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Financial Services UK
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September 12, 2025
Ex-AIG IT Pro's Claim Struck Out Over Courtroom Misconduct
A former AIG software developer on Friday had his whistleblowing claims against the insurer struck out after accusing a judge of perverting the course of justice, eating a meal during a hearing and calling a London tribunal a "circus."
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September 12, 2025
Third Point Completes Deal To List Reinsurance Biz On LSE
Third Point Investors Ltd. said Friday that it has completed a reverse takeover of Malibu Life Reinsurance SPC under which the hedge fund will become a London-listed reinsurance company, despite opposition from a large group of shareholders.
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September 12, 2025
Squire Patton Leads £23M Welcome Break Pension Deal
British motorway service station operator Welcome Break Group Ltd. has finalized a £23 million ($31.2 million) full-scheme buy-in of its pension plan with Just Group, the financial services company said Friday.
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September 12, 2025
Sabadell Tells Shareholders To Reject €17.4B BBVA Takeover
Spanish lender Banco Sabadell told its shareholders on Friday to reject a €17.4 billion ($20.4 billion) hostile takeover from rival BBVA as it said that the deal is full of risk and uncertainty and undervalues the group.
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September 11, 2025
Metro Bank Settles £24M Claim Over Coin-Counting Software
Metro Bank has settled a copyright infringement and licensing spat with software company Arkeyo, which had accused the bank of sharing source code for its coin-counting machines without permission.
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September 11, 2025
FCA Official Outlines Risk-Based Approach To Financial Crime
Fighting financial crime isn't a barrier to growth but a prerequisite for economic investment, a senior official at the Financial Conduct Authority said on Thursday, as he outlined plans to take a "risk-based" approach to cracking down on fraud.
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September 11, 2025
Pensions Managers Urged To Boost Standards For Savers
Pensions administrators must invest more to modernize their data systems and trustees should play a stronger role in raising standards to help the sector make improvements, the retirement savings watchdog warned on Thursday.
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September 11, 2025
BlackRock, Pictet Back Swiss Marketplace's $1.3B IPO
Online marketplace owner SMG said on Thursday that it expects to raise up to approximately 1.04 billion Swiss francs ($1.3 billion) in its initial public offering scheduled to take place on the SIX Swiss Exchange on Sept. 19.
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September 11, 2025
Social Mobility Data Needed To Tackle Pensions Skill Shortage
Recording social mobility data in the financial services sector would broaden talent pools across various companies and address the predicted skills shortage over the next decade, a pensions trade body has said.
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September 11, 2025
Watchdog Launches Program To Help Small Audit Firms Grow
Britain's accounting watchdog initiated a program on Thursday that it said would help small audit businesses to improve their inspections of larger companies, as part of its broader bid to improve variety in the market.
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September 11, 2025
Liquidators Can't Contractually Limit Liability To VC Funds
A London court has ruled that the former liquidators of three venture capital funds cannot contractually limit their liability to the companies over claims that they enabled the managers of the funds to siphon off shareholders' assets.
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September 11, 2025
Prudential Must Pay VAT On Investment Firm's Success Fees
Britain's highest court ruled Thursday that payments of £9.3 million ($12.5 million) made by Prudential to an investment firm are taxable under value-added tax regulations because the liability was incurred when they were not part of the same group for tax purposes.
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September 11, 2025
HCR-Led Tavistock Buys Financial Adviser For Up To £10M
Tavistock said Thursday that it has acquired a controlling stake in Lifetime Financial Management Intermediaries Ltd., a financial advisory company, for up to £9.9 million ($13.4 million), in a move to expand its consultancy services.
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September 11, 2025
Latham, Cederquist Guide NOBA Bank's $3.7B Swedish IPO
Swedish lender NOBA Bank said Thursday that it plans to re-list on the Stockholm stock exchange in a flotation that it expects to value the company at 35 billion Swedish kronor ($3.7 billion)
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September 10, 2025
UK Gov't Rebuffs Lawmaker Calls To Reform Lifetime ISAs
The government shrugged off calls to reform the rules around Lifetime ISAs on Thursday, despite warnings that millions of Britons may have been wrongly sold the long-term savings product.
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September 10, 2025
FCA Weighs Changing Rules To Boost Contactless Payments
Britain's financial regulator said Wednesday that it is considering changes to the rules that will give companies the power to set their own contactless payment limits.
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September 10, 2025
FCA Hauls 3 'Finfluencers' To Court For Illicit Forex Promotion
Three individuals charged with advertising unauthorized investment opportunities in foreign exchange markets on social media made their initial court appearance Wednesday as part of what the Financial Conduct Authority said was a wider global crackdown on illegal online promotions.
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September 10, 2025
Pinsent Masons Guides £105M Materials Co. Pension Deal
Legacy pension plans for the industrial materials giant Mativ Holdings Inc.'s U.K. arm have completed two full-scheme buy-ins worth £105 million ($142 million) with Rothesay Life PLC, the insurer has said.
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September 10, 2025
Lawmakers Float Plan To End Lifeboat Fund Admin Levy
The Liberal Democrats said Wednesday that they have backed reform that will see the permanent removal of a controversial levy on pension providers which funds the administrative expenses of the sector's lifeboat program.
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September 10, 2025
Abramovich Loses Appeal To EU Sanctions Over Evraz Ties
Roman Abramovich failed to lift European Union sanctions against him on Wednesday as judges ruled they are justified because the oligarch is a main shareholder in the steel company Evraz, one of the largest taxpayers in Russia.
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September 10, 2025
FCA To Slash Data Reporting For Retail Broker Firms
The Financial Conduct Authority said Wednesday that it plans to slash some of the quarterly and biannual reports that retail broker companies must submit, a step it estimates can save the sector approximately £1.8 million ($2.4 million) in administrative costs.
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September 09, 2025
Addleshaw Goddard Hires Innovation Lead From Macfarlanes
Addleshaw Goddard LLP announced Tuesday that it hired the former head of law tech and chief knowledge and innovation officer at U.K. law firm Macfarlanes as a financial services partner with a focus on bolstering its tech offerings to clients.
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September 09, 2025
Tether Accuses Crypto Trader Of Unlawful Suit Over Bitcoin JV
Tether accused a crypto trading company in a London court on Tuesday of knowingly bringing an unlawful claim over a soured bitcoin mining joint venture after the trader conceded that it did not own the intellectual assets of the joint venture vehicle.
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September 09, 2025
FCA Puts Brakes On 400 Misleading Auto Finance Payout Ads
The Financial Conduct Authority said Tuesday that it has curbed hundreds of promotions by claims management companies that have overstated the compensation available to consumers in the wake of rulings over motor finance fees.
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September 09, 2025
Insurers Told To Invest In Data To Meet Cyber-Market Demand
The insurance sector must improve the quality of its data to better understand risks if it is to address the anticipated growth in the cyber-market, Lockton Re has said.
Expert Analysis
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Mansion House Speech Heralds New Financial Regulatory Era
The chancellor of the exchequer's recent Mansion House speech introduced a sweeping commitment to modernize regulation, which will require U.K. retail banks and building societies to revisit core assumptions, and allow lawyers to play a key role in shaping the new rules, say lawyers at Addleshaw Goddard.
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Challenges For Managers In Navigating Continuation Funds
With continuation vehicles becoming an increasingly popular alternative to traditional private equity investment exit routes, managers and lenders should be confident that they understand a transaction’s structure and how it interacts with existing debt arrangements, says Jason Larkins at Travers Smith.
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Key Points From EU Proposals To Ease Securitization Rules
The European Commission’s recently proposed securitization framework amendments aim to relax existing rules, such as by reducing due diligence requirements and removing the need for investors to conduct certain prescribed compliance verifications by sponsors or original lenders, say lawyers at McDermott.
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High Court Elects Substance Over Form In Arbitration Dispute
The High Court recently found that an arbitral tribunal has jurisdiction over the dispute in Ras Al Khaimah Investment Authority v. India, underscoring the importance of aligning treaty interpretation with the goal of fostering investment, while rejecting interpretations that unduly limit investor protections, says Josep Galvez at 4-5 Gray's Inn.
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What New UK Stub Equity Rules Will Mean For PE Bidders
The U.K. Takeover Panel’s recent guide to making stub equity offers, for the first time formally harmonizing the approach to be taken, should be helpful for both private equity bidders and practitioners, and not unduly restrictive, say lawyers at Davis Polk.
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What To Expect As FCA Preps To Launch AI Testing Service
The Financial Conduct Authority’s forthcoming artificial intelligence live testing service will provide participants with access to appropriate regulatory expertise, but to gauge the tool’s potential utility, it is important to understand how it fits in with what the regulator is already doing, says Omar Salem at Fox Williams.
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New Interpol Silver Notice Could Be Tool For Justice Or Abuse
Interpol has issued dozens of Silver Notices to trace and recover assets linked to criminal activity since January, and though the tool may disrupt organized crime and terrorist financing, attorneys must protect against the potential for corrupt misuse, say attorneys at Clark Hill and Arktouros.
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Weighing PE Transaction Risks As EU AI Act Rolls Out
As the European Union Artificial Intelligence Act becomes effective in stages, legal practitioners involved in private equity deals should consider the transactional risks resulting from this measure, including penalties, extraterritorial reach and target-firm applicability, say lawyers at Covington.
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EU Banking Watchdog Regulations Herald New AML Era
The European Banking Authority’s forthcoming anti-money laundering package will set a framework for compliance across the European Union by redefining the rules of engagement between financial institutions and supervisors, setting a new standard for transparency and accountability, say lawyers at A&O Shearman.
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What To Expect As UK, US Gov'ts Develop Stablecoin Policies
While the U.K. and U.S. governments’ policies both suggest that fiat-backed stablecoins can improve efficiency and safety in payments systems, a perception that crypto-assets remain high risk means consumers are unlikely to use them in significant volume anytime soon, say lawyers at Cadwalader.
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What Insurers Can Do To Prepare For PRA 'Solvent Exit' Rules
With less than a year until the Prudential Regulation Authority's new solvent exit rules for insurers come into force, it is critical that firms prepare to meet the imminent deadline by outlining an execution plan and establishing clear governance arrangements, say lawyers at Holman Fenwick.
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Decoding Arbitral Disputes: UK Injunctions Across Borders
A recent High Court of Justice decision allowing JPMorgan Chase Bank to block VTB Bank from bringing suit in a Russian court provides a seminal reflection on the power of English courts to issue antisuit injunctions when global banking disputes increasingly straddle multiple jurisdictions, says Josep Galvez of 4-5 Gray's Inn.
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Identifying Data Center Investment Challenges, Opportunities
The role of data centers is expanding, as are new opportunities for private capital investors, but there are issues to consider, including finance models and contract complexity, as well as power supply, cyber threat resilience and data sovereignty, say lawyers at Ropes & Gray.
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What EU Bank Regulator's Letter Means For Crypto Providers
A recent letter from the European Banking Authority notes a need to avoid dual authorization for e-money token transactions under European Union payment services and cryptocurrency regulations, which could result in a high regulatory burden for crypto-asset service providers and leaves open questions for future political negotiations, say lawyers at Morgan Lewis.
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How Regulators Want Online Platforms To Fight Finance Fraud
Recent statements from the International Organization of Securities Commissions and the European Securities and Markets Authority make clear that online platform providers are expected to adopt proactive measures to prevent the promotion of unauthorized financial services and related misconduct, say lawyers at Taylor Wessing.