Financial Services UK

  • June 14, 2024

    Mining Co. Entity Can't Deduct Loan Interest, UK Court Says

    A U.S. mining company's entity in the U.K. that was created to save taxes through the acquisition of a Texas-based firm cannot overturn the Upper Tribunal's decision that its U.K tax deductions weren't deserved, according to a Court of Appeal judgment.

  • June 14, 2024

    Swiss Re, Chubb Deny Liability In £13B Stranded Planes Feud

    Swiss Re and Chubb have denied that they are liable for aircraft detained in Russia after it invaded Ukraine amid a slew of claims totaling £13 billion ($16.5 billion), telling a London court that their insurance policies do not cover the fallout of war.

  • June 14, 2024

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

    This past week in London has seen toy company Jellycat hit supermarket Aldi with an intellectual property claim, AIG start proceedings against firefighting foam company Angus International Safety Group, and the Solicitors Regulation Authority file a legal claim against the Post Office amid the ongoing Horizon IT scandal. Here, Law360 looks at these and other new claims in the U.K.

  • June 14, 2024

    New Entrant Expected In Pension Transfer Market, LCP Says

    Lane Clark & Peacock LLP said that another new insurer will enter the pension transfer market by the end of the year, bringing the total number of companies securing the liabilities of retirement savings plans to a record high.

  • June 14, 2024

    Labour Eyes Flexible Financial Regulation To Spur Growth

    The Labour Party prioritized financial services growth this week as it eyes Downing Street, suggesting a new era of more flexible regulation to drive technological innovation and competitiveness, regulatory lawyers say.

  • June 14, 2024

    Pension Watchdog Head To Chair Diversity Initiative

    Britain's retirement savings watchdog has said that its head of regulatory transactions and frontline services Jenny Davie will now chair an initiative designed to promote greater diversity in the pensions sector.

  • June 14, 2024

    MPs' Pension Fund Has Only 1.3% Allocation To UK Assets

    A pension scheme for British members of Parliament has just £10 million ($12.7 million) of its portfolio invested in U.K. equities, experts revealed Friday, despite efforts by the government to push schemes into fueling the national economic recovery.

  • June 14, 2024

    UK Broker Denied Supreme Court Hearing Over Cum Ex Raids

    Judges at a London court refused on Friday to allow a brokerage to challenge at the U.K. Supreme Court findings that a raid on its London office during an investigation into tax fraud in 2022 was legal, finding that the "outcome of any appeal would be no different."

  • June 14, 2024

    Bitcoin 'Inventor' Drops Case Against Software Developers

    Lawyers for the man who failed to prove he invented bitcoin told a London court on Friday that he has dropped a case brought by his company against software developers as it also turned on his claim to be the pseudonymous inventor of the virtual currency.

  • June 13, 2024

    JP Morgan Had No Incentive To Devalue Fintech Joint Venture

    J.P. Morgan had no reason to devalue a payment company it co-owned with fintech business Werealize, a London judge ruled Thursday, in a decision that ended the companies' dispute over the investment bank's option to buy out its partner's stake in their joint venture.

  • June 13, 2024

    Fladgate Blames Client's Wrong Instructions On $26.5M Loss

    Fladgate LLP has denied owing an investment fund an estimated $26.5 million for allegedly giving negligent advice, saying the client aiming to recover money owed under bonds supplied incorrect information from the outset.

  • June 13, 2024

    How 3 Firms Cleared 2 Ex-Autonomy Execs In HP Fraud Case

    A California federal jury's rejection last week of fraud charges against the founder and former finance vice president of British software company Autonomy validated an approach by the defendants' three law firms — Steptoe, Clifford Chance and Bird Marella — to form a "seamless" collaboration throughout the trial, from jury selection to closing arguments.

  • June 13, 2024

    Labour Manifesto Targets Wealthy To Fill Funding Gaps

    Labour set out plans in its election manifesto on Thursday to raise a total of more than £8.5 billion ($10.8 billion) in tax reforms that target wealthy taxpayers, although some analysts questioned whether the measures will add up.

  • June 13, 2024

    UK Adds 42 Entries To Russian Financial Sanctions List

    The U.K. government slapped further sanctions on Thursday on 42 individuals and entities involved in sectors of strategic significance to the Russian government, including financial services and defense, as it continues to respond to the unprovoked war waged by Russia against Ukraine.

  • June 13, 2024

    Media Personalities Appear At Court Charged Over Forex Ads

    Six reality TV stars and social media influencers appeared at a London court for the first time Thursday charged with promoting an unauthorized trading scheme online that dealt with high-risk financial products tied to foreign exchange rates.

  • June 13, 2024

    Broad Consensus Emerges On Pensions Before UK Election

    The U.K.'s pension sector is set for a period of relative stability as the three main political parties this week unveiled manifestos that revealed more consensus than disagreement.

  • June 13, 2024

    Payment Services Firm Launches £20M Share Buyback

    PayPoint PLC said Thursday it will start an up to £20 million ($25.6 million) share repurchase program, part of a planned three-year buyback scheme aimed at rewarding shareholders.

  • June 13, 2024

    Labour Prioritizes Wealth Creation In Election Manifesto

    Keir Starmer said on Thursday that his Labour Party would kick-start a future of "national renewal" if it wins the general election, with economic growth and wealth creation driving a manifesto that lacked any surprise headline pledges.

  • June 12, 2024

    Rimon Hires 5 Partners, Expands Global Transactions Team

    A team of five partners focusing on transactional, finance and corporate matters has joined Rimon PC across several countries to represent investors, asset managers, credit funds and other clients.

  • June 12, 2024

    Ex-Serco Chair Says Contract Fraud 'Came Out Of The Blue'

    Serco's former chair said at a London trial Wednesday that the scandal of its overbilling for government contracts left a "cloud" hanging over the outsourcing multinational, as the company clashes with investors seeking to recover their losses from the resulting plunge of its stock price.

  • June 19, 2024

    King & Spalding Hires 5 Finance Pros From Cadwalader In UK

    King & Spalding LLP has boosted its partnership ranks in London with the hire of five finance lawyers from rival U.S. law firm Cadwalader Wickersham & Taft LLP.

  • June 12, 2024

    Eurojust Dismantles €113M Fraudulent Investment Scheme

    Police have taken down a €113 million ($122.2 million) pyramid fraud scheme based around crypto mining in an operation spanning several European countries, the Eurojust European law enforcement agency said on Wednesday.

  • June 12, 2024

    BHS Ruling A 'Coup For Liquidators' Over Director Duties

    A landmark ruling that found two directors liable for the collapse of a U.K. retailer and ordered them to repay a chunk of the losses highlights the limited reliance that directors can place on professional advice and a lack of experience to avoid responsibility.

  • June 12, 2024

    EU Agrees To Bolster Retail Investor Protection

    European Union negotiators agreed Wednesday on changes to rules on retail investor protection across the bloc, which would help get savings flowing into the economy.

  • June 12, 2024

    Gowling, Eversheds Steer £125M Med. Nonprofit Pension Deal

    Pension insurance company Rothesay said it has completed a £125 million ($160 million) full scheme buy-in with a plan sponsored by The nonprofit Medical Protection Society Ltd., in a deal steered by Gowling WLG and Eversheds Sutherland.

Expert Analysis

  • Creating A Safe Workplace Goes Beyond DEI Compliance

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    The Financial Conduct Authority and Prudential Regulation Authority recently proposed a new diversity and inclusion regulatory framework to combat sexual harassment in the workplace, and companies should take this opportunity to holistically transform their culture to ensure zero tolerance for misconduct, says Vivek Dodd at Skillcast.

  • 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.

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