Financial Services UK

  • December 20, 2024

    Many Firms Lack AI In Risk Operations, Study Finds

    A new study highlighted by UK Finance on Friday has found that almost four in 10 financial services organizations have not implemented artificial intelligence in their risk operations, leaving them with a widening technology gap compared with those who are so prepared.

  • December 20, 2024

    Reading FC Owner Sued For £12M Over Confidentiality Breach

    A Louisiana lawyer's company has filed a £12 million ($15 million) claim against a company held by the owner of Reading Football Club for allegedly breaching legally binding provisions in a takeover deal.

  • December 20, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen the University of Southampton sue a drone-maker over the rights to an uncrewed aircraft patent, Importers Service Corp. and its subsidiary ISC Europe take action against a former director who allegedly owes the company over £1.1 million ($1.4 million), and DAC Beachcroft face a fraud claim by a "prolific litigant." 

  • December 20, 2024

    Law Firm Awarded £4.2M For Co.'s Mishandled PPI Claims

    A London court awarded a specialist litigation law firm almost £4.2 million ($5.3 million) on Friday for the costs of a professional services company's botched handling of payment protection insurance claims.

  • December 20, 2024

    The Biggest Developments In Insurance In 2024

    The financial watchdog has come under pressure this year from the Labour government to tackle the cost of insurance, which has soared because of rising claims caused by the ongoing repercussions from Brexit and the war in Ukraine. 

  • December 20, 2024

    Crédit Agricole To Take Full Control Of Caceis From Santander

    Santander Bank has said that French international banking group Crédit Agricole SA will acquire full ownership of their jointly owned global asset servicing provider Caceis by buying out Santander's stake for an undisclosed sum.

  • December 20, 2024

    The Top FCA Enforcement Cases Of 2024

    The blockbuster fines imposed by the Financial Conduct Authority on challenger banks Starling and Metro for anti-money laundering failures, its notable penalties against Barclays and its conviction of a former Goldman Sachs banker for insider dealing are just a few of the key cases from 2024.

  • December 20, 2024

    The Biggest UK Commercial Litigation Cases Of 2024

    The High Court and Court of Appeal resolved some landmark legal disputes in 2024 — the justices liberated the open-source cryptocurrency community from spats over intellectual property protection and determined liability for the high-profile collapse of London Capital & Finance.

  • December 20, 2024

    Osborne Clarke Pro Fined £50K Over Zahawi Libel Letter

    A tribunal fined an Osborne Clarke LLP partner who represented Nadhim Zahawi £50,000 ($62,700) on Friday for trying to stop a blogger revealing that the former chancellor was contemplating libel action over allegations of dishonesty in his tax affairs.

  • December 20, 2024

    £3.5B 'Dartford Disneyland' Park Co. Must Close, Court Rules

    A company that had wanted to build a £3.5 billion ($4.4 billion) "Disneyland-style" theme park must be wound up for "serious and irremediable" breaches of its agreement to pay creditors, which include Paramount, a London court has ruled.

  • December 20, 2024

    Financial Adviser Colbourne In Default After FCA Restrictions

    The Financial Conduct Authority has said that Colbourne & Co., an independent financial adviser that it has prevented from doing regulated business, is in default and that clients can claim compensation.

  • December 19, 2024

    Craig Wright Gets Suspended Sentence Over Bitcoin Claim

    Australian computer scientist Craig Wright was given a suspended one-year prison sentence on Thursday after a London judge said he was in contempt of court for asserting he had invented bitcoin in an approximately £900 billion ($1.1 trillion) claim.

  • December 19, 2024

    Denmark Says $500M Recovered In Dividend Tax Fraud Suits

    Denmark's tax administration has recovered a total of 3.6 billion Danish kroner ($500 million) in money lost to suspected dividend tax refund fraud after entering settlements of civil cases in several countries in 2024, Denmark's tax minister announced.

  • December 19, 2024

    FCA Apologizes To Victims Of £15M Peer-To-Peer Fraud

    The financial regulator of the U.K. on Thursday issued an apology to the victims of peer-to-peer lender Collateral (UK) Ltd., which defrauded investors of £15 million ($18.8 million) by falsely claiming the business was authorized.

  • December 19, 2024

    Motor Finance Firms Get 1 Year To Address Fee Complaints

    Britain's financial watchdog said Thursday that it has extended the time motor finance firms have to respond to consumer complaints about commission arrangements by a year, after mulling over the extension for a month.

  • December 19, 2024

    PRA Pushes Back 'Solvent Exit' Rules For Insurers

    The Bank of England has pushed back a new regime designed to minimize the economic fallout of the collapse of a major insurer.

  • December 19, 2024

    FCA Proposes To Simplify Investment Product Information

    The financial regulator of the U.K. said Thursday that it has proposed changes to rules to simplify the information provided to investors to "boost confidence and drive investment" in the country.

  • December 19, 2024

    Retailers Lose Bid For Higher Damages Bill In Swipe Fees Trial

    Retailers taking legal action against Mastercard Inc. and Visa lost their bid on Thursday to increase their damages bill from alleged unlawful overcharging by the card companies.

  • December 19, 2024

    A Look Back At The Top UK Corporate Crime Cases Of 2024

    Julian Assange's blockbuster plea deal, which allowed the Wikileaks founder to walk free from prison, the first fine imposed by Britain's sanctions' enforcer over Russia and a landmark ruling on criminal liability in supply chains are just a few of the key cases from 2024.

  • December 19, 2024

    Osborne Clarke Pro's Email To Zahawi Critic Was 'Negotiation'

    A partner with Osborne Clarke LLP who represented Nadhim Zahawi "believed he was acting properly" when he sent an allegedly threatening email to a blogger scrutinizing the former Conservative chancellor's tax affairs, his counsel told a tribunal on Thursday.

  • December 19, 2024

    UK Private Stock Market May Fail To Attract Investors, Firms

    A world-first regulated market that the U.K. government has proposed for private companies to trade shares might fail to offer enough of an incentive to attract firms and investors.

  • December 18, 2024

    FCA Charges WealthTek Partner With £64M Fraud

    The Financial Conduct Authority on Wednesday said it has charged a former partner of wealth management firm WealthTek LLP with fraud, saying he transferred over £64 million ($81.3 million) from client accounts to ones he controlled.

  • December 18, 2024

    EU Court Rejects Latest Challenge To Portugal's Tax Clawback

    A European court rejected a Brazilian-based company's challenge Wednesday to a European Commission ruling that Portugal must claw back tax breaks provided to companies with no local economic activity because that ran counter to commission-approved policies.

  • December 18, 2024

    Colliers Sued For £3.9M For Shopping Mall Over-Valuation

    An investment manager and two commercial lenders have sued Colliers International for £3.95 million ($5 million) for allegedly overvaluing a shopping mall in northwest England used in a loan agreement, which they claim caused losses when its true worth became apparent.

  • December 18, 2024

    Attwells' Defense Sticks In £1.2M Loan Dispute

    Attwells Solicitors LLP's defense to an almost £1.2 million ($1.5 million) claim that it failed to adhere to a loan agreement will go to trial after a London court found it was too early to decide that there is "no real prospect" of fighting the allegation.

Expert Analysis

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

  • Cos. Should Plan Now For Extensive EU Data Act Obligations

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    The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn. 

  • How Decision On A Key Definition Affects SMEs

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    The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.

  • What New Digital Sandbox Regs Hold In Store For UK Markets

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    The recently enacted Digital Sandbox Regulations will be key to incorporating distributed ledger technology into the activities of a central securities depository, but despite being a potentially transformative innovation, a number of considerations may need to be addressed to accommodate the trading, settlement and maintenance of shares, say Tom Bacon and Andrew Tsang at BCLP.

  • Why Investment In Battery Supply Chain Is Important For UK

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    The recently published U.K. battery strategy sets out the government’s vision for a globally competitive battery supply chain, and it is critical that the U.K. secures investment to maximize opportunities for economic prosperity and net-zero transition, say lawyers at Watson Farley & Williams.

  • What Extending Corporate Liability Will Mean For Foreign Cos.

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    Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.

  • A Consequential Moment For Sanctions Activity

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    It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.

  • ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring

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    A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.

  • Economic Crime Act Offers Welcome Reform To AML Regime

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    The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.

  • 3 Financial Services Hot Topics To Watch In 2024

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    Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.

  • What Venice Swaps Ruling Says About Foreign Law Disputes

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    The English appeals court's decision in Banca Intesa v. Venice that the English law swaps are valid and enforceable will be welcomed by banks, and it provides valuable commentary on the English courts' approach toward the interpretation of foreign law, say Harriet Campbell and Richard Marshall at Penningtons Manches.

  • Key Litigation Funding Rulings Will Drive Reform In 2024

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    Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.

  • How Draft Trading Regs Provide Framework For UK Regime

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    Representing an important part of the U.K. government's post-Brexit regulatory reform agenda, the most recent draft of the proposed Trading Regulations seeks to provide a framework for a new rules-based regime for regulating public offers of securities and admissions to trading on a U.K.-regulated market, say lawyers at Davis Polk.

  • Breaking Down The New Rules For High Net Worth Individuals

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    Andrew Northage at Walker Morris outlines what businesses need to be aware of to ensure ongoing compliance with revised conditions in the U.K. government's updated financial promotion exemptions for high net worth individuals and sophisticated investors, and suggests a few practical tips for businesses to follow.

  • How Data Privacy Law Cases Are Evolving In UK, EU And US

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    To see where the law is heading in 2024, it is worth looking at privacy litigation and enforcement trends from last year, where we saw a focus on General Data Protection Regulation regulatory enforcement actions in the U.K. and EU, and class actions brought by private plaintiffs in the U.S., say lawyers at Morgan Lewis.

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