Financial Services UK

  • June 29, 2022

    Willkie Adds M&A Partner From French Boutique

    Willkie Farr & Gallagher LLP has recruited an M&A specialist in Paris in a bid to boost its profile among corporate clients in the largely private equity-focused office.

  • June 29, 2022

    SRA Fine Ceiling Jumps To £25,000

    A U.K. legal regulator can now fine solicitors and firms up to 1,150% more for misconduct under new rules designed to leave only the most serious cases in the tribunals, a move that has been derided by the trade association for solicitors.

  • June 29, 2022

    Dentons, Freshfields To Retain 90% Of Trainees In Fall Hires

    Freshfields Bruckhaus Deringer LLP and Dentons both said Wednesday that they are poised to retain about 90% of their trainees in fall 2022, as U.K. law firms continue to reveal how many of their newly qualified solicitors will be staying on.

  • June 29, 2022

    FCA Begins To Prepare Guidelines For Green Bond Issuers

    The finance regulator said Wednesday that it will work with investment firms to set guidelines for issuers of bonds linked to environmental, social and governance standards to prevent them from misleading investors.

  • June 29, 2022

    IT Pro Was 'Stupid' To Obey Jones Day Atty's 'Burn' Order

    An IT manager testified at a trial on Wednesday that he was "stupid" to comply with instructions from a senior Jones Day lawyer to destroy a secure messaging system in an alleged attempt to conceal evidence of corporate espionage from supermarket group Ocado.

  • June 29, 2022

    Ulster Bank Transfers Irish Insurance Customers To Aviva

    Ulster Bank Ireland DAC has signed over its home and car insurance customers to Aviva Direct Ireland Ltd. as the lender makes a phased withdrawal from the Republic of Ireland.

  • June 29, 2022

    EU Council Agrees On Central Investment Database

    National financial services regulators across the European Union will create a centralized hub providing public information about companies and products to help investors make good decisions, according to an agreement by the European Council announced on Wednesday.

  • June 29, 2022

    Reed Smith Hires Structured Finance Atty From BCLP

    Reed Smith LLP is hiring the former head of the derivatives practice at Bryan Cave Leighton Paisner LLP for its team in London in a move to strengthen its capabilities in advising the financial sector.

  • June 29, 2022

    Gov't Urged To Act Over Self-Employed Pension Contributions

    The government should provide a way to help self-employed workers save for their retirement, experts said, after official figures revealed that just a fifth of people in the sector have a pension plan.

  • June 28, 2022

    Denmark Asks Court To Keep $2.1B US Pension Tax Fraud Suit

    Several U.S. pension plans shouldn't be allowed to escape a suit from Denmark's tax agency claiming they committed a $2.1 billion fraud, the agency told a New York federal court, arguing the case doesn't impermissibly implicate foreign tax laws.

  • June 28, 2022

    Slater & Gordon Restructures UK Business Into 2 Units

    Slater & Gordon said Tuesday it would create separate units to focus on volume work and specialist legal services after disappointing financials for 2020 prompted a strategic review of the law firm's U.K. business.

  • June 28, 2022

    Restaurateur Gets 2 Years In 1st COVID Loan Fraud Case

    A former pizza shop owner was sentenced to two years in prison for seeking a COVID-19 relief loan after shuttering his business, marking the first successful criminal prosecution of Bounce Back loan fraud.

  • June 28, 2022

    Citi Beats UN Fund Manager's 'Fanciful' €10B Suit

    A judge dismissed a €10 billion ($10.5 billion) lawsuit on Tuesday filed by a money manager with purported ties to the United Nations against Citibank, finding the basis of his claims to be "entirely fanciful." 

  • June 28, 2022

    RBC Fights Ex-Director's 'Unclear' Whistleblowing Suit

    A former corporate crime prevention director for the Royal Bank of Canada in London was not pushed to resign after raising compliance concerns, the lender told a tribunal Tuesday as it fights what it calls an "unclear and unfocussed" whistleblowing claim.

  • June 28, 2022

    Wolters Kluwer Acquires Spain-Based Legal Tech Co.

    Information services company Wolter Kluwer NV is expanding its presence in Spain's legal market with its acquisition of legal practice management software Level Programs SL on Tuesday.

  • June 28, 2022

    Sustainability Disclosure Drafts Unclear, Watchdog Finds

    The U.K. accounting watchdog says that long awaited proposals from a global standards setter for what companies should disclose to investors on sustainability and climate-change risks are not clear enough.

  • June 28, 2022

    'Authorized' Fraud Jumped By Over 20%, Says Ombudsman

    The U.K. financial dispute-resolution body said on Tuesday that the number of complaints from people being tricked into transferring money into accounts they believe are legitimate rose by more than 20% during the financial year ending March 2022.

  • June 28, 2022

    Modi To Bring Fresh Medical Evidence In Extradition Appeal

    Fresh psychiatric evidence will be admitted in the attempt by diamond mogul Nirav Modi to block his extradition to India over an alleged $2 billion fraud after a ruling at a London court.

  • June 28, 2022

    Gov't Mulls 'Big Bang' Launch For Online Pension Portals

    The government floated the possibility of a 90-day countdown for the launch of new pensions "dashboards" for retirement savers on Tuesday, as experts warned that the prospect of bottlenecks could undermine public trust in the system.

  • June 28, 2022

    William Fry, A&O Guide Ireland's 5% AIB Stake Sale

    The Irish government said on Tuesday that it has sold approximately 5% of its stake in Irish lender AIB Group PLC to institutional investors for €304.8 million ($322 million) as it continues to offload its investments in banks dating from the 2008 financial crisis.

  • June 28, 2022

    Reform EU Tax Law, Venture Capital Experts Urge MPs

    Venture capital experts have urged a group of MPs to push the government to amend European Union legislation that would deter retail investors from investing in high-risk companies if left intact.

  • June 28, 2022

    FCA Urges Lenders To Support Vulnerable As Crisis Bites

    The finance watchdog has urged credit providers to consider the effects on consumers of the cost-of-living crisis, amid concerns that some hard-hit Britons could be driven to take on financial products that are unsuitable for their predicament.

  • June 28, 2022

    Insurers March On Treasury Over Solvency II Reform

    The government confirmed on Tuesday that it has met behind closed doors with representatives of the insurance industry as the country considers whether to break from the European Union on regulation for capital adequacy for the sector.

  • June 27, 2022

    Gold Price-Fixing Deal Could Imperil Other Claims, Court Told

    An investor suing Scotiabank for alleged precious metals futures spoofing is objecting to a proposed $50 million settlement that would end a separate gold price-fixing case against the bank and other financial institutions, telling a New York federal judge that the deal's release of claims should be narrowed.

  • June 27, 2022

    2nd Circuit Backs $100M Loan Default Ruling In UBS Suit

    The Second Circuit has sided with a lower court's ruling that energy holding company Greka Integrated Inc. must pay $100 million to UBS AG's London branch following Greka's failure to repay loans it owes to the bank.

Expert Analysis

  • New Clarity On Scope Of Banks' Quincecare Duty To Clients

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    A recent U.K. Privy Council decision clarified that a bank’s Quincecare duty to prevent banking fraud extends only to its customers, so third-party investors seeking protection may need to make alternative arrangements, say attorneys at Collyer Bristow.

  • Examining UK Commission's Corporate Crime Reform Ideas

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    The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.

  • How ESG Matters Are Influencing M&A Due Diligence Trends

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    With a proliferation of environmental, social and governance-related regulatory developments and a desire to comply with best practice, ESG matters have become an increasingly important area of focus for both clients and advisers in M&A transactions, say attorneys at Sullivan & Cromwell.

  • FCA Review Offers 'Challenger Banks' Advice On Crime Risks

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    Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.

  • Changes To UK Competition Rules Will Extend CMA Powers

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    Recent amendments to U.K. competition and consumer law regimes introduce changes to merger control and antitrust investigations that will result in the speedier resolution of cases and greater autonomy for the Competition and Markets Authority, say Bill Batchelor and Aurora Luoma at Skadden.

  • EU Risk Retention Standards Final Draft Offers Clarity

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    The long-awaited final draft of regulatory technical standards in relation to EU risk retention provides welcome detail and clarification of the rules and due diligence requirements, and is an important step toward finalizing the EU regime in this area, says Merryn Craske at Morgan Lewis.

  • J5 Warning Highlights Growing Risk Of NFT-Related Crime

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    As NFTs increase in popularity, so does the risk of such assets being used by those looking to exploit them for criminal gain, as illustrated by the Joint Chiefs of Global Tax Enforcement's recent warning of the possible dangers, says Syed Rahman at Rahman Ravelli.

  • New Anti-Modern Slavery Bill Unlikely To Accomplish Goals

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    A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.

  • Opinion

    FCA Proposal Fails British Steel Pension Scandal Victims

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    The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.

  • How New Framework Could Ease EU-US Data Transfer Burden

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    The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.

  • What EU Corporate Sustainability Plan Means For Contracts

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    The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.

  • When Investment Funds Are Not As Green As They Suggest

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    With the growing demand for funds that offer sustainable investment, there is increasing potential to discover that funds have misled investors, which in certain situations could result in a claim for legal redress for misselling, say attorneys at Keller Lenkner.

  • How A New Law Tightens The Screw On Dirty Money In The UK

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    By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.

  • Opinion

    The SFO Needs To Find Its Prosecutorial Mojo Again

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    As protracted investigations and low conviction rates continue to abound, the Serious Fraud Office has strayed too far from its original purpose as a specialist prosecuting authority to justify its existence in its current form, says David Corker at Corker Binning.

  • UK Ruling Is A Win For Fraud Victims At Banks' Expense

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    The U.K. Court of Appeal's decision in Philipp v. Barclays holds banks potentially liable for executing any payment that is suspected to be fraudulent, heightening already significant pressure on banks to identify and prevent fraud, say attorneys at Signature Litigation.

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