Financial Services UK

  • July 03, 2024

    Ukraine Bank Slams Stay Request In $1.1B Suit Against Russia

    A Ukrainian bank is challenging the Russian Federation's bid to stay litigation to enforce a $1.1 billion arbitral award against the Kremlin pending efforts to annul the award in France, saying Russia's argument involves a string of contingencies that a D.C. federal judge should not entertain.

  • July 03, 2024

    M&G Lands £309M Pension Deal For Machinery Co.

    A subsidiary of finance and insurance company M&G PLC has taken on £309 million ($394.3 million) worth of pension liabilities from a scheme sponsored by machinery manufacturer NSK, in a deal guided by Shoosmiths, CMS and Hogan Lovells.

  • July 03, 2024

    PIC Seals £1.2B 2nd TotalEnergies UK Pension Plan Buy-in

    Pension Insurance Corporation PLC on Wednesday concluded a £1.2 billion ($1.5 billion) second buy-in with the trustee of TotalEnergies UK Pension Plan, a deal considered the largest completed pension scheme buy-in thus far this year, according to an announcement by PIC.

  • July 03, 2024

    Credit Suisse Units Fined $19.5M For South Korea Breaches

    South Korea's financial services watchdog said Wednesday it has fined two subsidiaries of the Credit Suisse group, which was absorbed by UBS in 2023, a record total of 27.17 billion South Korean won ($19.5 million) for breaching short selling rules.

  • July 03, 2024

    WTW Launches Insurance Policy For Asset Managers

    WTW has launched a new policy designed to provide a single comprehensive cover for asset managers rather than traditional insurance options that often require multiple policies.

  • July 03, 2024

    Financial Intel Biz Buys Abrdn's Compliance Unit For £14.6M

    Financial data intelligence provider Fintel said Wednesday that it has acquired Threesixty Services, a business support company, from British investment giant Abrdn for £14.6 million ($18.5 million) to boost its portfolio.

  • July 02, 2024

    Gambling Biz Settles €273M Buyout Dispute With Financier

    Gambling hall operator MaxBet has settled a host of international legal disputes with Luxembourg-based financial holdings company Maximus stemming from a deal for Maximus to purchase various MaxBet-owned businesses that went south, lawyers for MaxBet told Law360 on Tuesday.

  • July 02, 2024

    £8.5M Property Deal Said To Defraud Creditors In Debt Row

    A British Virgin Islands-registered company has asked a London court to declare that the transfer of an estimated £8.5 million ($10.8 million) property by one of its debtors was done to intentionally hinder the company's chances to reclaim the money it is allegedly owed.

  • July 02, 2024

    Worldpay Faces Demand For Client Info In Alleged FX Fraud

    An architecture firm has asked a London court to order merchant service provider Worldpay to hand over a virtual ledger of one of its customer's accounts in an attempt to track down $1.17 million allegedly missing in a forex broker fraud.

  • July 02, 2024

    EU Watchdog Requires Regulatory Liaison On Insurer Moves

    The European Union's insurance watchdog has published ground rules for regulators from departure and destination countries of insurers relocating within the bloc to engage actively and clearly.

  • July 09, 2024

    Latham Hires Finance Trio In London From Cahill Gordon

    Latham & Watkins LLP has recruited a trio of partners from Cahill Gordon & Reindel LLP as it continues to grow its banking practice in London.

  • July 09, 2024

    Lawrence Stephens Hires 2 Directors From Rosling King

    Ann Ebberson and Alex Edwards have joined Lawrence Stephens Ltd. from Rosling King LLP as directors on the real estate finance and banking teams.

  • July 02, 2024

    FCA Approves PE Firm's £432M Bid For Wealth Manager

    Wealth management firm Mattioli Woods said Monday that the U.K.'s financial regulator has given a green light to its approximately £432 million ($546 million) acquisition by London private equity firm Pollen Street Capital.

  • July 02, 2024

    City Body Calls For Digital Gilt To Boost Retail Investing

    Britain's leading financial services trade body called Tuesday for a U.K. digital gilt to encourage retail investors, in a set of briefing papers aiming to improve competitiveness of capital markets.

  • July 02, 2024

    Liechtenstein Bank To Buy Austria's Kantonalbank

    Liechtensteinische Landesbank AG, a Liechtenstein-based lender known as LLB, said Tuesday that it agreed to buy Austrian bank Zürcher Kantonalbank Österreich AG in an all-cash deal. The purchase price was not disclosed.

  • July 02, 2024

    Just Group Lands £260M Aviation Co. Pension Deal

    Insurer Just Group on Tuesday announced it has taken on £260 million ($328.7 million) worth of pension liabilities from a retirement savings plan sponsored by aviation company John Menzies Ltd., in a deal guided by Brodies LLP and Gowling WLG.

  • July 02, 2024

    HSBC Beats Former Risk Chief's Race Bias Case

    HSBC has dodged claims of discrimination and unfair dismissal from a former financial risk chief after the High Street bank proved that it let him go because his role had become redundant, convincing a tribunal that race played no part in the decision.

  • July 01, 2024

    Accountant Loses Employee Status Bid In Partnership Fight

    A tax accountant has failed to convince an appeals tribunal that he was an employee at the time of his dismissal, because despite a "shambolic" transition and lack of a written agreement, the genuine intention was to promote him to partner.

  • July 01, 2024

    Global Group Tells Banks To Report Suspected Crime Better

    A global banking group for combating financial crime warned Monday that banks should improve the quality of suspicious activity reports to make them more useful to law enforcement and cutting current over-reporting.

  • July 01, 2024

    Monzo Introduces New Anti-Fraud Controls

    Monzo Bank Ltd. launched Monday three new security features to add a layer of protection for payments and pot withdrawals exceeding a daily allowance while addressing the growing concern of phone theft and fraud.

  • July 01, 2024

    EU Bans Giving Tax Consulting Services To Belarus

    The European Union has introduced a ban on providing tax consulting and many other professional services to Belarus in a wide-ranging package of measures largely aimed at preventing the circumvention of the bloc's sanctions against Russia, a statement said.

  • July 01, 2024

    Payment Services Business Begins £20M Share Buyback

    PayPoint PLC on Monday commenced its up to £20 million ($25 million) share repurchase program, part of the payment services company's three-year scheme aimed at returning capital to investors.

  • July 01, 2024

    Skadden-Led BlackRock To Buy Data Group Preqin For £2.6B

    Investment firm BlackRock said Monday that it has agreed to acquire private markets data provider Preqin for £2.55 billion ($3.2 billion) to boost its investment management in a deal guided by Skadden Arps Slate Meagher & Flom LLP and Macfarlanes LLP.

  • July 01, 2024

    Osborne Clarke Guides Aviva's School Pension Deal

    Insurance giant Aviva has completed a full scheme buy-in for a pension plan sponsored by Taunton School, consultancy Broadstone said Monday, in a deal guided by Osborne Clarke LLP.

  • June 28, 2024

    EU Insurance Watchdog Warns Of Real Estate Risk Exposure

    The European pensions and insurance industries are increasingly exposed to the possibility of a real estate collapse, the sector watchdog warned in a newly published report into the financial stability for the region.

Expert Analysis

  • EU Ruling Exposes Sovereignty Fissures In Int'l Arbitration

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    The European Court of Justice's recent ruling that the U.K. had breached EU law by allowing an arbitral award to proceed underscores the diminished influence of EU jurisprudence in the U.K., hinting at the EU courts' increasingly nominal sway in international arbitration within jurisdictions that prize legal autonomy, says Josep Galvez at 4-5 Gray’s Inn.

  • Companies House False Filings Raise Issues Of Integrity

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    A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.

  • UK Courts Continue To Struggle With Crypto-Asset Cases

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    Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.

  • Comparing The UK And EU Approaches To AI Regulation

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    While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.

  • Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases

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    The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.

  • A Look At The Latest EU Alternative Investment Regulation

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    Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.

  • Unpacking The Law Commission's Digital Assets Consultation

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    The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.

  • Unpacking The FCA's Approach To AML Compliance Failures

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    In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.

  • New Russia Sanctions Reveal Int'l Enforcement Capabilities

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    Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.

  • What COVID Payout Ruling Means For Lockdown Loss Claims

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    While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • EEA Equivalence Statement Is Welcomed By Fund Managers

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    The recent statement confirming European Economic Area equivalence to undertakings for collective investment in transferable securities for U.K. overseas funds regime purposes removes many managers’ concerns in the wake of Brexit, giving a clear pathway out of temporary marketing permissions and easing the transition from one regime to another, says Catherine Weeks at Simmons & Simmons.

  • In Int'l Arbitration Agreements, Be Clear About Governing Law

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    A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.

  • Crypto As A Coin Of The Corporate Realm: The Pros And Cons

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    The broadened range of crypto-assets opens up new possibilities for employers looking to recruit, incentivize and retain employees through the use of crypto, but certain risks must be addressed, say Dan Sharman and Sunny Mangatt at Shoosmiths.

  • Comparing UK And EU's View On 3rd-Party Service Providers

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    The U.K. is taking welcome steps to address the lack of direct oversight over critical third-party service providers, and although less onerous than that of the EU Digital Operational Resilience Act, the U.K. regime's proportionate approach is designed to make providers more robust and reliable, say lawyers at Shearman.

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