Try our Advanced Search for more refined results
Financial Services UK
-
November 27, 2024
Banco BPM Rejects UniCredit's €10B Takeover Offer
Italian lender Banco BPM SpA has rebuffed a €10 billion ($10.5 billion) offer from its domestic rival UniCredit SpA, a move that would create the country's biggest bank, stating that the bid fails to reflect its profitability and prospects.
-
November 27, 2024
HSBC Loses Challenge To €32M Euribor Rigging Fine
HSBC Holdings PLC has lost its challenge to a €31.7 million ($33.4 million) European Union fine for rigging Euribor, as a European court rejected on Wednesday the bank's argument that the penalty was imposed out of time.
-
November 27, 2024
Simpson Thacher Hires Funds Trio To New Luxembourg Office
Simpson Thacher & Bartlett LLP said Wednesday that it has hired three funds partners for a new office in Luxembourg, which it plans to open in early 2025.
-
November 26, 2024
'Incompetent' FCA Needs Gov't-Led Radical Reform, MPs Say
The Financial Conduct Authority is not fit for purpose and requires government intervention for an extensive overhaul to address its "significant shortcomings" if it is to be an effective regulator, a group of cross-party MPs said in a report published Tuesday.
-
November 26, 2024
Brokerage Service Denies Helping $129M Forex Fraud
A provider of brokerage services has denied giving credit for a company that carried out an alleged $129 million Ponzi scheme, saying in court filings that it had no knowledge of the fraud.
-
November 26, 2024
UK Regulators Propose Relaxing Rules On Bankers' Pay
The Prudential Regulation Authority and Financial Conduct Authority jointly announced plans on Tuesday to ease restrictions on bonuses for senior bankers, with the aim to make the U.K. more competitive while ensuring accountability in risk management.
-
November 26, 2024
Accredited Insurance Denies £61.4M Liability In Loan Dispute
An insurer has hit back at a £61.4 million ($77.4 million) claim by a legal loans company, arguing a number of regulatory breaches by the lender mean it's not liable to pay out under a litigation funding arrangement.
-
November 26, 2024
OFSI Boss Promises Tougher Fines For Sanctions Breaches
The head of the U.K. sanctions watchdog told MPs on Tuesday to expect more fines with tougher penalties for breaches of financial restrictions to be imposed on oligarchs in the coming months as he admitted that the crackdown has been slower than hoped.
-
November 26, 2024
UK Audit Watchdog Wants Better Risk Management Reporting
Britain's audit watchdog called on Tuesday for companies to adopt a more strategic approach to corporate reporting that focuses on outcomes, urging businesses to improve their disclosures on risk management before its new governance code takes effect.
-
November 26, 2024
Macquarie Bank Fined £13M For 'Serious' Control Failings
The Financial Conduct Authority said Tuesday that it has fined the London branch of Macquarie Bank Ltd. £13 million ($16.4 million) for significant weaknesses in its systems and controls that allowed a trader to conceal more than 400 fictitious trades over 20 months.
-
November 26, 2024
FCA Plans Regulation As UK Crypto-Asset Ownership Grows
The financial regulator published a plan Tuesday for regulating crypto-assets in the U.K. as it reported a rise in the number of British adults who now own digital currency and assets, up from 10% to 12% — or 7 million people.
-
November 25, 2024
Bugsby Denied Arbitration In Olympia Case Funding Battle
A real estate sponsor failed in its bid to arbitrate a dispute stemming from its attempt to buy London's Olympia Exhibition Center, when a London judge ruled Monday that its argument "falls far short."
-
November 25, 2024
Eversheds Steers M&G In UK's 1st 'Value Share' Pension Deal
The insurance company M&G PLC said Monday it has agreed a £500 million ($629 million) value share bulk purchase annuity, or BPA, deal with an unnamed pension scheme, the first transaction of its kind in the U.K.
-
November 25, 2024
Immovable Rule Shields Bedzhamov From Russian Bankruptcy
A recent decision by Britain's highest court that the £35 million ($44 million) London home of a fugitive banker is beyond the reach of Russian bankruptcy laws has made it clear that a foreign court cannot enforce orders over English land.
-
November 25, 2024
'Knight' Can't Lift Freeze On Woodland Mansion, Supercar
A self-styled knight convicted of fraud failed to get a freezing order lifted against £1.1 million ($1.4 million) of his assets as a London court ruled on Monday that the civil recovery proceedings do not unfairly relitigate criminal confiscation efforts.
-
November 25, 2024
Odey Can't View Medical Records Of Sexual Assault Accusers
Crispin Odey failed on Monday to gain access to the medical records of five women who accuse him of sexual abuse, after a judge weighed in favor of the alleged victims' right to privacy.
-
November 25, 2024
MPs Raise 'Deep-Rooted' Problems At FCA In Critical Report
A report by a cross-party group of MPs will highlight the failures in the way the Financial Conduct Authority handles major scandals, despite its efforts to reform its culture and operations, according to advance details released Monday.
-
November 25, 2024
Italy's UniCredit Makes €10B Offer For Rival Banco BPM
UniCredit SpA said Monday that it has offered to buy rival Italian lender Banco BPM SpA for €10 billion ($10.5 billion) in an all-share deal, with the aim of creating a pan-European banking giant.
-
November 25, 2024
DLA, Mayer Brown Steer £1.7B Pension Deal For National Grid
The U.K.'s largest utilities provider has offloaded £1.7 billion ($2.1 billion) of its pension liabilities to Aviva PLC, the insurer said Monday, in a deal guided by DLA Piper UK LLP and Mayer Brown International LLP.
-
November 25, 2024
FCA Rewrites Disclosure Rules, Handing Suspects The Reins
Changes to disclosure rules at the Financial Conduct Authority will give defendants more insight into its investigations than ever before — though the development might swamp those that cannot afford top legal advisers, lawyers say.
-
November 25, 2024
Barclays Fined £40M For Failing To Disclose Qatari Deals
Barclays has been fined £40 million ($50.2 million) for the "reckless" arrangements the bank made with Qatari investors when it was raising fresh capital during the 2008 financial crisis, the Financial Conduct Authority said Monday.
-
November 22, 2024
Simpson Thacher Hires Finance Pro From Linklaters
Simpson Thacher & Bartlett LLP has recruited a newly promoted banking partner at Linklaters LLP to continue building its finance offering in London.
-
November 22, 2024
Teacher Stern Cleared Of Rules Breach Over Client Payments
Teacher Stern LLP and two partners were cleared by a London disciplinary tribunal on Friday of breaching legal accounting rules and ethical regulations by allowing clients to transfer money that was not related to an underlying legal transaction or service.
-
November 22, 2024
Fraud Victim Can't Revive Duty Claim Against NatWest
A fraud victim failed Friday to revive its claim against National Westminster Bank PLC for not stopping more than £420,000 ($526,000) in payments to the scammers' bank account, after a London judge ruled the company did not have a reasonable chance of overturning the dismissal.
-
November 22, 2024
Paragon Auditor Denied Interim Pay In Whistleblowing Claim
An internal auditor at Paragon Bank has lost his bid for interim pay in his whistleblowing claims against the property finance lender as an appeals tribunal found he would struggle to prove that this was the reason he was sacked.
Expert Analysis
-
What Green Claims Directive Proposal Means For Businesses
With the European Union’s 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.
-
£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.
-
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 Kristýna Tupá and Karolína Hlavinková at Schoenherr.
-
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 — but the general election has created uncertainty, says Ben Knowles at Clyde & Co.
-
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.
-
Opinion
Without Change, Fighting Fraud Is A Losing Battle For The UK
To successfully fight fraud cases in the U.K. — like the Russian Coms scam recently shut down by the National Crime Agency — it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country’s intelligence platforms, says Anthony Hanratty at Howard Kennedy.
-
Embedding Consumer Duty: 6 Areas Firms Should Prioritize
The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.
-
2 UK Rulings Highlight Persistent Push Payment Fraud Issues
Two recent High Court decisions, Larsson v. Revolut and Terna DOO v. Revolut, demonstrate that authorized push payment fraud continues to cause headaches for consumers and financial institutions alike, and with forthcoming mandatory reimbursement requirements, more APP fraud litigation can be expected, say lawyers at Charles Russell.
-
Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling
The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.
-
Key Points From UK Prospectus Regime Reform Consultation
The Financial Conduct Authority's current consultation on U.K. prospectus regime reform proposals, including when a prospectus will be required and the requirements concerning content, is designed to enhance the attractiveness of the U.K.'s capital markets, say lawyers at Sullivan & Cromwell.
-
Why NCA's 1st Seizure Of Sanctioned Funds Is Significant
The National Crime Agency’s recently secured forfeiture of a Russian oligarch's sanctioned funds was a landmark achievement, and is particularly notable because it was made under the Proceeds of Crime Act, illustrating how U.K. authorities can coordinate their respective powers to confiscate assets, says Lindsey Cullen at WilmerHale.
-
Takeaways From New FCA Rules On Research Payments
The Financial Conduct Authority’s recently published final rules on payment optionality for investment research, which involve a client disclosure obligation option, will be welcome news for U.K. managers who buy investment research from U.S. brokers, and for global asset management groups, says Anna Maleva-Otto at Schulte Roth.
-
What To Expect From Labour's Pension Schemes Bill
The Labour government’s recently announced Pension Schemes Bill, outlining key policy areas affecting the retirement savings sector, represents a positive step forward for both defined contribution scheme members and defined benefit superfunds, but there are some missing features, says Sonya Fraser at Arc Pensions.
-
Int'l Treaties May Aid Investors Amid UK Rail Renationalization
The recently introduced Passenger Railway Services Bill seeks to return British railways to public ownership without compensating affected investors, a move that could trigger international investment treaty protections for obligation breaches, says Philipp Kurek at Signature Litigation.
-
What EU Opinion May Mean For ESG Product Classification
The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.