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Financial Services UK
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January 15, 2025
Travers Smith-Led Wealth Manager To Move To Main Market
Wealth manager Brooks Macdonald said Wednesday that it plans to move its listing from the junior to the main market in London in a bid to stem the flow of money leaving the business and broaden its source of new investors.
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January 22, 2025
Temple Bright Hires 2 Partners From Travers Smith, Ashurst
Temple Bright LLP has snapped up two longtime lawyers from Travers Smith and Ashurst to continue making inroads into the growing market for alternatives to traditional law firms.
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January 14, 2025
Orrick Adds Paris Tax Partner From Latham
Orrick Herrington & Sutcliffe LLP added a former counsel at Latham & Watkins LLP as a partner in its Paris office, where she'll advise clients on the tax aspects of French and international transactions, the firm said.
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January 14, 2025
Maloney To Testify As Trial Over ICG Stake Opens
Irish investor Barry Maloney is set to testify over his shareholder dispute with a private equity giant after the start of the London trial Tuesday of his claim that it blocked him from forcing it out of its stake in a major software company to make him buy it out.
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January 14, 2025
'I Was Like Howard Hughes,' Socialite Says In Laundering Trial
A socialite accused of being at the heart of a £200 million ($244 million) money laundering scheme said while giving evidence at his trial Tuesday that he was "like Howard Hughes" in the aftermath of police launching the investigation.
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January 14, 2025
Spain Plans 100% Tax On Foreign-Owned Homes
The Spanish government plans to introduce a 100% tax on foreign-owned homes and stricter rules for holiday rentals to tourists, Prime Minister Pedro Sánchez said.
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January 14, 2025
UK Russia Sanctions Face Landmark Test At Supreme Court
The U.K.'s sanctions regime faces a major test on Wednesday as billionaire Eugene Shvidler seeks to have his financial restrictions cast off — the first case to challenge Russian sanctions that has reached the country's highest court.
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January 14, 2025
Apollo, Standard Chartered Form $3B Strategic Partnership
Private equity giant Apollo and international banking group Standard Chartered PLC on Tuesday announced that they have formed a long-term strategic partnership under which the two will contribute up to a combined $3 billion to go towards clean energy and transition financing.
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January 14, 2025
Charities Advised To Prep For New Pension Funding Regime
U.K. charities with a defined benefit pension scheme should proactively work on a strategy for their plan in line with the recently introduced funding regime for the sector to avoid potential calls for higher retirement savings contributions, Lane Clark & Peacock LLP has said.
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January 21, 2025
Clifford Chance Hires M&A Pro Bruce Embley From Skadden
Clifford Chance said Tuesday that it has hired senior corporate lawyer Bruce Embley from Skadden in London as it looks to boost its transactions services.
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January 14, 2025
Pensions Watchdog Could Play Role In Gov't Growth Agenda
The Pensions Regulator could play a leading role in enabling the retirement savings sector to have a greater role in the recovery of the U.K. economy, a consultancy has said.
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January 14, 2025
KPMG Beats Property Developer's Meritless Negligence Claim
KPMG LLP succeeded in striking out a property developer's £25 million ($30 million) negligence claim Tuesday, after a London court dismissed the meritless allegations as an abuse of process "doomed to fail."
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January 14, 2025
Siddiq Resigns as City Minister Amid Bangladeshi Questions
Tulip Siddiq resigned on Tuesday as the Treasury minister in charge of economic policy over questions about her family ties to the deposed prime minister of Bangladesh, amid a widening corruption probe by Bangladeshi authorities.
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January 14, 2025
Financial Standard Setter Calls For Harmonized Climate Plans
A global standards setter called on Tuesday for greater standardization of climate transition plans among financial firms to help regulators assess the risk to stability in markets.
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January 14, 2025
UK Pension Consolidation Plans Spark Pushback From Sector
Government proposals to push for the consolidation of defined contribution pension schemes into master trusts risk stifling innovation and is the wrong area of choice to support its ambition to drive economic growth, experts have warned.
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January 13, 2025
NYDFS Launches Staff Exchange With Bank Of England
The New York Department of Financial Services on Monday launched an international secondment program to allow the department to exchange staff with other regulators, starting with a digital assets-focused exchange with the Bank of England next month.
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January 13, 2025
Law Firms Avoid Early Payout In Dispute Over Property Deal
A property business failed to get two law firms to contribute to its £2.5 million ($3 million) liability to a lender over a botched property purchase, after a judge ruled Monday that the dispute needed to be decided at trial.
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January 13, 2025
BNP Paribas Sues Oil Co. Boss For £104M Over Fraud Claims
BNP Paribas has accused an oil company of defrauding it with forged invoices, making the allegation in a London court claim against the oil business's boss to claw back £104 million ($126 million).
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January 13, 2025
Gov't To Make Pension Fund Clearing Exemption Permanent
The U.K. government said it will push through regulation to ensure that an exemption on pension funds having to clear certain kinds of derivatives will not expire this year.
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January 13, 2025
BoE 2025 Pension Deal Focus Dubbed A 'Reassurance'
The Prudential Regulation Authority's continued focus on the bulk purchase annuity sector is a positive step in light of the rapid increase in pension deals over recent years, Lane Clark & Peacock LLP said.
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January 13, 2025
UK Unveils Blueprint To Become AI World Leader
The government unveiled Monday an ambitious blueprint to make Britain a world leader in artificial intelligence to benefit financial services and other sectors, supported by pro-growth regulation.
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January 13, 2025
Tax Hikes Hit Business Confidence, UK Industry Chair Says
The Labour government's decision to raise payroll taxes on employers in last year's budget has hurt business confidence, the chair of an influential British industry group said Monday.
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January 13, 2025
Credit Reference Firms Urged To Up Game On Cyberattacks
The financial watchdog has told credit reference agencies and information providers to prevent cyberattacks better than they do now because they face potential digital threats as they accumulate more data.
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January 13, 2025
Hill Dickinson Helps Bitcoin Miner Debut On London Exchange
Bitcoin miner Vinanz, which is being guided by Hill Dickinson LLP, debuted on the main market of the London Stock Exchange on Monday after raising £1.5 million ($1.8 million) in a boost to the U.K. bourse.
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January 13, 2025
Pension Annuity Rates Soar On Bond Market Turmoil
The income on a newly-purchased pension annuity has surged because of a crisis in the bond market, offering a silver lining for those approaching retirement, a consultancy said Monday.
Expert Analysis
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What To Know About The Russia-Stranded Plane Ruling
The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
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3 Notable Pensions Reforms In Spring Budget
The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Focus On Private Funds Will Boost Ireland's Global Standing
As the market increasingly pivots to private funds, Ireland's recent introduction of particular products — such as an updated, flexible European long-term investment fund — provides more structuring opportunities and paves the way for a brighter outlook in the country, say lawyers at Dechert.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
FCA Greenwashing Rules Need To Be Stronger To Be Effective
The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.
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EU Ruling Exposes Sovereignty Fissures In Int'l Arbitration
The European Court of Justice's recent ruling that the U.K. had breached EU law by allowing an arbitral award to proceed underscores the diminished influence of EU jurisprudence in the U.K., hinting at the EU courts' increasingly nominal sway in international arbitration within jurisdictions that prize legal autonomy, says Josep Galvez at 4-5 Gray’s Inn.
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Companies House False Filings Raise Issues Of Integrity
A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.
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UK Courts Continue To Struggle With Crypto-Asset Cases
Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.
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Comparing The UK And EU Approaches To AI Regulation
While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.
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Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases
The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.