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Financial Services UK
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June 10, 2025
Apple, Sony Fight Class Reps Over New Legal Funding Deals
Apple, Visa, Mastercard and Sony told the Court of Appeal Tuesday that funding agreements driving multiple competition class action claims in the U.K. are unlawful and unenforceable.
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June 10, 2025
Insolvency Service Hires Crypto-Specialist To Aid Recoveries
A U.K. government agency responsible for investigating company insolvencies has appointed its first crypto-specialist to help recover digital assets such as bitcoin for creditors.
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June 10, 2025
Expanding FCA Taps Ex-Crime Agency Exec As Deputy CEO
The Financial Conduct Authority said Tuesday that it has appointed Sarah Pritchard, a qualified litigator and former director of the National Economic Crime Centre, as deputy chief executive to handle its expanding remit.
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June 10, 2025
FCA's Rathi Tries To Gauge Gov't Risk Appetite For Crypto
The Financial Conduct Authority warned a cross-party group of MPs on Tuesday it needed a steer on the government's risk appetite for crypto-assets amid the push for U.K. competitiveness and economic growth.
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June 10, 2025
Ex-Sky Sports Host Gets 11-Year Director Ban Over £10M Debt
Former Sky Sports presenter Alan Bentley has been banned from running companies for 11 years after his football betting business collapsed with debts to investors of more than £10 million ($13.5 million), the Insolvency Service revealed Tuesday.
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June 10, 2025
FCA Unveils Rules For Private Stock Market Launch
The Financial Conduct Authority set out rules on Tuesday for its world-first regulated stock market for private companies in the latest bid by Britain to boost growth and provide alternatives to London's ailing equity capital market.
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June 09, 2025
Media Biz Chair Who Misled Investors Told To Buy Out Shares
The chairman of a media company has been ordered to buy out a minority shareholder after a London appeals court said Monday that he had deliberately deceived investors about his attempts to work towards selling the company.
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June 09, 2025
Lex Greensill Claims SoftBank Hid Deal With 'Code Of Silence'
Lex Greensill testified in a $440 million London trial Monday that SoftBank, a Japanese investment company, had designed a restructuring agreement involving his firm to avoid putting potential losses on its accounts in his first public appearance since his eponymous firm's collapse.
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June 09, 2025
Investment Biz CEO Hit For £2.8M Over Exec's Drinks Loan
A former executive at a U.S. subsidiary of a London investment fund is suing the firm and its founder for about $3 million after they allegedly failed to repay a short-term loan to cover the costs of the company's investment in a drinks company.
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June 09, 2025
Ex-Commerzbank Analyst Denies Faking Sex Assault Claims
A former Commerzbank analyst on Monday fought claims that he lied to a court by making false sexual assault allegations in his failed harassment case against the bank, telling a London court he was being truthful.
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June 09, 2025
UK Leads Europe On FDI In Financial Services, EY Says
The U.K. continues to be Europe's most attractive destination for foreign direct investment into financial services, despite a drop in the number of projects across the region, Ernst & Young said on Monday.
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June 09, 2025
FCA Proposes Reporting Changes For Fund Managers
The Financial Conduct Authority has proposed that it will reduce requirements for U.K. fund managers on how they report on value for investors, a move that would enable significant cost cuts.
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June 09, 2025
Broking Group Howden Buys Peruvian Reinsurance Biz
Howden Group said Monday that it has bought Peruvian reinsurance broker Innova Re, marking a further broadening of the insurance broking giant's footprint in Latin America.
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June 09, 2025
FCA, NVIDIA Team Up To Launch AI Testing Sandbox
The Financial Conduct Authority said Monday it will launch a supercharged sandbox in collaboration with multinational technology company NVIDIA to help firms experiment safely with artificial intelligence to support innovation.
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June 06, 2025
Reality TV Gallery Owner Gets 2½ Years On Terrorism Charges
An art gallery owner and reality TV art expert was sentenced to over two years' imprisonment at a London criminal court on Friday for failing to report his suspicions when selling around £140,000 ($189,400) worth of art to a suspected terrorist financier.
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June 06, 2025
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen MGM and the owners of the "Addams Family" trademark sue a private equity firm, two Cambridge colleges file for injunctions against Pro-Palestine student protest groups and a former NBA player brings a claim against Orrick Herrington & Sutcliffe LLP.
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June 06, 2025
Labour Gov't Eases Carried Interest Rules On Fund Managers
The Labour government has unveiled a series of concessions on changes to the tax rules for carried interest, the investment income passed onto fund managers, following a consultation on the plans.
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June 06, 2025
Court Rebukes Lawyers For Fake AI-Generated Citations
A London court referred a barrister and solicitor to their professional regulators on Friday for citing cases that do not exist and warned that freely available generative artificial intelligence tools such as ChatGPT are not capable of conducting reliable legal research.
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June 06, 2025
Switzerland Plans Tax Data Reporting For Crypto
The Swiss government said Friday that it has approved a plan to extend the automatic exchange of information for tax matters to apply to crypto-assets.
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June 06, 2025
Mental Health Moratorium Can't Stop Principal Debt Recovery
A London appellate court ruled Friday that a man in a mental health crisis cannot prevent lenders from repossessing properties used to secure loans worth approximately £1.9 million (£2.6 million), concluding that the principal amounts were not affected by a moratorium on repayments.
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June 06, 2025
FCA Proposes Lifting Ban On Crypto ETNs For Consumers
The Financial Conduct Authority proposed Friday to lift its ban on crypto exchange-traded notes for consumers in a move to support U.K. growth and competitiveness, with similar products already available in other countries.
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June 06, 2025
UK To Launch Delayed Second Phase Of Pensions Review
The government said it will soon launch the delayed second phase of its pensions review, in what experts hope could be the biggest shakeup for the sector for 20 years.
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June 06, 2025
UK Pensions Bill To Transform Trustees' Role, Watchdog Says
Britain's retirement savings watchdog has said it will look to other regulators and governance standards for guidance to ensure that pensions trusteeship is ready for the "transformational" impact of reforms that have recently been announced.
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June 06, 2025
From Russia With Love? UK Lawyers Mull Sanctions U-Turn
Finance companies are enlisting white-collar lawyers to draw up plans for tapping back into Russia if the U.S. breaks with its Western allies and eases sanctions, although experts warn that unpredictable political winds mean there are as many risks as opportunities.
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June 06, 2025
UK Floats Legislative Fix For Virgin Media Pensions Case
The government has said it will push through legislation to deal with the legal fallout for pension trustees from a landmark Court of Appeal ruling in 2024.
Expert Analysis
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Takeaways From Upcoming Payment Fraud Delay Legislation
Lawyers at Hogan Lovells discuss what to know about new legislation that will allow payment service providers to delay payments when third-party fraud is suspected, and share pointers for providers to consider ahead of the Oct. 30 effective date.
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Modernizing UK Trade Settlement Standard: The Road Ahead
Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
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Analyzing The Implications Of 1st FCA Crypto ATM Crackdown
The Financial Conduct Authority’s recent criminal prosecution of Olumide Osunkoya, its first enforcement action against a crypto-asset trading firm's owner, is an unambiguous sign of the regulator’s commitment to actively pursue transgressors, but may be a hindrance to the U.K. crypto industry, says Asim Arshad at Lawrence Stephens.
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Draft Merger Control Guidance Allows CMA To Cast Wide Net
The Competition and Markets Authority's recent draft merger control guidance, reflecting the regulator's strengthened powers under the Digital Markets, Competition and Consumer Act, introduces extensive change and potential procedural improvements, specifically concerning reviews of private equity firms, say lawyers at Travers Smith.
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Key Points From Cayman's Beneficial Ownership Regime
While recent expansion of the Cayman Islands Beneficial Ownership Act's scope means it now encompasses many entities with previously minimal obligations, the changes ensure a welcome level playing field with workable alternative routes to compliance, says Lucy Frew at Walkers Global.
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HMRC Transfer Pricing Guide A Vital Resource For Businesses
HM Revenue & Customs' recent guidelines on common transfer pricing compliance risks should be required reading for affected businesses in indicating HMRC's expected benchmark for documents and policies, say Tomoko Ikawa and Kapisha Vyas at Simmons & Simmons.
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Insights From FRC's Report On Good Corporate Governance
Although the Financial Reporting Council’s recent report on private companies opting to follow the Wates principles has identified improvements, it is important for organizations to provide transparent disclosures and avoid boilerplate, tickbox filings, says Tessa Hastie at BCLP.
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What To Know About The UK Overseas Funds Regime
The U.K.’s overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
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Takeaways From SRA Consumer Protection Review
While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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What Updated Guide Means For Jersey's Private Funds
The Jersey Financial Services Commission's recent updates to the Jersey Private Fund Guide clarify existing provisions and introduce new requirements for fund managers, service providers and investors, demonstrating a clear commitment to maintaining Jersey's reputation as an attractive jurisdiction for investment, say lawyers at Walkers Global.
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The Road Ahead For Tokenized Investment Funds In The UK
With an HM Treasury working group expected to release the final phase of a road map for tokenized investment funds by the end of the year, Andrew Tsang and Tom Bacon at BCLP discuss the advantages for investors and fund administrators, the proposed model for implementation, and what the regulatory landscape may look like.
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Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.
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.
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A Look At UK, EU And US Cartel Enforcement Trends
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.
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Testing The Limits Of English Courts' Pro-Arbitration Stance
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.