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Financial Services UK
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June 06, 2025
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen MGM and the owners of the "Addams Family" trademark sue a private equity firm, two Cambridge colleges file for injunctions against Pro-Palestine student protest groups and a former NBA player brings a claim against Orrick Herrington & Sutcliffe LLP.
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June 06, 2025
Labour Gov't Eases Carried Interest Rules On Fund Managers
The Labour government has unveiled a series of concessions on changes to the tax rules for carried interest, the investment income passed onto fund managers, following a consultation on the plans.
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June 06, 2025
Court Rebukes Lawyers For Fake AI-Generated Citations
A London court referred a barrister and solicitor to their professional regulators on Friday for citing cases that do not exist and warned that freely available generative artificial intelligence tools such as ChatGPT are not capable of conducting reliable legal research.
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June 06, 2025
Switzerland Plans Tax Data Reporting For Crypto
The Swiss government said Friday that it has approved a plan to extend the automatic exchange of information for tax matters to apply to crypto-assets.
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June 06, 2025
Mental Health Moratorium Can't Stop Principal Debt Recovery
A London appellate court ruled Friday that a man in a mental health crisis cannot prevent lenders from repossessing properties used to secure loans worth approximately £1.9 million (£2.6 million), concluding that the principal amounts were not affected by a moratorium on repayments.
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June 06, 2025
FCA Proposes Lifting Ban On Crypto ETNs For Consumers
The Financial Conduct Authority proposed Friday to lift its ban on crypto exchange-traded notes for consumers in a move to support U.K. growth and competitiveness, with similar products already available in other countries.
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June 06, 2025
UK To Launch Delayed Second Phase Of Pensions Review
The government said it will soon launch the delayed second phase of its pensions review, in what experts hope could be the biggest shakeup for the sector for 20 years.
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June 06, 2025
UK Pensions Bill To Transform Trustees' Role, Watchdog Says
Britain's retirement savings watchdog has said it will look to other regulators and governance standards for guidance to ensure that pensions trusteeship is ready for the "transformational" impact of reforms that have recently been announced.
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June 06, 2025
From Russia With Love? UK Lawyers Mull Sanctions U-Turn
Finance companies are enlisting white-collar lawyers to draw up plans for tapping back into Russia if the U.S. breaks with its Western allies and eases sanctions, although experts warn that unpredictable political winds mean there are as many risks as opportunities.
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June 06, 2025
UK Floats Legislative Fix For Virgin Media Pensions Case
The government has said it will push through legislation to deal with the legal fallout for pension trustees from a landmark Court of Appeal ruling in 2024.
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June 06, 2025
EY Law Steers AIB On Sale Of 49.9% Stake In Payments Biz
Financial services giant AIB Group PLC revealed on Friday it has signed an agreement to sell its 49.9% holding in its payment systems business to Fiserv, Inc., a global fintech company based in the U.S.
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June 06, 2025
Macquarie Completes £700M Takeover Of Dutch Waste Biz
Australian financial services giant Macquarie Group has completed its takeover of Dutch waste management business Renewi PLC in a deal worth approximately £700 million ($949 million), the companies said on Friday.
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June 05, 2025
Meta Pressed By MPs Over Slow Removal Of Harmful Content
A group of influential MPs said Friday that they have written to Meta asking the Facebook-owner to explain its tardy responses to requests by the City watchdog for the removal of harmful content from financial influencers appearing on its platforms.
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June 05, 2025
UK Pension Assets Hit £3.2T Amid Shift To Private Markets
The total value of U.K. pensions grew by 11% in 2024 to £3.2 trillion ($4.3 trillion), the Pensions Policy Institute has said, noting a movement to private market investment in a "period of transition" in Britain.
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June 05, 2025
Trading Biz Can't Short Circuit Trial Against Former GC
A London judge said Thursday that a trading services company must go to trial to prove that its former general counsel misused confidential information, citing a possibility that the business abused the lawyer-client relationship.
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June 05, 2025
Credit Suisse Says Greensill Deals Left $440M Debt Unpaid
Greensill Capital coordinated with SoftBank to enter into "improper" transactions which caused Credit Suisse investors to lose $440 million in debt, a lawyer for a sub-fund for the collapsed Swiss bank told the first day of trial Thursday.
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June 05, 2025
Cooley-Led Fintech Biz Weighs Switching Main Listing To US
Payments company Wise PLC said on Thursday it is planning to move its main listing from London to the U.S., becoming the latest British company to shift its main funding focus across the Atlantic.
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June 05, 2025
Oligarch Can't Appeal Tossed $14B Asset-Stripping Claim
Imprisoned oligarch Ziyavudin Magomedov cannot challenge a decision to dismiss his $14 billion claim against Transneft, Rostatom, a private equity firm and other entities over an alleged Russian state-led conspiracy to strip his assets in two major port operators, a London appeals court has ordered.
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June 05, 2025
FCA Warns Of Tensions On Motor Finance Redress Plan
The City watchdog highlighted on Thursday tensions underlying its potential future motor finance consumer redress program, warning that payouts estimated by some law firms and claims management companies were "highly speculative."
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June 05, 2025
Gov't Unveils Landmark Pension Reforms To Boost Savings
The government has unveiled a raft of pension reforms that it said will dramatically boost the savings of millions of British workers.
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June 05, 2025
Ombudsman Eyes Interest Rate Cut On Compensation Awards
The financial disputes body has proposed lowering the interest rate it applies to compensation awarded to people who have lost money as it pushes to modernize redress in the U.K.Â
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June 05, 2025
JPMorgan Blocks VTB's Russian Case Over Frozen $156M
JPMorgan won its fight on Thursday to block VTB Bank from bringing a $156 million case in Russia over frozen funds, as a London court ruled that the Russian lender's claims were "vexatious and oppressive."
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June 05, 2025
Court Sanctions Miami's £70M Bid For European Exchanges
A court in Jersey has given its nod to the owner of the Bermuda Stock Exchange for the takeover of The International Stock Exchange Group in a deal worth approximately £70.4 million ($96 million), the companies said Thursday.
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June 04, 2025
VTB Bank Unit Beats 'Thinnest Possible' Corporate Raid Case
A British unit of Russian state-owned VTB Bank has beaten claims in a London court that it was part of a Kremlin-approved corporate raid, with a judge ruling that a steel businessman's evidence against the lender was "the thinnest possible gruel."
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June 04, 2025
Most UK Pension Plans Mulling Surplus Use, LCP Says
Most defined benefit pension plans are either actively considering or already planning to use their retirement plan surplus amid government rule changes, according to consultancy Lane Clark & Peacock.
Expert Analysis
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Assessing The Energy Act 2023, Eight Months On
Although much of the detail required to fully implement the Energy Act 2023 remains to be finalized, the scale of change in the energy sector is unprecedented, and with the U.K. prioritizing achieving net-zero, it is likely that developments will continue at pace, say lawyers at Paul Hastings.
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Opinion
Why Timing Makes UK Libor Judgments Controversial
The recent U.K. Court of Appeal decision in the R v. Hayes and Palombo appeal against Libor convictions demonstrates that had U.K. regulators probed with the facts known today, civil claims in all jurisdictions would be dismissed and a decadelong wasted investigation should be put to rest, says Charles Kuhn at Clyde & Co.
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Tips For Orgs Using NDAs In Light Of New UK Legislation
The recent passage of the Victims and Prisoners Act follows a crackdown on the misuse of nondisclosure agreements, but although NDAs are not prohibited and regulators recognize their legitimate justification, organizations relying on them must be able to clearly explain that justification if challenged, say attorneys at Macfarlanes.
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What Alternative Fuel Proposals Mean For EU Infrastructure
The European Union’s proposed Alternative Fuels Infrastructure Facility, covering activities in the transport sectors supporting the decarbonization process, sets ambitious standards regarding the deployment of adequate supply infrastructure and offers new funding opportunities for port operators and shipowners, says Christian Bauer at Watson Farley.
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Continuation Funds: What You Need To Know
As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.
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EU Anti-Greenwashing Guide Analyzed For Fund Managers
Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.
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FCA 'Finfluencer' Trial Exposes Social Media Promo Risks
The upcoming Financial Conduct Authority prosecution of nine individuals for Financial Services and Markets Act 2000 violations is the first time an online influencer will be tried for using social media to promote investments, demonstrating the need to be wary of the specific legal requirements surrounding financial product promotion, says David Claxton at Red Lion.
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A Look At US-EU Consumer Finance Talks' Slow First Steps
The unhurried and informal nature of planned discussions between the U.S. Consumer Financial Protection Bureau and the European commissioner for justice and consumer protection suggests any coordinated regulatory action on issues like AI and "buy now, pay later" services is still a ways off, say attorneys at DLA Piper.
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FCA Doubles Down On New Priorities With Target ID Plan
Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.
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Examining Senior Managers' Accountability For AI Use
With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
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FCA Brokerage Changes Offer Asset Managers Wider Options
The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.
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What Cos. Should Know About The EU Greenwashing Rules
The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
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Sanctions Ruling Opens Door For Enforcer To Clear Up Rules
In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.
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'Debanking' Complaints Highlight Need For Flexibility In AML
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.
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Mitigating Incarceration's Impacts On Foreign Nationals
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.