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Financial Services UK
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May 14, 2025
FSCS OK To Fire Manager For Exposing Himself On Video Call
An employment tribunal has rejected claims of unfair dismissal and race discrimination brought by a former digital production manager who was sacked by the Financial Services Compensation Scheme after exposing his genitals during a video call with external contractors.
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May 14, 2025
Fintech Biz Says Software Co. Rebrand Infringed Its 'Wise' TM
Fintech business Wise said a rival's use of the word "Wise" in its branding is causing the public to think the two companies are somehow affiliated, on the first day of the trademark infringement trial Wednesday.
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May 14, 2025
FCA Confiscates £305K From Convicted Fraudulent 'Brokers'
A London court has ordered three self-styled investment brokers to pay back more than £305,000 ($406,000) of the proceeds of a £1.2 million fraud that landed them with more than 24 years in prison, the City watchdog said Wednesday.
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May 14, 2025
Linklaters, EY Sued For Negligence By Fintech Investor
Linklaters and Ernst & Young LLP are being sued by a financial technology investment company for professional negligence in London, according to online court records.
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May 21, 2025
BCLP Hires 2 Partners From Taylor Wessing, A&O Shearman
Bryan Cave Leighton Paisner LLP said Wednesday that it has recruited two new partners from Allen Overy Shearman Sterling and Taylor Wessing LLP to boost its finance and tax capabilities in London.
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May 14, 2025
Kirkland-Led Equity Firm To Buy UK Insurance Broker JMG
GTCR Inc. has said that it has penned a deal to acquire JMG Group in an acquisition the U.S. private equity firm hopes will help to drive the broker's expansion across the British insurance market.
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May 14, 2025
UK Lifeboat Fund Looking Into New Claims Against WealthTek
The U.K.'s lifeboat fund compensating investors in failed investment firms has started investigating new types of investor claims against collapsed wealth manager WealthTek LLP.
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May 14, 2025
Pension Bosses Warn Gov't Over Mansion House Mandate
The government is likely to fail in its bid to oblige pension funds to invest in the U.K. without ensuring that there is a sufficient pipeline of viable assets, a panel of experts warned MPs on Wednesday.
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May 14, 2025
Pensions Watchdog Raises Alarm Over Lack Of Guidance
The Pensions Regulator urged savings plans on Wednesday to issue guidance — or what it called a sat-nav — for people approaching retirement, after a report found that most workers cash out as soon as they can.
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May 13, 2025
K&L Gates Adds Ex-Taylor Wessing Atty In London
K&L Gates LLPÂ announced Tuesday that it has hired a former Taylor Wessing LLP attorney as a partner on its finance team in London.
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May 13, 2025
FCA Proposes Paring Back Insurance Rules To Boost Growth
The Financial Conduct Authority proposed Wednesday to remove unnecessary requirements from its insurance rule book to reduce company costs and fuel U.K. growth.
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May 13, 2025
FRC Alleges Ex-Finance Head Obstructed Accounting Probe
The U.K. accounting watchdog accused a former finance executive of failing to cooperate with its investigation into suspected accounting "irregularities" at a collapsed pipeline company at a tribunal hearing in London on Tuesday.
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May 13, 2025
Only Half Of Mid-Retirees Expect Pensions To Last, Aviva Says
Only half of pension savers aged 65 to 75 are confident they are on track to make their retirement savings last for the rest of their life, insurance giant Aviva has said, calling for a tool that would help retirees in the middle of retirement gauge their financial prospects.
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May 13, 2025
FCA Reports Progress On Misconduct MoU With China
The City watchdog has said it is working on a memorandum of understanding with the National Financial Regulatory Administration in China to help detect misconduct early.
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May 13, 2025
Mexican Credit Firm Voids Rival's 'Kushki' TMs At UKIPO
A Mexican credit firm has persuaded U.K. intellectual property officials to nullify a payments company's "Kushki" trademarks, proving that the logos are too similar to its existing "Kueski" branding.
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May 13, 2025
JPMorgan Challenges VTB's Russian Suit Over Frozen $156M
JPMorgan Chase & Co. asked a London court on Tuesday to prevent Russian state-owned VTB Bank PJSC from bringing a $156 million case in Russia over allegedly frozen funds, arguing that it had launched its claims in breach of an agreement to arbitrate in England.
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May 13, 2025
Pension Providers Agree To Invest £25B In UK Projects
The government said Tuesday that it has struck a deal with the pensions industry that could result in £25 billion ($33 billion) of investment in U.K. infrastructure and clean energy projects.
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May 12, 2025
Craig Wright Hit With Legal Action Ban Over Meritless Claims
Computer scientist Craig Wright has been barred from bringing legal action in the U.K. for three years, with a London court ruling on Monday that he used the courts to "terrorize perceived opponents" with meritless cases over claims he invented bitcoin.
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May 12, 2025
Adams Street Clinches €270M European Venture Fund
Private markets investment manager Adams Street Partners LLC on Monday announced that it held the final closing for its latest European-focused venture fund after securing €270 million ($300 million) in capital commitments.
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May 12, 2025
Wells Fargo Whistleblower Claims Redundancy Was A Sham
A former compliance officer at Wells Fargo asked the Employment Tribunal on Monday to order the bank to reinstate him, based on what he described as clear evidence that he was dismissed after he blew the whistle on alleged market abuse.
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May 12, 2025
NYSE Operator Blocks Crypto Co. From Using 'Ice' Branding
U.S. financial services conglomerate Intercontinental Exchange has convinced a Dutch court to bar cryptocurrency company Ice Labs from using its "Ice Open Network" branding, arguing the public would likely assume the crypto firm was related to the international finance giant.
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May 12, 2025
JP Morgan Plans To End UK WeRealize Case Amid Greek Suit
J.P. Morgan International Finance has said it intends to drop a legal claim in England that accused fintech company WeRealize of planning to breach the terms of a joint venture agreement in the latest chapter of the protracted legal battle between the business partners.
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May 12, 2025
ICBC Bank Sued Over €795K Fraudulent Transfer By Hacker
A company has sued ICBC Standard Bank for allegedly transferring €795,000 ($894,000) out of its account on the instructions of an alleged hacker impersonating its director, saying that the lender is liable to refund it in full.
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May 12, 2025
Investment Biz Boss Sues Refinitiv Over Incorrect KYC Info
The chief executive of an investment business has sued data and analytics giant Refinitiv for allegedly holding inaccurate information on its "know-your-client" database that incorrectly stated that her company was associated with a sanctioned individual.
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May 12, 2025
WTW Launches Insurance Solution For FinTech Companies
Global insurance broker Willis on Monday launched an insurance product it said would meet the needs of financial technology companies as they look to grow.
Expert Analysis
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A Look At 2023's Landmark Insolvency Developments
The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.
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Pension Industry Should Monitor Evolving ESG Issues In 2024
ESG thinking in the pensions industry has substantially evolved from focusing on climate change and net-zero to including nature and social considerations, and formalizing governance processes — illustrating that, in 2024, continually monitoring ESG issues sits squarely within trustee fiduciary duties, says Liz Ramsaran at DWF.
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What 2024 Has In Store For White Collar Crime Enforcement
Changes in Serious Fraud Office leadership and corporate crime laws in the U.K. signal a chance to kickstart enforcement in 2024, and companies need to stay alive to risks within their business, preparing in particular for the new offense of failure to prevent fraud, say lawyers at Latham.
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Emerging Trends From A Busy Climate Litigation Year
Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.
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Regulating Digital Platforms: What's Changing In EU And UK
Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.
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How Boards Can Mitigate Privacy, Cybersecurity And AI Risks
In 2023, data privacy, cybersecurity and AI persist as prominent C-suite concerns as regulators stepped up enforcement, and organizations must develop a plan for handling these risks, in particular those with a global footprint, say lawyers at Latham.
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The Outlook For UK Restructuring Plans At Home And Abroad
The U.K. continues to be a center for large-cap, cross-border restructurings, though its competitive edge over the EU in this regard may narrow, while small and medium-sized enterprises are already likely to avoid costly formal processes by reaching out to their secured lenders for restructuring solutions, say Paul Keddie and Timothy Bromley-White at Macfarlanes.
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Foreign Assets Ruling Suggests New Tax Avoidance Approach
The U.K. Supreme Court's recent ruling in His Majesty's Revenue & Customs v. Fisher, which found that the scope of the transfer of foreign assets is narrow, highlights that the days of rampant tax avoidance have been left behind, and that the need for wide-ranging and uncertain tax legislation is lessening, says James Austen at Collyer Bristow.
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Lessons To Be Learned From 2023's Bank Failures
This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.
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An Overview Of European Private Investments in Public Equity
Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.
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Cos. Must Monitor Sanctions Regime As Law Remains Unclear
While recent U.K. government guidance and an English High Court's decision in Litasco v. Der Mond Oil, finding that a company is sanctioned when a designated individual is exercising control over it, both address sanctions control issues, disarray in the law remains, highlighting that practitioners should keep reviewing their exposure to the sanctions regime, say lawyers at K&L Gates.
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Unpacking The UK's Proposals To Regulate Crypto-Assets
Recent proposals for crypto-asset regulation in the U.K. demonstrate support for crypto's potential, but there is concern around the authorization process for organizations undertaking crypto-asset activities, and new regulations will require a more detailed assessment of firms' compliance not previously addressed, say Jessica Lee and Menelaos Karampetsos at Brown Rudnick.
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The Top 7 Global ESG Litigation Trends In 2023
To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.
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UK Takeover Code Changes: Key Points For Bidders, Targets
Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.
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Russia Ruling Shows UK's Robust Jurisdiction Approach
An English High Court's recent decision to grant an anti-suit injunction in the Russia-related dispute Renaissance Securities v. Chlodwig Enterprises clearly illustrates that obtaining an injunction will likely be more straightforward when the seat is in England compared to when it is abroad, say lawyers at Linklaters.