied that any plot existed.
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March 25, 2024
FCA Warns Fund Managers Over Third-Party Supervision
The Financial Conduct Authority said on Monday it has found failings in how some hedge fund managers rely on third parties to help manage the fund, possibly undermining efforts to prevent financial crime.
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March 25, 2024
UK Firms To Get More Influence On Pension Fund Investing
British companies will probably enjoy greater sway over the investment decisions taken by their pension plans under new rules being considered by The Pensions Regulator, a consultancy said on Monday.
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March 25, 2024
Staveley On The Hook For £3.4M After Failed Court Battle
Newcastle United co-owner Amanda Staveley failed Monday to have a repayment demand from a Greek shipping magnate set aside as a High Court judge ruled that she had 21 days to hand over £3.5 million ($4.4 million).
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March 25, 2024
Lebanese-Owned Bank Breached AML Rules, Watchdog Finds
Switzerland's financial regulator said Monday that Banque Audi (Suisse) SA has breached rules designed to tackle money-laundering and must give up 3.9 million Swiss francs ($4.3 million) in illicit profits.
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March 22, 2024
Investment Firm Fights To Save £43M Delayed Hotel Claim
An investment firm pleaded with a London court on Friday not to throw out its £43 million ($54 million) claim against a hotelier who it says scuppered a hotel project in Scotland by demanding last-minute changes.
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March 22, 2024
JPMorgan Gets Early Trial On US Regs In Viva Wallet Dispute
J.P. Morgan on Friday was granted an expedited London trial on some of the issues in its warring claims with the founder of a Greek payment company co-owned by the investment bank over the fintech business' value.
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March 22, 2024
Money Laundering Ringleader Jailed For £560K Bank Con
A fraudster who set up sham carpet and furniture businesses as part of a money laundering scheme that lost banks £560,000 ($705,000) has been jailed for six years and four months, the U.K.'s Insolvency Service said Friday.
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March 22, 2024
Glencore Cannot Deny Knowing It Was Corrupt, Investors Say
Glencore cannot claim it "reasonably believed" it was telling the truth when it failed to disclose it orchestrated a global bribery scheme during an initial public offering that raised $10 billion, institutional investors suing the mining and trading group have said.
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March 22, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the BBC and Wall to Wall Media hit with a passing off lawsuit by musician BOSSIIE, Poundland parent company Pepco Group file a commercial fraud claim against several mobile network giants, family law specialists Alexiou Fisher Philipps LLP start proceedings against former oil trader Michael Prest, and a transgender lawyer file a libel claim against a blogger. Here, Law360 looks at these and other new claims in the U.K.
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March 22, 2024
4 Charged For Unregulated Water Investment Scam
The Financial Conduct Authority said Friday it has charged four individuals with allegedly defrauding investors out of £3.9 million ($4.9 million) in an unregulated water investment scheme.
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March 22, 2024
UK Tax Avoidance Scheme Promoter Fined £900K
A Liverpool-based company that promoted a tax avoidance scheme to medical professionals must pay a £900,000 ($1.1 million) penalty, according to a tribunal ruling published by HM Revenue and Customs on Friday.
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March 22, 2024
87-Year-Old Billionaire Lewis Seeks No Jail For Insider Trading
Lawyers for British billionaire Joe Lewis have asked a Manhattan federal judge not to impose any prison time after his plea to insider trading, saying a term of probation is appropriate because the 87-year-old is "nearing the end of life in declining health."
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March 22, 2024
Oil Shipper Fails To Have UK Sanctions Temporarily Lifted
A Dubai-based oil shipping company failed in its attempt to have U.K. sanctions temporarily lifted after a London judge ruled Friday that the British foreign secretary has to review the decision to designate the company before the courts have jurisdiction to rule on its claim.
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March 22, 2024
EU Watchdog Fines Ratings Firm €2M For Conflict Of Interest
The markets watchdog of the European Union said Friday that it has fined German credit ratings agency Scope Ratings GmbH €2.2 million ($2.4 million), and issued a public notice after it failed to avoid potential conflicts of interest.
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March 22, 2024
Audit Agency Backs Gov't Non-Financial Reporting Reforms
The Financial Reporting Council voiced its support for the U.K. government's plans to update non-financial reporting requirements on Friday, emphasizing the importance of simplifying the framework to help companies access capital.
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March 21, 2024
Banksy Co. Calls Instagram Post True In £1.3M Libel Case
The company that manages anonymous street artist Banksy has defended a £1.35 million ($1.7 million) claim that he posted a defamatory Instagram post about a licensing company using his artwork on clothing without his permission, saying it was substantially true.
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March 21, 2024
LC&F Was 'Doomed From The Start,' Administrator Tells Trial
An administrator of London Capital & Finance said on Thursday that the mini-bonds provider was "doomed from the start," as he gave evidence at the £237 million ($300 million) investment scandal trial at a London court.
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March 21, 2024
HSBC Settles Investors' £240M Claim Over Disney Tax Scheme
HSBC has settled a £240 million ($304 million) claim brought by more than 100 investors alleging that the bank misled them to finance a Disney film tax relief scheme it developed which turned out to be worthless.
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March 21, 2024
Ex-OneCoin Attorney Says 1 Year In Prison Is Enough
A Bulgarian woman who held the title of legal and compliance executive at the fraudulent OneCoin cryptocurrency exchange asked a Manhattan federal judge to credit her for the year she'd spent in prison in harsh conditions and not sentence her to any more jail time.
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March 28, 2024
White & Case Hires 2nd Funds Pro From Ropes & Gray
White & Case LLP has recruited a private funds lawyer from Ropes & Gray LLP — the second time it has hired a specialist as a partner from the London office of its U.S. rival in recent months.
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March 21, 2024
Influencer Denies Contempt Charge Over 'Lavish Lifestyle'
The founder of a French startup argued against accusations of contempt of court on Thursday after his former company accused him of "flagrantly" breaching a worldwide freezing order by continuing to live a "lavish lifestyle."
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March 21, 2024
Audit Watchdog To Probe UK Sustainability Assurance Market
The Financial Reporting Council on Thursday said it would be studying the quality of sustainability assurance services in the U.K. to ensure the market is providing high-quality guarantees over companies' reporting.
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March 21, 2024
FCA Tells Consumer Lenders To Detect Financial Crime Better
The City watchdog has warned chief executives of consumer lending firms that they must improve on their detection of financial crime.
Expert Analysis
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Examining The Growing Strength Of FRC Enforcement Actions
As the U.K. Financial Reporting Council prepares to broaden its powers and transition into the Audit, Reporting and Governance Authority in 2024, it is already demonstrating an increased appetite for enforcement, with greater expectations placed on auditors, say Kathleen Harris, Sean Curran and Melissa Dames at Arnold & Porter.
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UK Case Shows Risks Of Taking Shortcuts In Fund Payments
While the High Court recently reversed a decision in Floreat Investment Management v. Churchill, finding that investors routing funds into their own accounts was not dishonest, the case serves as a cautionary tale on the dangers of directing investment funds other than as contractually provided, say lawyers at Dechert.
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Growing EU Scrutiny Increases Hurdles For Foreign Investors
The application of the EU Foreign Subsidies Regulation from July will bring further oversight to many large deals, and together with bolt-on strategies, foreign investment regulation and antitrust enforcement, financial sponsors will need to start planning for compliance to avoid potential delays, say Anna Mitchell and Neil Hoolihan at Linklaters.
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How Ambitious New EU Directive Seeks To Fight Corruption
If enacted, the European Union’s recently proposed directive to combat corruption, with its substantive rules, specialized bodies and aim of raising public awareness, would form another milestone in the long-term creation of a genuine European criminal law system, say Katharina Humphrey and Andreas Dürr at Gibson Dunn.
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How The FCA Is Using Its New Powers To Make Changes
The recent sentence of the former London Capital CEO is the latest development in the firm's scandal that prompted a damning report on the Financial Conduct Authority's regulatory conduct, leading the regulator to much soul-searching and a continuing clamp down on firms that misuse their approvals, says Ben Rees at Keller Postman.
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How The US And UK Differ On Crypto Regulation
While the U.K. and U.S. share strong economic ties, their approaches to crypto regulation differ wildly, with the U.K. setting bespoke rules through legislation and the U.S. taking a fragmented, and arguably hostile, approach to regulating crypto-assets, most often happening through enforcement, say attorneys at BCLP.
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Judicial Review Lessons From Financial Ombudsman Case
Even though the judicial review claim was dismissed in the recent High Court decision Shawbrook Bank v. Financial Ombudsman Service, it has important legal and practical takeaways for lenders who can obtain real value by challenging FOS decisions, say lawyers at Linklaters.
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Understanding ESG Considerations In Social Lending
In light of recent updates to sustainable finance guidance by loan market associations, lenders should ensure they request compliance information for projects intended to provide social benefits in order to encourage borrowers to hold environmental, social and corporate governance factors as a priority, says Jasmine Robinson at Taylor Wessing.
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How To Approach Different Data Types In E-Disclosure Matters
The High Court's recent decision in Terre Neuve v. Yewdale highlights the importance of practitioners adequately approaching e-disclosure obligations, including understanding their data landscapes and the nuances of different data types, say Fiona Campbell at Fieldfisher and Alejandro Gomez-Igbo at Forensic Risk Alliance.
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Why FCA Proposals For UK Listing Rules May Need Tweaking
Although many of the Financial Conduct Authority’s recently published proposals for listing rules reform are to be welcomed, a few further changes are needed if the regulator's objective of making the U.K. public markets more attractive is to be achieved, says Nigel Gordon at Fladgate.
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Exploring UK Regulatory Reform Amid Global Bank Failures
In light of recent high-profile bank failures and the publication of a feedback statement to a U.K. regulatory review, the concern that banks are overly reluctant to use their stock begs the question whether regulators now need to rethink the operation of the liquidity coverage ratio, say Alix Prentice and Carl Hey at Cadwalader.
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Key Takeaways From Recent UK Insolvency Disputes
As recent insolvency statistics show that U.K. registered company insolvencies are up 16% compared to last year, having a strong understanding of recent key U.K. decisions and how insolvency disputes operate is more important for companies now than it has ever been, say attorneys at Crowell & Moring.
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Why The Draft UK Fraud Offense May Not Be A Game Changer
Although the U.K.’s proposed "failure to prevent fraud" offense will generate a need for large businesses to reassess their existing processes, given the long lead-in times for prosecutions and the Serious Fraud Office's current success rate, it seems unlikely that the corporate fraud landscape will be immediately transformed, say Charles Kuhn and Charlotte Gill at Clyde & Co.
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A Review Of The EU FDI Screening Regulation And Its Scope
The EU advocate general’s recent broad interpretation of the EU Foreign Direct Investment Screening Regulation takes account of some of the geopolitical challenges faced by the bloc, and may foreshadow a revision of the regulation and widen the scope of investments screened, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.
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Key Takeaways From EU Proposal For Greenwashing Rules
If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.