Financial Services UK

  • March 22, 2024

    UK Tax Avoidance Scheme Promoter Fined £900K

    A Liverpool-based company that promoted a tax avoidance scheme to medical professionals must pay a £900,000 ($1.1 million) penalty, according to a tribunal ruling published by HM Revenue and Customs on Friday.

  • March 22, 2024

    87-Year-Old Billionaire Lewis Seeks No Jail For Insider Trading

    Lawyers for British billionaire Joe Lewis have asked a Manhattan federal judge not to impose any prison time after his plea to insider trading, saying a term of probation is appropriate because the 87-year-old is "nearing the end of life in declining health."

  • March 22, 2024

    Oil Shipper Fails To Have UK Sanctions Temporarily Lifted

    A Dubai-based oil shipping company failed in its attempt to have U.K. sanctions temporarily lifted after a London judge ruled Friday that the British foreign secretary has to review the decision to designate the company before the courts have jurisdiction to rule on its claim.

  • March 22, 2024

    EU Watchdog Fines Ratings Firm €2M For Conflict Of Interest

    The markets watchdog of the European Union said Friday that it has fined German credit ratings agency Scope Ratings GmbH €2.2 million ($2.4 million), and issued a public notice after it failed to avoid potential conflicts of interest.

  • March 22, 2024

    Audit Agency Backs Gov't Non-Financial Reporting Reforms

    The Financial Reporting Council voiced its support for the U.K. government's plans to update non-financial reporting requirements on Friday, emphasizing the importance of simplifying the framework to help companies access capital.

  • March 21, 2024

    Banksy Co. Calls Instagram Post True In £1.3M Libel Case

    The company that manages anonymous street artist Banksy has defended a £1.35 million ($1.7 million) claim that he posted a defamatory Instagram post about a licensing company using his artwork on clothing without his permission, saying it was substantially true.

  • March 21, 2024

    LC&F Was 'Doomed From The Start,' Administrator Tells Trial

    An administrator of London Capital & Finance said on Thursday that the mini-bonds provider was "doomed from the start," as he gave evidence at the £237 million ($300 million) investment scandal trial at a London court.

  • March 21, 2024

    HSBC Settles Investors' £240M Claim Over Disney Tax Scheme

    HSBC has settled a £240 million ($304 million) claim brought by more than 100 investors alleging that the bank misled them to finance a Disney film tax relief scheme it developed which turned out to be worthless.

  • March 21, 2024

    Ex-OneCoin Attorney Says 1 Year In Prison Is Enough

    A Bulgarian woman who held the title of legal and compliance executive at the fraudulent OneCoin cryptocurrency exchange asked a Manhattan federal judge to credit her for the year she'd spent in prison in harsh conditions and not sentence her to any more jail time.

  • March 28, 2024

    White & Case Hires 2nd Funds Pro From Ropes & Gray

    White & Case LLP has recruited a private funds lawyer from Ropes & Gray LLP — the second time it has hired a specialist as a partner from the London office of its U.S. rival in recent months.

  • March 21, 2024

    Influencer Denies Contempt Charge Over 'Lavish Lifestyle'

    The founder of a French startup argued against accusations of contempt of court on Thursday after his former company accused him of "flagrantly" breaching a worldwide freezing order by continuing to live a "lavish lifestyle."

  • March 21, 2024

    Audit Watchdog To Probe UK Sustainability Assurance Market

    The Financial Reporting Council on Thursday said it would be studying the quality of sustainability assurance services in the U.K. to ensure the market is providing high-quality guarantees over companies' reporting.

  • March 21, 2024

    FCA Tells Consumer Lenders To Detect Financial Crime Better

    The City watchdog has warned chief executives of consumer lending firms that they must improve on their detection of financial crime.

  • March 21, 2024

    ECJ Adviser Rejects Taxing Foreign Pension Funds Differently

    Taxing dividends paid to foreign public pension funds while exempting dividends paid to the source country's general retirement savings funds contravenes European Union law, an adviser to the bloc's highest court said Thursday, backing Finnish pension funds' challenge of a Swedish law.

  • March 21, 2024

    Nationwide Agrees To Buy Virgin Money For £2.9B In Cash

    Nationwide Building Society said Thursday that it will buy Virgin Money UK for £2.9 billion ($3.7 billion) in cash, in a deal backed by the boards of both companies.

  • March 20, 2024

    Spanish Investment Co. Beats Slovak TM Opposition In EU

    A Spanish investment company has won an appeal to revive its trademark application, as European officials ruled that buyers of financial services paid a "high degree of attention" and wouldn't think that the sign was linked to a Slovak company.

  • March 20, 2024

    Investor Seeks To Toss €10M Case Over Share Deal Row

    An investment company urged a London court on Wednesday to throw out a €10.2 million ($11 million) claim by an asset management firm, arguing that it had not consented to the terms of the sale of shares in a luxury Greek resort.

  • March 20, 2024

    Russian F1 Driver's EU Sanctions Over Oligarch Father Lifted

    A Formula One racing driver and son of a Russian oligarch has won his fight to lift European Union sanctions, with a court ruling Wednesday there was insufficient evidence to prove that his business interests were benefiting from his fathers' wealth.

  • March 20, 2024

    Health And Safety Top Risk For Directors, Global Survey Says

    Health and safety is the top risk for directors and officers worldwide, according to a survey published Wednesday, in a "surprise" result partly attributed to the lingering impact of the COVID-19 pandemic on businesses and increasing mental health considerations.

  • March 20, 2024

    Ex-Russian Minister Fails To Renew Bid To Jail Deripaska

    The Court of Appeal dismissed on Wednesday an attempt by Vladimir Chernukhin, a former Russian minister, to have his ex-business associate Oleg Deripaska jailed for contempt of court, finding that a judge had been entitled to conclude the case had not met the criminal standard of proof.

  • March 20, 2024

    Bank of Cyprus Eyes €137M Investor Return After ECB Nod

    The Bank of Cyprus Group said Wednesday it intends to boost shareholder returns to €137 million ($149 million) by launching a share buyback and ramping up dividends, after receiving the green light for both payouts from the regional banking watchdog.

  • March 20, 2024

    Swiss Watchdog To Inspect UBS Closely For Merger Impact

    The Swiss financial markets regulator said Wednesday it plans 40 on-site supervisory reviews at UBS AG in Switzerland and abroad and two in-depth stress tests in 2024 to assess the result of the bank's merger with Credit Suisse last year.

  • March 20, 2024

    AI Misuse Will Drive Cyber Insurance Demand, Actuary Says

    The use of artificial intelligence by criminals and other evolving threats will boost demand for cyber-insurance for at least the next decade, according to analysis published Wednesday by actuarial consultancy OAC.

  • March 20, 2024

    British Bank CEOs Shift Blame For Pay Fraud To Social Media

    Britain's largest banks told a cross-party group of MPs Wednesday they blamed social media and telecommunications companies for a rise in authorized push payment fraud in the banking sector, calling for mandatory requirements to help prevent it.

  • March 20, 2024

    EU Insurers Warn Regulators Of Gaps In Greenwashing Rules

    European insurers have urged the bloc's insurance and pensions watchdog to be consistent and clear with its greenwashing rules for investment products, pointing to discrepancies between jurisdictions and inconsistencies with other sustainability frameworks.

Expert Analysis

  • Economic Crime Act Brings Changes For Limited Partnerships

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    The recently passed Economic Crime Act introduces significant financial transparency obligations for new and existing U.K. limited partnerships, and with criminal consequences for noncompliance, a degree of advance consideration is strongly advised, say Amelia Stawpert and Alex Jones at Hogan Lovells.

  • ESMA Report Offers A Glimpse At EU's Securitization Future

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    The European Securities and Markets Authority’s recent overview of the EU securitization sector suggests a growing market for both investors and businesses and offers useful insight into future regulatory priorities, says Alan Bunbury at Matheson.

  • What The Auto-Enrollment Law Means For UK Workforce

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    In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.

  • UAE Bank Case Offers Lessons On Enforcing Foreign Rulings

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    The High Court recently clarified in Invest Bank v. El-Husseini that foreign judgment debts may be enforceable in England, despite being unenforceable in their jurisdiction of origin, which should remind practitioners that foreign judgments will be recognized in England if they are final and conclusive in their court of origin, say lawyers at Macfarlanes.

  • Revised OECD Guidelines Key In Shaping Business Standards

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    The OECD’s recent revised guidelines on responsible business conduct, supported by a domestic government agencies’ grievance referral mechanism, have already influenced EU due diligence standards, and enterprises engaging in the unique procedure will benefit from case-specific nuances, parallel proceedings and the availability of confidentiality protections, say lawyers at Debevoise.

  • Libor Fallback To Prime May Increase Corporate Loan Costs

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    Despite preparations and legislative actions related to the transition away from Libor earlier this year, there remains a contingent of corporate borrowers that have fallen through the cracks and could face increased costs if their loans default to prime rates, say Nathan Moore and Dana Bradley at WilmerHale.

  • Report Can Aid With Sustainable Finance Disclosure Filings

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    The European Supervisory Authorities recently issued a report on companies' consideration of the principal adverse impacts of their investment decisions on sustainability factors, providing examples of good and bad disclosure practices under the Sustainable Finance Disclosure Regulation, which firms should note in their future reporting, say lawyers at Debevoise.

  • Protecting The Arbitral Process In Russia-Related Disputes

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    Four recent High Court and Court of Appeal rulings concerning anti-suit injunction claims illustrate that companies exposed to litigation risk in Russia may need to carefully consider how to best protect their interests and the arbitral process with regard to a Russian counterparty, say lawyers at Linklaters.

  • Audit Reform Takeaways After Record KPMG Fine

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    The Financial Reporting Council’s recent £21 million fine against KPMG for its Carillion audit work failures is representative of the agency’s increasing proactivity in policing audit quality, and brings to light the U.K. government’s slow-moving but ongoing efforts to majorly reform audit sector regulations, says Paul Brehony at Signature Litigation.

  • RSA Insurance Ruling Clarifies Definition Of 'Insured Loss'

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    A London appeals court's recent ruling in Royal & Sun Alliance Insurance v. Tughans, that the insurer must provide coverage for a liability that included the law firm's fees, shows that a claim for the recovery of fees paid to a firm can constitute an insured loss, say James Roberts and Sophia Hanif at Clyde & Co.

  • Putin Ruling May Have Unintended Sanctions Consequences

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    By widening the scope of control, the Court of Appeal's recent judgment in Mints v. PJSC opens the possibility that everything in Russia could be deemed to be controlled by President Vladimir Putin, which would significantly expand the U.K.'s sanctions regime in unintended ways, say attorneys at Greenberg Traurig.

  • Navigating The New Framework On Nature-Related Reporting

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    The Taskforce on Nature-related Financial Disclosures’ recently published disclosure framework represents a significant step toward the coalescence of nature-related disclosure standards for corporates and financial institutions, and has the potential to influence investor expectations and future regulation, say lawyers at Kirkland.

  • FCA Engagement Signals New Direction In ESG Disclosures

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    The Financial Conduct Authority recently published a response to a consultation on sustainability-related standards, highlighting the regulator's priorities for the U.K.'s green transition, including an early indication that it may turn its attention to nature-based disclosures, say Ferdisha Snagg and Andreas Wildner at Cleary.

  • New Policies Will Aid UK Cos. Accessing US Capital Markets

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    The U.K. government's recent adoption of regulations permitting the use of U.S. generally accepted accounting principles, and announcement of measures to remove a 1.5% tax on certain share issues and transfers, should help ensure that England remains an attractive holding company jurisdiction for companies seeking a listing on U.S. stock exchanges, say lawyers at Davis Polk.

  • Key Takeaways From ICO Report On Workforce Monitoring

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    The Information Commissioner's Office recently published guidance on workplace monitoring, highlighting that employers must strike a balance between their business needs and workers' privacy rights to avoid falling afoul of U.K. data protection law requirements, say lawyers at MoFo.

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