Financial Services UK

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5 Questions For Ontier Partner Amy Harvey

London Stock Exchange and finance trade bodies have applauded the withdrawal by the government in October of burdensome draft regulations requiring companies to include extra nonfinancial information in annual reports — but others are less convinced.
November 27, 2023
Judge OKs Investor Attys' $19.2M Fee For Libor-Rigging Deals

A New York federal judge on Monday approved a $19.2 million award for attorneys representing investors in a Libor-rigging case against several financial institutions for their role in securing multiple settlements totaling over $74 million.
August 10, 2023
Investor Attys Want $19.2M For $74M Libor-Rigging Deals

Attorneys representing California State Teachers Retirement System in the Libor-rigging case against several financial institutions asked a New York federal judge for a $19.2 million award for their role in securing several settlements totaling nearly $74 million.
November 27, 2023
Adviser Says Ex-Firm Wrongly Axed Deal For His Client Base

A self-employed financial adviser has countersued his former firm alleging that it wrongly ended a contract to acquire his client base, rejecting the firm's bid to recover a £1.28 million ($1.6 million) loan it gave him as part of the deal.
November 27, 2023
EU Withholding Measure Is Not On Agenda Of Dec. 8 Meeting

A measure that would simplify the way withholding tax refunds are issued in European Union member countries while also helping national authorities detect fraud won't be discussed at a coming EU finance ministers meeting, a draft agenda showed.
November 27, 2023
Watchdog Finds Investment Firms Not Ready For Stress

The Financial Conduct Authority said Monday that investment companies are inadequately prepared to mitigate harm in times of financial market distress or serious corporate problems.
November 27, 2023
Latham Adds Two Akin Private Credit Partners In London

Latham & Watkins LLP said on Monday that it has hired two partners from Akin Gump Strauss Hauer & Feld LLP to boost its private credit expertise in London, as the war for talent among elite U.S. law firms in the British capital intensifies.
November 27, 2023
FCA Bans 2 Pension Advisers Over Poor British Steel Advice

The Financial Conduct Authority said Monday that it has banned two pension professionals from giving retirement savings advice over the "careless and incompetent" guidance they gave to members of the British Steel Pension Scheme.
November 24, 2023
UK Funds Get Green Light To Trade Assets As Digital Tokens

A U.K. government technology group unveiled on Friday a blueprint that asset managers can now use to convert funds into tokenized assets, boosting the international competitiveness of the investment sector.
November 24, 2023
UK's Digital Tax Rollout Will Burden Taxpayers, MPs Warn

HM Revenue and Customs has lost sight of making tax simpler as part of its project to digitalize tax self-assessment, members of a parliamentary committee warned in a report published Friday.
November 24, 2023
UK Litigation Roundup: Here's What You Missed In London

The past week in London has seen Glencore face a claim from collapsed hedge fund Eton Park in the wake of its bribery scandal, the ex-CFO of Peppa Pig and Teletubbies toymaker bring data protection proceedings against the employment barrister who represented him at tribunal, and Delta Airlines check in to fresh trademark proceedings against hotel chain Marriott. Here, Law360 looks at these and other new claims in the U.K.
November 24, 2023
Robust Training Crucial For Audit Sampling, Watchdog Says

Audit firms must ensure that auditors are sufficiently trained and have enough guidance to support them when they make decisions during evidence gathering, Britain's accounting watchdog said on Friday.
November 24, 2023
Retailer Hits Back At Visa's 'Absurd' Swipe Fees Claim

Eyewear manufacturer Luxottica has hit back at Visa's claim that it breached a legal settlement by allowing its subsidiary to sue the card giant, telling a London court that it would be "absurd" if it had agreed to stop all claims brought by companies it purchased in future.
November 24, 2023
FCA Sees Big Tech Competition Threat to Finance Firms

The Financial Conduct Authority raised renewed concerns on Friday that Big Tech could gain market power and hinder competition by holding data that is not available to finance firms.
November 24, 2023
UK Gov't Seeks Powers To Combat Tax Avoidance Schemes

The U.K. government wants to make the unauthorized promotion of tax avoidance schemes a criminal offense under plans to give HM Revenue and Customs new powers to crack down on aggressive practices.
November 24, 2023
SFO Seizes £250K Tennis Membership From Tycoon Fraudster

The Serious Fraud Office confiscated £250,000 ($314,000) on Friday from a tycoon convicted of orchestrating the country's largest-ever mortgage fraud that had been held at an elite tennis club in London.
November 23, 2023
Standard Setters Target Enablers Of Money Laundering

Global standard setters have called for clarity on the role of enablers to help detect money laundering and financial fraud by criminals who exploit government programs that grant citizenship to foreign investors.
November 23, 2023
Tribunal 'Pre-Judged' Director Who Unfairly Fired Accountant

An appeals tribunal has upheld a judge's decision that an accounting firm unfairly pushed a member of staff out of the door by asking her to break tax rules, but ruled that the judge had wrongly "pre-judged" a director as dishonest.
November 23, 2023
CFO Not A Whistleblower For Flagging Fintech's Money Woes

A chief financial officer is not a whistleblower for warning shareholders of the possible bankruptcy of a financial technology company, because its collapse was not guaranteed and she had the wrong motivation, an employment tribunal has ruled.
November 23, 2023
Gov't Seeks Powers For Access To Bank Data In Fraud Fight

The U.K. government published on Thursday its plans to expand data-gathering powers to fight benefit fraud and the financing of terrorism as part of its long-awaited data protection bill.
November 23, 2023
Pensions Consolidator To Launch By 2026, UK Gov't Says

The government has said it wants to push ahead with plans for the Pension Protection Fund to become the U.K.'s first public sector consolidator for defined benefit retirement plans.
November 23, 2023
Virgin Money Banks On £150M Share Buyback Program

Virgin Money UK PLC said on Thursday it will reward investors with a share repurchase program worth up to £150 million ($188 million), despite suffering a sharp drop in profits.
November 23, 2023
Accounting Watchdog Gets New Gov't Remit For Growth

The government has given the Financial Reporting Council a revised remit to contribute to the growth and competitiveness of the U.K. economy — and told it to remove rules that are no longer proportionate.
November 23, 2023
Hedge Fund Settles Fight Over Hire's Non-Compete Contract

A subsidiary of global hedge fund Verition has settled its legal battle with a proprietary trading company that accused it of hiring a researcher in breach of his non-compete agreement.
November 23, 2023
US Biz Gets Irish Nod For £470M Buy-Up Of Asset Manager

U.S. private equity firm Searchlight has got the go-ahead from Irish regulators for its £470 million ($590 million) purchase of Gresham House PLC, the asset manager said Thursday.
November 23, 2023
Insurer Royal London Buys 'Later-Life' Mortgage Businesses

Royal London Mutual Insurance Society Ltd. said Thursday that it has raised its stake in two mortgage companies aimed at retired borrowers to 100%.

Editor's Picks

5 Questions for Osborne Clarke Partner Nick Price

The Payment Systems Regulator is due to start forcing payment firms to reimburse victims of scams who have been tricked by a fraudster into transferring them money. Here, Law360 talks to Osborne Clarke partner Nick Price about how this new regime could mean uncertainty about compliance.
Ex-Barclays Litigation Head Joins M&A Startup As 1st CLO

The former leader of Barclays PLC's litigation team and longtime in-house lawyer there has taken on the role of chief legal officer for Tidal Partners, the new mergers and acquisitions advisory boutique has announced.
Sberbank Unit 'Failing' As Deposits Pulled, ECB Warns

The European subsidiary of one of Russia's biggest banks is "failing or likely to fail" as customers pull deposits after the Russian invasion of Ukraine, according to a notice issued by the European Central Bank on Monday.

Expert Analysis

FCA Promotions Review Sends A Strong Message To Firms

The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
When Can Bonuses Be Clawed Back?

The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.
The State Of UK Litigation Funding After Therium Ruling

The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.
UK Shareholding Report A Missed Opportunity For New Tech

The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.
Tools M&A Deal Makers Can Use To Bridge Valuation Gaps

As macroeconomic headwinds reset valuation expectations, parties to merger and acquisition are increasingly looking to methods such as earnouts, vendor financing and minority transactions to bridge the valuation gap and get deals done, says Philip Herbst at Cleary.
Navigating The Novel Challenges Facing The Legal Profession

The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
Deal Over Jets Stranded In Russia May Serve As Blueprint

In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.
Economic Crime Act Brings Changes For Limited Partnerships

The recently passed Economic Crime Act introduces significant financial transparency obligations for new and existing U.K. limited partnerships, and with criminal consequences for noncompliance, a degree of advance consideration is strongly advised, say Amelia Stawpert and Alex Jones at Hogan Lovells.
ESMA Report Offers A Glimpse At EU's Securitization Future

The European Securities and Markets Authority’s recent overview of the EU securitization sector suggests a growing market for both investors and businesses and offers useful insight into future regulatory priorities, says Alan Bunbury at Matheson.
What The Auto-Enrollment Law Means For UK Workforce

In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.
UAE Bank Case Offers Lessons On Enforcing Foreign Rulings

The High Court recently clarified in Invest Bank v. El-Husseini that foreign judgment debts may be enforceable in England, despite being unenforceable in their jurisdiction of origin, which should remind practitioners that foreign judgments will be recognized in England if they are final and conclusive in their court of origin, say lawyers at Macfarlanes.
Revised OECD Guidelines Key In Shaping Business Standards

The OECD’s recent revised guidelines on responsible business conduct, supported by a domestic government agencies’ grievance referral mechanism, have already influenced EU due diligence standards, and enterprises engaging in the unique procedure will benefit from case-specific nuances, parallel proceedings and the availability of confidentiality protections, say lawyers at Debevoise.
Libor Fallback To Prime May Increase Corporate Loan Costs

Despite preparations and legislative actions related to the transition away from Libor earlier this year, there remains a contingent of corporate borrowers that have fallen through the cracks and could face increased costs if their loans default to prime rates, say Nathan Moore and Dana Bradley at WilmerHale.
Report Can Aid With Sustainable Finance Disclosure Filings

The European Supervisory Authorities recently issued a report on companies' consideration of the principal adverse impacts of their investment decisions on sustainability factors, providing examples of good and bad disclosure practices under the Sustainable Finance Disclosure Regulation, which firms should note in their future reporting, say lawyers at Debevoise.
Protecting The Arbitral Process In Russia-Related Disputes

Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.