Financial Services UK

  • March 19, 2024

    UK Energy Co. Fights To Deduct £2.5M Deal Advice Fees

    An investment holding company told the Supreme Court on Tuesday that £2.5 million ($3.2 million) it paid to Deutsche Bank and others for deals advice is tax-deductible because they were the "type of services procured all the time."

  • March 19, 2024

    Gov't Had 'No Option' But To Fire Worker Over Welfare Fraud

    A civil servant at the Department for Work and Pensions cannot claim he was unfairly dismissed after he used his position to process personal claims for universal credit knowing he wasn't eligible, an employment tribunal has ruled.

  • March 19, 2024

    AI Tool Automates Climate-Related Financial Risk Analysis

    The Bank for International Settlements said Tuesday that it has developed an artificial intelligence tool that analyzes climate-related risks in the financial system by streamlining large sets of data — and could pave the way for future research applications.

  • March 19, 2024

    FCA Sets Out Priorities For New Financial Year

    The Financial Conduct Authority detailed on Tuesday its new priorities for the next financial year, setting out plans to protect consumers and boost competitiveness in Britain and to make better use of data.

  • March 18, 2024

    Ex-Autonomy CEO's Fraud Trial Over $11.7B HP Deal Kicks Off

    Autonomy's former CEO Michael Lynch duped HP into buying his company at the inflated price of $11.7 billion, a federal prosecutor said Monday during opening statements in the British entrepreneur's criminal trial, while Lynch's lawyer countered his client had "all the money in the world" and no motive to commit fraud.

  • March 18, 2024

    HMRC Defends Response To Tax Avoidance Ploy

    The U.K. tax authority has rejected claims that it has been "heavy-handed" by applying the loan charge to users of disguised remuneration schemes, according to a letter released on Tuesday by the Treasury Committee.

  • March 18, 2024

    Prison Sentence Persuades Ex-Solicitor To Pay FCA's Order

    The Financial Conduct Authority said Friday that money launderer and ex-solicitor Dale Walker has paid a final sum of £33,500 ($42,600) required under a confiscation order, persuaded by a 62-day prison sentence for failure to pay.

  • March 18, 2024

    Ex-LC&F Chief's Legal Team Seeks Payment Upfront For Trial

    The £237 million ($300 million) London Capital & Finance investment trial was adjourned on Monday as the company chief's former legal team refused to come back unless they were paid upfront.

  • March 18, 2024

    Hayes Laments Judge's 'Catastrophic' SFO Interview Remarks

    A former derivatives trader said Monday that, although he had admitted to dishonestly submitting figures for a key benchmark interest rate, it was unhelpful, prejudicial and ultimately "catastrophic" that the judge presiding over his trial told jurors that his conduct was misleading.

  • March 18, 2024

    WTW To Launch 'Game-Changing' Climate Finance Solution

    Insurance broker WTW said Monday it is working to launch an insurance facility that it hopes will remove risks associated with loans to private companies, a move to protect them from threats linked to climate change.

  • March 18, 2024

    FCA Levies £5.95M Fine In Fake Dividend Tax Reclaim Case

    The Financial Conduct Authority said Monday it had decided to fine the former chief executive of Indigo Global Partners Ltd. £5.95 million ($7.57 million) and ban him from the industry for participating in a Danish tax scam that falsely reclaimed dividend taxes on shares.

  • March 18, 2024

    PA Unfairly Pushed To Quit Over Underground COVID Fears

    A trader unfairly forced his personal assistant to quit after demanding that she continue to work at his house despite her concerns about catching COVID-19 on the London Underground, an appeals tribunal has ruled.

  • March 18, 2024

    Serving Claims To HMRC By Email Made Permanent

    Claimants pursuing legal action against the U.K. tax authority in England and Wales will continue to be able to serve documents by email, HM Revenue and Customs said Monday, making the process it introduced during the COVID-19 pandemic permanent.

  • March 18, 2024

    SFO's Ephgrave Targets Fraud In Push To Kick Down Doors

    The Serious Fraud Office's fifth new investigation in the five months since Nick Ephgrave took the helm shows the watchdog has focused on domestic fraud cases and delivered on the director's pledge to be bolder, lawyers say.

  • March 18, 2024

    Watchdogs Join Forces To Ramp Up Fight On Debt Collection

    The Financial Conduct Authority said on Monday it is launching a joint effort with three other watchdogs to further scrutinize debt collection practices, ensuring that companies fairly treat consumers who are feeling the pinch from the cost-of-living crisis.

  • March 15, 2024

    Ex-Autonomy CEO To Face Jury As HP Fraud Trial Boots Up

    Former Autonomy CEO Michael Lynch's 2011 sale of the tech company he founded to HP for about $11.7 billion earned him around $804 million and acclaim in tech circles, but the British executive now faces up to 20 years in prison on federal fraud charges that he inflated revenue figures in a monthslong criminal trial slated to kick off Monday in San Francisco.

  • March 15, 2024

    Emirati Banks Deny Misleading Court To Get $31M Order

    Emirates NBD Bank PJSC has denied misleading the Dubai courts to secure court orders for 117 million AED ($31.8 million) to enforce loans it claims executives of a Kuwaiti opticians company owe.

  • March 15, 2024

    Investment Funds Fight For Disclosure In $1.2B Mining Row

    Two Brazilian investment funds lost their bid Friday to force a mining company to hand over board documents ahead of a trial over a $1.2 billion deal that went south, with the judge agreeing with the mining firm that the documents are privileged.

  • March 22, 2024

    Pallas Partners Hires Litigation Pro From Linklaters In London

    Pallas Partners LLP has recruited a litigation partner from Linklaters LLP to its London office in a boost to its offerings across commercial, finance and competition disputes, the boutique firm said Friday.

  • March 15, 2024

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

    The past week in London has seen Howard Kennedy face legal action by a London hotel chain, former racing boss Bernie Ecclestone and Formula One hit with a breach of contract claim by a Brazilian racecar driver, and a libel row between broadcaster Jeremy Vine and ex-footballer Joey Barton. Here, Law360 looks at these and other new claims in the U.K.

  • March 15, 2024

    US Acquittals Don't Upend UK Libor Convictions, SFO Says

    The acquittals in the U.S. of two former bankers previously convicted of rigging Libor doesn't undermine the legal rationale — upheld on several appeals — for prosecuting traders in English courts, counsel for the Serious Fraud Office said Friday.

  • March 15, 2024

    FCA To Review How Firms Treat Vulnerable Customers

    Britain's finance watchdog said on Friday that it will examine whether U.K. firms are treating vulnerable and elderly customers fairly.

  • March 15, 2024

    Debenhams Pension Deal Eases Superfund Fears, LCP Says

    The step by Clara-Pensions to take on all 10,400 members of the retirement savings plan of collapsed retailer Debenhams in the U.K.'s second-ever superfund deal will ease concerns around transactions in the nascent market, a consultancy has said.

  • March 15, 2024

    Fintech Co. R8 Capital Extends £50M Redwood Bank Deal

    Struggling fintech company R8 Capital said Friday that it now is likely to complete the approximately £50 million ($63.7 million) acquisition of the parent company of specialist business lender Redwood Bank in August to "accommodate certain aspects of the transaction."

  • March 15, 2024

    Scottish Mortgage Plans £1B In Buybacks Over 2 Years

    Scottish Mortgage Investment Trust said Friday it is planning to spend at least £1 billion ($1.3 billion) over the next two years to reward shareholders after a sharp rise in cash flow from its portfolio companies.

Expert Analysis

  • Misleading Airline Ads Offer Lessons To Avoid Greenwashing

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    Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.

  • An Overview Of UK Short Selling Regulation Reforms

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    The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.

  • Supreme Court Ruling Is A Gift To Insolvency Practitioners

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    As corporate criminal liability is in sharp focus, the Supreme Court's recent decision in Palmer v. Northern Derbyshire Magistrates' Court that administrators are not company officers and should not be held liable under U.K. labor law is instructive in focusing on the substance and not merely the title of a person's role within a company, say lawyers at Greenberg Traurig.

  • What Can Be Learned From Adobe-Figma Merger Termination

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    The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.

  • How FCA Listing Regime Reform Proposals Are Developing

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    The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.

  • Major EU AI Banking Ruling Will Reverberate Across Sectors

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    Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.

  • Key Points From Ireland's New Accountability Framework

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    The recently introduced Individual Accountability Framework is a positive step for the financial services industry in Ireland, and in contributing to cultural and practical change will encourage positive behavior and good governance for the benefit of the industry and investors, say Aongus McCarthy and Niall Esler at Walkers Global.

  • Technology And AI: 2024's Legal And Regulatory Landscape

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    Alexander Amato-Cravero at Herbert Smith discusses what businesses and their lawyers can expect in the year ahead in terms of regulation, policies and associated risks related to advancing technologies and artificial intelligence, including the need for increased internal governance and workforce engagement.

  • US And UK Law Firms Continue Trend Of EU Expansion

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    A broad spectrum of U.S. and U.K. law firms are now seeking fresh opportunities in Europe's fastest growing and constantly evolving sectors by opening offices in strategic locations across the continent, says James Lavan at Buchanan Law.

  • A Look At 2023's Landmark Insolvency Developments

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    The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.

  • Pension Industry Should Monitor Evolving ESG Issues In 2024

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    ESG thinking in the pensions industry has substantially evolved from focusing on climate change and net-zero to including nature and social considerations, and formalizing governance processes — illustrating that, in 2024, continually monitoring ESG issues sits squarely within trustee fiduciary duties, says Liz Ramsaran at DWF.

  • What 2024 Has In Store For White Collar Crime Enforcement

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    Changes in Serious Fraud Office leadership and corporate crime laws in the U.K. signal a chance to kickstart enforcement in 2024, and companies need to stay alive to risks within their business, preparing in particular for the new offense of failure to prevent fraud, say lawyers at Latham.

  • Emerging Trends From A Busy Climate Litigation Year

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    Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.

  • Regulating Digital Platforms: What's Changing In EU And UK

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    Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.

  • How Boards Can Mitigate Privacy, Cybersecurity And AI Risks

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    In 2023, data privacy, cybersecurity and AI persist as prominent C-suite concerns as regulators stepped up enforcement, and organizations must develop a plan for handling these risks, in particular those with a global footprint, say lawyers at Latham.

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