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Financial Services UK
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March 08, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Barclays initiate legal proceedings against top Russian private bank JSC Alfa-Bank; Lex Greensill, founder of the collapsed Greensill Capital, suing the U.K.'s Department for Business and Trade; Wikipedia's parent company hit with a libel claim; and a sports journalism teacher filing a data protection claim against Manchester United FC. Here, Law360 looks at these and other new claims in the U.K.
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March 08, 2024
Slaughter And May Guides PE Firm's £432M Wealth Firm Buy
Pollen Street Capital said Friday that its subsidiary has agreed to fully buy out Mattioli Woods, a wealth management company, for approximately £432 million ($556 million), as the U.K. private equity investor looks to capture a slice of the lucrative sector.
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March 08, 2024
Azeri Tycoon Can't Shift Freeze On £50M UK Property Empire
A High Court Judge refused Friday to lift a freeze on a £50 million ($64 million) London property empire belonging to an Azeri tycoon and politician allegedly purchased with illicit cash while U.K. law enforcers plan their next move.
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March 08, 2024
Gov't Sets Out 'Social Factors' Guide For Pension Investment
The pensions watchdog has urged retirement fund managers to weigh social factors, such as labor rights and the safety of workers, as part of their investment considerations.
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March 08, 2024
'Aggressive' Cold-Calling Firm Shut For Targeting Pensioners
A company that used "aggressive techniques" when selling unnecessary home service and maintenance plans to vulnerable pensioners has been wound up for targeting and misleading elderly customers.
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March 08, 2024
'Non-Dom' Tax Reforms Should Keep UK Lawyers Busy
The government's decision to reform its 200-year-old "non-dom" tax regime to raise £2.7 billion ($3.4 billion) a year presents a short-term boom for tax lawyers expecting a rush of calls from existing and future clients looking for guidance on a new set of rules.
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March 07, 2024
Efforts To Tackle Sexism In City Moving At 'Snail's Pace'
A group of senior MPs called on Friday for an end to the "era of impunity" in the country's financial sector, saying that efforts to tackle sexism in the City are moving at a "snail's pace" and ignoring the benefits of diversity.
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March 07, 2024
Dentons Says It Was Not Required To Refuse PEP Client
The U.K. arm of Dentons argued at tribunal Thursday that it had done enough to establish how an ex-client had earned his wealth, saying it was not required to refuse service because his home country had a higher risk of corruption and money laundering.
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March 07, 2024
UK Launches Case To Disqualify Lex Greensill As A Director
The U.K. government said Thursday that it is seeking to disqualify Lex Greensill, the founder of collapsed finance company Greensill Capital, from running another company for 15 years.
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March 07, 2024
Visa, Mastercard Fail To Ax Retailers' Swipe Fees Class Action
An English appeals court Thursday said the U.K.'s antitrust tribunal was entitled to have approved a proposed class action against Visa and Mastercard over allegedly unfairly imposing interchange rules on retailers, finding it had a "broad margin of discretion" over case management decisions.
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March 07, 2024
Irish Central Bank Plans Modernized Consumer Protection
The Central Bank of Ireland opened a consultation on Thursday on plans to modernize the Consumer Protection Code and clarify the obligations financial companies face for managing such risks as climate change.
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March 07, 2024
Libor Convictions Like Post Office Scandal, Lawmakers Say
The prosecution of traders over rigging of benchmark interest rates was a "miscarriage of justice" similar to the Post Office scandal, two politicians said on Thursday, a week before two former bankers challenge their convictions in a landmark appeal.
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March 07, 2024
Slaughter & May Advises Nationwide's £2.9B Virgin Money Bid
Nationwide Building Society said Thursday that it plans to buy Virgin Money UK in a £2.9 billion ($3.7 billion) cash deal that would create the second-largest mortgage and savings provider in Britain.
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March 06, 2024
FCA Did Not Unfairly Fire Staffer Amid Harassment Probe
The U.K.'s financial watchdog did not unfairly sack a supervisor based on his race after an internal investigation held that he had harassed another employee, a London appeals tribunal has ruled.
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March 06, 2024
PE Firm Continues Shedding Stake In Ads Biz For £47M
An investment company backed by private equity firm Apax Partners said Wednesday that it has diluted its stake in online classifieds group Baltic Classifieds Group PLC and raised £47.3 million ($60.2 million) in the process.
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March 06, 2024
Dentons Says Client Checks Adhered To Relevant AML Rules
Dentons told a tribunal on Wednesday that the Solicitors Regulation Authority's case accusing the firm of breaching money laundering regulations by failing to adequately investigate a former client's wealth is based on current regulations rather than those in force at the time.
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March 06, 2024
Businessman Can't Escape €50M Investment Fraud Case
A judge has declined to throw out a chunk of a €50 million ($54.4 million) investment fraud case brought by an Italian investment vehicle, finding allegations against company secretary Federico Faleschini cannot be divorced from the wider claim.
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March 06, 2024
UK Cuts Tax, Reforms Non-Dom Rules In Pre-Election Budget
The U.K. government unveiled another cut in payroll taxes and changes to rules on non-domicile status on Wednesday as it presented its election-year spring Budget.
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March 06, 2024
Gov't Cools Its Tone On Pension 'Pot For Life' Plans
A U.K. government update on Wednesday on policy plans for pension pots for life for retirement savers appeared to signal a more cautious tone after pushback from the sector, financial experts have said.
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March 06, 2024
Lloyd's Says Women Hold 35% Of Top Insurance Market Jobs
Lloyd's of London has said the proportion of women in leadership roles at the specialist insurance marketplace has now increased by three percentage points to 35%, fulfilling the short-term target it set in 2020.
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March 06, 2024
Pensions Watchdog Outlines New Funding Strategy Reporting
The pensions watchdog has laid out new requirements for trustees when they report on their funding plans, as analysts warned of the growing regulatory burden on the sector.
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March 06, 2024
Blackstone, Thomson Reuters Sell £1.4B Shares In LSE Owner
A consortium including Blackstone Inc. and Thomson Reuters Corp. has sold off £1.4 billion ($1.8 billion) worth of shares in the London Stock Exchange Group, Citigroup, which is acting as a bookrunner, said Wednesday.
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March 05, 2024
DLA Piper Brings On HMRC Vet For Corp. Crime Team
DLA Piper added a member to its corporate crime and investigations team in London, an HM Revenue & Customs veteran most recently at Pinsent Masons, the firm announced.
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March 05, 2024
Repsol Beats Lufthansa Unit In R+, AirPlus EU TM Clash
Repsol has fought off a Lufthansa unit's bid to block its "R+" trademark after convincing a European appeals board that consumers would not confuse the sign with the German carrier's "AirPlus" set of logos.
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March 05, 2024
PwC Did Not Push Trainee Of 11 Years To Quit Over Absence
PricewaterhouseCoopers LLP did not force a staffer who had been a trainee for 11 years to resign when it invited him to a disciplinary hearing over his unauthorized absence and rejected his bid to write it off as retrospective holiday leave, a tribunal has ruled.
Expert Analysis
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Cos. Can Expect Intense Antitrust Enforcement This Year
In 2023, authorities in the U.K. and Europe are expected to push the boundaries of antitrust enforcement, merger control and foreign investment screening with the goal of achieving positive outcomes for consumers, say Nicole Kar and Tara Rudra at Linklaters.
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What Slovak Labor Code Changes Will Mean For Employers
With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.
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An ICO Reminder On Managing Subject Access Requests
Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.
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Foreign Direct Investment Considerations For Buyers, Sellers
The rapidly developing legal and regulatory foreign direct investment landscape means the challenge for deal makers is in navigating the continuously changing rules and understanding the manner in which regulators interpret them, says Kurt Ma at BCLP.
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Widely Forecast UK Recession Is Likely To Reshape M&As
Despite the economic downturn in the U.K., transactions will continue to get done in 2023, albeit with more complex terms and a greater focus on undertaking vigorous due diligence on customer relationships and contracts, say attorneys at Skadden.
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New Economic Crime Bill Brings Welcome Reforms
The proposed amendments to the Proceeds of Crime Act in the new Economic Crime and Corporate Transparency Bill have so far largely gone under the radar, but they are a positive step that will reduce the burden on the National Crime Agency, says Ruth Paley at Eversheds Sutherland.
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EU Beneficial Owners' Privacy Ruling Conflicts With UK Law
A recent decision by the Court of Justice of the EU to strike down a requirement for registers of corporates’ beneficial owners to be available to the public is an example of EU-U.K. divergence, with the EU valuing privacy over transparency and the U.K. making the opposite calculation, says John Binns at BCL.
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How Overseas Property Verification Poses Risks To Attorneys
The recently launched register of overseas entities, requiring verification of foreign owners hoping to purchase U.K. property, could expose attorneys to criminal prosecution, professional negligence claims and reputational damage if they do not complete these checks to the required standard, which nevertheless remains murky, says Harriet Holmes at Thirdfort.
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Lessons That May Be Learned From The Demise Of Made.com
With Made.com going into administration, companies that may face similar challenges should take on board that the earlier adequate preemptive planning is considered, the more financial and legal options there will be to avoid last minute firefighting and to focus instead on strengthening the business, says Eleni Michaela at Faegre Drinker.
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High Court Ruling Clarifies Notice Under Swaps Agreement
The English High Court's recent decision in Macquarie v. Phelan Energy, the first judgment to consider the validity of a failure-to-pay notice under the 2002 International Swaps and Derivatives Association master agreement, gives important guidance to financial institutions and derivatives trading participants about the level of accuracy required in those notices, say attorneys at Norton Rose.
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The FTX Fallout So Far And What May Come Next
While the downfall of FTX is likely to cause substantial losses and lead to extensive litigation, it will hopefully precipitate a renewed focus on regulating the crypto market in a responsible way that gives more protection to consumers, says Dan Wyatt at RPC.
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A Look At The Swath Of Claims Amazon Faces Worldwide
The increasing number of claims against Amazon may well be a sign of the EU regulatory regime on the horizon for digital gatekeepers and the developing area of collective proceedings in the U.K., says David Greene at Edwin Coe.
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Link Ruling Shows FCA's Wide Change-In-Control Powers
The Financial Conduct Authority's recent decision regarding the proposed acquisition of Link Fund Solutions is a reminder that the regulator has significant powers to attach conditions to its approvals and the advent of the Financial Services and Markets Bill could lead to the widening of those powers, say Charlotte Hill and Daniel Hirschfield at Taylor Wessing.
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Understanding The EU's New Foreign Subsidies Regulation
The European Parliament’s newly adopted Foreign Subsidies Regulation extends already wide-ranging European Union state aid powers and adds new layers of deal conditionality, so companies will need to carefully consider how the regulation may affect their EU-bound activities, say Peter Camesasca and Sophie Bertin at Covington.
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Hard Insurance Market Will Influence Legal Industry, Economy
As the cost of claims starts to outstrip the value of premiums, insurers are denying more claims and considering scaling back coverage, leading to an influx of legal work and potential holes in the market, says Bruce Hepburn at Mactavish.