UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe.
To read more issues of UK Financial Insights from Katten, please click here.
Brigitte Weaver Discusses the Rigorous Compliance Demands of the EU's CS3D With FinOps Report
Employment Litigation and Counseling Senior Associate Brigitte Weaver spoke with FinOps Report about the EU's new Corporate Sustainability Due Diligence Directive (CS3D), which mandates that financial firms and other businesses operating in the EU enforce human rights, biodiversity and environmental standards throughout their supply chains. Brigitte highlighted the differences between the UK's Modern Slavery Act and the CS3D, stating, "Unlike the CS3D, the UK's Modern Slavery Act does not require firms to actually perform due diligence on suppliers. Firms only have to report on what actions they have or have not taken." Read about Brigitte's comments.
UK Parliamentary Group Publishes 'Hard-Hitting' Report on the FCA
By Carolyn Jackson, Nathaniel Lalone, Neil Robson, Christopher Collins, Ciara McBrien, Sara Portillo
The UK's All-Party Parliamentary Group (APPG) on investment fraud and fairer financial services (a group of thirty Members of Parliament and a dozen members of the House of Lords) has published a press release and a "hard-hitting" report (Report) following its call for evidence (Call for Evidence) regarding current issues with the UK's financial regulator, the Financial Conduct Authority (FCA). The Report is based on the analysis of the written testimonies of 174 individuals and has resulted in the FCA being described widely as "incompetent at best, dishonest at worst." Read about the UK Parliamentary Group report.
Media Outlets Review APPG Report on the UK's FCA With Neil Robson
Financial Markets and Funds Partner Neil Robson spoke with Fund Operator and The Drawdown regarding a recent report by the APPG on investment fraud and fairer financial services that has harshly criticized the UK's FCA, labeling it as "incompetent at best, dishonest at worst." The investigation, which took nearly three years and involved evidence from 175 fraud victims, whistleblowers, and former FCA staff, highlighted significant shortcomings in the regulator's performance. Read about Neil's comments.
A Post-Budget Review of the UK Tax Landscape for Non-Doms and Family Offices
By Daniel Lewin, Charlotte Sallabank, Matthew Sperry, Christy Wilson
During Katten's recent tax planning seminar, a panel of leading experts analysed the impact of the Autumn Budget 2024 (Budget) on the United Kingdom's non-dom tax regime — specifically related to family offices and foreign individuals living in the United Kingdom. The speakers were keen to highlight that careful planning can still allow individuals in the United Kingdom to maintain a robust tax position and consider measures that may be taken both before and after 6 April 2025. Read Katten's advisory.