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Financial Services UK
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June 06, 2025
Macquarie Completes £700M Takeover Of Dutch Waste Biz
Australian financial services giant Macquarie Group has completed its takeover of Dutch waste management business Renewi PLC in a deal worth approximately £700 million ($949 million), the companies said on Friday.
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June 05, 2025
Meta Pressed By MPs Over Slow Removal Of Harmful Content
A group of influential MPs said Friday that they have written to Meta asking the Facebook-owner to explain its tardy responses to requests by the City watchdog for the removal of harmful content from financial influencers appearing on its platforms.
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June 05, 2025
UK Pension Assets Hit £3.2T Amid Shift To Private Markets
The total value of U.K. pensions grew by 11% in 2024 to £3.2 trillion ($4.3 trillion), the Pensions Policy Institute has said, noting a movement to private market investment in a "period of transition" in Britain.
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June 05, 2025
Trading Biz Can't Short Circuit Trial Against Former GC
A London judge said Thursday that a trading services company must go to trial to prove that its former general counsel misused confidential information, citing a possibility that the business abused the lawyer-client relationship.
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June 05, 2025
Credit Suisse Says Greensill Deals Left $440M Debt Unpaid
Greensill Capital coordinated with SoftBank to enter into "improper" transactions which caused Credit Suisse investors to lose $440 million in debt, a lawyer for a sub-fund for the collapsed Swiss bank told the first day of trial Thursday.
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June 05, 2025
Cooley-Led Fintech Biz Weighs Switching Main Listing To US
Payments company Wise PLC said on Thursday it is planning to move its main listing from London to the U.S., becoming the latest British company to shift its main funding focus across the Atlantic.
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June 05, 2025
Oligarch Can't Appeal Tossed $14B Asset-Stripping Claim
Imprisoned oligarch Ziyavudin Magomedov cannot challenge a decision to dismiss his $14 billion claim against Transneft, Rostatom, a private equity firm and other entities over an alleged Russian state-led conspiracy to strip his assets in two major port operators, a London appeals court has ordered.
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June 05, 2025
FCA Warns Of Tensions On Motor Finance Redress Plan
The City watchdog highlighted on Thursday tensions underlying its potential future motor finance consumer redress program, warning that payouts estimated by some law firms and claims management companies were "highly speculative."
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June 05, 2025
Gov't Unveils Landmark Pension Reforms To Boost Savings
The government has unveiled a raft of pension reforms that it said will dramatically boost the savings of millions of British workers.
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June 05, 2025
Ombudsman Eyes Interest Rate Cut On Compensation Awards
The financial disputes body has proposed lowering the interest rate it applies to compensation awarded to people who have lost money as it pushes to modernize redress in the U.K.
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June 05, 2025
JPMorgan Blocks VTB's Russian Case Over Frozen $156M
JPMorgan won its fight on Thursday to block VTB Bank from bringing a $156 million case in Russia over frozen funds, as a London court ruled that the Russian lender's claims were "vexatious and oppressive."
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June 05, 2025
Court Sanctions Miami's £70M Bid For European Exchanges
A court in Jersey has given its nod to the owner of the Bermuda Stock Exchange for the takeover of The International Stock Exchange Group in a deal worth approximately £70.4 million ($96 million), the companies said Thursday.
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June 04, 2025
VTB Bank Unit Beats 'Thinnest Possible' Corporate Raid Case
A British unit of Russian state-owned VTB Bank has beaten claims in a London court that it was part of a Kremlin-approved corporate raid, with a judge ruling that a steel businessman's evidence against the lender was "the thinnest possible gruel."
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June 04, 2025
Most UK Pension Plans Mulling Surplus Use, LCP Says
Most defined benefit pension plans are either actively considering or already planning to use their retirement plan surplus amid government rule changes, according to consultancy Lane Clark & Peacock.
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June 04, 2025
Billionaire Defends Asset Freeze Amid $415M Fraud Case
Mexican billionaire Ricardo Salinas Pliego on Wednesday told a London appeals court Wednesday that a man who allegedly defrauded him out of more than $415 million was "grasping at straws" in an attempt to escape an asset-freezing order.
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June 04, 2025
UK Mortgage 'Coercion' Ruling Raises Bank Liability Risk
A decision by the U.K. Supreme Court on Wednesday could substantially increase the liability on mortgage lenders to undertake checks on their customers, raising implications for repossessions in a move that is likely to require new rules from the Financial Conduct Authority, according to lawyers.
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June 04, 2025
Knight Frank Can't Chuck Home REIT Fund's Conspiracy Case
Knight Frank LLP has failed to convince a London court to toss a Home REIT sister fund's allegedly "speculative" claims of procuring breach of contract, unlawful means conspiracy and negligence over the global real estate consultancy's property valuation services.
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June 04, 2025
Analyst Says Sister's Trades Were Chance, Not Insider Dealing
A former hedge fund analyst did not share confidential information on companies with his sister, his defense counsel told jurors at a London criminal trial on Wednesday, saying she probably traded on market-sensitive information that she heard him discussing on work calls.
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June 11, 2025
King & Spalding Hires Structured Finance Pro From Latham
King & Spalding LLP has added a lending and securitization expert as a partner to its finance and restructuring practice group, as the firm looks to boost the strength of its London transactions team.
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June 04, 2025
Pensions Watchdog Floats 'Endgame' Guidance For Providers
The U.K.'s retirement savings watchdog has laid out new guidance for pension plans approaching their endgame after the government floated new laws last week that would allow surplus extraction.
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June 04, 2025
UK Bank Failed To Spot Coercion In Mortgage Case
Britain's highest court ruled on Wednesday that a bank had a duty to check whether a woman was under the undue influence of her partner when she took out a mortgage that would be used partly to pay off her partner's debts.
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June 03, 2025
Irish Court Says US Co.'s Irish Units Not Owed Treaty Benefits
Three Irish subsidiaries cannot benefit from the U.S.-Ireland tax treaty's provision of equally favorable treatment between U.S. and Irish residents because their ultimate parent entity, a Delaware financial firm, is disregarded for U.S. tax purposes, Ireland's Court of Appeal said in a judgment.
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June 03, 2025
Lawyer Given Suspended Sentence In Germany Over Cum-Ex
A business lawyer who was partly responsible for running a €428 million ($488 million) tax fraud scheme was issued a suspended sentence of almost two years, according to a verdict Tuesday in a Bonn court.
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June 03, 2025
Insurer Seeks £34M From Cigna For Missold PPI Complaints
PA (GI) Ltd. said it is entitled to recover from Cigna more than £34 million ($46 million) it has spent dealing with missold payment protection insurance claims, arguing at trial on Tuesday that it dealt with those complaints in the "fairest" and "most cost-effective" way.
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June 03, 2025
New FCA Enforcement Guide Revises Rules On Case Publicity
The Financial Conduct Authority on Tuesday released its revised enforcement guide, setting out additional circumstances when it may publicize investigations.
Expert Analysis
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PPI Ruling Spells Trouble For Financial Services Firms
The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
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What Lawyers Can Learn From FDI Screening Report Findings
The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.
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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.