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Financial Services UK
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March 27, 2024
Finance Pros Avoid Prison For £3M Mortgage Fraud
A banned independent financial adviser and an accountant were handed suspended sentences on Wednesday for forging documents to help their clients make fraudulent mortgage applications worth £3 million ($3.8 million).
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March 27, 2024
BoE Says Action On LDI Has Boosted Financial Stability
The U.K.'s financial stability watchdog said Wednesday that measures introduced in the wake of the pension fund crisis 18 months ago have bolstered resilience to further shocks.
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March 27, 2024
Swiss Watchdog Sets Out New Capital Rules For Banks
Switzerland's financial regulator said Wednesday it has published five sets of rules to implement the latest capital requirements for banks, known as Basel III, allowing a more risk-sensitive treatment of managed collective assets than the global standards require.
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March 27, 2024
Watchdog Aligns Accounting Rules In UK, Ireland With IFRS
Britain's accounting regulator published plans on Wednesday to update some accounting standards in the U.K. and the Republic of Ireland to align with changes in international guidelines.
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March 27, 2024
Payments Watchdog Launches 2nd Review Of ATM Coverage
The Payment Systems Regulator launched on Wednesday its second review of the effectiveness of its mandate for LINK, the national cash machine network, to ensure the accessibility of ATMs across the country.
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March 27, 2024
UK Draft Pay Fraud Rules Open Tricky Legal Liabilities
The government's new draft legislation, which will give banks longer to investigate suspicions of fraud before they send payments instructed by customers, will create a wave of new legal liabilities and lead to regulatory hurdles, according to lawyers.
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March 27, 2024
Ex-Barclays, Citi Traders Lose Interest Rate-Rigging Appeals
Two former traders convicted of manipulating benchmark interest rates lost their bid to clear their names on Wednesday as an English appellate court ruled that they had received fair trials.
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March 26, 2024
UAE Fund Must Pay £7M As Judge Tosses Azima Fraud Ruling
A London judge has ordered a sovereign wealth fund to make an initial £7.6 million ($9.6 million) payment to Farhad Azima, ending a lengthy feud involving allegations the fund fraudulently obtained a $4 million judgment against the aviation tycoon with help from a lawyer at Dechert LLP.
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March 26, 2024
Clyde & Co. Eyes Case Against Switzerland Over Credit Suisse
Clyde & Co. LLP said it is currently soliciting claimants for a possible mass claim to be filed against Switzerland a year after the country forced a distressed sale of Credit Suisse to UBS along with a write-down of $17.5 billion of the bank's bonds to zero.
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March 26, 2024
UK Police Arrest Over 400 In 'Henhouse' Anti-Fraud Sting
U.K. police forces have arrested over 400 people in a monthlong fraud crackdown involving multiple national agencies, the U.K.'s National Crime Agency said Tuesday.
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March 26, 2024
LC&F Boss Denies Trying To Mislead Company Auditors
The former chief of London Capital & Finance denied trying to paint a misleading picture of the mini-bond holder's finances, as he gave evidence at the £237 million ($299 million) investment scandal trial Tuesday.
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March 26, 2024
Gov't Issues Deadlines For Pensions 'Dashboard' Linkage
Large pension schemes in the U.K. must connect their plans to the government's long-awaited Pensions Dashboard Program by the end of April 2025, according to new guidance.
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March 26, 2024
Insurance Execs Deny BDO Found Buyer For £18.5M Sale
Directors of KGJ Insurance Services have denied owing advisory fees to BDO LLP following the sale of the insurance broker for an estimated £18.5 million ($23.4 million), claiming that BDO never proposed or introduced the buyer itself.
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March 26, 2024
EU Watchdog Sets Out Rules For Green Bond Issue Reviewers
The European Union's financial markets regulator on Tuesday proposed rules for external reviewers of green bond issues across the bloc, to help stop greenwashing and conflicts of interest.
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March 26, 2024
Over Regulation Restricted Defined Benefit Pensions, MPs Say
The government should change the focus of the U.K.'s pension watchdog, lawmakers said Tuesday, warning that years of excessive caution on regulation has nearly wiped out the country's remaining defined benefit retirement plans.
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March 26, 2024
FCA Warns 'Finfluencers' To Keep Promotional Ads Lawful
Britain's finance watchdog reminded firms on Tuesday that they are responsible for all of their promotions, especially when working with so-called finfluencers, who offer advice and information on financial topics on social media platforms.
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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.
Expert Analysis
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How Employers Can Support Neurodiversity In The Workplace
A recent run of cases emphasize employers' duties to make reasonable adjustments for neurodiverse employees under the Equalities Act, illustrating the importance of investing in staff education and listening to neurodivergent workers to improve recruitment, retention and productivity in the workplace, say Anna Henderson and Tim Leaver at Herbert Smith.
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What The Anti-Coercion Instrument Will Bring To The EU
Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring discuss why the European Union recently adopted a report on the anti-coercion instrument to reform its trade legislation, how the instrument will be used to respond to unfair economic pressure from third countries, and how businesses can impact the EU's decision making.
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Why FCA Crypto Rules Need To Align With UK Gov't Aims
There is a critical need for cryptocurrency regulations that protect consumers while supporting the government's aim to make the U.K. a crypto hub, but the Financial Conduct Authority’s recently effective rules on financial promotion of crypto-assets bring an unintended risk that legitimate firms will be driven out of the market, says Laura Navarathnam at the Crypto Council for Innovation.
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CMA Report On AI May Lead to Greater Competition Control
The U.K. Competition and Markets Authority’s recent report on artificial intelligence foundation models is a sign that developers could face increased merger control and antitrust enforcement, and businesses should be mindful of these views to ensure that their models do not come under investigation, say attorneys at Morgan Lewis.
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UK Mozambique Ruling Will Have Int'l Ramifications
The recent U.K. Supreme Court judgment in Mozambique v. Privinvest considered for the first time stay proceedings under the Arbitration Act, offering guidance on whether claims are a "matter" within the scope of an arbitration clause, which could become a point of reference for foreign courts in the future, say lawyers at Herbert Smith.
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Recent Trends In European ESG-Related Shareholder Activism
New ESG reporting standards in the European Union, as well as recent climate change, board diversity and human rights cases, illustrate how shareholder activism may become more prominent in years to come as regulation and investor engagement continues to strengthen, say lawyers at Debevoise.
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Audit Regulator Review Has Tips On Climate Metric Reporting
The U.K. Financial Reporting Council’s recent review of climate-related metrics and targets in listed companies’ annual reports is an extremely useful guide for issuers considering the quality of their disclosure reporting, with a number of key areas identified as central to further improvement, say lawyers at Bryan Cave.
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What Russia Case Reveals About UK Sanctions Enforcement
The Office of Financial Sanctions Implementation recently issued its first enforcement action under the U.K.'s expanded Russia sanctions against a relatively small company for a moderately severe breach — a decision that highlights several questions about the watchdog’s purpose and methods, say Maia Cohen-Lask and Tasha Benkhadra at Corker Binning.
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Breaking Down The UK's Draft Updates To Prospectus Regime
While there still may be changes, the U.K.'s near-final draft statutory instrument to update and in some parts replace the current on-shored EU prospectus regime is likely to represent a significant overhaul of the existing regime and may make U.K. capital markets a more attractive venue for listings for issuers, say attorneys at Debevoise.
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Italy's Bank-Profits Tax Plan May Become Model For Eurozone
If Italy's recently proposed 40% bank-profits tax helps keep its populist coalition government in power, notwithstanding the European Central Bank's legal challenges, the passage could spark a windfall tax trend across the eurozone and even in the U.K., says Cris Cicala at Stinson.
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Bitcoin Case Highlights Advanced Age Of UK's IP Law
An appellate court's recent decision in a case involving the copyright of bitcoin's file format emphasizes the role of copyright protection in software, and also the challenges of applying decades-old laws to new technologies, say Marianna Foerg and Ben Bell at Potter Clarkson.
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Accountability Is Key To Preventing Miscarriages Of Justice
The wrongful conviction of Andrew Malkinson and other recent cases show that in order to avoid future miscarriages of justice, there needs to be a fundamental reevaluation of how investigators, prosecutors and the Criminal Cases Review Commission operate, prioritizing stronger penalties and increased funding, say Thomas Walford at Expert Evidence International and policy analyst Gerald Frost.
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4 Compliance Considerations Under FCA Consumer Duty
Following the U.K. Financial Conduct Authority's recent introduction of the new consumer duty regime, firms will need to be mindful of data protection implications when managing their compliance with the duty and data protection legislation, say lawyers at Bird & Bird.
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What Could Come Of CFPB, EU Consumer Finance Collab
A recent joint statement from the European Commission and Consumer Financial Protection Bureau focused on how technology is affecting consumers of financial services, potentially recognizing that legal protections are lacking because tech regulations lag behind its development, say attorneys at DLA Piper.
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6 Key Factors For Successful Cross-Border Dispute Mediation
The European landscape of cross-border disputes diverges markedly from the U.S. experience and presents unique challenges, including the amalgamation of diverse cultures and legal systems, but there are several practical steps that practitioners can take to effectively navigate the process, says Peter Kamminga at JAMS.