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Financial Services UK
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April 11, 2024
SocGen To Sell Equipment Finance Unit To Rival For €1.1B
French banking giant Societe Generale SA said Thursday that it has agreed to sell its professional equipment financing business to rival BPCE for €1.1 billion ($1.2 billion) to streamline the business and bolster its equity capital.
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April 11, 2024
Squire Patton Steers £130M Mitsubishi Pension Deal
Insurer Just Group said Thursday it has signed off on a £130 million ($163 million) buy-in transaction for a scheme sponsored by Mitsubishi Chemical UK Ltd. in a deal guided by Squire Patton Boggs LLP.
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April 11, 2024
FCA Finds Failings By Administrator Of Woodford Funds
The Financial Conduct Authority said Thursday it has found that Link Fund Solutions failed to act with "due skill, care and diligence" when it was the authorized manager of the failed £3.7 billion ($4.6 billion) flagship fund managed by Neil Woodford.
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April 10, 2024
No Merit To Autonomy Whistleblower Claims, Auditor Says
A Deloitte partner testifying in a California criminal trial over claims that former Autonomy CEO Michael Lynch and finance director Stephen Chamberlain duped HP into buying the British tech company for $11.7 billion said Wednesday that auditors concluded that whistleblower allegations by a finance department executive were meritless.
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April 10, 2024
Italian Airline Chairman Sued For €50M Over Joint Venture
The chairman of Aeroitalia SRL has allegedly blocked aviation magnate German Efromovich from controlling the startup Italian airline by refusing to hand over his majority stake in the project, according to a new London claim seeking €50 million ($54 million).
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April 10, 2024
Ex-BigLaw Atty In OneCoin Scam A Flight Risk, Feds Say
A former Locke Lord LLP partner who was convicted of laundering proceeds from the OneCoin cryptocurrency scam has "every incentive" to flee the country, prosecutors told a New York federal judge, arguing he shouldn't be allowed to stay out on bail while his appeal is pending.
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April 10, 2024
Ex-Footballer Sues HSBC For £2M Loan Negligence
Former professional soccer player Matthew Jansen has claimed HSBC lost him almost £2 million ($2.5 million) during the 2008 financial crisis by allegedly failing to monitor the risk of loans secured against properties.
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April 10, 2024
Insurer Aviva Expands Bulk Purchase Pilot For Small Pensions
Insurance giant Aviva said Wednesday it has launched a streamlined bulk purchase annuity service to support smaller pension schemes with assets of less than £100 million ($126 million) to de-risk their plans.
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April 10, 2024
PCAOB Fines KPMG, Deloitte Units $27M For Cheating Claims
KPMG Netherlands and two Deloitte units will pay a combined $27 million to settle allegations from the Public Company Accounting Oversight Board of widespread answer sharing in their internal training programs, with KPMG's $25 million penalty marking the largest fine PCAOB has ever imposed.
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April 10, 2024
UK Reports £612M Lost To Investment Fraud Last Year
Cryptocurrency scams accounted for the bulk of investment fraud cases that cost U.K. investors more than £612 million ($771 million) in 2023, according to crime data service Action Fraud.
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April 10, 2024
Swiss To Beef Up Banking Rules After Credit Suisse Rescue
The Swiss government said Wednesday that it plans to beef up rules for its largest domestic lenders, including giving its financial watchdog an expanded toolkit after the near-collapse of Credit Suisse revealed holes in the current regime.
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April 10, 2024
Compensation For Poor Pensions Advice At Record Low
Compensation for retirement savers who were wrongly advised to transfer out of their defined benefit pension has hit a record low, a consultancy said on Wednesday.
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April 10, 2024
EU Bank Rescue Agency Overcharged Institutions By €3.7B
A European Union court ruled Wednesday that the eurozone's rescue agency for financial institutions overcharged for contributions to its safety net fund by almost €3.7 billion ($4 billion) but has given the authority at least six months until it has to repay.
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April 10, 2024
FCA Eyes Revisions To Payments For Investment Research
The Financial Conduct Authority on Wednesday said it plans to revise how asset managers pay for investment research, seeking to simplify and expand access across the sector.
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April 10, 2024
Fraudsters Behind £50M Benefits Scam Get Sentencing Date
Five Bulgarians who pleaded guilty to fraud and money laundering have been convicted at a London criminal court, the European Agency for Criminal Justice Cooperation said Wednesday, a crime the agency described as the largest benefits fraud to have hit the U.K.
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April 10, 2024
Lifeboat Fund Opens Probe Into British Steel Pension Adviser
The compensation program for financial services said it has opened an investigation into an advice firm in connection with the British Steel Pension Scheme scandal.
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April 10, 2024
EY Law Helps Alisa Bank Merge With Fintech In €10.4M Deal
Finnish digital lender Alisa Bank PLC said it plans to merge with PURO Finance Ltd. in a deal that values the invoice financing company at €10.4 million ($11.3 million).
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April 10, 2024
FCA Records Decline In Households In Financial Difficulty
The number of households in financial difficulty tumbled by 38% in the 12 months to January, the finance watchdog said Wednesday, adding that more than seven million people were struggling to pay bills and credit repayments compared with almost 11 million a year earlier.
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April 10, 2024
Russian Tycoons Win Initial Fight Over EU Sanctions
Russian businessmen Mikhail Fridman and Petr Aven have beaten the initial European sanctions imposed against them as a European Union court ruled Wednesday that they were unjustifiable, although their assets will continue to be restrained under newer measures.
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April 09, 2024
'You're Going To Lose These People,' Judge Tells Lynch Atty
U.S. District Judge Charles Breyer on Tuesday chided a Steptoe partner representing former Autonomy CEO Michael Lynch in his criminal fraud jury trial, saying that his hourslong questioning of a Deloitte partner shouldn't go on much longer, or "you're going to lose these people."
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April 09, 2024
Pension Scheme End-Game Options Rising, Consultancy Says
A rise in funding means U.K pension schemes have more end-game options, consultancy Broadstone said Tuesday, as the aggregate surplus of thousands of defined benefit schemes increased to £455.5 billion ($578.4 billion) by the end of March.
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April 09, 2024
Labour Party Pledges £5.1B Tax Crackdown If Elected
Britain's opposition Labour Party pledged Tuesday to raise £5.1 billion ($6.5 billion) by closing tax loopholes and cracking down on tax avoidance schemes if it wins the next election, expected later this year.
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April 09, 2024
Gov't Urged To Ban Cash Incentives For Pension Switching
The government should ban pension providers from offering cash incentives for savers to switch plans because the practice encourages people to ignore the "fine print" and move over to a worse option, new research by a provider of retirement savings plans suggests.
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April 09, 2024
HSBC To Take $1B Hit From Sale Of Argentina Unit
HSBC said Tuesday that it will book a $1 billion loss on the sale of its business in Argentina to local lender Grupo Financiero Galicia, as the London-based bank continues to shift its focus to Asia.
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April 16, 2024
Charles Russell Speechlys Hires Banking And Finance Lawyer
Charles Russell Speechlys LLP has appointed Philip Withey, a lawyer from Womble Bond, as partner in its banking and finance practice in a move the firm believes will boost its business.
Expert Analysis
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UK Review May Lead To Lower Investment Screening Burden
The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.
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Economic Crime Act Exposure: What Companies Can Expect
The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.
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FCA Promotions Review Sends A Strong Message To Firms
The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
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When Can Bonuses Be Clawed Back?
The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.
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The State Of UK Litigation Funding After Therium Ruling
The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.
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UK Shareholding Report A Missed Opportunity For New Tech
The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.
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Tools M&A Deal Makers Can Use To Bridge Valuation Gaps
As macroeconomic headwinds reset valuation expectations, parties to merger and acquisition are increasingly looking to methods such as earnouts, vendor financing and minority transactions to bridge the valuation gap and get deals done, says Philip Herbst at Cleary.
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Navigating The Novel Challenges Facing The Legal Profession
The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
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Deal Over Jets Stranded In Russia May Serve As Blueprint
In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.
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Economic Crime Act Brings Changes For Limited Partnerships
The recently passed Economic Crime Act introduces significant financial transparency obligations for new and existing U.K. limited partnerships, and with criminal consequences for noncompliance, a degree of advance consideration is strongly advised, say Amelia Stawpert and Alex Jones at Hogan Lovells.
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ESMA Report Offers A Glimpse At EU's Securitization Future
The European Securities and Markets Authority’s recent overview of the EU securitization sector suggests a growing market for both investors and businesses and offers useful insight into future regulatory priorities, says Alan Bunbury at Matheson.
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What The Auto-Enrollment Law Means For UK Workforce
In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.
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UAE Bank Case Offers Lessons On Enforcing Foreign Rulings
The High Court recently clarified in Invest Bank v. El-Husseini that foreign judgment debts may be enforceable in England, despite being unenforceable in their jurisdiction of origin, which should remind practitioners that foreign judgments will be recognized in England if they are final and conclusive in their court of origin, say lawyers at Macfarlanes.
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Revised OECD Guidelines Key In Shaping Business Standards
The OECD’s recent revised guidelines on responsible business conduct, supported by a domestic government agencies’ grievance referral mechanism, have already influenced EU due diligence standards, and enterprises engaging in the unique procedure will benefit from case-specific nuances, parallel proceedings and the availability of confidentiality protections, say lawyers at Debevoise.
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Libor Fallback To Prime May Increase Corporate Loan Costs
Despite preparations and legislative actions related to the transition away from Libor earlier this year, there remains a contingent of corporate borrowers that have fallen through the cracks and could face increased costs if their loans default to prime rates, say Nathan Moore and Dana Bradley at WilmerHale.