Financial Services UK

  • January 13, 2025

    Tax Hikes Hit Business Confidence, UK Industry Chair Says

    The Labour government's decision to raise payroll taxes on employers in last year's budget has hurt business confidence, the chair of an influential British industry group said Monday.

  • January 13, 2025

    Credit Reference Firms Urged To Up Game On Cyberattacks

    The financial watchdog has told credit reference agencies and information providers to prevent cyberattacks better than they do now because they face potential digital threats as they accumulate more data. 

  • January 13, 2025

    Hill Dickinson Helps Bitcoin Miner Debut On London Exchange

    Bitcoin miner Vinanz, which is being guided by Hill Dickinson LLP, debuted on the main market of the London Stock Exchange on Monday after raising £1.5 million ($1.8 million) in a boost to the U.K. bourse.

  • January 13, 2025

    Pension Annuity Rates Soar On Bond Market Turmoil

    The income on a newly-purchased pension annuity has surged because of a crisis in the bond market, offering a silver lining for those approaching retirement, a consultancy said Monday.

  • January 10, 2025

    Woman Who Laundered Bitcoin Fraud Proceeds Must Pay £3M

    A British-Chinese woman convicted for laundering bitcoin converted from an alleged £5 billion ($6.1 billion) investment fraud must pay £3.1 million or face an additional seven years in prison, a London court judge ruled Friday.

  • January 10, 2025

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

    This past week in London has seen legal services group RBG Holdings face a winding-up petition from founder Ian Rosenblatt amid soured talks about the group's leadership, J.P. Morgan file a fresh claim against WeRealize, retailer Asda face an intellectual property claim over a specific type of mandarin and financier Nathaniel Rothschild sue German entrepreneur Lars Windhorst and his investment vehicle Tennor International. Here, Law360 looks at these and other new claims in the U.K.

  • January 10, 2025

    Pension Funds So Far Riding Out Bond Market Volatility

    Pension funds have mostly weathered the current sell-off in bond markets, experts are saying, despite fears of a repeat of the liability-driven investment crisis of two years ago.

  • January 10, 2025

    Clifford Chance Adds 2 Fund Finance Pros From Mayer Brown

    Clifford Chance LLP has hired two lending experts to join its global financial markets team in London, as the firm looks to add experience and specializations to its already strong private credit practice.

  • January 10, 2025

    CMS Taps Tax Disputes Specialist From KPMG

    CMS announced that it has appointed a former KPMG director as a partner in its London-based tax practice.

  • January 10, 2025

    Financial Lifeboat Scheme Sets Budget Of £103.6M

    The Financial Services Compensation Scheme on Friday said it expects its running costs for the upcoming financial year to be £103.6 million ($126.7 million) — a 0.5% increase on the current financial year.

  • January 10, 2025

    Broker Arian Hit With Fine For Cum-Ex Trade Failings

    The finance watchdog said Friday that it has fined broker Arian Financial LLP £289,000 ($354,000) for having inadequate systems and controls against financial crime in a cum-ex dividend trading case.

  • January 10, 2025

    DOJ Sues To Block Amex GBT's $570M Deal For Rival CWT

    The U.S. Department of Justice filed a lawsuit Friday seeking to block American Express Global Business Travel Inc.'s planned $570 million acquisition of corporate travel management rival CWT Holdings LLC.

  • January 10, 2025

    NCA Has 'Pokers In The Fire' On Sanctions, Top Official Says

    The effectiveness of Britain's sanctions regime should not be judged solely by court victories, according to a top U.K. law enforcement official who said there are "unrealistic" expectations about the policing of sanctions imposed in response to the war in Ukraine.

  • January 10, 2025

    FCA Objects To Proposed Acquisition Of Payments Firm

    The financial watchdog said Friday that it has issued an objection to a proposed acquisition of a small payments firm, saying the buyer had demonstrated "a serious lack of professional competence."

  • January 17, 2025

    Fieldfisher Hires Disputes Pro From DWF In Birmingham

    Fieldfisher LLP has hired a new dispute resolution partner to its Birmingham office from DWF LLP, with the new arrival saying Friday that he is keen to work on high-value matters that are "unheard of" at other firms in central England.

  • January 10, 2025

    Investors Sue Ackland & Co. Over Negligent Property Advice

    A Welsh law firm has been sued by a group of individuals over alleged breaches of duty in connection with their failed purchases of property in a development in England that collapsed before the promised residential apartments were built.

  • January 10, 2025

    UK Audit Watchdog Outlines Plans To Boost UK Growth

    The Financial Reporting Council said on Friday that it has adopted five priorities to support the Labour government's broader ambition to boost economic growth, including plans to improve investors' confidence in British companies.

  • January 09, 2025

    Ex-Yodel Director Denies Stripping Millions Off Courier

    A former director of Yodel has denied stripping over £4 million ($4.9 million) of the delivery company's assets for his own pocket under the pretext of a merger, claiming he had no involvement in money sent to a company he founded.

  • January 09, 2025

    Ex-Deloitte Employee Revives Unfair Dismissal Claim

    An ex-director at Deloitte succeeded Thursday in convincing an appeal tribunal that the Big Four accounting firm's acts of discrimination against her may have contributed to an unfair dismissal process, giving her another shot at proving that her firing was unfair.

  • January 09, 2025

    Bitcoin Miner Can't Search Dump For £600M Hard Drive

    A man who erroneously threw away a hard drive containing the private key to over £600 million ($738 million) worth of bitcoin has lost his legal bid for a local authority to allow him to search a dump for it after a judge blocked him Thursday.

  • January 09, 2025

    UK Supermarkets Fear Higher Costs Amid Tax Changes

    Supermarket companies Marks & Spencer and Tesco reported Thursday that they had high sales figures due to Christmas, but both retailers also said they expect to face higher tax costs in 2025 due to changes to National Insurance, a payroll tax used to fund social programs.

  • January 09, 2025

    Tech Biz Says Barrister Failed To Flag Law Firm's Negligence

    A tech company has accused a barrister of failing to spot his instructing law firm's alleged negligence, telling a London court that this armed the law firm with a limitation defense that cut the value of an eventual settlement.

  • January 09, 2025

    SFO To Claw Back £1M From Solicitor Convicted Of Fraud

    A lawyer who was imprisoned for 14 years for siphoning off investors' money through a fraudulent offshore "get-rich-quick" legal aid scheme will repay victims more than £1 million ($1.23 million), the Serious Fraud Office said Thursday.

  • January 09, 2025

    Freshfields Steers £1.5B Pension Megadeal For Catering Co.

    A food catering giant has offloaded £1.5 billion ($1.8 billion) of its pension liabilities to Standard Life, the insurer said Thursday, the first megadeal for the sector of 2025.

  • January 09, 2025

    Pension Transfer Redress Falls From Rising Gilt Yields

    The compensation that pension savers can claim for being poorly advised to transfer their pensions has fallen significantly — in most cases to zero — due to recent bond market fluctuations, a consultancy said Thursday.

Expert Analysis

  • Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.

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    Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.

  • A Look At UK, EU And US Cartel Enforcement Trends

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    The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.

  • Testing The Limits Of English Courts' Pro-Arbitration Stance

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    Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.

  • What Green Claims Directive Proposal Means For Businesses

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    With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.

  • £43M Legal Bill Case Shows Courts' View On Exchange Rates

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    A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.

  • Examining The EU's New Payments Services Package

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    Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.

  • Examining The State Of Paccar Fixes After General Election

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    Following the U.K. Supreme Court's Paccar decision last year, which made many litigation funding agreements for opt-out collective actions in the Competition Appeal Tribunal unenforceable, the judiciary will likely take charge in implementing any fixes — but the general election has created uncertainty, says Ben Knowles at Clyde & Co.

  • EU Reports Signal Greenwashing Focus For Financial Sector

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    Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.

  • Opinion

    Without Change, Fighting Fraud Is A Losing Battle For The UK

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    To successfully fight fraud cases in the U.K. — like the Russian Coms scam recently shut down by the National Crime Agency — it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country’s intelligence platforms, says Anthony Hanratty at Howard Kennedy.

  • Embedding Consumer Duty: 6 Areas Firms Should Prioritize

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    The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.

  • 2 UK Rulings Highlight Persistent Push Payment Fraud Issues

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    Two recent High Court decisions, Larsson v. Revolut and Terna DOO v. Revolut, demonstrate that authorized push payment fraud continues to cause headaches for consumers and financial institutions alike, and with forthcoming mandatory reimbursement requirements, more APP fraud litigation can be expected, say lawyers at Charles Russell.

  • Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling

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    The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.

  • Key Points From UK Prospectus Regime Reform Consultation

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    The Financial Conduct Authority's current consultation on U.K. prospectus regime reform proposals, including when a prospectus will be required and the requirements concerning content, is designed to enhance the attractiveness of the U.K.'s capital markets, say lawyers at Sullivan & Cromwell.

  • Why NCA's 1st Seizure Of Sanctioned Funds Is Significant

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    The National Crime Agency’s recently secured forfeiture of a Russian oligarch's sanctioned funds was a landmark achievement, and is particularly notable because it was made under the Proceeds of Crime Act, illustrating how U.K. authorities can coordinate their respective powers to confiscate assets, says Lindsey Cullen at WilmerHale.

  • Takeaways From New FCA Rules On Research Payments

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    The Financial Conduct Authority’s recently published final rules on payment optionality for investment research, which involve a client disclosure obligation option, will be welcome news for U.K. managers who buy investment research from U.S. brokers, and for global asset management groups, says Anna Maleva-Otto at Schulte Roth.

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