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Financial Services UK

Hand using laptop and show malware screen with phishing email, hack password and personal data.

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.

Downing Street and Whitehall street signs, London

UK Top Court's Leeway On Sanctions Could Embolden Gov't

The respect shown by the U.K. Supreme Court to the British government on foreign affairs could encourage ministers to use sanctions in unforeseen ways, allowing politicians to achieve policy goals that are limited by legal challenges, lawyers say.

Southend Court House in Southend-on-Sea, Essex

Traders' Win Casts Doubt On Plans For No-Jury Fraud Trials

Repeated failure by the courts to ensure that two former traders imprisoned for rigging benchmark interest rates were given a fair trial has fueled criticism of radical reforms to roll back jury trials in complex fraud cases to ease pressure on the judicial system.

Hayes' Victory Leaves SFO Rate Rigging Convictions In Doubt

The decision by the U.K. Supreme Court to quash the convictions of two former traders accused of manipulating interest rates has opened the door for other bankers to challenge the fairness of their trials, lawyers say.

August 01, 2025
Taxation With Representation: Skadden, Wachtell, Latham

In this week's Taxation With Representation, Union Pacific Corp. and Norfolk Southern Corp. announce megamerger plans, Palo Alto Networks acquires identity security company CyberArk, Brookfield buys British life insurer Just Group, and Duke Energy sells its Piedmont Natural Gas Tennessee local distribution business to Spire Inc.
August 01, 2025
Ex-AllSaints Chair In Contempt Over Share Sale Fraud Claims

A London court ruled Friday that the former chairman of AllSaints was in contempt of court for breaching an order to stop claiming an interest in shares in the high street fashion chain after his fraud allegations were rejected.
August 01, 2025
Gov't Fines UK Biz For Russia Sanctions Breach

The U.K.'s Office of Financial Sanctions Implementation has fined U.K.鈥慴ased business support services provider Markom Management Ltd. for violating financial sanctions tied to Russia's 2014 annexation of Crimea.
August 01, 2025
Barclays Adviser Wrongly Fired Over Sexual Remarks

A former Barclays employee was unfairly dismissed for making sexual comments to female colleagues, but he could have been fairly dismissed for the same conduct, according to a Glasgow tribunal ruling.
August 01, 2025
Top Court Hands Banks Partial Win Over Motor Finance Fees

Car finance providers won a partial victory in a landmark case over commission payments on Friday when the U.K.聽Supreme Court ruled that they did not owe a duty to provide customers with information about the fees, potentially avoiding a multibillion-pound compensation scheme.聽
August 01, 2025
FCA Widens Crypto ETN Access To Boost Competitiveness

The Financial Conduct Authority said Friday it will lift its ban on retail access to cryptocurrency exchange鈥憈raded notes from Oct.鈥�8, allowing individual investors to buy these products through U.K.鈥憀isted trading venues.
August 01, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen several telco giants hit with a trademark claim, a collapsed hotel company sue a property investor in an ongoing dispute over a decades-old hotel sale, and two litigation funders square off against each other.
August 01, 2025
Ogilvy & Wachtel-Led Investors Oppose Hedge Fund Merger

A group of investors in Third Point told fellow shareholders in the hedge fund on Friday that the proposed merger with Malibu Life Reinsurance will establish "a dangerous precedent for the U.K. stock market" of not safeguarding interests of the minority.
August 01, 2025
FCA Hits Brokerage With 拢1M Fine For Deal Report Failures

The City watchdog said Friday that it has hit a global brokerage聽with a fine of more than 拢1 million ($1.3 million) for the "particularly serious" failure to submit complete and accurate transaction reports over a five-year period.
July 31, 2025
Asset Freeze Sticks In Billionaire's $415M Fraud Case

A London appeals court on Thursday upheld an asset freeze against a man accused of defrauding Ricardo Salinas Pliego out of more than $415 million, finding no reason to doubt the Mexican billionaire is "exceedingly wealthy" and able to compensate the other side if he ultimately loses his claim.
July 31, 2025
Developer Denies Misusing Victims' Funds In 拢226M Fraud

A developer convicted for running a 拢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.
July 31, 2025
SocGen, ING Win 鈧�212M EuroChem Bonds Sanctions Fight

A Russian subsidiary of EuroChem lost its fight Thursday to force European banks to pay out on 鈧�212 million ($242 million) worth of bonds, after a court ruled that the payouts are blocked because the Swiss聽agricultural chemicals聽company is owned by a sanctioned oligarch.
July 31, 2025
Asset Manager Denies Breaching NDA For 鈧�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.
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.
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.
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.
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.
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.聽
July 31, 2025
Euronext Offers To Buy Athens Stock Exchange For 鈧�413M

Euronext NV said Thursday that it has offered to buy the Athens Stock Exchange SA for 鈧�412.8 million ($472.1 million) in an all-share transaction, as the bourse looks to expand its presence in southeast Europe.
July 31, 2025
Squire Patton-Led JTC To Buy Swiss Bank Unit For 拢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 Priv茅e SA for 拢20 million ($26.5 million), as the Jersey-based fund administrator seeks to increase its global presence.
July 31, 2025
Freshfields Steers LSE Operator On 拢1B Buyback Plan

London Stock Exchange Group PLC said on Thursday said it will launch further share buybacks worth up to 拢1 billion ($1.3 billion), as the financial markets operator reported strong growth and profits.
July 31, 2025
A&O Shearman Guides Brookfield On 拢2.4B Just Group Buy

Investment giant Brookfield said Thursday that it plans to buy Just Group, a British life insurer, for 拢2.4 billion ($3.2 billion) in a deal steered by A&O Shearman and Slaughter and May.
July 30, 2025
Greek Shipping Magnate's Heirs Battle Over 鈧�72M Loan Deal

A company linked to the son-in-law of a deceased Greek shipping magnate has denied that a 鈧�72 million ($83 million) loan agreement with the magnate's former business was a sham, amid a family dispute over the magnate's estate.
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.
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.

Editor's Picks

5 Questions For Spencer West Partner Karl Foster

The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies聽early on during regulatory probes.
UK Draft Pay Fraud Rules Open Tricky Legal Liabilities

The government's new draft legislation, which will give banks longer to investigate suspicions of fraud before they send payments instructed by customers, will create a wave of new legal liabilities and lead to regulatory hurdles, according to lawyers.
FCA Fires Warning Shot Over City's Consumer Duty Failings

The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told 极速赛车 that the expectations are unclear.

Expert Analysis

Key Points From EU Proposals To Ease Securitization Rules

The European Commission鈥檚 recently proposed securitization framework amendments aim to relax existing rules, such as by reducing due diligence requirements and removing the need for investors to conduct certain prescribed compliance verifications by sponsors or original lenders, say lawyers at McDermott.
High Court Elects Substance Over Form In Arbitration Dispute

The High Court recently found that an arbitral tribunal has jurisdiction over the dispute in Ras Al Khaimah Investment Authority v. India, underscoring the importance of aligning treaty interpretation with the goal of fostering investment, while rejecting interpretations that unduly limit investor protections, says Josep Galvez at 4-5 Gray's Inn.
What New UK Stub Equity Rules Will Mean For PE Bidders

The U.K. Takeover Panel鈥檚 recent guide to making stub equity offers, for the first time formally harmonizing the approach to be taken, should be helpful for both private equity bidders and practitioners, and not unduly restrictive, say lawyers at Davis Polk.
What To Expect As FCA Preps To Launch AI Testing Service

The Financial Conduct Authority鈥檚 forthcoming artificial intelligence live testing service will provide participants with access to appropriate regulatory expertise, but to gauge the tool鈥檚 potential utility, it is important to understand how it fits in with what the regulator is already doing, says Omar Salem at Fox Williams.
New Interpol Silver Notice Could Be Tool For Justice Or Abuse

Interpol has issued dozens of Silver Notices to trace and recover assets linked to criminal activity since January, and though the tool may disrupt organized crime and terrorist financing, attorneys must protect against the potential for corrupt misuse, say attorneys at Clark Hill and Arktouros.
Weighing PE Transaction Risks As EU AI Act Rolls Out

As the European Union Artificial Intelligence Act becomes effective in stages, legal practitioners involved in private equity deals should consider the transactional risks resulting from this measure, including penalties, extraterritorial reach and target-firm applicability, say lawyers at Covington.
EU Banking Watchdog Regulations Herald New AML Era

The European Banking Authority鈥檚 forthcoming anti-money laundering package will set a framework for compliance across the European Union by redefining the rules of engagement between financial institutions and supervisors, setting a new standard for transparency and accountability, say lawyers at A&O Shearman.
What To Expect As UK, US Gov'ts Develop Stablecoin Policies

While the U.K. and U.S. governments鈥� policies both suggest that fiat-backed stablecoins can improve efficiency and safety in payments systems, a perception that crypto-assets remain high risk means consumers are unlikely to use them in significant volume anytime soon, say lawyers at Cadwalader.
What Insurers Can Do To Prepare For PRA 'Solvent Exit' Rules

With less than a year until the Prudential Regulation Authority's new solvent exit rules for insurers come into force, it is critical that firms prepare to meet the imminent deadline by outlining an execution plan and establishing clear governance arrangements, say lawyers at Holman Fenwick.
Decoding Arbitral Disputes: UK Injunctions Across Borders

A recent High Court of Justice decision allowing JPMorgan Chase Bank to block VTB Bank from bringing suit in a Russian court provides a seminal reflection on the power of English courts to issue antisuit injunctions when global banking disputes increasingly straddle multiple jurisdictions, says Josep Galvez of 4-5 Gray's Inn.
Identifying Data Center Investment Challenges, Opportunities

The role of data centers is expanding, as are new opportunities for private capital investors, but there are issues to consider, including finance models and contract complexity, as well as power supply, cyber threat resilience and data sovereignty, say lawyers at Ropes & Gray.
What EU Bank Regulator's Letter Means For Crypto Providers

A recent letter from the European Banking Authority notes a need to avoid dual authorization for e-money token transactions under European Union payment services and cryptocurrency regulations, which could result in a high regulatory burden for crypto-asset service providers and leaves open questions for future political negotiations, say lawyers at Morgan Lewis.
How Regulators Want Online Platforms To Fight Finance Fraud

Recent statements from the International Organization of Securities Commissions and the European Securities and Markets Authority make clear that online platform providers are expected to adopt proactive measures to prevent the promotion of unauthorized financial services and related misconduct, say lawyers at Taylor Wessing.
FCA Notes Industry Criticism But Keeps Transparency Focus

The Financial Conduct Authority鈥檚 recently updated enforcement guide finally gives up the "naming and shaming" public interest test, demonstrating that the regulator has recognized the industry's serious concerns while maintaining less contentious aspects of its proposals to improve transparency in investigations, say lawyers at Irwin Mitchell.
Anticipating A Shift In CMA Merger Control Enforcement

As the Competition and Markets Authority outlines plans to put the U.K. government's growth objectives into action, the changes may well pave the way for a more permissive outlook for review of mergers and acquisitions in the U.K., say lawyers at A&O Shearman.