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Financial Services UK
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July 31, 2025
Developer Denies Misusing Victims' Funds In £226M Fraud
A developer convicted for running a £226 million ($299 million) Ponzi scheme denied treating overseas properties bought with his victims' money as his "pension fund" as he gave evidence in court Thursday.
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July 31, 2025
SocGen, ING Win €212M EuroChem Bonds Sanctions Fight
A Russian subsidiary of EuroChem lost its fight Thursday to force European banks to pay out on €212 million ($242 million) worth of bonds, after a court ruled that the payouts are blocked because the Swiss agricultural chemicals company is owned by a sanctioned oligarch.
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July 31, 2025
Asset Manager Denies Breaching NDA For €118M Deals
A London-based investment manager has sued two companies of the Italian asset manager giant Azimut for millions over deals related to an investment in a machinery manufacturer, but Azimut has denied breaching the deal saying it had been released from its obligations.
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July 31, 2025
FCA Finds Failings In Digital Loan Application Processes
The Financial Conduct Authority said Thursday that some companies are designing digital loan application processes badly, slowing decision-making and excluding cost information that consumers need.
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July 31, 2025
SRA Warns Law Firms Over Handling Of Motor Finance Claims
The solicitors' watchdog warned law firms Thursday that they must tell prospective clients about possible cost-free ways to pursue their motor finance commission claims before agreeing to act on a case for a fee.
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July 31, 2025
Pensions Ombudsman Says Caseload Is Outpacing Funding
The Pensions Ombudsman said that its funding has failed to keep pace with the rising caseload of complaints, forcing it to look at artificial intelligence to help reduce waiting times.
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July 31, 2025
FCA Probe Target Gets 12 Months In Jail For Contempt
An exiled businessman suspected of offering unregulated debt counseling has been handed a 12-month prison sentence for deliberately breaching restrictions on his assets by spending $84,000 on luxury items, travel and hotels.
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July 31, 2025
Lion Finance Eyes Purchase Of HSBC Unit's Malta Operation
Lion Finance Group PLC, the owner of banks in Caucasia, expressed an interest on Thursday in buying the Malta operations of an HSBC subsidiary.Â
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July 31, 2025
Euronext Offers To Buy Athens Stock Exchange For €413M
Euronext NV said Thursday that it has offered to buy the Athens Stock Exchange SA for €412.8 million ($472.1 million) in an all-share transaction, as the bourse looks to expand its presence in southeast Europe.
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July 31, 2025
Squire Patton-Led JTC To Buy Swiss Bank Unit For £20M
JTC PLC said Thursday it plans to acquire a finance services company that caters to ultra-rich clients from Swiss private bank Union Bancaire Privée SA for £20 million ($26.5 million), as the Jersey-based fund administrator seeks to increase its global presence.
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July 31, 2025
Freshfields Steers LSE Operator On £1B Buyback Plan
London Stock Exchange Group PLC said on Thursday said it will launch further share buybacks worth up to £1 billion ($1.3 billion), as the financial markets operator reported strong growth and profits.
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July 31, 2025
A&O Shearman Guides Brookfield On £2.4B Just Group Buy
Investment giant Brookfield said Thursday that it plans to buy Just Group, a British life insurer, for £2.4 billion ($3.2 billion) in a deal steered by A&O Shearman and Slaughter and May.
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July 30, 2025
Greek Shipping Magnate's Heirs Battle Over €72M Loan Deal
A company linked to the son-in-law of a deceased Greek shipping magnate has denied that a €72 million ($83 million) loan agreement with the magnate's former business was a sham, amid a family dispute over the magnate's estate.
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July 30, 2025
Sainsbury's Bank Partners With Allianz For Insurance Policies
Insurance giant Allianz UK said Wednesday that it has penned a deal to offer replacement home and motor insurance policies to Sainsbury's Bank customers as their current cover expires.
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July 30, 2025
BigLaw Firms Ordered To Explain Leak Of PrivatBank Decision
Law firms including Hogan Lovells and Fieldfisher LLP will be required to provide witness statements after the High Court judge overseeing the long-running PrivatBank fraud case revealed on Wednesday that his judgment had apparently been leaked.
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July 30, 2025
Gupta Hit With $6.7M Fraud Claim Over False Deposit Docs
A U.K. commodities broker won its bid on Wednesday to bring a fraud claim worth almost $7 million against Prateek Gupta, with the High Court dismissing the metal mogul's argument that the claim shouldn't be heard in England.
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July 30, 2025
Govt's National Wealth Fund Ignored Worker's Pay Concerns
The U.K. government's National Wealth Fund subjected an employee to sexual discrimination after it failed to address his request for a pay review, an Employment Tribunal has ruled.
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July 30, 2025
Sullivan & Cromwell-Led Evercore Pays £146M For UK Adviser
Sullivan & Cromwell LLP-led Evercore Inc. said Wednesday it has agreed to acquire the U.K.-based boutique corporate adviser Robey Warshaw LLP, advised by Freshfields LLP, for £146 million ($195 million) as the U.S. global investment banking giant moves to expand into the London mergers and acquisitions market.
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July 30, 2025
HSBC Unveils $3B Share Buyback Scheme
HSBC said Wednesday that it will reward investors with a share repurchase program of up to $3 billion, despite posting a drop in its pre-tax profits.
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July 30, 2025
Santander To Reward Shareholders With €1.7B Buyback
Banco Santander SA said on Wednesday that it will soon kick off a share buyback worth up to €1.7 billion ($1.97 billion), which is expected to lower the Spanish lending giant's share capital.  Â
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July 30, 2025
Finance Biz Eyes £490M Acquisition Of UK Lender IPF
British credit provider International Personal Finance said Wednesday that it is in talks to be bought by U.S. specialist finance group BasePoint Capital in a proposed £490 million ($656 million) cash deal.
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July 30, 2025
PrivatBank Wins $1.9B Fraud Case Against Ex-Owners
The former owners of PrivatBank are liable to pay the Ukrainian lender for a fraud that cost the bank billions, a London judge ruled on Wednesday almost two years after the trial over sham loans linked to fictitious commodity trades concluded.Â
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July 30, 2025
Looser SMCR May Leave Banks More Open To Fraud Charges
The Financial Conduct Authority's proposed partial relaxation of the approval process under its senior managers regime as the U.K. pushes for deregulation could leave companies more exposed to fraud prosecution as the failure to prevent fraud offense goes live in September.
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July 29, 2025
DOJ Drops Challenge Of Amex GBT's $570M Deal For CWT
The U.S. Department of Justice said Tuesday that enforcers have agreed to drop their case challenging American Express Global Business Travel Inc.'s planned $570 million purchase of corporate travel management rival CWT Holdings LLC.
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July 29, 2025
JV Partner Found To Have Inflated Costs In London Project
A Dubai-based businessman has largely succeeded in a complex dispute over a joint venture after a London judge ruled that other parties to the deal had inflated costs in invoices to pocket part of the payments as profit.
Expert Analysis
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Decoding Arbitral Disputes: The Benefits Of Non-EU Venues
In Spain v. Triodos, a Swedish appeal court recently annulled an intra-EU investment treaty award, reinforcing a growing trend in the bloc against enforcing such awards, and highlighting the advantages of initiating enforcement proceedings in common law jurisdictions, such as the U.K., says Josep Galvez at 4-5 Gray's Inn Square.
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How Proposed Platforms For Unlisted Co. Trading May Work
The U.K. government is continuing development of its proposed private intermittent securities and capital exchange system to facilitate secondary share trading in private companies through a regulatory sandbox while ironing out details, representing an innovative step for unlisted company liquidity, say lawyers at Sullivan & Cromwell.
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Experian Ruling Helps Cos. Navigate GDPR Transparency
In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.
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Clarity Is Central Theme In FCA's Greenwashing Guidance
Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What To Know About The Russia-Stranded Plane Ruling
The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
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3 Notable Pensions Reforms In Spring Budget
The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Focus On Private Funds Will Boost Ireland's Global Standing
As the market increasingly pivots to private funds, Ireland's recent introduction of particular products — such as an updated, flexible European long-term investment fund — provides more structuring opportunities and paves the way for a brighter outlook in the country, say lawyers at Dechert.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.