United Kingdom

News & Analysis as of

HM Treasury Consults on Definition of Financial Advice

HM Treasury published a consultation paper on amending the definition of regulated advice under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to bring it in line with the definition of...more

UK Payment Systems Regulator Designates BACS Current Account Switching Service as an Alternative Arrangement

The UK Payment Systems Regulator published a decision designating the Current Account Switch Service operated by BACS Payment Schemes Limited as an alternative arrangement under the Payment Accounts Regulations 2015...more

Rail Passenger Rights Extended from 1 October 2016

Introduction - On 6 September 2016, the UK government announced that the Consumer Rights Act 2015 (the Act) will apply in full to all mainline passenger rail services from 1 October 2016. This represents a...more

To tattoo or not to tattoo, that is the question

A recent survey reported on by ACAS (Advisory, Conciliation and Arbitration Service) revealed that young people believe their chance of success in an interview could be affected by their tattoos. This is despite recent...more

Crackdown on excessive boardroom pay – as easy as publishing a simple ratio?

The theory: work out the average worker’s pay in a company, calculate the ratio between that average pay and the CEO’s pay, and then, if the ratio is large, name and shame the company and its overpaid boss....more

Blog: HM Treasury consults on a new definition of “financial advice”

Consumers ask for advice or guidance on financial matters at different times and for different reasons. Some want to make their own investment decisions, and guidance would help. Some need limited advice on a particular...more

The Future of U.K.-EU Trade: The Bilateral Trade Agreement Model

In the aftermath of Brexit, the United Kingdom is faced with the challenge of negotiating a relationship with the European Union that balances Single Market access with national control over the movement of goods and workers....more

UK Regulator Consults on Qualification Standards for Financial Advisers

The Financial Conduct Authority published a consultation paper on proposed updates to the current appropriate qualification examination standards. Individuals within regulated firms that, for example, advise on securities,...more

Legal Brexit: Energy - Oil & Gas

On 23 June 2016, the UK electorate voted in a referendum to leave the European Union (EU). This outcome is expected to have far-reaching consequences for UK industry, including the oil & gas sector. These include: short- to...more

Bank of England Deputy Governor for Markets and Banking to Leave the Bank

The Bank of England announced the departure of Minouche Shafik, Deputy Governor for Markets and Banking....more

Common pitfalls to avoid when preparing your PSC Register

As part of the government’s bid to increase transparency of company ownership and control, most companies and LLPs in the UK are now required to maintain a PSC (‘persons with significant control’) Register. Despite a raft of...more

UK Immigration: SMS Request Premium Service Announced for Future Implementation

The UK Home Office has announced plans to offer an optional premium service for requests made through the Sponsor Management System (SMS). This service will allow Sponsors to pay a fee of £200 for expedited processing of...more

UK Residential Property Tax Reforms Increase IHT Liabilities

The UK Government has published a consultation document and draft legislation relating to the reforms of UK residential property taxation that are due to take effect from 6 April 2017. The new rules mean that most UK...more

European Patent Litigation for Life Sciences Companies: a Silver Lining to the Brexit Cloud?

The introduction of the Unified Patent Court (UPC) is undoubtedly the most significant change to the European patent landscape since the European Patent Convention of 1973. It will have a profound effect on how life sciences...more

UK Supreme Court: Fraud Trumps the Finality of Settlements

In a recent decision that can have equal application in the United States, the UK Supreme Court ruled that fraud trumps the public policy arguments of finality and encouragement of settlements....more

Real Estate Gazette - Issue 25: Focus on distressed assets

A very warm welcome to Issue 25 of DLA Piper’s Real Estate Gazette. The global real estate market is currently operating against a backdrop of economic uncertainty. Brexit, immigration and presidential elections in the US...more

Update on EEA applications for UK Permanent Residence

Due to continuing uncertainty following the Brexit vote, EEA nationals who qualify are acting now to secure their right to stay in the UK. No doubt to help with the influx of applications received from EEA nationals, the Home...more

UK Regulator Bans Sole Trader Investment Business from the UK Financial Services Industry  

The FCA concluded that Ms. Parry’s actions amounted to a failure to act with integrity and were therefore in contravention of Statement of Principle 1 of the FCA’s Statements of Principle. Furthermore, the FCA concluded that...more

UK Visas & Immigration provide premium sponsor licence

From October 2016, for an additional fee of £200, sponsors will be able to subscribe to a new optional premium service. This will enable sponsors licensed under Tier 2 and Tier 5 to have Sponsor Management System (SMS)...more

Modern slavery statements – ready, steady, publish?

For each financial year ending on or after 31 March 2016, organisations with an annual turnover of at least £36 million are required, under the Modern Slavery Act 2015 (the Act), to publish a modern slavery statement. The Act...more

Lord Justice Briggs' Report: Change to the Appeal Process is Coming Soon

The Court of Appeal is suffering a "grave overload" of work to such a degree that it poses a threat to the quality of the civil justice system. This is one of the key concerns which Lord Justice Briggs has sought to address...more

No implied duty of good faith in termination clause

In Monde Petroleum SA v Westernzagros Ltd [2016] EWHC 1472 (Comm) the High Court ruled that there was no implied term in a commercial contract that a party would not terminate in bad faith. There was no indication that the...more

Key Takeaways: Use of Stichtings as an M&A Defence Measure; Contrasting English and Delaware Law

Skadden and Erskine Chambers recently hosted a series of comparative corporate law events in conjunction with the University of Pennsylvania Law School; Queen Mary University of London School of Law; New York University...more

Nuclear Liability in the UK: Implementation of the 2004 Protocols

On May 4, 2016, the Nuclear Installations (Liability for Damage) Order 2016 (the “2016 Order”) entered into force in the United Kingdom. The 2016 Order, which implements the 2004 Protocols1 to the Paris Convention and...more

Pensions Round-Up (UK) - August 2016

In this edition we look at key developments from the past month including the following. - The Pensions Regulator: the new code of practice, accompanying guidance and compliance and enforcement policy in relation to...more

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