Financial Services UK

  • March 28, 2024

    Traders' Loss Raises High Bar For Bankers To Clear Names

    The failure of two former traders to overturn their rate-rigging convictions could mark the end of the road for others convicted in connection with the scandal because of the reluctance of the English courts to topple precedent, lawyers say.

  • March 28, 2024

    EU Watchdogs To Relax On OTC Derivative Clearing Breaches

    The European Union's securities regulator has said it expects national regulators not to prioritize supervisory action against banks or insurers that fail to clear some over-the-counter derivatives with foreign pension schemes, ahead of legal exemption.

  • March 28, 2024

    NCA Logs 5% Decline In Suspicious Activity Reports Last Year

    The National Crime Agency reported Thursday a 5% decline in reports about potential criminal activities such as suspected money laundering and terrorist financing to its intelligence unit received during the financial year that ended March 2023.

  • March 28, 2024

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

    This past week in London has seen investors target fraudsters who ran a fake film tax scheme, Barclays Bank sue privately owned Russian bank PJSC Sovcombank, easyGroup bring a trademark infringement claim against online casino TGI Entertainment for its "easybet" word sign, and a bioethanol fuel company hit high-profile individuals connected to the collapsed Elysian Fuels scheme. Here, Law360 looks at these and other new claims in the U.K.

  • March 28, 2024

    UK Signs Accounting Standards Deal With Australia

    Britain's audit watchdog said Thursday it has secured a deal on accounting standards with Australian authorities to make it easier for auditors to work between both countries.

  • March 28, 2024

    Investors Told To Show Standing For £1.4B StanChart Claim

    A London judge on Thursday ordered part of a group of investors suing Standard Chartered PLC for £1.4 billion ($1.7 billion) — for allegedly downplaying how much it had breached U.S. sanctions — to prove they are entitled to bring the claim. 

  • March 28, 2024

    Crowe Denies £5M Negligence Claim Over Audits Of Wine Co.

    A London-based accounting firm has hit back against a £5 million ($6.3 million) negligence claim by the liquidators of a failed wine investment company, saying it acted with the "care and skill" of a "reasonably competent" auditor.

  • March 28, 2024

    Struggling Lender Amigo Raises Cash, Eyes Reverse Takeover

    Amigo Holdings PLC said on Thursday that it has raised cash and is looking for a reverse takeover target so that it can continue operating as a listed company, amid the planned liquidation of its troubled subprime lending arm.

  • March 28, 2024

    Abrdn Property Plans Wind-Down After Merger Rejected

    Abrdn Property Income Trust Ltd. has said it is planning a managed wind-down after its shareholders voted against an all-share merger with Custodian Property Income REIT PLC that valued it at £237 million ($299 million).

  • March 28, 2024

    UK To Nullify NDAs That Stop People Reporting Crimes

    Non-disclosure agreements that prevent victims from reporting potential crimes are to become unenforceable, the government said Thursday as it announced plans to "clarify" the law governing the controversial contracts.

  • March 27, 2024

    No New Trial For Hedge Fund Boss In Forex Rigging Case

    A New York federal judge on Friday refused to acquit or call for a new trial for a U.K.-based hedge fund chief convicted of illegally manipulating a currency exchange rate, rejecting his argument that his alleged conduct lacked sufficient ties to the United States.

  • March 27, 2024

    Evidence On Ex-Mozambique Official Stays In $2B Fraud Suit

    A former Mozambique finance minister can't keep evidence from his phone out of a case alleging his involvement in a $2 billion scheme to siphon government-backed project funds from that country after a federal judge in Brooklyn on Wednesday backed the phone's seizure and search.

  • March 27, 2024

    Wedlake Bell Can't Get Early Exit From Trust Negligence Case

    A London court dismissed a law firm's attempt to escape a damages claim for its admitted negligent management of a trust, finding Wednesday that the law is "in a state of development" about the scope of a solicitor's duty in that situation.

  • March 27, 2024

    StanChart Urges Court To Toss Part Of £1.4B Sanctions Suit

    Standard Chartered PLC urged a London judge Wednesday to block part of a group of investors' £1.4 billion ($1.77 billion) claim against it alleging that the bank had downplayed how much it breached U.S. sanctions against Iran by hundreds of billions of dollars, alleging some of the investors had not shown they had standing.

  • March 27, 2024

    BoE Finds Increasing Fear Of Financial Risk From AI

    The Bank of England said on Wednesday the proportion of banks, insurers and other firms that find artificial intelligence one of the greatest risks to the finance system has doubled in six months.

  • March 27, 2024

    Finance Pros Avoid Prison For £3M Mortgage Fraud

    A banned independent financial adviser and an accountant were handed suspended sentences on Wednesday for forging documents to help their clients make fraudulent mortgage applications worth £3 million ($3.8 million).

  • March 27, 2024

    BoE Says Action On LDI Has Boosted Financial Stability

    The U.K.'s financial stability watchdog said Wednesday that measures introduced in the wake of the pension fund crisis 18 months ago have bolstered resilience to further shocks.

  • March 27, 2024

    Swiss Watchdog Sets Out New Capital Rules For Banks

    Switzerland's financial regulator said Wednesday it has published five sets of rules to implement the latest capital requirements for banks, known as Basel III, allowing a more risk-sensitive treatment of managed collective assets than the global standards require.

  • March 27, 2024

    Watchdog Aligns Accounting Rules In UK, Ireland With IFRS

    Britain's accounting regulator published plans on Wednesday to update some accounting standards in the U.K. and the Republic of Ireland to align with changes in international guidelines.

  • March 27, 2024

    Payments Watchdog Launches 2nd Review Of ATM Coverage

    The Payment Systems Regulator launched on Wednesday its second review of the effectiveness of its mandate for LINK, the national cash machine network, to ensure the accessibility of ATMs across the country.

  • March 27, 2024

    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.

  • March 27, 2024

    Ex-Barclays, Citi Traders Lose Interest Rate-Rigging Appeals

    Two former traders convicted of manipulating benchmark interest rates lost their bid to clear their names on Wednesday as an English appellate court ruled that they had received fair trials. 

  • March 26, 2024

    UAE Fund Must Pay £7M As Judge Tosses Azima Fraud Ruling

    A London judge has ordered a sovereign wealth fund to make an initial £7.6 million ($9.6 million) payment to Farhad Azima, ending a lengthy feud involving allegations the fund fraudulently obtained a $4 million judgment against the aviation tycoon with help from a lawyer at Dechert LLP.

  • March 26, 2024

    Clyde & Co. Eyes Case Against Switzerland Over Credit Suisse

    Clyde & Co. LLP said it is currently soliciting claimants for a possible mass claim to be filed against Switzerland a year after the country forced a distressed sale of Credit Suisse to UBS along with a write-down of $17.5 billion of the bank's bonds to zero.

  • March 26, 2024

    UK Police Arrest Over 400 In 'Henhouse' Anti-Fraud Sting

    U.K. police forces have arrested over 400 people in a monthlong fraud crackdown involving multiple national agencies, the U.K.'s National Crime Agency said Tuesday.

Expert Analysis

  • UK Takeover Code Changes: Key Points For Bidders, Targets

    Author Photo

    Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.

  • Russia Ruling Shows UK's Robust Jurisdiction Approach

    Author Photo

    An English High Court's recent decision to grant an anti-suit injunction in the Russia-related dispute Renaissance Securities v. Chlodwig Enterprises clearly illustrates that obtaining an injunction will likely be more straightforward when the seat is in England compared to when it is abroad, say lawyers at Linklaters.

  • How New Loan Origination Regime Will Affect Fund Managers

    Author Photo

    Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.

  • How EU Sustainability Directive Will Improve Co. Reporting

    Author Photo

    The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.

  • PPI Ruling Spells Trouble For Financial Services Firms

    Author Photo

    The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.

  • What Lawyers Can Learn From FDI Screening Report Findings

    Author Photo

    The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.

  • UK Review May Lead To Lower Investment Screening Burden

    Author Photo

    The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.

  • Economic Crime Act Exposure: What Companies Can Expect

    Author Photo

    The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.

  • FCA Promotions Review Sends A Strong Message To Firms

    Author Photo

    The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.

  • When Can Bonuses Be Clawed Back?

    Author Photo

    The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.

  • The State Of UK Litigation Funding After Therium Ruling

    Author Photo

    The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.

  • UK Shareholding Report A Missed Opportunity For New Tech

    Author Photo

    The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.

  • Tools M&A Deal Makers Can Use To Bridge Valuation Gaps

    Author Photo

    As macroeconomic headwinds reset valuation expectations, parties to merger and acquisition are increasingly looking to methods such as earnouts, vendor financing and minority transactions to bridge the valuation gap and get deals done, says Philip Herbst at Cleary.

  • Navigating The Novel Challenges Facing The Legal Profession

    Author Photo

    The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.

  • Deal Over Jets Stranded In Russia May Serve As Blueprint

    Author Photo

    In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Financial Services UK archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!