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Financial Services UK
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June 09, 2025
Investment Biz CEO Hit For £2.8M Over Exec's Drinks Loan
A former executive at a U.S. subsidiary of a London investment fund is suing the firm and its founder for about $3 million after they allegedly failed to repay a short-term loan to cover the costs of the company's investment in a drinks company.
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June 09, 2025
Ex-Commerzbank Analyst Denies Faking Sex Assault Claims
A former Commerzbank analyst on Monday fought claims that he lied to a court by making false sexual assault allegations in his failed harassment case against the bank, telling a London court he was being truthful.
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June 09, 2025
UK Leads Europe On FDI In Financial Services, EY Says
The U.K. continues to be Europe's most attractive destination for foreign direct investment into financial services, despite a drop in the number of projects across the region, Ernst & Young said on Monday.
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June 09, 2025
FCA Proposes Reporting Changes For Fund Managers
The Financial Conduct Authority has proposed that it will reduce requirements for U.K. fund managers on how they report on value for investors, a move that would enable significant cost cuts.
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June 09, 2025
Broking Group Howden Buys Peruvian Reinsurance Biz
Howden Group said Monday that it has bought Peruvian reinsurance broker Innova Re, marking a further broadening of the insurance broking giant's footprint in Latin America.
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June 09, 2025
FCA, NVIDIA Team Up To Launch AI Testing Sandbox
The Financial Conduct Authority said Monday it will launch a supercharged sandbox in collaboration with multinational technology company NVIDIA to help firms experiment safely with artificial intelligence to support innovation.
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June 06, 2025
Reality TV Gallery Owner Gets 2½ Years On Terrorism Charges
An art gallery owner and reality TV art expert was sentenced to over two years' imprisonment at a London criminal court on Friday for failing to report his suspicions when selling around £140,000 ($189,400) worth of art to a suspected terrorist financier.
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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.
Expert Analysis
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How FCA Guidance Aligns With Global Cyberattack Measures
The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.
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Takeaways From Regulators' £61.6M Citigroup Trading Fine
Following the Financial Conduct Authority and Prudential Regulation Authority’s recent significant fining of Citigroup for its catastrophic trading error, and with more enforcement likely, institutions should update their controls and ensure system warnings do not become routine and therefore disregarded, says Abdulali Jiwaji at Signature Litigation.
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Factors For London Cos. To Consider If Adding US Listings
Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.
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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.