Financial Services UK

  • May 22, 2024

    Property Transfer For Tax Break Not Dishonest, UK Court Says

    Two liquidated London real estate companies failed to convince the United Kingdom Court of Appeal that their former director behaved dishonestly by transferring their holdings to Jersey trusts for less than market value to obtain a tax advantage, according to a judgment released Wednesday.

  • May 22, 2024

    HSBC Can't Use Brexit To End UK Role In EU Body, Staff Say

    High street lender HSBC is obligated to keep the U.K. arm of its European works council despite Brexit, the representative body for European staff argued Wednesday as it challenged a ruling that the bank could exclude the U.K. once it left the European Economic Area.

  • May 22, 2024

    Ex-Goldman Banker Gets Contempt Sentence Suspended

    A London appellate court on Wednesday chose "the road of mercy rather than justice" and suspended a prison sentence for a former Goldman Sachs banker who breached court orders to hand over information concerning the financial assets of the wife of an imprisoned Turkish politician.

  • May 22, 2024

    Hilco Exec Wins £296K After Being Sacked For Whistleblowing

    A tribunal has awarded a former Hilco Capital Ltd. HR director almost £296,000 ($377,000) in compensation after she was unfairly sacked for blowing the whistle over alleged banking irregularities.

  • May 22, 2024

    UK Gov't Calls Elections For July 4 Despite Poor Polls

    Prime Minister Rishi Sunak on Wednesday called an early general election to be held on July 4, advancing the electoral timetable even though his Conservative Party lags decisively behind the opposition Labour Party.

  • May 22, 2024

    City Group Warns Financial Fraud Still Major Problem

    A City trade body for financial institutions said Tuesday that payment fraud remains a major problem, with criminals stealing more than £1 billion ($1.27 billion) in 2023, shifting into growth areas such as mobile banking.

  • May 22, 2024

    Swiss Gov't Adopts Proposals For Tougher AML Laws

    Switzerland on Wednesday approved a new anti-money laundering framework that will introduce a register in which companies and other legal entities in the country will have to disclose information on their beneficial owners in a major shift in its anti-money laundering rules.

  • May 22, 2024

    UK Dependency To Implement Pillar 2 Starting In 2025

    The island of Jersey, a U.K. crown dependency, said it would implement the international minimum tax for large corporations known as Pillar Two, with the law taking effect next year.

  • May 22, 2024

    HSBC Rejects Ex-Football Pro's £2M Loan Dispute

    HSBC has denied losing former professional footballer Matthew Jansen almost £2 million ($2.5 million) by allegedly failing to monitor the risk of loans secured against properties during the 2008 financial crisis, claiming the sportsman could have kept track himself.

  • May 22, 2024

    Chinese Woman Faces Oct. Criminal Crypto Possession Trial

    A Chinese woman and her alleged accomplice are scheduled to stand trial in London in October, charged with criminal possession and transfer of cryptocurrency, a judge said Wednesday.

  • May 22, 2024

    Digital Assets Investor To Return Up To £34M To Shareholders

    Phoenix Digital Assets PLC launched on Wednesday a share repurchase program worth up to £33.7 million (£43 million), a move guided by Fladgate LLP, following the sale of some of its assets.

  • May 22, 2024

    EU Watchdog Seeks New Powers For Markets Regulation

    The European Union's financial markets watchdog called Tuesday for more regulatory powers and a simplified rulebook to improve the bloc's declining global competitiveness.

  • May 22, 2024

    Greenberg-Led SPAC To Buy Safety Biz for $1.85B, Quit LSE

    Admiral said on Wednesday that it has agreed to buy industry safety company Acuren for $1.85 billion, as the blank-check business seeks a slice of the growing and resilient infrastructure inspection sector.

  • May 22, 2024

    Citigroup Fined £61.6M For Trading Systems Failings

    Two finance regulators said Wednesday they have fined Citigroup Global Markets Ltd. a total of £61.6 million ($78.4 million) for failures in trading systems that led to the lender mistakenly selling $1.4 billion in equities into European markets.

  • May 21, 2024

    EU Gives Final Approval To World's First AI Rulebook

    European Union law negotiators gave the final green light on Tuesday to the first worldwide rules on artificial intelligence across most sectors including financial services, classifying its usage in bank lending risk assessments or insurance underwriting for EU citizens as high-risk.

  • May 21, 2024

    Denmark's Sydbank To Acquire Local Coop Bank For $50M

    Danish lender Sydbank said Tuesday that it has agreed to acquire the country's Coop Bank AS from its parent company for a preliminary purchase price of 345 million Danish kroner ($50.2 million), in addition to signing a partnership agreement.

  • May 21, 2024

    I Am An Honest Man, British Trader Tells £1.4B Fraud Trial

    Sanjay Shah, a former hedge fund owner who is accused of defrauding Denmark's tax authority out of £1.4 billion ($1.8 billion), told a London court on Tuesday that he is an "honest man" who traded using a legal "loophole."

  • May 21, 2024

    Finance Pros 'Too Afraid' To Blow Whistle On Fraud

    More than three-quarters of finance professionals in the U.K. stayed silent after spotting or suspecting internal fraud in their workplaces, a survey published on Tuesday showed, with nearly half saying they feared a backlash.

  • May 21, 2024

    Credit Union In Default, £2.6M Compensation Expected

    The Financial Services Compensation Scheme said Tuesday it will protect the members of Castle & Crystal Credit Union Ltd. as the financial company entered into administration.

  • May 21, 2024

    UK Pension Reform Could Create 'Too Big To Fail' Providers

    The proposed government fix for the spiraling number of retirement savings pots could create pension giants that are too big to fail, an industry body warned on Tuesday.

  • May 21, 2024

    Mastercard, Visa Fee Hikes Face UK Competition Scrutiny

    The Payment Systems Regulator said Tuesday that the two biggest card operators, Mastercard and Visa, do not give value for money on their services and that it will take steps to hold them more accountable.

  • May 21, 2024

    Ex-Insurance Exec's Wife Denies Knowledge Of Illegal Money

    The wife of a former executive at Gable Insurance has denied cashing in on unauthorized payments from her husband who, the Liechtenstein insurer alleges, siphoned off millions of pounds from the company to accounts he had links to.

  • May 21, 2024

    Hayes Gets Lifeline In Bid To Overturn Libor Conviction

    An English appellate court on Tuesday opened the door for two traders convicted of manipulating benchmark interest rates to appeal to the U.K.'s top court but said that the justices must decide whether to hear the case. 

  • May 20, 2024

    Autonomy CEO Reaped $516M From HP Acquisition, Jurors Told

    Ex-Autonomy CEO Michael Lynch took home more than $516 million from the software company's $11.7 billion sale to HP, an FBI agent testified Monday as the government's last witness in a trial over allegations Lynch duped HP into overpaying to buy the company.

  • May 20, 2024

    SFO Seizes Cash In Bank Account Linked To Nigerian Bribery

    Britian's anti-corruption agency has seized more than £36,000 ($46,000) from the former managing director of an African state-owned banknote printing company after prosecutors traced the money to a bribery scheme. 

Expert Analysis

  • 'Debanking' Complaints Highlight Need For Flexibility In AML

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    The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.

  • Mitigating Incarceration's Impacts On Foreign Nationals

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    Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.

  • Decoding Arbitral Disputes: The Benefits Of Non-EU Venues

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    In Spain v. Triodos, a Swedish appeal court recently annulled an intra-EU investment treaty award, reinforcing a growing trend in the bloc against enforcing such awards, and highlighting the advantages of initiating enforcement proceedings in common law jurisdictions, such as the U.K., says Josep Galvez at 4-5 Gray's Inn Square.

  • How Proposed Platforms For Unlisted Co. Trading May Work

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    The U.K. government is continuing development of its proposed private intermittent securities and capital exchange system to facilitate secondary share trading in private companies through a regulatory sandbox while ironing out details, representing an innovative step for unlisted company liquidity, say lawyers at Sullivan & Cromwell.

  • Experian Ruling Helps Cos. Navigate GDPR Transparency

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    In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.

  • Clarity Is Central Theme In FCA's Greenwashing Guidance

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    Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.

  • How New FCA Rules Strengthen Borrower Protections

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    The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.

  • Opinion

    New Property Category Not Needed To Regulate Digital Assets

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    The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.

  • FTSE Draft Rules Show Impact Of FCA Listing Reforms

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    FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.

  • FCA Strikes A Balance With 'Finfluencer' Guidance

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    With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.

  • Dissecting Recent Developments Against The Misuse Of NDAs

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    The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.

  • What To Know About The Russia-Stranded Plane Ruling

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    The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.

  • 3 Notable Pensions Reforms In Spring Budget

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    The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.

  • Assessing The FCA Data Study's Response To User Concerns

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    The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.

  • Focus On Private Funds Will Boost Ireland's Global Standing

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    As the market increasingly pivots to private funds, Ireland's recent introduction of particular products — such as an updated, flexible European long-term investment fund — provides more structuring opportunities and paves the way for a brighter outlook in the country, say lawyers at Dechert.

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