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Financial Services UK

Pedestrians walk past the sign outside the headquarters of the white-collar agency in London.

SFO's Growth Push A 'Difficult Line To Tread' For Prosecutor

The Serious Fraud Office's recent promise to assist UK PLC with growth has raised eyebrows among former officials who question the optics of adopting political talking points that, on the surface, appear to distract from investigating and prosecuting economic crime.

Compliance in the workplace concept: photo of keyboard and cardboard files.

UK Growth Push Puts FCA Enforcement On Unfamiliar Footing

The government's demand that regulators should prioritize growth is "largely incompatible" with their duty to deter misconduct, say lawyers who are warning clients not to interpret the political messaging as a green light to engage in risky behavior.

American and Russian flags fly together in a breeze.

From Russia With Love? UK Lawyers Mull Sanctions U-Turn

Finance companies are enlisting white-collar lawyers to draw up plans for tapping back into Russia if the U.S. breaks with its Western allies and eases sanctions, although experts warn that unpredictable political winds mean there are as many risks as opportunities.

Mortgage application form stock photo, close-up

UK Mortgage 'Coercion' Ruling Raises Bank Liability Risk

A decision by the U.K. Supreme Court on Wednesday could substantially聽increase the liability on mortgage lenders to undertake checks on their customers, raising implications for repossessions in a move that is likely to require new rules from the Financial Conduct Authority, according to lawyers.

June 19, 2025
E-Commerce Co. Denied 'Extraordinary' $40M Injunction

An Indian e-commerce company has failed to secure an order to get $40 million it claims to need to complete the purchase of a software business, after a court said it was not prepared to grant the "extraordinary" relief before a trial.
June 19, 2025
Top Banks Devise Programs For Disabled Entrepreneurs

A trade body for financial firms said Thursday that Britain's top high-street banks had started supporting disabled entrepreneurs in line with the Consumer Duty and the government's plan for growth, but more work is needed.
June 19, 2025
Trafigura Largely Blocks Changes To Gupta's $600M Defense

Metals trader Prateek Gupta was blocked Thursday from making wholesale changes to his defense to a fraud claim of more than $600 million from Trafigura by a judge who nevertheless permitted alterations that had been agreed and those that would not require disclosure.聽
June 19, 2025
Clear Group Expands UK Reach With Insurance Broker Buy

Insurance broker Clear Group said Thursday that it has acquired CR Toogood & Co. Ltd., a commercial insurance broker based in the southeast of England, as the group strengthens its footprint in the region.
June 19, 2025
AmTrust Wins Disclosure Appeal In 拢56M Claim-Funding Clash

A London appeals court said Thursday that AmTrust should be able to see another insurer's communications with two law firms amid a 拢56 million ($75 million) battle over who should cover the costs of a failed litigation-funding scheme.
June 19, 2025
Ex-Janus Henderson Analyst Convicted Of Insider Dealing

A London jury convicted a former City hedge fund analyst and his sister of insider dealing and money laundering charges on Thursday over allegations that they traded off confidential information to illegally earn nearly 拢1 million ($1.35 million).
June 19, 2025
Pension Trustees Told To Act Now On Incoming Reforms

Pension plan trustees should act now to ensure they are prepared for recently announced reforms that will "fundamentally reshape" the market, according to Britain's retirement savings watchdog.
June 19, 2025
Finance Advisory Biz Openwork Buys Partner Firm

The Openwork Partnership, a U.K. financial advice network, said Thursday it has completed a transaction to acquire partner firm Milecross Financial Solutions Ltd. as part of its expansion plan.
June 19, 2025
Presumed Alive, Fugitive Told To Repay 拢64M For Ponzi Fraud

A judge ordered the fugitive mastermind behind a Ponzi scheme on Thursday to repay hundreds of conned investors 拢64 million ($86 million) after assuming that he might not have died despite suffering a reported heart attack in Mexico.
June 19, 2025
Henderson, Fidelity European To Merge To Create 拢2.1B Trust

Henderson European Trust, advised by Stephenson Harwood LLP, and Fidelity European Trust said Thursday that they plan to merge in order to create a combined London-listed entity with 拢2.1 billion ($2.8 billion) of net assets.
June 18, 2025
Jurisdiction Up First In $1B Ukraine Bank Nationalization Case

A more than $1 billion claim asserted against Ukraine by a Luxembourg-based banking group with ties to a Russian oligarch over the nationalization of Sense Bank will have to overcome jurisdictional hurdles before the merits will be considered, an international tribunal has ruled.
June 18, 2025
Intesa Sanpaolo Staffer Loses Bid For Reinstatement

An employee on secondment in London from Italian bank Intesa Sanpaolo has lost his bid to be reinstated until his hearing for unfair dismissal, with an employment tribunal finding he is unlikely to win his substantive case and therefore not entitled to reinstatement in the interim.
June 18, 2025
EU Moves To Overhaul Payment Rules To Target Fraud

A key committee of European Union member state representatives said Wednesday that it had agreed its position on improving payment services, an early step toward regulations that could fight fraud and boost consumer protections.
June 18, 2025
PE Firm Says Forfeiting Tycoon's 鈧�1.5M Investment Was Valid

A private equity firm has denied wrongfully forfeiting car tycoon Peter Waddell's 鈧�1.5 million ($1.7 million) investment in the company and alleged the move was "entirely reasonable," given he had failed to meet a request for money as part of the funding deal.
June 18, 2025
EU Firms Warn UK Gov't Not To Ban Ransomware Payments

A European financial markets trade body on Wednesday warned the U.K.'s Home Office that its proposed ban on paying ransomware demands to criminals could destabilize financial markets and lead to cross-border confusion.
June 18, 2025
BoE Backs Innovation To Boost Financial Sector Resilience

The Bank of England said Wednesday that its regulatory arm will support innovation to help companies become more resilient.
June 18, 2025
Over 1M Gig Workers 'Can't Afford' To Save For A Pension

More than a million "gig" workers in the U.K. cannot afford to save into a pension, a retirement savings company has said, amid growing fears that younger and more precarious workers will not have adequate savings in later life.
June 17, 2025
Ex-Triton Exec Beats Post-Brexit Appeal To Nix Bias Claim

An appellate tribunal has upheld a ruling that Brexit did not curtail the ability of a former Triton Partners investment adviser to bring discrimination claims against the Swedish private equity firm's executives, allowing him to pursue his claim in the U.K.
June 17, 2025
Ex-Georgian PM Says Credit Suisse Ignored 拢600M Fraud

Georgia's former prime minister told a U.K. appeals court Tuesday that Credit Suisse Life cannot skirt liability for his losses from an employee's fraud scheme, saying the life insurer had obligations to policyholders to ensure their assets were being managed responsibly.
June 17, 2025
Ireland Completes AIB Exit With 鈧�305M Final Share Sale

Ireland said Tuesday that it has sold its remaining 2.06% stake in Allied Irish Banks for 鈧�305.3 million ($352 million), completing the bank's return to private ownership.
June 17, 2025
EU Agrees Rules To Firm Up Cross-Border GDPR Enforcement

European Union co-legislators have agreed new legislation to improve cooperation between national authorities when they enforce data protection rules across borders.
June 17, 2025
HMRC Challenges Tax Treatment Of Partnership Awards

HM Revenue & Customs told the U.K. Supreme Court on Tuesday that partnership awards allocated to a corporate entity and then distributed to partners should be taxed as if they were allocated to individual members.
June 17, 2025
Dentons-Led Bermuda Investment Firm Hansa To Buy Rival

Bermuda investor Hansa said Tuesday that it has agreed to acquire local rival Ocean Wilsons Holdings Ltd. in an all-stock deal to create an investment company with total net assets of more than 拢900 million ($1.2 billion).
June 17, 2025
Cuban Bank Hit Again With Offshore Fund's 鈧�71M Debt Claim

A Cayman Islands fund has alleged that the former central bank of Cuba owes sovereign debt and interest worth almost 鈧�71 million ($82 million) from loans taken in the 1980s, its latest move after a court barred it from suing the Caribbean state itself.
June 16, 2025
Ex-Metro Bank Execs Win Bid To Cut Fines Over Listing Error

An appellate tribunal on Monday reduced financial penalties for two former Metro Bank executives, confirming the bank breached listing rules when it published misleading financial statements in 2018 but finding the executives were honest with the tribunal about the 拢900 million ($1.2 billion) reporting scandal.

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

What New FCA Private Stock Market System Could Offer Cos.

While the Financial Conduct Authority鈥檚 new secondary private stock market system will bring more control and less ongoing regulatory compliance than a public market, but because the regime grants a significant degree of flexibility to operators it may be some time before a full operational picture emerges, says Iain Wright at Morgan Lewis.
Fraud Office Guidance Highlights Value Of Self-Reporting

New guidance from the U.K.'s Serious Fraud Office on corporate self-reporting, cooperation and deferred prosecution agreements provides a useful framework for companies navigating criminal investigations and their potential resolutions 鈥� and underscores that corporations that self-report are in a better position to obtain DPAs than those that do not, say lawyers at Skadden.
Open Questions As FCA Prepares Buy Now, Pay Later Rules

HM Treasury鈥檚 recent response to its consultation on buy now, pay later lending regulation is clear on policy, but with rules still to be set by the Financial Conduct Authority it is difficult for firms to plan for change, and they should take advantage now of the opportunity to liaise with the regulator, say lawyers at Hogan Lovells.
What End of Payment Systems Regulator Means For Biz

The U.K. government鈥檚 plan to abolish the Payment Systems Regulator and absorb its functions into the Financial Conduct Authority should eventually lighten the compliance burden for businesses under the PSR鈥檚 remit, which may in turn encourage growth, but the proposed changes will roll out slowly, say lawyers at Farrer & Co.
Compliance Lessons From Art Dealer's Terror Financing Plea

Regulated businesses can learn from the missteps of a recently convicted London art dealer, who failed to disclose sales to a suspected Hezbollah financier, by implementing compliance measures like anti-terrorism financing screenings as robust as their anti-money laundering policies and training staff to spot red flags, say lawyers at White & Case.
UK Securities Tax Reform Will Be Welcomed By Investors

The proposed reforms resulting from HM Revenue & Customs' recent consultation on modernizing stamp taxes on shares, suggesting a single digital tax on securities to replace stamp duty and stamp duty reserve tax, are expected to reduce complexity for investors transacting in U.K. securities, say lawyers at Ropes & Gray.
UK Capital Reforms May Help Startup Founders, VC Investors

Hidden in the U.K. Financial Conduct Authority's recent proposals on the definition of capital for investment firms are changes to the eligibility requirements for instruments to be included in a firm's regulatory capital 鈥� changes that may reduce the risk of investing, especially in early-stage fintech firms, says Andrew Henderson at Goodwin.
EU Watchdog's ESG Dashboard Raises Transparency Bar

The European Banking Authority鈥檚 recently introduced ESG dashboard is a key tool in aligning financial institutions with the European Union's sustainability policies, and fundamentally alters the risk environment by transitioning climate-related data from a compliance afterthought to a core component of strategic decision-making, says Krist媒na Tup谩 at Sch枚nherr.
What To Note As HM Treasury, FCA Plan New Crypto Regs

Taken together, HM Treasury鈥檚 recently proposed crypto-asset regulations and the Financial Conduct Authority鈥檚 new discussion paper on regulating crypto-asset activities provide key insights into the government's planned regime, which represents significant changes that will affect all firms providing related services, says Mark Chalmers at Davis Polk.
Tools For Effective Asset Tracking In Offshore Jurisdictions

In light of a technology company's recent allegations that its former CEO maintained an undisclosed interest in offshore companies, practitioners may want to refresh their knowledge of the tool kit available for tracing and recovering allegedly misappropriated assets from both onshore and offshore jurisdictions, say lawyers at Walkers Global.
FCA Review Highlights Valuation Standards For Private Funds

The Financial Conduct Authority鈥檚 recent review of private funds valuation practices underscores the increasing importance of conducting robust and independent procedures, offering an opportunity for fund managers to strengthen their current valuation frameworks and improve investor confidence, say lawyers at Greenberg Traurig.
What Santander Fraud Ruling Means For UK Banking Sector

A London court's recent judgment in Santander v. CCP Graduate School held that a bank does not owe any duty to third-party victims of authorized push payment fraud, reaffirming the steps banks are already taking to protect their own customers from sophisticated fraud mechanisms, say lawyers at Charles Russell.
FCA Update Eases Private Stock Market Disclosure Rules

The Financial Conduct Authority鈥檚 recently updated proposals for the Private Intermittent Securities and Capital Exchange System would result in less onerous disclosure obligations for businesses, reflecting ongoing efforts to balance an attractive trading venue for private companies while maintaining sufficient investor protections, say lawyers at Debevoise.
Key Questions As Court Mulls Traders' Libor Convictions

The U.K. Supreme Court is considering whether to overturn two traders鈥� Libor and Euribor manipulation convictions, with the appeal reinvigorating debate over the breadth of English common law鈥檚 conspiracy to defraud offense and raising questions about the limits of a judge鈥檚 role in criminal jury trials, says Ellen Gallagher at Vardags.
Expect Complex Ruling From UK Justices In Car Dealer Case

While recent arguments before the U.K. Supreme Court in a consumer test case on motor finance commissions reveal the court鈥檚 take on several points argued, application of the upcoming decision will be both nuanced and fact-sensitive, so market participants wishing to prepare do not have a simple task, says Tom Grodecki at Cadwalader.