Financial Services UK

  • March 27, 2024

    Ex-Barclays, Citi Traders Lose Interest Rate-Rigging Appeals

    Two former traders convicted of manipulating benchmark interest rates lost their bid to clear their names on Wednesday as an English appellate court ruled that they had received fair trials. 

  • March 26, 2024

    UAE Fund Must Pay £7M As Judge Tosses Azima Fraud Ruling

    A London judge has ordered a sovereign wealth fund to make an initial £7.6 million ($9.6 million) payment to Farhad Azima, ending a lengthy feud involving allegations the fund fraudulently obtained a $4 million judgment against the aviation tycoon with help from a lawyer at Dechert LLP.

  • March 26, 2024

    Clyde & Co. Eyes Case Against Switzerland Over Credit Suisse

    Clyde & Co. LLP said it is currently soliciting claimants for a possible mass claim to be filed against Switzerland a year after the country forced a distressed sale of Credit Suisse to UBS along with a write-down of $17.5 billion of the bank's bonds to zero.

  • March 26, 2024

    UK Police Arrest Over 400 In 'Henhouse' Anti-Fraud Sting

    U.K. police forces have arrested over 400 people in a monthlong fraud crackdown involving multiple national agencies, the U.K.'s National Crime Agency said Tuesday.

  • March 26, 2024

    LC&F Boss Denies Trying To Mislead Company Auditors

    The former chief of London Capital & Finance denied trying to paint a misleading picture of the mini-bond holder's finances, as he gave evidence at the £237 million ($299 million) investment scandal trial Tuesday.

  • March 26, 2024

    Gov't Issues Deadlines For Pensions 'Dashboard' Linkage

    Large pension schemes in the U.K. must connect their plans to the government's long-awaited Pensions Dashboard Program by the end of April 2025, according to new guidance.

  • March 26, 2024

    Insurance Execs Deny BDO Found Buyer For £18.5M Sale

    Directors of KGJ Insurance Services have denied owing advisory fees to BDO LLP following the sale of the insurance broker for an estimated £18.5 million ($23.4 million), claiming that BDO never proposed or introduced the buyer itself.

  • March 26, 2024

    EU Watchdog Sets Out Rules For Green Bond Issue Reviewers

    The European Union's financial markets regulator on Tuesday proposed rules for external reviewers of green bond issues across the bloc, to help stop greenwashing and conflicts of interest.

  • March 26, 2024

    Over Regulation Restricted Defined Benefit Pensions, MPs Say

    The government should change the focus of the U.K.'s pension watchdog, lawmakers said Tuesday, warning that years of excessive caution on regulation has nearly wiped out the country's remaining defined benefit retirement plans.

  • March 26, 2024

    FCA Warns 'Finfluencers' To Keep Promotional Ads Lawful

    Britain's finance watchdog reminded firms on Tuesday that they are responsible for all of their promotions, especially when working with so-called finfluencers, who offer advice and information on financial topics on social media platforms.

  • March 25, 2024

    Pilot For UK Billionaire Says Stock Tips Case Is Too Vague

    A pilot charged with trading on insider stock tips from U.K. billionaire Joe Lewis told a New York federal judge Friday that prosecutors had failed to identify a piece of information that he knew was non-public, urging the court to toss the case.

  • March 25, 2024

    Man Denies Conspiring Against Game Host's Ex-Biz Partner

    A man accused of conspiring with convicted HBOS fraudster Mark Dobson to acquire a company from the ex-business partner of TV personality Noel Edmonds by undervaluing it has denied that any plot existed.

  • March 25, 2024

    FCA Warns Fund Managers Over Third-Party Supervision

    The Financial Conduct Authority said on Monday it has found failings in how some hedge fund managers rely on third parties to help manage the fund, possibly undermining efforts to prevent financial crime. 

  • March 25, 2024

    UK Firms To Get More Influence On Pension Fund Investing

    British companies will probably enjoy greater sway over the investment decisions taken by their pension plans under new rules being considered by The Pensions Regulator, a consultancy said on Monday.

  • March 25, 2024

    Staveley On The Hook For £3.4M After Failed Court Battle

    Newcastle United co-owner Amanda Staveley failed Monday to have a repayment demand from a Greek shipping magnate set aside as a High Court judge ruled that she had 21 days to hand over £3.5 million ($4.4 million).

  • March 25, 2024

    Lebanese-Owned Bank Breached AML Rules, Watchdog Finds

    Switzerland's financial regulator said Monday that Banque Audi (Suisse) SA has breached rules designed to tackle money-laundering and must give up 3.9 million Swiss francs ($4.3 million) in illicit profits.

  • March 22, 2024

    Investment Firm Fights To Save £43M Delayed Hotel Claim

    An investment firm pleaded with a London court on Friday not to throw out its £43 million ($54 million) claim against a hotelier who it says scuppered a hotel project in Scotland by demanding last-minute changes.

  • March 22, 2024

    JPMorgan Gets Early Trial On US Regs In Viva Wallet Dispute

    J.P. Morgan on Friday was granted an expedited London trial on some of the issues in its warring claims with the founder of a Greek payment company co-owned by the investment bank over the fintech business' value.

  • March 22, 2024

    Money Laundering Ringleader Jailed For £560K Bank Con

    A fraudster who set up sham carpet and furniture businesses as part of a money laundering scheme that lost banks £560,000 ($705,000) has been jailed for six years and four months, the U.K.'s Insolvency Service said Friday.

  • March 22, 2024

    Glencore Cannot Deny Knowing It Was Corrupt, Investors Say

    Glencore cannot claim it "reasonably believed" it was telling the truth when it failed to disclose it orchestrated a global bribery scheme during an initial public offering that raised $10 billion, institutional investors suing the mining and trading group have said.

  • March 22, 2024

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

    This past week in London has seen the BBC and Wall to Wall Media hit with a passing off lawsuit by musician BOSSIIE, Poundland parent company Pepco Group file a commercial fraud claim against several mobile network giants, family law specialists Alexiou Fisher Philipps LLP start proceedings against former oil trader Michael Prest, and a transgender lawyer file a libel claim against a blogger. Here, Law360 looks at these and other new claims in the U.K.

  • March 22, 2024

    4 Charged For Unregulated Water Investment Scam

    The Financial Conduct Authority said Friday it has charged four individuals with allegedly defrauding investors out of £3.9 million ($4.9 million) in an unregulated water investment scheme.

  • March 22, 2024

    UK Tax Avoidance Scheme Promoter Fined £900K

    A Liverpool-based company that promoted a tax avoidance scheme to medical professionals must pay a £900,000 ($1.1 million) penalty, according to a tribunal ruling published by HM Revenue and Customs on Friday.

  • March 22, 2024

    87-Year-Old Billionaire Lewis Seeks No Jail For Insider Trading

    Lawyers for British billionaire Joe Lewis have asked a Manhattan federal judge not to impose any prison time after his plea to insider trading, saying a term of probation is appropriate because the 87-year-old is "nearing the end of life in declining health."

  • March 22, 2024

    Oil Shipper Fails To Have UK Sanctions Temporarily Lifted

    A Dubai-based oil shipping company failed in its attempt to have U.K. sanctions temporarily lifted after a London judge ruled Friday that the British foreign secretary has to review the decision to designate the company before the courts have jurisdiction to rule on its claim.

Expert Analysis

  • 4 Legal Privilege Lessons From Dechert Disclosure Ruling

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    The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.

  • BT Case May Shape UK Class Action Landscape

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    The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.

  • Key Points From EC Economic Security Screening Initiatives

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    Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.

  • Following The Road Map Toward Quantum Security

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    With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.

  • Why EU Ruling On Beneficial Ownership May Affect The UK

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    Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.

  • Key Changes In FRC Code Aim To Promote Good Governance

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    The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • Breaking Down The New UK Pension Funding Regs

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    Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.

  • Predicting DeFi Regulations At Home And Abroad In 2024

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    Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.

  • Consultation Docs Can Help EU Firms Prep For Crypto Regs

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    Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • Investors' Call For Voting Changes Faces Practical Challenges

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    A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.

  • Litigation Funding Implications Amid Post-PACCAR Disputes

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    An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

  • What To Expect For Private Capital Investment Funds In 2024

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    As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.

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