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Financial Services UK
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January 10, 2025
Investors Sue Ackland & Co. Over Negligent Property Advice
A Welsh law firm has been sued by a group of individuals over alleged breaches of duty in connection with their failed purchases of property in a development in England that collapsed before the promised residential apartments were built.
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January 10, 2025
UK Audit Watchdog Outlines Plans To Boost UK Growth
The Financial Reporting Council said on Friday that it has adopted five priorities to support the Labour government's broader ambition to boost economic growth, including plans to improve investors' confidence in British companies.
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January 09, 2025
Ex-Yodel Director Denies Stripping Millions Off Courier
A former director of Yodel has denied stripping over £4 million ($4.9 million) of the delivery company's assets for his own pocket under the pretext of a merger, claiming he had no involvement in money sent to a company he founded.
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January 09, 2025
Ex-Deloitte Employee Revives Unfair Dismissal Claim
An ex-director at Deloitte succeeded Thursday in convincing an appeal tribunal that the Big Four accounting firm's acts of discrimination against her may have contributed to an unfair dismissal process, giving her another shot at proving that her firing was unfair.
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January 09, 2025
Bitcoin Miner Can't Search Dump For £600M Hard Drive
A man who erroneously threw away a hard drive containing the private key to over £600 million ($738 million) worth of bitcoin has lost his legal bid for a local authority to allow him to search a dump for it after a judge blocked him Thursday.
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January 09, 2025
UK Supermarkets Fear Higher Costs Amid Tax Changes
Supermarket companies Marks & Spencer and Tesco reported Thursday that they had high sales figures due to Christmas, but both retailers also said they expect to face higher tax costs in 2025 due to changes to National Insurance, a payroll tax used to fund social programs.
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January 09, 2025
Tech Biz Says Barrister Failed To Flag Law Firm's Negligence
A tech company has accused a barrister of failing to spot his instructing law firm's alleged negligence, telling a London court that this armed the law firm with a limitation defense that cut the value of an eventual settlement.
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January 09, 2025
SFO To Claw Back £1M From Solicitor Convicted Of Fraud
A lawyer who was imprisoned for 14 years for siphoning off investors' money through a fraudulent offshore "get-rich-quick" legal aid scheme will repay victims more than £1 million ($1.23 million), the Serious Fraud Office said Thursday.
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January 09, 2025
Freshfields Steers £1.5B Pension Megadeal For Catering Co.
A food catering giant has offloaded £1.5 billion ($1.8 billion) of its pension liabilities to Standard Life, the insurer said Thursday, the first megadeal for the sector of 2025.
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January 09, 2025
Pension Transfer Redress Falls From Rising Gilt Yields
The compensation that pension savers can claim for being poorly advised to transfer their pensions has fallen significantly — in most cases to zero — due to recent bond market fluctuations, a consultancy said Thursday.
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January 09, 2025
Admiral Casino To Pay £1M For AML Regulatory Failures
Online gambling firm Admiral Casino has been hit with a £1 million ($1.2 million) penalty for failing to set up anti-money laundering protection and failures in establishing spending limits and financial checks for vulnerable customers, the Gambling Commission said Thursday.
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January 08, 2025
BoE Eyes Relaxed Financial Regulation To Support Growth
The Bank of England's regulatory arm told a House of Lords Committee on Wednesday that it will reduce bank reporting requirements and enable insurers to make certain investments before regulatory approval, amid other easing of its rules in line with government growth priorities.
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January 08, 2025
Loss Adjuster QuestGates Buys Insurance Investigation Biz
Loss adjuster QuestGates has said it has bought investigations specialists Brownsword Group in a move the business said improves its market share in the third-party probe sector.
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January 08, 2025
JPMorgan Denies Unfairly Sacking Trader In Fraud Crackdown
Banking giant JPMorgan defended itself on Wednesday against unfair dismissal allegations from an ex-trader, denying claims that it fired the employee without a proper investigation over suspicions of fraud because it was trying to appease regulators.
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January 08, 2025
Pension Trustees Warned Against Complacency On Funding
Pension trustees should not be complacent over record improvements in scheme funding positions over the coming year, a consultancy warned.
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January 08, 2025
'Rainy Day' Funds Could Be In Next Pension Review
The U.K. government may potentially weigh the benefits of new "rainy day" funds for those saving for retirement as part of a wider policy review, an insurer said Wednesday.
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January 08, 2025
80% Of UK Retired Homeowners Missing State Benefits
Eight in 10 pensioner homeowners failed to claim any of the benefits they were eligible to receive in 2024 and missed out on an average of over £1,800 ($2,220) a year in extra income, Just Group said Wednesday.
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January 08, 2025
UK Watchdog Bans Advert Featuring Burning Dollars
The Advertising Standards Authority said Wednesday that it has banned adverts by online investment platform Wahed Invest Ltd. showing U.S. dollar and euro banknotes on fire because they are likely to cause serious offense.
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January 08, 2025
Two More Firms Join Fight Against Hedge Fund Saba Capital
Another two investment trusts urged their shareholders on Wednesday to vote down plans by Saba Capital Management LP to remove their board members and replace them with appointees that work for the U.S. hedge fund or have been nominated by it.
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January 07, 2025
Barclays Argues £8.6M Claim Is Invalid And Too Late
Barclays Bank PLC has hit back at a businessman's £8.6 million ($10.8 million) claim that it undervalued his property and caused a "domino effect" on his finances, telling a London court that he has no standing to bring the case.
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January 07, 2025
'I Was Crap At My Job,' Trader Says In £200M Dirty Money Trial
The former director of a gold trading business has denied trying to cover up a £200 million ($250 million) money laundering scheme, telling a criminal trial on Tuesday that he was simply bad at his job.
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January 07, 2025
Treasury Committee Launches Review Of Lifetime ISAs
The Treasury Committee on Tuesday said it has launched a review to gauge whether the Lifetime Individual Savings Account introduced in 2016 is still fit for purpose as a combined financial product for first-time house buyers and pension savings.
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January 07, 2025
Trust Says Investment Co.'s Record Label Purchase Is Void
A trust that held shares in a leading independent recording label has sued an investment company, accusing it of wrongly purchasing the shares for £3.3 million ($4.1 million) following a botched auditor's valuation.
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January 07, 2025
Finance Sector Seeks To Limit EU Technology Rules
Finance trade bodies in Europe have urged lawmakers to exclude digital-based financial services from a new European Union regime that will strengthen cyber-resilience in finance when it starts in January because it would overlap with existing rules.
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January 07, 2025
Gallagher Sues Ex-CEO For £1.85M Over 'Fraud' In Exit Talks
Gallagher's benefits and consulting arm has sued the former chief executive of a company it acquired for more than £1.85 million ($2.32 million) for allegedly withholding information about a major client that inflated the financial prospects of the business and the severance he received.
Expert Analysis
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3 Notable Pensions Reforms In Spring Budget
The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Focus On Private Funds Will Boost Ireland's Global Standing
As the market increasingly pivots to private funds, Ireland's recent introduction of particular products — such as an updated, flexible European long-term investment fund — provides more structuring opportunities and paves the way for a brighter outlook in the country, say lawyers at Dechert.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
FCA Greenwashing Rules Need To Be Stronger To Be Effective
The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.
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EU Ruling Exposes Sovereignty Fissures In Int'l Arbitration
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.
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Companies House False Filings Raise Issues Of Integrity
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.
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UK Courts Continue To Struggle With Crypto-Asset Cases
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.
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Comparing The UK And EU Approaches To AI Regulation
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.
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Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases
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.
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A Look At The Latest EU Alternative Investment Regulation
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.
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Unpacking The Law Commission's Digital Assets Consultation
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.
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Unpacking The FCA's Approach To AML Compliance Failures
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.
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New Russia Sanctions Reveal Int'l Enforcement Capabilities
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.