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Financial Services UK
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June 02, 2025
Gov't Told To Provide Timeline On Private Sector Dashboards
The U.K. government must publish a roadmap for the introduction of private sector pension "dashboards," a trade body said Monday, warning that officials will fail to hit targets for public engagement without making the service widely accessible.
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June 02, 2025
FCA Pushes Mutual Fund Managers For Faster Settlements
The Financial Conduct Authority has said mutual fund managers should take steps now to speed up fund settlements under the Consumer Duty, in alignment with a planned faster settlement cycle for trades in shares and bonds.
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June 02, 2025
Finance Biz TP ICAP Buys Squire Patton-Led Data Co.
Financial services company TP ICAP Group PLC said Monday that it has bought independent data business Neptune Networks, which is owned by a consortium of global banks.
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June 02, 2025
Aircraft Parts Co. Director In Court On Fraud Charges
A director of an aircraft parts supply company appeared at a London criminal court on Monday accused of falsifying documents used in sales of engine parts to airlines around the globe.
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June 06, 2025
Reed Smith Hires Cohen & Gresser London White-Collar Pro
Reed Smith LLP has recruited a senior expert in financial crime from Cohen & Gresser LLP in London to boost its capabilities representing clients in complex disputes and investigations.
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May 30, 2025
UK Audit Regulator Finalizes Project To Unlock Financial Data
Britain's accounting regulator said on Friday that it has now completed an 18-month project designed to make structured financial data more accessible in the U.K.
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May 30, 2025
Isle Of Man Agrees To Work With UK Against Tax Avoidance
Isle of Man authorities reached an agreement with the U.K. government to work together in a crackdown on promoters of tax avoidance schemes, according to a joint statement.
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May 30, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Entain face yet more investor claims in the fallout from its bribery probe, UEFA face class action from Liverpool fans over chaos at the 2022 World Cup, and a venture capitalist sue journalists for misuse of his private information over a forged police report. Here, 极速赛车 looks at these and other new claims in the U.K.
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May 30, 2025
FCA Names Ex-Pensions Minister Head Of Consumer Panel
The Financial Conduct Authority said Friday that it has appointed Chris Pond, a former work and pensions minister, as chair of an independent panel that advises the regulator on consumer issues.
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May 30, 2025
FCA Wins OK For 拢1M Fine On Pensions Transfer Pros
The finance watchdog said Friday that a tribunal has approved its decision to ban two financial advisers from working in financial services and impose approximately 拢1 million ($1.3 million) in fines over their pension transfers that put clients' retirement money at risk.
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May 30, 2025
Pension Credit Applications Rise 28% Since Winter Fuel Cut
The number of applications for pension credit in the U.K. increased 28% in the past year since the government said that it will ax winter fuel payments for millions of retirees, Department for Work and Pensions聽data shows.
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May 30, 2025
Pension Adviser Declared In Default Over Unpaid Claims
The Financial Services Compensation Scheme confirmed on Friday that a pensions advisory company has been declared in default after it was unable to pay out on claims brought by clients.
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May 29, 2025
Bahamas Businessmen Can't Nix $2.7M Yacht Sale Ruling
Two Bahamas businessmen can't dodge a $2.7 million debt to a subsidiary of Caterpillar Inc., after the Judicial Committee of the Privy Council declined on Thursday to find that a yacht intended to repay a loan had been sold at an undervalue.
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May 29, 2025
UK Eyes Alignment With Int'l Sustainability Standard
Britain's accounting regulator proposed on Thursday introducing a U.K. version of the international standard used for sustainability assurance in a bid to ensure consistency in the sector.
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May 29, 2025
Accountants Deny Negligence In Kebab Biz Share Deal Fraud
An accounting firm has denied negligently accepting a fraudulently signed share transfer form聽that a business director claims cost him his stake in a meat supplier of almost 拢2.5 million ($3.4 million), arguing that there was "nothing obviously suspicious" about the document.
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May 29, 2025
HSBC Denies Blame For 拢12M Transfers Tied To Alleged Fraud
HSBC has accused a corporate client of attempting to hold the bank liable for an alleged fraud committed by the company, denying that it failed to question and block more than 拢12 million ($16.1 million) in allegedly fraudulent account transfers.
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May 29, 2025
US Tariffs Spark Profit Warnings For UK Pension Sponsors
British businesses might seek to tap into pension surpluses because of ongoing financial losses caused by U.S. tariffs, a professional services firm has warned.
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May 29, 2025
Argentex Left With Single Bidder As 2 Investors Exit
Argentex said Thursday that two potential investors have withdrawn their interest in buying the U.K.-based foreign exchange provider, leaving its rival IFX Payments as the only entity in line to acquire the company.
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May 29, 2025
Bigger Isn't Better In 拢25B Pensions Megafund Reform
The U.K. government unveiled on Thursday a sweeping reform program to drive the creation of new pension megafunds with the firepower to invest more in the U.K. economy聽鈥 but experts warn this could stifle competition and "put a gun" to providers' heads.
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May 29, 2025
Toymaker Says Ex-CFO Must Sell Property To Pay 拢300K Debt
A toymaker has asked a London court to compel its former finance director to sell his apartment to cover a rising debt of more than 拢300,000 ($404,000) that it says he owes.
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May 29, 2025
FCA To Update Regulatory Directions For UK Finance Firms
The Financial Conduct Authority said Thursday that it will amend and update approximately 11,000 legal requirements, obligations and restrictions for more than 9,000 financial firms in the U.K.
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May 29, 2025
Mastercard Settlement Shows Court's Active Role In Payouts
The聽final decision by the Competition Appeal Tribunal on who gets what from a 拢200 million ($270 million) Mastercard settlement shows the willingness of the courts to rewrite distribution plans to ensure that the overall objectives of the collective action regime are met, lawyers say.
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May 28, 2025
Online Scams Surge With 拢1B Stolen Through Fraud In 2024
Criminals stole 拢1.17 billion ($1.6 billion) through fraud in 2024, largely through a 22 percent rise in customers being duped into disclosing online login passcodes, banking body UK Finance revealed Wednesday.
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May 28, 2025
UK Firms Plan To Tap Pension Surpluses Amid Rule Changes
Most U.K. businesses with defined benefit pension plans larger than 拢500 million ($673 million) have said they would access their retirement plan surplus once the government allows them to tap into the money, new research shows.
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June 04, 2025
Ex-Credit Karma GC Tapped As Legal Chief At UK Fintech Co.
Financial technology company Liberis Ltd. said Wednesday that it has hired Jane Moon as its new legal chief to help the business navigate regulatory challenges amid an expansion into new international markets.
Expert Analysis
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Insights From FRC's Report On Good Corporate Governance
Although the Financial Reporting Council鈥檚 recent report on private companies opting to follow the Wates principles has identified improvements, it is important for organizations to provide transparent disclosures and avoid boilerplate, tickbox filings, says Tessa Hastie at BCLP.
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What To Know About The UK Overseas Funds Regime
The U.K.鈥檚 overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
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Takeaways From SRA Consumer Protection Review
While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on 鈥渄istortion鈥 in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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What Updated Guide Means For Jersey's Private Funds
The Jersey Financial Services Commission's recent updates to the Jersey Private Fund Guide clarify existing provisions and introduce new requirements for fund managers, service providers and investors, demonstrating a clear commitment to maintaining Jersey's reputation as an attractive jurisdiction for investment, say lawyers at Walkers Global.
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The Road Ahead For Tokenized Investment Funds In The UK
With an HM Treasury working group expected to release the final phase of a road map for tokenized investment funds by the end of the year, Andrew Tsang and Tom Bacon at BCLP discuss the advantages for investors and fund administrators, the proposed model for implementation, and what the regulatory landscape may look like.
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Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.
Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.
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A Look At UK, EU And US Cartel Enforcement Trends
The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
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Testing The Limits Of English Courts' Pro-Arbitration Stance
Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts鈥 general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.
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What Green Claims Directive Proposal Means For Businesses
With the European Union鈥檚 recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
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拢43M Legal Bill Case Shows Courts' View On Exchange Rates
A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.
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Examining The EU's New Payments Services Package
Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Krist媒na Tup谩 and Karol铆na Hlavinkov谩 at Schoenherr.
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Examining The State Of Paccar Fixes After General Election
Following the U.K. Supreme Court's Paccar decision last year, which made many litigation funding agreements for opt-out collective actions in the Competition Appeal Tribunal unenforceable, the judiciary will likely take charge in implementing any fixes 鈥 but the general election has created uncertainty, says Ben Knowles at Clyde & Co.
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EU Reports Signal Greenwashing Focus For Financial Sector
Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
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Opinion
Without Change, Fighting Fraud Is A Losing Battle For The UK
To successfully fight fraud cases in the U.K. 鈥 like the Russian Coms scam recently shut down by the National Crime Agency 鈥 it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country鈥檚 intelligence platforms, says Anthony Hanratty at Howard Kennedy.