Financial Services UK

  • April 18, 2024

    Coventry Building Society Makes £780M Offer For Co-Op Bank

    The Coventry Building Society is offering to buy the Co-operative Bank for £780 million ($970 million) in a move that comes after the two revealed in December that they were in exclusive talks to merge.

  • April 18, 2024

    HMRC Opens Consultation On Payroll Tax In Freeports

    The U.K. tax authority is mulling changes to National Insurance, a payroll levy used to fund state pensions and healthcare, for employees working in special economic zones known as freeports.

  • April 18, 2024

    Negligence Claims Against Law Firm May Go To Trial

    A London court has ordered 35 investors to clarify their claims against a law firm that they say failed to properly advise them on the risks of sinking an estimated £2.7 million ($3.4 million) into a "worthless" property development.

  • April 18, 2024

    Monex Unit And Drug Co. Settle £19M Contract Dispute

    An Indian drugmaker has settled its £19.4 million ($24.1 million) claim against a unit of foreign exchange giant Monex, alleging it unfairly canceled currency exchange contracts with "no basis."

  • April 18, 2024

    City Pushes For UK Regulators To Be Globally Competitive

    A body representing U.K. financial services called Thursday for a new post-Brexit international framework to compare regulators' performance and their impact on competitiveness.

  • April 18, 2024

    'Long Journey Ahead' On Dashboard Readiness, LCP Says

    Pension scheme trustees must finalize plans to be ready for the launch of a long-awaited dashboard program designed to connect savers with lost pots, a consultancy has said, warning that many still have a "long way to go."

  • April 18, 2024

    Banks Demand Wider Access To New Share Trading Outlet

    U.K. and European banking trade associations said Thursday they have asked the government to allow certain categories of retail investors access to its new post-Brexit platform for trading existing shares in private companies.

  • April 18, 2024

    Insurer Group Warns Of Creating State Pensions Consolidator

    The U.K. trade body for insurers said on Thursday that turning the Pension Protection Fund into a state-backed consolidator for smaller retirement plans would be a major and unjustified intervention.

  • April 18, 2024

    Pensions Ombudsman Probing 6 Multimillion Pound Scams

    The pensions arbitration body has told MPs that it is currently investigating 425 possible retirement scams, including six that are similar in scope to the Norton Motorcycle scandal. 

  • April 18, 2024

    SFO Vows To Be 'Bold And Pragmatic' Under New Strategy

    The Serious Fraud Office unveiled on Thursday its new five-year strategy focused on fraud prevention, the use of AI and greater use of covert intelligence, reflecting director Nick Ephgrave's intention for the agency to be more proactive and pragmatic.

  • April 17, 2024

    Ex-JPMorgan Analyst Liked 'Winding Up' Autonomy CEO, Jury Told

    A former JPMorgan stock analyst testifying Wednesday in the criminal fraud trial of former Autonomy CEO Michael Lynch said that he "took pleasure in winding up Lynch" and once even used a Hitler analogy to describe his performance, but said his critical coverage was never personal.

  • April 17, 2024

    Swedish Tax Investigations Add $90M To Crypto Miners' Bills

    Investigations revealed that a number of cryptocurrency mining centers in Sweden misrepresented their business dealings, which led to the Swedish Tax Agency doling out a total of 990 million Swedish krona ($90 million) in increased tax liabilities, the agency said Wednesday.

  • April 17, 2024

    Raid On Broker In Cum-Ex Fraud Case Was Lawful, Court Says

    A raid on the London office of commodity brokerage MCML Ltd. following a request from Danish prosecutors investigating an alleged £56 million ($70 million) tax fraud was lawful, a London court ruled Wednesday.

  • April 17, 2024

    Merchants Bring Modified Bid For Swipe Fee Class Actions

    A group of merchants urged Britain's competition tribunal on Wednesday to approve proposed class actions accusing Visa and Mastercard of unfairly imposing interchange fees on retailers for several years, arguing they had sufficiently addressed concerns that led to their initial proposals being rejected.

  • April 17, 2024

    Gazprom Unit Fights Ruling Blocking Russian UniCredit Claim

    A Gazprom joint venture told the U.K. Supreme Court on Wednesday that appeal judges in England did not have jurisdiction to grant an anti-suit injunction blocking its €450 million ($480 million) claim in Russia against UniCredit Bank.

  • April 17, 2024

    Coinbase Loses EU Appeal To Bloc Rival TM

    Coinbase lost part of its bid Wednesday to stop an Estonian company bearing the same name from registering a trademark, with a European court saying the cryptocurrency platform cannot block the trademark of the Baltic state business for news services, publishing or education.

  • April 17, 2024

    UK Savers Report £2B Lost From Pensions Since 2019

    The compensation program for financial services said Wednesday that thousands of U.K. savers have reported losing almost £2 billion from pension schemes that went bankrupt since 2019.

  • April 17, 2024

    Standards Setter Proposes Steps To Boost Non-Bank Liquidity

    A global standards setter proposed on Wednesday new measures to enable non-bank financial firms such as hedge funds or insurers to better support their derivatives or securities positions in stressed markets.

  • April 16, 2024

    Autonomy CEO Pressured JPMorgan Over Analyst, Jury Told

    An ex-JPMorgan stock analyst testifying Tuesday in the criminal fraud trial of former Autonomy CEO Michael Lynch told jurors that the software company founder responded with hostility when his research reports questioned its growth, and that Lynch offered JPMorgan millions in business if he were taken off the Autonomy beat.

  • April 16, 2024

    Cigna Denies Insurer's Claim For PPI Complaints Indemnity

    Cigna hit back at insurer PA (GI) Ltd.'s claim to recover its costs of dealing with missold payment protection insurance for healthcare cover, saying that it is not entitled to any compensation.

  • April 16, 2024

    Hill Dickinson Bolsters Disputes Team With New Partner

    Hill Dickinson LLP has snapped up a partner from Teacher Stern LLP to join its commercial litigation team, bringing a wealth of dispute resolution and crisis management experience to the table.

  • April 16, 2024

    Pensions Industry Backlash Grows Over New Reporting Rules

    The U.K.'s pension watchdog is facing mounting pressure from retirement industry trade bodies to back down from its new reporting obligations for schemes.

  • April 16, 2024

    UK Pension Transfer Numbers Continue To Decline

    The number of savers transferring from defined benefit to defined contribution pension schemes dropped by 32% in the financial year that ended in March 2023, according to figures published Tuesday by the Financial Conduct Authority.

  • April 16, 2024

    Treasury Gains £12B Fiscal Headroom In New Tax Year

    HM Treasury may have an extra £12 billion ($14.9 billion) to spend this financial year started April 6 thanks to the government's fiscal rule to cut national debt by 2029, the Institute for Fiscal Studies said in a report Tuesday.

  • April 16, 2024

    EU Watchdogs Ally With ECB To Help Firms' Data Reporting

    European Union finance watchdogs said Tuesday they have set up an alliance with Europe's central bank to collaborate more efficiently on regulatory data transfers, reducing reporting costs for financial firms.

Expert Analysis

  • 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.

  • Crypto As A Coin Of The Corporate Realm: The Pros And Cons

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    The broadened range of crypto-assets opens up new possibilities for employers looking to recruit, incentivize and retain employees through the use of crypto, but certain risks must be addressed, say Dan Sharman and Sunny Mangatt at Shoosmiths.

  • Comparing UK And EU's View On 3rd-Party Service Providers

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    The U.K. is taking welcome steps to address the lack of direct oversight over critical third-party service providers, and although less onerous than that of the EU Digital Operational Resilience Act, the U.K. regime's proportionate approach is designed to make providers more robust and reliable, say lawyers at Shearman.

  • Key Points Of BoE Response To Digital Pound Consultation

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    Lawyers at Hogan Lovells analyze the recent Bank of England and U.K. government response to a consultation on the launch of a digital pound, finding that the phased approach to evaluating the issues makes sense given the significant potential impact on the U.K. economy.

  • Goldman Prosecution Delivers A Clear Sign Of FCA Strength

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    The recent successful prosecution of a former Goldman Sachs analyst for insider dealing and fraud is a reminder to regulated individuals that economic crime will never be tolerated, and that the Financial Conduct Authority is willing to bare its teeth in the exercise of its prosecutorial remit, says Doug Cherry at Fladgate.

  • The Good, The Bad And The New Of The UK Sanctions Regime

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    Almost six years after the Sanctions and Money Laundering Act was introduced, the U.K. government has published a strategy paper that outlines its focus points and unveils potential changes to the regime, such as a new humanitarian exception for financial sanctions, highlighting the rapid transformation of the U.K. sanctions landscape, says Josef Rybacki at WilmerHale.

  • A Look At Environment Agency's New Economic Crime Unit

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    Sophie Wood at Kingsley Napley explains how the Environment Agency’s newly established Economic Crime Unit will pursue criminal money flows from environmental offenses, and discusses the unit’s civil powers, including the ability to administer account freezing and forfeiture orders, says Sophie Wood at Kingsley Napley.

  • Opinion

    UK Whistleblowers Flock To The US For Good Reason

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    The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.

  • 4 Legal Privilege Lessons From Dechert Disclosure Ruling

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    The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.

  • BT Case May Shape UK Class Action Landscape

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    The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.

  • Key Points From EC Economic Security Screening Initiatives

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    Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.

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