Financial Services UK

  • April 16, 2024

    Treasury Gains £12B Fiscal Headroom In New Tax Year

    HM Treasury may have an extra £12 billion ($14.9 billion) to spend this financial year started April 6 thanks to the government's fiscal rule to cut national debt by 2029, the Institute for Fiscal Studies said in a report Tuesday.

  • April 16, 2024

    EU Watchdogs Ally With ECB To Help Firms' Data Reporting

    European Union finance watchdogs said Tuesday they have set up an alliance with Europe's central bank to collaborate more efficiently on regulatory data transfers, reducing reporting costs for financial firms.

  • April 16, 2024

    UK Pension Withdrawals Hit Record High

    The number of people making lump sum withdrawals from their U.K. pension savings reached a record high during the financial year that ended in March 2023, according to a new report by the country's financial watchdog published Tuesday.

  • April 16, 2024

    Global Body Mulls Better Bank Modeling For Climate Change

    Banks may need to develop new models that integrate artificial intelligence to better assess the risks posed by climate change, a global standard setter said Tuesday.

  • April 15, 2024

    Ex-Autonomy Exec Testifies To Handshake Deals, Backdating

    Autonomy's former U.S. head of sales testified for the prosecution Monday in the criminal fraud trial of founder Michael Lynch, saying he boosted sales figures via "quid pro quo" handshake deals with customers, created pretextual emails to cover his tracks and even backdated a deal to meet revenue targets.

  • April 15, 2024

    UK Trading Platform Marex Eyes US Markets For $300M IPO

    Private equity-backed U.K. trading platform Marex Group PLC launched plans Monday for an estimated $300 million initial public offering, represented by Latham & Watkins LLP and underwriters' counsel Kirkland & Ellis LLP, becoming the latest U.K.-area firm to seek capital from U.S. markets.

  • April 15, 2024

    Real Estate Plans Were £50M Ponzi Scheme, Investors Say

    Over 400 real estate investors said two British men ran a U.K.-wide fraud akin to a Ponzi scheme at a London trial of their £50 million ($62.3 million) claim Monday, arguing the men had made false promises about the returns the investments would generate.

  • April 15, 2024

    AML Exec Loses Bid For Interim Pay In Whistleblowing Case

    The co-founder of a London-based payments platform provider has lost his bid to be paid his £190,000 ($237,000) salary while he pursues a whistleblowing and unfair dismissal claim against the company.

  • April 15, 2024

    Freshfields-Led CVC Plans €1.25B IPO In Amsterdam

    Private equity giant CVC said Monday that it is planning to list its shares in Amsterdam and raise at least €1.25 billion ($1.3 billion) in a widely anticipated initial public offering guided by Freshfields Bruckhaus Deringer LLP.

  • April 15, 2024

    Skat Kicks Off £1.4B London Trial Against British Trader

    A British trader was accused Monday of being the "mastermind" behind a fraudulent trading scheme that cost the Danish tax authority £1.4 billion ($1.7 billion) at the start of a year-long High Court trial.

  • April 15, 2024

    European Banks Tell FCA To Prioritize Bond Data Rule Reform

    A body representing large European banks has "strongly recommended" that the Financial Conduct Authority make any reforms to underlying rules causing high costs of data in bond markets without delay.

  • April 15, 2024

    Home Insurers Paid Record £573M In Weather-Linked Claims

    Devastating storms that swept through the U.K. in 2023 drove up weather-related insurance claims by more than a third, hitting a record of almost £573 million ($715 million), the trade body for the sector said on Monday.

  • April 15, 2024

    BNP Paribas Buys 9% Stake In Insurer Ageas For €730M

    French banking giant BNP Paribas said Monday that its insurance subsidiary has agreed to acquire a 9% stake in Belgian multinational insurer Ageas for approximately €730 million ($777 million) from Chinese conglomerate Fosun Group.

  • April 15, 2024

    WTW Plans £450M Private Equity Long-Term Asset Fund

    Insurance firm WTW said on Monday it plans to launch a new long-term asset fund with £450 million ($560 million) to focus on private equity investments.

  • April 15, 2024

    Pension Protection Fund Has 'Crucial' Future Role, LCP Says

    The Pension Protection Fund could play a crucial role in the "endgame" for defined benefit pension schemes as a state-backed consolidator of smaller retirement plans, a consultancy has said.

  • April 15, 2024

    Avoiding Legal Pitfalls In M&A Deferred Pricing Deals

    One of the worst markets for M&A dealmaking in a decade has spawned innovative pricing models such as deferred consideration arrangements for buyers and sellers to come to terms, but lawyers warn that these agreements have to be watertight to protect against future litigation.

  • April 12, 2024

    Credit Suisse, Lloyds, Others Ink $3.5M Libor Deal

    Plaintiffs in the yearslong suit alleging various big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $3.45 million settlement with Credit Suisse AG, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.

  • April 12, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen footwear brand Dr. Martens hit online retailer Temu with a passing off claim, Welsh soccer club Swansea sue its former head coach Russell Martin, Russian diamond tycoon Dmitry Tsvetkov file a claim against his former business Equix Group Ltd., and U.S. bank Omega Financial Corporation hit African oil and gas company Tende Energy with a claim. Here, Law360 looks at these and other new claims in the U.K.

  • April 12, 2024

    Denmark's £1.4B Tax Fraud Trial Heads For 'Uncharted Waters'

    Denmark will open its £1.4 billion ($1.7 billion) dividend fraud case in London on Monday, beginning a yearlong trial that will have wide implications for other disputes arising out of the cum-ex trading scandal that has swept Europe.

  • April 12, 2024

    Over 800 Directors Banned For COVID Loan Fraud In 1 Yr

    A total of 831 company directors were banned in the last 12 months for defrauding the COVID loan support scheme for businesses following investigations by the Insolvency Service, the government agency said Friday.

  • April 12, 2024

    FCA Warns Motor Financing Firms To Hold Enough Capital

    Britain's financial watchdog warned lenders Friday to keep enough cash at all times for their motor financing business as the regulator continues to look into a recent increase in customer complaints.

  • April 12, 2024

    Pension Body Warns Of 'Burdensome' New Reporting Rules

    A U.K. pension industry body has called for new reporting regulations on the sector to be toned down, warning that the additional red tape could deter smaller schemes from taking steps to improve their investment strategies.

  • April 12, 2024

    SocGen To Sell Moroccan Units To Investment Firm For €745M

    Societe Generale SA said on Friday that it has agreed to sell its Moroccan banking and insurance businesses to private investor Saham Group SA for €745 million ($794 million) as part of its long-term ambition to streamline the company.

  • April 12, 2024

    Clyde & Co. Must Face Ex-Client's Pared-Back Negligence Suit

    Clyde & Co. LLP must face part of a construction magnate's negligence claim over a failed legal case concerning a soured investment, after a London judge tossed part of the case on Friday but ruled that one aspect of it had a real prospect of success.

  • April 11, 2024

    Autonomy Became Less Transparent Before Sale, Jury Told

    An ex-market analyst testifying Thursday in a California criminal trial over claims that former Autonomy CEO Michael Lynch duped HP into buying the British company for $11.7 billion told jurors that the company became less forthcoming about some of its accounting a couple of years before the sale.

Expert Analysis

  • Asset Managers Should Prepare For Nature-Related Reporting

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    Although it is doubtful that the U.K. nature-related task force’s recent recommendations for mandatory nature reporting will come into effect imminently, it is likely that investors will begin to use them to assess risks and will request asset managers to shift capital flows to more sustainable outcomes, say lawyers at Macfarlanes.

  • What Justices' Cert. Denial Of Terrorism Suit Means For Banks

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    The U.S. Supreme Court's denial of certiorari in Freeman v. HSBC Holdings lets stand the Second Circuit's decision on the narrow scope of conspiracy liability under the Justice Against Sponsors of Terrorism Act, providing protection for banks that otherwise could have faced liability for finance activities with limited connections to third parties' unlawful acts, say attorneys at Sidley.

  • Firms Should Prepare For New DEI Reporting Requirements

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    While the Financial Conduct Authority and Prudential Regulation Authority's recent proposals on diversity and inclusion in the financial sector are progressive, implementing reporting requirements will pose data collection and privacy protection challenges for employers, say lawyers at Fieldfisher.

  • What The UK Digital Markets Bill Will Mean For Businesses

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    The new investigatory and enforcement powers conferred by the U.K. Digital Markets, Competition and Consumers Bill mean that although businesses may be aware of their market status due to existing EU law, they should ensure they are mindful of the changes to consumer law and the implications for digital markets, says Richard Hugo at Burges Salmon.

  • 5 Takeaways From ICO's Biometric Recognition Guidance

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    Recent guidance from the U.K. Information Commissioner’s Office is a helpful reminder of key data protection principles and obligations stemming from the U.K. General Data Protection Regulation that organizations should consider when implementing biometric recognition technology, say lawyers at Dechert.

  • Shifting From Technical To Clear Insurance Contract Wordings

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    Recent developments on insurance policies, including the Financial Conduct Authority's new consumer duty, represent a major shift for insurers and highlight the importance of drafting policies that actively improve understanding, rather than shift the onus onto the end user, say Tamsin Hyland and Jonathan Charwat at RPC.

  • A Case For The Green Investment Regime Under The ECT

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    The EU and U.K.'s potential plans to exit the Energy Charter Treaty, which has been criticized as protecting fossil fuel investments to the detriment of energy transition, ignore the significant strides taken to modernize the treaty and its ability to promote investment in cleaner energy forms, say Amy Frey and Simon Maynard at King & Spalding.

  • Considerations For Fund Managers Seeking Retail Investment

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    With recent legal developments, including a revised Long Term Investment Funds Regulation effective in 2024, supporting the market trend of retailization, there are several practical considerations for alternative fund managers embarking on a European fundraise for retail capital, say Zac Mellor-Clark and Kate Downey at Fried Frank.

  • FDI Considerations For UK Venture Capital Transactions

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    With the U.K. National Security and Investment Act highlighting foreign direct investment matters for venture capital transactions, investors dealing with companies connected to the U.K. should be alive to how the act's requirements can affect deal timelines, structures and terms, say lawyers at Covington.

  • How Employers Can Support Neurodiversity In The Workplace

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    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.

  • What The Anti-Coercion Instrument Will Bring To The EU

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    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.

  • Why FCA Crypto Rules Need To Align With UK Gov't Aims

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    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.

  • CMA Report On AI May Lead to Greater Competition Control

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    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.

  • UK Mozambique Ruling Will Have Int'l Ramifications

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    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.

  • Recent Trends In European ESG-Related Shareholder Activism

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    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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