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Financial Services UK
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April 30, 2024
Ex-Autonomy VP Says CEO Lynch Told Him To Lie To Investors
A former Autonomy business development executive testified Tuesday that CEO Mike Lynch directed him to lie to a hedge fund investor about prepaid royalty deals that boosted the company's upfront revenue numbers, saying at Lynch's criminal fraud trial that it was hard to say no to the "big boss."
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April 30, 2024
German Banker Gets 3 Years For €93M Cum-Ex Tax Evasion
A German court on Tuesday sentenced a former bank board member to three years and two months in prison for his part in a €93.4 million ($100 million) so-called cum-ex dividend tax fraud.
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May 07, 2024
Kingsley Napley Hires M&A Pro From Deloitte
Kingsley Napley LLP has hired a partner from Deloitte LLP as it seeks to expand its corporate practice and its focus on mergers and acquisitions despite the slowdown in the U.K. deals market.
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April 30, 2024
Garrigues-Led BBVA Eyes Deal For Rival Spanish Bank
Spanish banking giant BBVA confirmed Tuesday it is eyeing a merger with Banco de Sabadell SA for an undisclosed amount.
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April 30, 2024
EU Banking Watchdog Warns Of New Payment Scams
The European Union's banking watchdog has warned of the emergence of new forms of payment scams facing consumers and proposed new measures to "future proof" the bloc's anti-fraud rules in an opinion published Tuesday.
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April 30, 2024
Insurers Warn Of 'Irreparable Damage' From FCA's New Rules
An association of insurers in the U.K. warned the country's financial regulator Tuesday that its new proposal to name the firms it probes and publish information about investigations at an earlier stage will cause more harm than good.
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April 30, 2024
Payment Co. Hits Back Over Failed Domain Name Deal
Several payments companies and their bosses have hit back at claims by a Nuvei Group subsidiary, denying that they broke a promise to use the company's payments technology as part of a deal to use a website domain.
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April 30, 2024
Vanquis Bank Seeks £4.5M For Law Firm's Complaints Deluge
Vanquis Bank Ltd. is seeking an estimated £4.5 million ($5.6 million) from a law firm it says has sent it thousands of meritless complaints, accusing it of irresponsible lending in a "reckless and indiscriminate" approach to earn commission if a claim happens to succeed.
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April 30, 2024
Banks Urged To Improve Global Risk Management
The global standards setter for banking published on Tuesday a consultation on new guidelines to update rules on how regulators manage counterparty credit risk.
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April 30, 2024
HSBC To Return Another $3B To Shareholders After Strong Q1
British banking giant HSBC said Tuesday that it plans to initiate a buyback program of up to $3 billion to reward its shareholders after having a profitable first quarter, following the $2 billion buyback it completed earlier in the year.
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April 30, 2024
Insured Disaster Losses Already At $17B In 2024, Broker Says
Losses from natural disasters covered by insurance reached $17 billion in the first three months of 2024, reinsurance broker Aon has reported, with devastating storms in the U.S. and Europe driving up the costs for the sector.
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April 29, 2024
'I Don't Want To Try That Case,' Judge Tells Mike Lynch's Atty
The California federal judge overseeing Autonomy founder Michael Lynch's fraud trial over claims he duped HP into paying an inflated $11.7 billion for his company pushed back Monday against an attempt by Lynch's lawyer to introduce evidence of events that took place after the acquisition, saying, "I don't want to try that case."
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April 29, 2024
UK Car Insurance Cost Up 33% Over Year, ABI Says
The average cost of car insurance was around 33% higher in the first three months of 2024 than the same period a year ago, figures published by the Association of British Insurers on Monday show.
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April 29, 2024
Fugitive Money Launderer Forfeits Auerbach Painting, Gold
A painting estimated to be worth £1.6 million ($2 million) and gold bars have been taken from a convicted money launderer after the National Crime Agency succeeded in a bid to have them forfeited at a London court Monday.
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April 29, 2024
Trade Bodies Want Gov't Action Over 'Damaging' FCA Rules
A group of 16 financial services trade bodies has called on HM Treasury to intervene over recent Financial Conduct Authority proposals to name companies under investigation, saying the plans could have "damaging consequences" for the U.K.
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April 30, 2024
CORRECTED: Marketing Boss Said LC&F Was A Legitimate Biz, Not A 'Rinse'
The head of a marketing company who referred to London Capital & Finance as a "not a rinse" insisted he was not aware of an alleged Ponzi scheme as he gave evidence on Monday at the trial over the £237 million ($296 million) investment scandal. Correction: An earlier version of the story misstated the content of Careless' 2015 email exchange. The error has been corrected.
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April 29, 2024
FCA To Get Extra Data To Police Consumer Credit Lending
The City watchdog set out on Monday final rules that will require consumer credit lenders to give it more detailed data, enabling it to act against problem companies.
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April 29, 2024
Hipgnosis Backs Blackstone's New $1.6B Offer In Bidding War
Blackstone said on Monday that the directors of music rights company Hipgnosis Songs will back a new $1.6 billion offer by the private equity giant after they said they would withdraw their backing for an earlier $1.5 billion bid from a U.S. competitor, Concord Chorus.
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April 29, 2024
Simmons-Led REIT Buys Carrefour Stores For €75M
Supermarket Income REIT PLC said on Monday that it has bought a portfolio of Carrefour supermarkets for €75.3 million ($80.6 million) in a sale and leaseback transaction, as the property investor eyes entry into the French real estate market.
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April 26, 2024
ECJ OKs Later Limits For Borrowers Stuck With Unfair Contracts
Consumers should not be time-barred from seeking repayment of costs stemming from unfair contract terms because they were unaware of the unfairness, but the clock should start ticking in the event of a court decision to that effect, the European Court of Justice ruled Thursday.
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April 26, 2024
Freshfields Guides PE Giant CVC Capital's Upsized $2.1B IPO
European private equity giant CVC Capital Partners PLC rose in debut trading Friday after the firm priced an upsized €2 billion ($2.1 billion) initial public offering, marking the latest high-profile listing in Europe, represented by Freshfields Bruckhaus Deringer LLP.
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April 26, 2024
UK Gov't Rejects Lawmakers' Criticism Of Edinburgh Reforms
The U.K. government has rejected criticisms from the Treasury Committee that the post-Brexit financial services reform program is moving too slowly, claiming the changes are on track in a letter published Friday.
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April 26, 2024
FCA Defends Naming Firms Under Investigation
The Financial Conduct Authority on Friday defended its proposed naming of companies under investigation in a letter to a House of Lords committee.
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April 26, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen budget airline Ryanair file a claim against NATS PLC after the air traffic controller's system collapsed, Mastercard and Visa Europe face group claims from Christian Dior and dozens of other beauty retailers, an intellectual property clash between the publisher of The Sun and ITV, and ISC Europe sue a former director for alleged money laundering. Here, Law360 looks at these and other new claims in the U.K.
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April 26, 2024
HSBC Recruiter Can't Bring Claim Over 'Eye-Rolling' Boss
A former HSBC recruiter with an obsessive-compulsive disorder can't sue the bank for disability bias over his manager's eye-rolling after a tribunal ruled the claim was brought too late.
Expert Analysis
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Examining PayPal's Venture Into The Stablecoin Market
PayPal’s recent release of a stablecoin pegged to the U.S. dollar may represent a groundbreaking innovation or could fail as others have before it, and policymakers in the U.K. and the EU will be watching the impact of this new crypto token with a keen eye, say Ben Lee and Dion Seymour at Andersen.
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High Court Dechert Ruling Offers Litigation Privilege Lessons
While the recent High Court ruling in Al Sadeq v. Dechert LLP, which concerned torture conspiracy allegations against the firm, held that litigation privilege can be claimed by a nonparty to proceedings, the exact boundaries of privilege aren't always clear-cut and may necessitate analyzing the underlying principles, says Scott Speirs at Norton Rose.
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FCA Consumer Duty May Pose Enforcement Challenges
The new U.K. Financial Conduct Authority consumer duty sets higher standards of customer protection and transparency for financial services firms, but given the myriad products available across the sector, policing the regulations is going to be a challenging task, says Alessio Ianiello at Keller Postman.
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UK Insolvency Reform Review Shows Measures Are Working
The U.K. Insolvency Service's recently published review of legislative reforms to the corporate insolvency regime demonstrates that despite being underutilized, the measures have been shown to help viable companies survive, and with the current difficult economic environment, will likely be an important aspect of organizational restructuring going forward, says Kirsten Fulton-Fleming at Taylor Wessing.
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More UK Collective Actions On The Horizon After Forex Ruling
A U.K. appeals court's recent decision in Forex case Evans v. Barclays is likely to significantly widen the scope of opt-out collective proceedings that can be brought, paving the way for more class actions by prospective claimants who have previously been unable to bring individual claims, say Robin Henry and Tamara Davis at Collyer Bristow.
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FCA Listing Reform Proposals Aim To Modernize UK Markets
The U.K. Financial Conduct Authority's recent proposals to reform listing rules will enhance equities while retaining protections and high governance standards, and will also make the capital markets work more efficiently and competitively with other global markets, say lawyers at Greenberg Traurig.
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Takeaways From ICO's Action In NatWest Privacy Dispute
The U.K. Information Commissioner’s Office's latest intervention in the Nigel Farage NatWest Bank dispute highlights the importance of the legal responsibilities of all data processors in possession of sensitive information, and is a reminder that upholding bank customers' privacy rights is paramount, says James Kelliher at Keller Postman.
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How The OECD Global Tax Proposal Could Affect M&A
Following agreement on the Organization for Economic Cooperation and Development’s Pillar Two proposal to introduce a global minimum tax, domestic implementation is expected to have a significant impact on international M&A transactions, with financial modeling, deal structuring, risk allocation and joint venture arrangements likely to be affected, say lawyers at Freshfields.
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How Russia Sanctions May Complicate Contract Obligations
Against the backdrop of recent comprehensive sanctions against Russia and Belarus, a review of recent U.K. case law clarifies that certain force majeure clauses likely cover trade sanctions, and that future litigation will further develop the scope of force majeure and frustration in the context of sanctions, says Frances Jenkins at Quillon Law.
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New Guidance Offers Clarity For Charities On ESG Investing
The need for charities to understand investing in line with environmental, social and governance aspirations has never been more pressing, and recently updated U.K. Charity Commission guidance should give trustees confidence to make decisions that are right for their organization, says Robert Nieri at Shoosmiths.
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US And EU Poised For Closer Ties In Tech Financial Market
The Consumer Financial Protection Bureau and the European Commission are both concerned about the challenges posed by the increasing digitalization of financial products, such as the use of AI and new forms of credit, and by working together, the two regulators can share information and best practices, says Yulia Makarova at Cooley.
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FCA Case Failures Highlight Value Of Robust Investigation
The recent U.K. upper tribunal judgment in Seiler, Whitestone and Raitzin v. The Financial Conduct Authority, criticizing the regulator for accepting a narrative advanced by the firm, makes clear that such admissions must not get in the way of a proper investigation to enable agencies to target the correct individuals, say Tom Bushnell and Olivia Dwan at Hickman & Rose.
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UK Shares-Tax Proposals Offer Long-Awaited Modernization
The U.K. government's recent consultation on the introduction of a new tax on transactions in securities raises detailed legal and practical issues, but the prospect of a single digital stamp tax offering both streamlined legislation and administration will be welcomed, say Zoë Arnautov and Mark Sheiham at Simmons & Simmons.
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Directors Should Beware Reinvigorated UK Insolvency Service
The recent lengthy disqualification of Carillion directors serves as a salutary lesson to executives on the level of third-party scrutiny to which their actions may be exposed, and a reminder that the directors’ fiduciary duty to creditors is paramount once a company is irretrievably insolvent, says Ben Drew at Fladgate.
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The New Accountability Landscape For Financial Regulators
The preliminary-stage success of a group of U.K. lawmakers in a case against the Financial Conduct Authority highlights the significant hurdles for review of regulatory actions, but the Financial Services and Markets Act 2023 creates additional visibility into the regulators' decision making, which may lead to an increase in judicial review activity, say attorneys at Cleary.