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Senior Managers Regime Revamp Risks Letting In Bad Apples

The City watchdog's planned overhaul of its senior managers regime risks allowing people with records of misconduct to slip into financial firms because of the relaxation of rules on references and criminal checks, according to lawyers.

Staley Tribunal Decision Could Fuel Challenges To FCA Fines

A landmark tribunal ruling that upheld the Financial Conduct Authority's ban of ex-Barclays CEO James "Jes" Staley from banking — but slashed his fine — could ultimately lead other executives with back-loaded pay packages to fight the watchdog's decisions, lawyers say.

Sign on the building outside the main criminal court in London.

Lawyers Warn Jury-Free Trials Won't Solve Court Backlog

Proposals to create a new division of court without juries will not solve the backlog of cases facing the criminal justice system without long-term investment to undo systemic underfunding, lawyers warned Wednesday.

Wider FCA Misconduct Rule Risks Over-Reporting Of Staff

The rule change proposed by the Financial Conduct Authority on non-financial misconduct for 37,000 companies outside the banking sector will generate pressure on businesses to protectively report employees to the regulator rather than risk later accusations of noncompliance.

July 16, 2025
Le Pen Heirs Lose Challenge To €300K Expenses Recovery

A European Union court on Wednesday rejected an appeal by the daughters of dead French politician Jean-Marie Le Pen, including Marine Le Pen, against an order to pay back €303,000 ($353,000) of misused expenses.
July 16, 2025
Ex-NCA Officer Jailed For Theft Of Bitcoin In Dark Web Case

An ex-National Crime Agency investigator was sentenced to five years and six months in prison in an English criminal court Wednesday for stealing 50 bitcoin in May 2017 during an investigation into dark web drug dealing, the agency said.
July 16, 2025
ENRC Bids To Overturn $128M Cut From SFO Claim

ENRC fought at a London appellate court on Wednesday to overturn a decision blocking it from adding approximately $128 million in damages the mining company alleges it suffered from a Serious Fraud Office investigation, arguing that it had applied the incorrect legal principles.
July 16, 2025
Watchdog Warns Of Continued Quality Gap Among Auditors

Britain's accounting watchdog has said that audit quality continues to improve in the U.K., although it raised concerns about the widening quality gap between the biggest companies and their rivals.
July 16, 2025
Insolvency Service Expands Role To Tackle Economic Crime

The Insovency Service on Wednesday announced an expansion of its enforcement remit in order to play a more prominent role in the fight against corporate crime.
July 16, 2025
Dubai Bank Wins Document Fraud Claim in £80M Debt Fight

A judgment that blocked a Dubai bank from recovering £80 million ($107 million) from three members of an Emirati business family was fraudulently obtained with bogus documents, a London court has ruled.
July 16, 2025
Freight Co. Loses Interim Bid To Lift HMRC Export Controls

A warehouse operator and drinks merchant have lost a bid for interim relief against U.K. tax authority export controls imposed over tax fraud concerns, with a London court ruling they had an "uphill task" to prove the measures were unreasonable.
July 16, 2025
Barclays Fined £42M For Failures In Financial Crime Controls

The Financial Conduct Authority said Wednesday that it has hit Barclays Bank PLC with fines totaling £42 million ($56 million) for two separate failings in its management of financial crime risk, which could have exposed the bank to criminals laundering money.
July 15, 2025
'Orange King' And Son Say Cartel Claims Are Stale

The estate and son of Brazil's late "Orange King" argued in a London trial Tuesday that claims by more than 1,400 Brazilian orange farmers over a price-fixing cartel should be halted because they were brought out of time.
July 15, 2025
Fraud Victim Can't Pursue Wealth Manager's Kids

An ophthalmologist cannot pursue the children of a dead wealth manager for assisting in the dissipation of frozen funds, after a judge ruled Tuesday that there is no evidence that they were aware of their father's $14 million fraud.
July 15, 2025
Lawyer And Accountant Face 2027 Money Laundering Trial

A solicitor who is a former political candidate and an accountant charged by the National Crime Agency with money laundering are set to face trial in 2027.
July 15, 2025
Court Refuses To Rule Bali Villa Sale Breached Asset Freeze

A London court said Tuesday that it will not decide whether the wife of a former Russian bank executive had committed contempt of court by selling her villa in Bali 10 days before an asset freeze against her was lifted.
July 15, 2025
UK To Ease Senior Manager Rules Amid Regulatory Overhaul

The government unveiled a raft of reforms to financial services regulation on Tuesday as it seeks to encourage investment in the economy, a package that includes streamlined rules for senior managers and easier capital requirements for lenders.
July 15, 2025
Property Deals Remain Top Money Laundering Risk, SRA Says

Property conveyancing is still the biggest money laundering risk in the legal sector, the Solicitors Regulation Authority said Tuesday.
July 14, 2025
UAE Prisoner Voluntarily Drops Suit Against Ex-Dechert GC

A Jordanian lawyer imprisoned in the United Arab Emirates has permanently dropped a Philadelphia civil suit seeking discovery against Dechert LLP's former general counsel in the U.S. over what the law firm's leadership knew of alleged human rights abuses committed by a former partner.
July 14, 2025
Insurance Co. Accuses Ex-CEO Of Siphoning £19M At Trial

An insurance company accused its former chief executive and a director at the start of a London trial on Monday of misappropriating millions of pounds by siphoning money from the business for his own financial benefit.
July 14, 2025
Solicitor Sues Law Firm £423K For Misusing Estate Proceeds

The solicitor for a deceased individual's estate has sued a law firm for £423,000 ($568,000), accusing it of using money from the sale of a house from the estate to carry out sham property purchases.
July 14, 2025
SFO Still Yet To Use Power To Freeze Crypto Wallets

The Serious Fraud Office has not pursued any crypto wallet freezing or forfeiture orders since their introduction over a year ago, according to an information request disclosed Monday, a month after the government pledged more in funds for the agency to invest in its investigatory capabilities.
July 14, 2025
Lender Denies Helping Pharma Boss Secure Secret £6M Loan

A business lender has denied working with the now-former chief executive officer of an online pharmacy to take out about £6.1 million ($8.2 million) in unauthorized loans under the company's name without the knowledge of investors or board members.
July 14, 2025
Deezer Sues For €12M Over Hacked Data Sold On Dark Web

Deezer has hit a marketing software business with a claim of almost €12 million ($14 million) at a London court, alleging that the technology company negligently handled users' data that was eventually hacked and sold on the dark web.
July 11, 2025
Wine Exec Extradited From UK Denies $99M Fraud Scheme

One of two executives of a United Kingdom wine company was extradited to the U.S. and pled not guilty on Friday in Brooklyn federal court to charges that he conned investors into making loans using wine collections as collateral, cheating them out of $99 million.
July 11, 2025
Celebs Cannot Use Pattern To Prove Mail Claims, Judge Says

A London judge ruled Friday that celebrities suing the publisher of the U.K.'s Daily Mail newspaper for allegedly gathering information about them through unlawful methods cannot prove their individual claims by showing the company's journalists used those methods habitually.
July 11, 2025
Entrepreneur Sues Rights Advocate Over $1B Corruption Claim

The owner of a green economy investment company has alleged that a human rights advocate defamed the owner in an article that claimed he used his companies to embezzle more than $1 billion into offshore accounts and had bribed high-profile U.S. officials.
July 11, 2025
Deceased Financiers' Assets Tapped To Cover Thai Bank Debt

The liquidators of a collapsed Thai lender can be paid from the English assets of two deceased financiers convicted over an embezzlement scheme, after a judge held Friday the funds can go to partially cover a judgment debt totaling £60 million ($81 million).
July 11, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen HS2 hit with a defamation claim by two ex-employees who blew the whistle on alleged under-reporting of costs, Craig Wright and nChain face legal action brought by its former chief financial officer over a fraud scheme, and pro-footballer Axel Tuanzebe bring a clinical negligence claim against his former club Manchester United F.C. Here, Law360 looks at these and other new claims in the U.K.

Editor's Picks

6 Bombshell Moments From Staley's Bid To Clear His Name

Jes Staley has suffered a bruising week as he testified about his relationship with Jeffrey Epstein, culminating in an admission by the former banker that he had sex with a member of the disgraced financier's staff.
5 Questions For Spencer West Partner Karl Foster

The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies early on during regulatory probes.
UK Russia Sanctions Face Landmark Test At Supreme Court

The U.K.'s sanctions regime faces a major test on Wednesday as billionaire Eugene Shvidler seeks to have his financial restrictions cast off — the first case to challenge Russian sanctions that has reached the country's highest court.

Expert Analysis

What To Expect As UK, US Gov'ts Develop Stablecoin Policies

While the U.K. and U.S. governments’ policies both suggest that fiat-backed stablecoins can improve efficiency and safety in payments systems, a perception that crypto-assets remain high risk means consumers are unlikely to use them in significant volume anytime soon, say lawyers at Cadwalader.
Decoding Arbitral Disputes: UK Injunctions Across Borders

A recent High Court of Justice decision allowing JPMorgan Chase Bank to block VTB Bank from bringing suit in a Russian court provides a seminal reflection on the power of English courts to issue antisuit injunctions when global banking disputes increasingly straddle multiple jurisdictions, says Josep Galvez of 4-5 Gray's Inn.
7 Reforms To Note Under New UK Data Protection Law

Although the recently enacted Data Use Act’s changes to U.K. law are subtle, its reforms go beyond data protection, including changes that redefine the scope of scientific research and an update that clarifies what constitutes automated decision-making, says James Castro-Edwards at Arnold & Porter.
How Regulators Want Online Platforms To Fight Finance Fraud

Recent statements from the International Organization of Securities Commissions and the European Securities and Markets Authority make clear that online platform providers are expected to adopt proactive measures to prevent the promotion of unauthorized financial services and related misconduct, say lawyers at Taylor Wessing.
FCA Notes Industry Criticism But Keeps Transparency Focus

The Financial Conduct Authority’s recently updated enforcement guide finally gives up the "naming and shaming" public interest test, demonstrating that the regulator has recognized the industry's serious concerns while maintaining less contentious aspects of its proposals to improve transparency in investigations, say lawyers at Irwin Mitchell.
Anticipating A Shift In CMA Merger Control Enforcement

As the Competition and Markets Authority outlines plans to put the U.K. government's growth objectives into action, the changes may well pave the way for a more permissive outlook for review of mergers and acquisitions in the U.K., say lawyers at A&O Shearman.
Court Backing Of FCA Pensions Ruling Sends Key Message

The Upper Tribunal’s recent upholding of the Financial Conduct Authority's decisions against CFP Management directors serves as a judicial endorsement of the regulator’s approach to defined benefit transfers, underscoring that where the advisory model is fundamentally flawed, the consequences for those in control can be severe, say lawyers at RPC.
What To Note As UK Adopts OECD Crypto Disclosure Rules

With the U.K.’s recent announcement that it will adopt the Organization for Economic Cooperation and Development's crypto-asset reporting framework, users and providers will benefit from understanding the context surrounding the decision and the framework's intended goal of clamping down on tax evasion, say lawyers at Brown Rudnick.
Why UK Sanctions Review Recommendations Lack Substance

The recent U.K. cross-government sanctions enforcement review makes welcome but unambitious recommendations, and without increasing funding for sanctions agencies or developing a whistleblower incentivization scheme, it is unlikely to result in tangible support for the sectors that most need it, say lawyers at WilmerHale.
How UK Law Firms Can Counter Money Laundering Threat

With figures released in May showing that money laundering was the biggest source of fraud in the U.K. last year, law firms should focus on internal identification and prevention strategies, considering the scale and nature of potential risk exposure depends on several business factors, says Niall Hearty at Rahman Ravelli.
Key Takeaways As EU And UK Impose New Russia Sanctions

The European Union and U.K.’s new sanctions on Russia, designating increasing numbers of non-Russian companies in the defense and shipping sectors, mean that organizations must examine from the outset whether a transaction has any nexus with the EU or the U.K., say lawyers at Sullivan & Cromwell.
8 Ways Law Firms Can Prepare For SRA's AML Offensive

The Solicitors Regulation Authority’s recent plans to intensify anti-money laundering enforcement means firms need to concentrate on strengthening client matter risk assessments, policies and procedures, source of funds checks and firmwide risk assessments, says Harriet Holmes at Thirdfort.
How Unfair Practice Rules Boost Consumer Protections

With the consumer protection aspects of the Digital Markets, Competition and Consumers Act now in force, companies must not only ensure their business is not engaged in prohibited practices, but also consider how consumers make decisions to acquire goods and services, say lawyers at Linklaters.
Fraud Office Guidance Highlights Value Of Self-Reporting

New guidance from the U.K.'s Serious Fraud Office on corporate self-reporting, cooperation and deferred prosecution agreements provides a useful framework for companies navigating criminal investigations and their potential resolutions — and underscores that corporations that self-report are in a better position to obtain DPAs than those that do not, say lawyers at Skadden.
Answering Key Questions About 2 EU Cybersecurity Laws

As companies work to implement two nascent European Union cybersecurity measures, the Digital Operational Resilience Act and the second Network and Information Security Directive, lawyers at MoFo address nine conceptual questions emerging around their interpretation and compliance obligations.