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Financial Services UK
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January 17, 2025
Fieldfisher Hires Disputes Pro From DWF In Birmingham
Fieldfisher LLP has hired a new dispute resolution partner to its Birmingham office from DWF LLP, with the new arrival saying Friday that he is keen to work on high-value matters that are "unheard of" at other firms in central England.
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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.
Expert Analysis
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A Look At Environment Agency's New Economic Crime Unit
Sophie Wood at Kingsley Napley explains how the Environment Agency’s newly established Economic Crime Unit will pursue criminal money flows from environmental offenses, and discusses the unit’s civil powers, including the ability to administer account freezing and forfeiture orders, says Sophie Wood at Kingsley Napley.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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4 Legal Privilege Lessons From Dechert Disclosure Ruling
The Court of Appeal's recent decision in Al Sadeq v. Dechert LLP, finding that evidence may have been incorrectly withheld, provides welcome clarification of the scope of legal professional privilege, including the application of the iniquity exception, says Tim Knight at Travers Smith.
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BT Case May Shape UK Class Action Landscape
The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.
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Key Points From EC Economic Security Screening Initiatives
Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.
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Following The Road Map Toward Quantum Security
With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.
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Why EU Ruling On Beneficial Ownership May Affect The UK
Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.
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Key Changes In FRC Code Aim To Promote Good Governance
The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.
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Ruling In FCA Case Offers Tips On Flexible Work Requests
In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.
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Breaking Down The New UK Pension Funding Regs
Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.
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Predicting DeFi Regulations At Home And Abroad In 2024
Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.
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Consultation Docs Can Help EU Firms Prep For Crypto Regs
Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.
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A Closer Look At Novel Jury Instruction In Forex Rigging Case
After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.
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Investors' Call For Voting Changes Faces Practical Challenges
A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.
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Litigation Funding Implications Amid Post-PACCAR Disputes
An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.