Financial Services UK

  • May 17, 2024

    FCA To Weigh 'Sensitive, Emotive Issue' Of Probes Policy

    The Financial Conduct Authority has said it "will take time" to consider widespread concerns over its proposals to identify companies or individuals under investigation after lawyers said the move could damage careers.

  • May 17, 2024

    Ex-Investment Manager Gets 6 Years For £19M Ponzi Scheme

    A former investment manager was sentenced to six years in prison on Friday for defrauding hundreds of investors out of £19 million ($24 million) in a Ponzi scheme that prosecutors said helped fuel a lavish lifestyle.

  • May 16, 2024

    FCA Charges Reality TV Stars Over Risky Investment Ads

    The Financial Conduct Authority said Thursday it has charged nine social media influencers and reality TV stars for promoting an unauthorized trading scheme online that dealt with high-risk financial products tied to foreign exchange rates. 

  • May 16, 2024

    Russian Wealth Fund Fails To Curb EU Sanctions

    The European Union's General Court has upheld sanctions against a Russian sovereign wealth fund, ruling it is the "archetypal" company for attracting international investors who sustain the country's war in Ukraine.

  • May 16, 2024

    M&G Accounts Manager Wins £13K Over Resignation Dispute

    An accounts manager at M&G PLC has won more than £13,000 ($16,500) after an employment tribunal found that the company wrongly refused to let him see out his 12-week notice period while on garden leave.

  • May 16, 2024

    Slovenian Bank NLB Bids €400M For Austrian Lender Addiko

    A Slovenian bank has tabled a €400 million ($435 million) bid to buy Austria's Addiko, a business lender operating in central and southeastern Europe, as it seeks to expand into new territories.

  • May 16, 2024

    Nationwide Cited For Compliance Breaches In PPI Market

    The competition watchdog said on Thursday it has written to Nationwide Building Society, telling the lender that it had breached the rules by giving clients incorrect information about insurance covering mortgage repayments.

  • May 16, 2024

    Lithuania PM Wants Frozen Russian Assets To Help Ukraine

    Lithuania's prime minister said Thursday that Russia's frozen assets should be used to help Ukraine fight off aggression from its larger neighbor, saying that a recent European decision to use profits from frozen assets should be only a first step.

  • May 15, 2024

    Taxpayers Let Down By HMRC Digital Service, Says Watchdog

    HM Revenue and Customs has let down taxpayers by failing to deliver better online services, according to a report published on Wednesday by the public spending watchdog.

  • May 15, 2024

    Swiss Seek Feedback On Crypto Information Exchange

    Switzerland's executive body, the Federal Council, is seeking feedback from the public on its plan to adopt two Organization for Economic Cooperation and Development standards that will update the country's automatic exchanges of information to account for crypto-assets, it said Wednesday.

  • May 15, 2024

    Crypto 'Academy' Closed After Probe Into False Assurances

    A cryptocurrency firm that "recklessly" persuaded customers to put money into investment plans has been wound up after the government's insolvency agency found that the company had given false assurances and traded without regulatory approval.

  • May 15, 2024

    Watchdog Warns Bank CEOs Of Inadequate Recovery Plans

    The Prudential Regulation Authority told the chief executives of smaller U.K. banks and building societies in a letter on Wednesday that their companies should improve recovery plans, saying that they use insufficiently severe scenarios in testing.

  • May 15, 2024

    FCA Charges 3 For Alleged £8M Pension Fraud

    The Financial Conduct Authority said Wednesday it has charged three consultants over an alleged fraudulent investment scheme in which victims lost £8 million ($10.1 million) of their pension savings.

  • May 15, 2024

    Experts See Risks In FCA's Soft-Touch Response To AI

    The Financial Conduct Authority has so far failed to detail its rules on artificial intelligence and is moving toward a reliance on companies to self-report, putting it at risk of deferring excessively to the sector it regulates, legal experts say.

  • May 14, 2024

    Autonomy Overstated Revenue Before HP Sale, Jury Hears

    Autonomy's reported revenue was overstated by a combined $300 million in the two-and-a-half years before HP acquired it, an accounting expert testified Tuesday in a California criminal trial over claims that Autonomy founder Michael Lynch duped HP into buying his software company for an inflated $11.7 billion price.

  • May 14, 2024

    Christian Org. Staves Off Same-Sex Bias Trial With $120K Deal

    A Christian nonprofit has agreed to pay a Washington job candidate $120,000 to avoid a damages trial on claims it refused to hire her because she was in a same-sex marriage, though it said it would appeal the liability finding against it.

  • May 14, 2024

    Billionaire's Pilot Cops To Tax Count, Avoids Insider Trial

    A pilot from Virginia accused of profiting from stock tips fed to him by British billionaire Joe Lewis on Tuesday copped to dodging taxes on $500,000 of income from Lewis' company, in a plea deal that avoids an insider trading trial.

  • May 14, 2024

    UK Gov't Rules Out NDA Ban In Harassment Cases

    HM Treasury said Tuesday that the U.K. government will not commit to a legislative ban on nondisclosure agreements in harassment cases, rejecting a call from MPs to bring an end to the "abusive use" of NDAs to silence victims.

  • May 14, 2024

    UniCredit Bids To Toss $69M Plane Payment Sanctions Ruling

    UniCredit urged an appeals court on Tuesday to overturn a ruling that it was not reasonable for its London branch to believe it was prohibited from making $69.3 million in payments to three Irish lessors tied to aircraft held in Russia because of Western sanctions.

  • May 14, 2024

    EU Watchdog Sets Anti-Greenwashing Guidelines For Funds

    The European Union's markets regulator on Tuesday published its final guidelines for firms using ESG terms in fund names, requiring 80% of the fund's investments to match the claimed criteria to combat greenwashing risk.

  • May 14, 2024

    Gov't To Add Legal Powers, Staff To Stop Benefits Fraud

    The Department for Work and Pensions said Tuesday it will support new legislation to expand its powers to make arrests and conduct searches in its crackdown on benefits fraud.

  • May 14, 2024

    EU Finance Ministers Strike Deal On Withholding Tax Refunds

    European Union finance ministers agreed Tuesday to a withholding tax refund law, as previous holdouts Poland and the Czech Republic withdrew their objections.

  • May 14, 2024

    UK Pension Scheme Funding Edges Up £2.8B

    The overall funding level of U.K. pension schemes edged up £2.8 billion ($3.5 billion) last month, according to official figures Tuesday, but experts warned that there was potential "volatility" on the horizon amid uncertainty over whether interest rates will change this year.

  • May 14, 2024

    Repository Denies Withholding Investment Data From Fund

    A securitization repository has denied "capriciously" withholding investment data from an investment fund, claiming that it never received a request for the information and did not know the fund existed.

  • May 14, 2024

    ATM Network Accuses Stripe Of Infringing 'Link' TMs

    The main ATM network in the U.K. has accused Stripe of infringing its trademarks and hijacking its reputation by providing a payments system under the "Link" name, telling a court that consumers associate this branding with the cash machine system in Britain.

Expert Analysis

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • Opinion

    FCA Greenwashing Rules Need To Be Stronger To Be Effective

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    The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.

  • EU Ruling Exposes Sovereignty Fissures In Int'l Arbitration

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    The European Court of Justice's recent ruling that the U.K. had breached EU law by allowing an arbitral award to proceed underscores the diminished influence of EU jurisprudence in the U.K., hinting at the EU courts' increasingly nominal sway in international arbitration within jurisdictions that prize legal autonomy, says Josep Galvez at 4-5 Gray’s Inn.

  • Companies House False Filings Raise Issues Of Integrity

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    A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.

  • UK Courts Continue To Struggle With Crypto-Asset Cases

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    Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.

  • Comparing The UK And EU Approaches To AI Regulation

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    While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.

  • Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases

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    The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.

  • A Look At The Latest EU Alternative Investment Regulation

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    Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.

  • Unpacking The Law Commission's Digital Assets Consultation

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    The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.

  • Unpacking The FCA's Approach To AML Compliance Failures

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    In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.

  • New Russia Sanctions Reveal Int'l Enforcement Capabilities

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    Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.

  • What COVID Payout Ruling Means For Lockdown Loss Claims

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    While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • EEA Equivalence Statement Is Welcomed By Fund Managers

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    The recent statement confirming European Economic Area equivalence to undertakings for collective investment in transferable securities for U.K. overseas funds regime purposes removes many managers’ concerns in the wake of Brexit, giving a clear pathway out of temporary marketing permissions and easing the transition from one regime to another, says Catherine Weeks at Simmons & Simmons.

  • In Int'l Arbitration Agreements, Be Clear About Governing Law

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    A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.

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