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FCA's 'Disgraceful' Response To Ruling Knocks Credibility

The Financial Conduct Authority's "disgraceful" response to a recent legal setback in a key enforcement case risks diminishing its reputation — adding to the pain of a critical costs judgment that lawyers say could prompt the watchdog to rethink how it approaches cases.
December 06, 2023
Audit Watchdog Discloses Upcoming Supervisory Focal Areas

Britain's accounting watchdog on Wednesday said climate risk and some specific industries will be among its regulatory priorities in the financial year beginning April, with a focus on compliance with corporate reporting and audit quality inspections.
December 06, 2023
Greenberg Traurig Hires Finance Pro From Weil

Greenberg Traurig LLP has bolstered its London banking and finance practice by hiring a lawyer from Weil Gotshal & Manges LLP.
December 06, 2023
Russia Acting To Avoid Sanctions, UK Finance Firms Warned

The National Crime Agency issued an alert to British financial firms on Wednesday that Russia is going through intermediary countries to gain access to goods and services despite sanctions imposed by the U.K. after its 2022 invasion of Ukraine.
December 06, 2023
A&O Says Nationwide's Negligence Led To £75M Tax Bill

Allen & Overy LLP has denied owing Nationwide Building Society £75 million ($94 million) in tax liability for failing to submit applications to list notes on the London Stock Exchange, saying that the loss was a result of the lender's own negligence.
December 06, 2023
Financial Ombudsman Weighs Fees For Claims Co. Cases

The Financial Ombudsman Service said on Wednesday that it is considering charging fees for cases brought by claims companies and law firms on behalf of consumers in the next financial year.
December 06, 2023
FCA Proposes Toughening Money Market Funds Regime

The Financial Conduct Authority on Wednesday proposed post-Brexit rules to make money market funds more resilient to avoid central bank interventions, as during the dash-for-cash in the early pandemic.
December 06, 2023
MPs Target Gov't For Underpaid Pensions, Overpaid Benefits

The U.K. government needs to show that state pension payments are accurate after errors left thousands of people short of an average of £5,000 ($6,300), a parliamentary committee said in a report released Wednesday.
December 06, 2023
Swiss Trader Trafigura Hit With Angolan Bribery Charges

Switzerland's federal prosecutor said Wednesday that it has charged commodities trading house Trafigura Beheer BV and three individuals over allegedly bribing a former Angolan official to the tune of about €5 million ($5.3 million) for favorable shipping deals.
December 06, 2023
UAE Extradites British Trader To Denmark In Tax Fraud Case

Sanjay Shah has been extradited from the United Arab Emirates to Denmark, where the British hedge fund trader is wanted by Danish authorities for allegedly masterminding a £1.44 billion ($1.8 billion) tax fraud scheme, his lawyers said Wednesday.
December 06, 2023
Browne Jacobson Hires M&A Lawyer From Pinsent Masons

Browne Jacobson LLP has appointed James Skivington, a senior associate at Pinsent Masons LLP, as a partner in the firm's corporate team in northern England, where he starts at a challenging time in the deals market.
December 05, 2023
Judge Drops EY's German Unit From Wirecard Investor Suit

A Pennsylvania federal judge dropped the German unit of Ernst & Young for a second time from a proposed class action accusing it and failed online payments company Wirecard AG of misleading investors about Wirecard's financial viability, ruling that the investors have not established the court has jurisdiction over the German entity.
December 05, 2023
Bonus Payout Risk Looms In Holiday Pay Reforms

Lawyers are warning that organizations may have to top up employees' holiday pay with roughly 12% of what they earn in bonuses, as reforms due to take effect on Jan. 1 appear to make employers liable for billions of pounds in extra payments.
December 05, 2023
Ex-Linklaters Atty Can Take Part In $25M Saudi Fund Claim

A London court ruled on Tuesday that a former Linklaters LLP partner can take part in a trial over an alleged failure to return a $25 million fund to a Saudi princess — despite an order that bars him from defending the claim.
December 05, 2023
ECJ Tosses Finding That Luxembourg Gave Engie Illegal Aid

The European Union's highest court annulled on Tuesday a 2018 decision by the European Commission finding that Luxembourg gave illegal state aid to French energy company Engie via tax rulings.
December 05, 2023
Council Can't Represent Shareholders In Suboxone Claim

A London court ruled Tuesday that a local council cannot act as a representative for hundreds of shareholders accusing Reckitt Benckiser Group PLC and Indivior PLC of misleading the market about the safety of its opioid addiction treatment.
December 05, 2023
Fintech Biz To Buy Software Provider For £3.5M

Financial technology business Fintel PLC said on Tuesday it has agreed to buy Synaptic Software for £3.5 million ($4.4 million) in a cash deal steered by Eversheds Sutherland and Cooley LLP.
December 05, 2023
Currency Merchants Chase Forex Trader Over Contract Breach

Two currency exchange merchants caught up in fraud proceedings in Nigeria have alleged that a London foreign exchange company owes them $1.16 million under a contract to buy 570 million Nigerian naira ($712,000).
December 05, 2023
Defined Benefit Pension Transfer Take-Up Rates 'Plummeting'

Just 3% of savers given a quote to transfer out their defined benefit pension took up the offer in the first three months of 2023, a retirement savings consultancy has said — the lowest rate since it began collecting figures in 2014.
December 05, 2023
FCA Proposes New Rules For Credit Data Market

The Financial Conduct Authority on Tuesday proposed new rules to improve the credit data market, which helps lenders understand consumers' ability to repay loans.
December 04, 2023
Swiss Bank To Pay $123M For Hiding Offshore Account Funds

A Swiss bank will pay $123 million to the U.S. Department of the Treasury as part of an agreement to settle criminal charges that it helped U.S. taxpayers hide $5.6 billion in more than 1,600 secret bank accounts, the U.S. Department of Justice announced Monday.
December 04, 2023
HSBC Must Face Whistleblowing Claim From Ex-Risk Manager

A risk manager at HSBC can pursue claims that he was fired for blowing the whistle on what he perceived to be the bank's "patchwork" and inadequate data management systems, a tribunal has ruled.
December 04, 2023
Catering Giant Compass Launches $250M Tranche Of Buyback

Catering giant Compass Group PLC said Monday that it has started a program to buy up to $250 million of its shares as part of its plan to buy $500 million of shares over its next financial year.
December 04, 2023
Businesses Deny Fraud In Fight Over Oligarch's $3.7B Assets

Five Panamanian companies have denied taking part in an international fraud to deprive the immediate family of a dead Russian billionaire of assets worth up to $3.7 billion.
December 04, 2023
Global Body Issues Third-Party Financial Risks Toolkit

A global standards setter unveiled on Monday a comprehensive toolkit designed to strengthen the ability of financial institutions to manage risks arising from providers of third-party services and to boost the resilience of the global financial system.
December 04, 2023
Pension, Insurance Funds' UK Shares Holdings Hit New Low

The proportion of U.K.-listed shares held by pension and insurance funds hit a historical low in 2022 at 1.6% and 2.6% respectively, the Office for National Statistics said Monday.

Editor's Picks

5 Questions for Osborne Clarke Partner Nick Price

The Payment Systems Regulator is due to start forcing payment firms to reimburse victims of scams who have been tricked by a fraudster into transferring them money. Here, Law360 talks to Osborne Clarke partner Nick Price about how this new regime could mean uncertainty about compliance.
Ex-Barclays Litigation Head Joins M&A Startup As 1st CLO

The former leader of Barclays PLC's litigation team and longtime in-house lawyer there has taken on the role of chief legal officer for Tidal Partners, the new mergers and acquisitions advisory boutique has announced.
Sberbank Unit 'Failing' As Deposits Pulled, ECB Warns

The European subsidiary of one of Russia's biggest banks is "failing or likely to fail" as customers pull deposits after the Russian invasion of Ukraine, according to a notice issued by the European Central Bank on Monday.

Expert Analysis

PPI Ruling Spells Trouble For Financial Services Firms

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

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

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

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

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?

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

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

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

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

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

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.
Economic Crime Act Brings Changes For Limited Partnerships

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

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

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

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.