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Financial Services UK
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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.
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May 12, 2025
Most Fail To Verify Fraud Requests, Finance Trade Body Finds
Only one in 10 people who takes steps to protect themselves from financial fraud checks the logic of requests for action, according to research published Monday by Take Five, an anti-fraud campaign led by UK Finance.
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May 12, 2025
LCP Forecasts Pensions Bill 'Crammed' With Policy Changes
The U.K. government is likely to use forthcoming pensions legislation to include a number of reforms that have been planned for years, a consultancy said Monday.
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May 12, 2025
Japan's Dai-Ichi Increases Stake In UK Asset Manager To 15%
Japanese life insurer Dai-ichi Life said Monday that it will increase its stake in Capula, a British hedge fund, to 15% as it seeks to grow its asset management business and diversify risk.
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May 09, 2025
Ex-Meinl Bank CEO Extradited To US On $170M Odebrecht Rap
The former CEO of Austrian lender Meinl Bank AG was extradited from the U.K. and pled not guilty Friday to money laundering charges, stemming from allegations that he helped Odebrecht SA hide $170 million in funds used to bribe officials around the world and defraud the Brazilian government.Â
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May 09, 2025
CMA Weighs Viagogo Bid To Buy Back IP From StubHub Sale
The U.K.'s competition watchdog said Friday it has launched a consultation into a request from online ticket reseller Viagogo to reacquire the rights to some non-British domain names and trademarks from its former business StubHub International.
Expert Analysis
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Tools M&A Deal Makers Can Use To Bridge Valuation Gaps
As macroeconomic headwinds reset valuation expectations, parties to merger and acquisition are increasingly looking to methods such as earnouts, vendor financing and minority transactions to bridge the valuation gap and get deals done, says Philip Herbst at Cleary.
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Navigating The Novel Challenges Facing The Legal Profession
The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
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Deal Over Jets Stranded In Russia May Serve As Blueprint
In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.
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Economic Crime Act Brings Changes For Limited Partnerships
The recently passed Economic Crime Act introduces significant financial transparency obligations for new and existing U.K. limited partnerships, and with criminal consequences for noncompliance, a degree of advance consideration is strongly advised, say Amelia Stawpert and Alex Jones at Hogan Lovells.
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ESMA Report Offers A Glimpse At EU's Securitization Future
The European Securities and Markets Authority’s recent overview of the EU securitization sector suggests a growing market for both investors and businesses and offers useful insight into future regulatory priorities, says Alan Bunbury at Matheson.
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What The Auto-Enrollment Law Means For UK Workforce
In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.
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UAE Bank Case Offers Lessons On Enforcing Foreign Rulings
The High Court recently clarified in Invest Bank v. El-Husseini that foreign judgment debts may be enforceable in England, despite being unenforceable in their jurisdiction of origin, which should remind practitioners that foreign judgments will be recognized in England if they are final and conclusive in their court of origin, say lawyers at Macfarlanes.
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Revised OECD Guidelines Key In Shaping Business Standards
The OECD’s recent revised guidelines on responsible business conduct, supported by a domestic government agencies’ grievance referral mechanism, have already influenced EU due diligence standards, and enterprises engaging in the unique procedure will benefit from case-specific nuances, parallel proceedings and the availability of confidentiality protections, say lawyers at Debevoise.
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Libor Fallback To Prime May Increase Corporate Loan Costs
Despite preparations and legislative actions related to the transition away from Libor earlier this year, there remains a contingent of corporate borrowers that have fallen through the cracks and could face increased costs if their loans default to prime rates, say Nathan Moore and Dana Bradley at WilmerHale.
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Report Can Aid With Sustainable Finance Disclosure Filings
The European Supervisory Authorities recently issued a report on companies' consideration of the principal adverse impacts of their investment decisions on sustainability factors, providing examples of good and bad disclosure practices under the Sustainable Finance Disclosure Regulation, which firms should note in their future reporting, say lawyers at Debevoise.
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Protecting The Arbitral Process In Russia-Related Disputes
Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.
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Audit Reform Takeaways After Record KPMG Fine
The Financial Reporting Council’s recent £21 million fine against KPMG for its Carillion audit work failures is representative of the agency’s increasing proactivity in policing audit quality, and brings to light the U.K. government’s slow-moving but ongoing efforts to majorly reform audit sector regulations, says Paul Brehony at Signature Litigation.
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RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'
A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.
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Putin Ruling May Have Unintended Sanctions Consequences
By widening the scope of control, the Court of Appeal's recent judgment in Mints v. PJSC opens the possibility that everything in Russia could be deemed to be controlled by President Vladimir Putin, which would significantly expand the U.K.'s sanctions regime in unintended ways, say attorneys at Greenberg Traurig.
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Navigating The New Framework On Nature-Related Reporting
The Taskforce on Nature-related Financial Disclosures’ recently published disclosure framework represents a significant step toward the coalescence of nature-related disclosure standards for corporates and financial institutions, and has the potential to influence investor expectations and future regulation, say lawyers at Kirkland.