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Financial Services UK
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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.
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March 21, 2024
ECJ Adviser Rejects Taxing Foreign Pension Funds Differently
Taxing dividends paid to foreign public pension funds while exempting dividends paid to the source country's general retirement savings funds contravenes European Union law, an adviser to the bloc's highest court said Thursday, backing Finnish pension funds' challenge of a Swedish law.
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March 21, 2024
Nationwide Agrees To Buy Virgin Money For £2.9B In Cash
Nationwide Building Society said Thursday that it will buy Virgin Money UK for £2.9 billion ($3.7 billion) in cash, in a deal backed by the boards of both companies.
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March 20, 2024
Spanish Investment Co. Beats Slovak TM Opposition In EU
A Spanish investment company has won an appeal to revive its trademark application, as European officials ruled that buyers of financial services paid a "high degree of attention" and wouldn't think that the sign was linked to a Slovak company.
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March 20, 2024
Investor Seeks To Toss €10M Case Over Share Deal Row
An investment company urged a London court on Wednesday to throw out a €10.2 million ($11 million) claim by an asset management firm, arguing that it had not consented to the terms of the sale of shares in a luxury Greek resort.
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March 20, 2024
Russian F1 Driver's EU Sanctions Over Oligarch Father Lifted
A Formula One racing driver and son of a Russian oligarch has won his fight to lift European Union sanctions, with a court ruling Wednesday there was insufficient evidence to prove that his business interests were benefiting from his fathers' wealth.
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March 20, 2024
Health And Safety Top Risk For Directors, Global Survey Says
Health and safety is the top risk for directors and officers worldwide, according to a survey published Wednesday, in a "surprise" result partly attributed to the lingering impact of the COVID-19 pandemic on businesses and increasing mental health considerations.
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March 20, 2024
Ex-Russian Minister Fails To Renew Bid To Jail Deripaska
The Court of Appeal dismissed on Wednesday an attempt by Vladimir Chernukhin, a former Russian minister, to have his ex-business associate Oleg Deripaska jailed for contempt of court, finding that a judge had been entitled to conclude the case had not met the criminal standard of proof.
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March 20, 2024
Bank of Cyprus Eyes €137M Investor Return After ECB Nod
The Bank of Cyprus Group said Wednesday it intends to boost shareholder returns to €137 million ($149 million) by launching a share buyback and ramping up dividends, after receiving the green light for both payouts from the regional banking watchdog.
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March 20, 2024
Swiss Watchdog To Inspect UBS Closely For Merger Impact
The Swiss financial markets regulator said Wednesday it plans 40 on-site supervisory reviews at UBS AG in Switzerland and abroad and two in-depth stress tests in 2024 to assess the result of the bank's merger with Credit Suisse last year.
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March 20, 2024
AI Misuse Will Drive Cyber Insurance Demand, Actuary Says
The use of artificial intelligence by criminals and other evolving threats will boost demand for cyber-insurance for at least the next decade, according to analysis published Wednesday by actuarial consultancy OAC.
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March 20, 2024
British Bank CEOs Shift Blame For Pay Fraud To Social Media
Britain's largest banks told a cross-party group of MPs Wednesday they blamed social media and telecommunications companies for a rise in authorized push payment fraud in the banking sector, calling for mandatory requirements to help prevent it.
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March 20, 2024
EU Insurers Warn Regulators Of Gaps In Greenwashing Rules
European insurers have urged the bloc's insurance and pensions watchdog to be consistent and clear with its greenwashing rules for investment products, pointing to discrepancies between jurisdictions and inconsistencies with other sustainability frameworks.
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March 20, 2024
Dentons AML Ruling Deals Blow To SRA's Enforcement Plans
The failure by the Solicitors Regulation Authority to secure a sanction against Dentons over the firm's handling of anti-money laundering checks on a former client is a blow to the regulator's enforcement ambitions which – if upheld – could prompt caution in future prosecutions, lawyers say.
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March 20, 2024
Slaughter And May Cuts Partner Promotions By Half In 2024
Slaughter and May said on Wednesday that it is adding to its bench of up-and-coming leaders by promoting five lawyers to its partnership — only half the number it elevated in 2023.
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March 20, 2024
Ex-LC&F Chief Says SFO And FCA 'Wrecked' His Career
A former director of London Capital & Finance had his career "wrecked" by the finance regulator and fraud investigation agency when they forced the investment company into administration without reason, his lawyers said at his trial Wednesday.
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March 20, 2024
Woman Guilty Of Laundering Proceeds Of £5B Bitcoin Fraud
A British-Chinese woman has been convicted of money laundering in London over allegations that she helped a fugitive Chinese national launder bitcoin converted from a £5 billion ($6.3 billion) investment fraud, it can now be reported.
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March 20, 2024
HMRC Makes U-Turn On Helpline Cuts After Backlash
The U.K. tax authority backtracked Wednesday on plans to close down several helplines for taxpayers from April through September after facing criticism from politicians and industry groups.
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March 20, 2024
Imprisoned Money Laundering Boss Ordered To Pay £3.5M
The imprisoned ringleader of a money laundering network that smuggled tens of millions of pounds in criminal cash out of the U.K. to the United Arab Emirates has been ordered to repay £3.5 million ($4.4 million), the National Crime Agency has said.
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March 20, 2024
Wise Hits Back At Bad Faith TM Allegations From Tech Rival
Payments firm Wise has hit back at a counterclaim from software company WithWise, urging the High Court to reject WithWise's claim that Wise's trademark is invalid because it is overbroad and being used as a legal weapon.
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March 20, 2024
FCA Warns Pension Advisers Over Treatment Of Customers
The Financial Conduct Authority urged pension advisers on Wednesday to look at how well they are considering the needs of their clients after a sweeping review of the sector found significant shortfalls at some companies.
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March 19, 2024
Aspiring Atty Should Be Off HP Jury, Ex-Autonomy Execs Say
Counsel for former Autonomy CEO Michael Lynch and another defendant accused of deceiving HP into buying Autonomy at an inflated price of $11.7 billion urged a California federal judge Thursday to dismiss a juror who contacted a federal prosecutor during voir dire seeking law career advice.
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March 19, 2024
Indian National Loses Tax Evasion Extradition Appeal
A London judge ruled against Indian national Sanjay Bhandari's bid to challenge the U.K. Home Secretary's decision to order his extradition Tuesday, saying he can presume that India will not breach its extradition treaty with the U.K. by prosecuting him for additional offenses.
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March 19, 2024
Financial Adviser 'Siphoned' Fees In Legal Fund Fraud Case
A former financial adviser allegedly siphoned £5.8 million ($7.4 million) from an investment fund via secret commission payments as part of a legal financing fraud, prosecutors told a London jury at the start of his criminal trial Tuesday.
Expert Analysis
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How Regulation May Affect The Role Of Crypto In The UK
For crypto-asset firms to find a place in the U.K.’s burgeoning digital financial sector, the key is for regulators to strike the right balance between effective regulation and a regime that is sufficiently light-touch to make it attractive to the world’s major crypto companies, says Richard Cannon at Stokoe Partnership.
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8 Steps To Improve The Perception Of In-House Legal Counsel
With the pandemic paving the way for a reputational shift in favor of in-house corporate legal teams, there are proactive steps that legal departments can take to fully rebrand themselves as strong allies and generators of value, says Allison Rosner at Major Lindsey.
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Lessons To Be Learned From Twitter's Latest Hacking Scandal
Following the report of a recent data breach at Twitter, it is clearly vital for companies to adhere to best practices in data protection and IT security arrangements, including technical measures, and proper processes and procedures that mitigate risk and provide adequate training for staff, says Simon Ridding at Keller Postman.
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Crypto Regulation Demands A More Cooperative Approach
Instead of implementing ever-increasing fines and unduly restrictive regulation, regulators should establish a more collaborative approach to the conundrum of cryptocurrency compliance that seeks to develop an understanding of both the industry's needs and its potential, says Mandeep Kaur Virdee at KaurMaxwell.
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Preparing For EU's Pay Gap Reporting Directive
An agreement has been reached on the European Union Pay Transparency Directive, paving the way for gender pay gap reporting to become compulsory for many employers across Europe, introducing a more proactive approach than the similar U.K. regime and leading the way on new global standards for equal pay, say attorneys at Lewis Silkin.
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A New FCA Gateway For Financial Promotion Approval
The Financial Conduct Authority's recent consultation paper regarding firms that approve financial promotions sheds light on its plans to narrow the scope for such promotions in order to better protect consumers from multiple areas of concern, says Gavin Punia at Bird & Bird.
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How Geopolitical Change Is Affecting M&A Activity In Europe
Several factors are leading businesses to divest from Russia and invest in central and Eastern European EU member states, with particular sectors attractive to U.K. companies and certain trends in M&A transactional activity emerging, says Oksana Howard at Colman Coyle.
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Examining The UK Government's Attempts To Combat Fraud
The U.K. government’s response to a parliamentary committee report on fraud and the justice system lays bare a disappointing lack of consensus and frustratingly fails to support a plan for the introduction of a strict liability offense of corporate failure to prevent fraud, as strongly recommended, say Lloyd Firth and Katy O’Connor at WilmerHale.
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7 Areas To Look Out For In The Edinburgh Reforms Package
Most of the proposed Edinburgh Reforms to facilitate the growth of U.K. financial services are already in progress, and while they may take months or even years to come to fruition, regulated firms should be aware of the considerable reach of the changes outlined and bookmark the areas of particular relevance, says Jill Lorimer at Kingsley Napley.
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EU Double Jeopardy Ruling May Complicate US Extraditions
The European Court of Justice’s recent judgment in Germany v. HF refines the European Union’s double jeopardy protections, weakening U.S. authorities’ ability to extradite defendants if charges involving the same set of facts are resolved in any EU member state, says Gabrielle Friedman at Lankler Siffert.
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Why 2023 Could Be The Year Of The Restructuring Plan
As U.K. businesses face a challenging economic environment going into 2023, the stage may be set for a rise in restructuring plans, with early signs such as an increasing body of case law, the pragmatic approach taken by the judiciary to date and the cross-class cramdown mechanism, say Rachael Markham and Charlotte Møller at Squire Patton.
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ECJ Beneficial Owners Ruling Leaves Uncertainty In Its Wake
The European Court of Justice's recent ruling in the WM and Sovim cases, holding that making information on a register of beneficial owners publicly available interferes with the Charter of Fundamental Rights of the EU, has been criticized as a step backward in the fight against money laundering and financing of terrorism, and its impact is not yet clear, say Michael Marschall and Verena Krikler at Schoenherr.
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UK Sustainability Disclosure Regime Complicates Compliance
The U.K. Financial Conduct Authority's new sustainability disclosure rules — likely to be finalized later this year — are the latest piece in an evolving compliance puzzle that fund managers may struggle with, due to conflicting interplay between regulatory requirements and investor expectations, say attorneys at Akin Gump.
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FCA Sends Banks Strong AML Message With Santander Fine
The recent nine-figure financial penalty imposed on Santander by the U.K. Financial Conduct Authority shows the regulator's appetite to go after big banks for AML failings remains undiminished after the landmark case against National Westminster Bank in 2021, says Tom Bushnell at Hickman Rose.
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Why Your Fund Name Needs To Be Trademarked
It is a common misconception that the mere formation of a fund vehicle provides a trademark for its name — but the rights of brand owners are not safeguarded without trademark registration, and the fund is vulnerable if a third party registers the same or a similar mark and seeks to enforce it, says Sophie Peat at Ogier.