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Financial Services UK

Illustration showing cyberattack on a computer network through a laptop, with a person typing.

New Fraud Unit Faces Hurdles To Take On Overseas Scams

A new anti-fraud unit built to disrupt the growing threat to national security posed by online scammers fills gaps left in the enforcement landscape, lawyers say — although there are hurdles for prosecution of suspects, particularly when many scams originate thousands of miles away.

FCA Tests Global Reach In HTX Crypto-Exchange Litigation

The landmark legal case brought by the Financial Conduct Authority against HTX, which the regulator says has promoted crypto-asset services to U.K. consumers without authorization, will be a litmus test, establishing whether it has the teeth for enforcement against overseas crypto-exchanges, lawyers say.

FCA May Be Forced To Set Lower Fines After Appeal Setbacks

The Financial Conduct Authority might be forced to rethink how it justifies the size of its fines after being forced to cut penalties after referral to the Upper Tribunal, raising questions about its ability to make enforcement decisions stick, legal experts caution.

Close-up of folded flags of Russia and the United Kingdom side by side.

OFSI Overhauls Its Powers, But Lawyers Doubt Impact

Moves to double the fining powers of Britain's sanctions watchdog would have little impact on enforcement, lawyers fear, although they say that a proposed program for agreeing settlements with companies could be just enough to speed up the regulator's cases.

March 13, 2026
FCA Bans Former Forex Exec Over AML Breaches, Forgery

The Financial Conduct Authority said Friday it has banned a former foreign exchange trading company owner from working in financial services for his lack of honesty, introducing an anti-money laundering-related system against compliance advice and forging documents.
March 13, 2026
Industry Backs Gov't Plan To Limit Pension Investment Power

The British government's move to limit a controversial measure designed to mandate pension funds to make certain investments is a "positive step," pensions trade groups have said.
March 13, 2026
FCA Sees Banks, Insurers Liaising Poorly With Consumers

The Financial Conduct Authority said Friday in a review that some banks, insurers and others used overlong documents to inform customers, pointing out Consumer Duty expectations.
March 13, 2026
Norwegian PE Firm To Buy Payroll Services Biz For $226M

Zalaris ASA said Friday that it has agreed to be acquired by a fund of Norvestor Equity AS in a deal that values the Norwegian human resources and payroll services company at approximately 2.2 billion Norwegian kroner ($226 million).
March 13, 2026
M&A Surges 14% In European Insurance Sector In 2025

Mergers and acquisitions in the European insurance sector reached a record high in 2025, driven by private equity-backed consolidators and rising interest in specialty insurers, according to FTI Consulting Inc.
March 13, 2026
Guernsey Co. Tetragon To Return $50M To Shareholders

Guernsey-based investment company Tetragon began a program Friday to purchase shares up to $50 million from investors.
March 12, 2026
EU Court Told To Send Back JPMorgan, Credit Agricole Fines

A European Court of Justice advocate general urged the European Union's highest court Thursday to return appeals from Credit Agricole Group and JPMorgan Chase & Co. challenging antitrust fines imposed for manipulating a benchmark interest rate back to a lower court, concluding that court failed to consider enforcer tweaks to the penalties.
March 12, 2026
Visa, MasterCard Seek To Appeal Default Fee Ruling

Mastercard and Visa bid at a London appellate court Thursday for a chance to overturn a judgment that found default fees they charged on transactions breached competition law, saying the decision made legal errors.
March 12, 2026
UK Personal Pension Transfer System 'Not Fit For Purpose'

Policymakers should slash the statutory deadline for pension transfers from six months to 30 working days, a group of digital retirement savings platforms said Thursday, as they proposed several changes to a system they described as "not fit for purpose."
March 12, 2026
EU Watchdog Reveals Plans To Boost Investing, Supervision

The European Union's financial markets watchdog set out plans on Thursday to simplify retail investing, having found that consumers mistrust markets because of conflicts of interest, high fees and insufficient enforcement against scams.
March 12, 2026
FCA Eyes Risky Mortgage Lending Amid High Consumer Debt

The City watchdog said Thursday that it has found weaknesses in the practices of some lenders and brokers in the second-charge mortgage market which could put borrowers with high debt at increased risk of financial harm.
March 12, 2026
Ex-Deutsche Bankers Suing For £600M Over Italian Probe

Four former senior Deutsche Bank traders are suing the lender for upward of £600 million ($803 million) in London after they were convicted, but subsequently acquitted, of aiding false accounting and market manipulation in one of Italy's biggest financial scandals.
March 12, 2026
Barnett Waddingham, Insurer PIC Expand Partnership

Consulting and administration firm Barnett Waddingham said Thursday it has extended its partnership with specialist coverage firm Pension Insurance Corp. by taking on full administration services for two defined benefit pension schemes progressing toward full buyout.
March 12, 2026
Insurers Back Bid To Boost Outcomes For Pension Savers

The Association of British Insurers has given its backing to proposals by Britain's finance watchdog to focus on ensuring long-term value and better outcomes for pension savers in 2026.
March 12, 2026
Majority Of Investors In Idox Commit To £340M Deal

U.S. investment firm Long Path Partners said Thursday that it has gained majority backing from shareholders in Idox PLC for its £339.5 million ($455 million) buyout of the U.K. government software provider.
March 11, 2026
Treasury Committee Investigates Fairness Of Student Loans

An influential group of lawmakers said Thursday that it is launching an inquiry into the fairness of student loans and will consider whether they should fall under the protection provisions of the Financial Conduct Authority's Consumer Duty regime.
March 11, 2026
Skadden, Wachtell Lipton Advise As Janus Rejects Victory Bid

Janus Henderson Group PLC on Wednesday said its board rejected a competing buyout bid from Victory Capital Holdings as it continues to recommend its pending $7.4 billion acquisition by Trian Partners and General Catalyst.
March 11, 2026
FCA Warrant Against Lawyer In Fraud Probe Found Unlawful

A London court has quashed a search warrant obtained by the Financial Conduct Authority against a barrister under criminal investigation for fraud and criticized the watchdog for making highly prejudicial allegations against him before a judge.
March 11, 2026
Ex-Fund CEO Says Odey Fired Him To Halt Misconduct Probe

A former chief executive of Crispin Odey's hedge fund told a London tribunal on Wednesday that the financier had fired him to stop a second internal probe into sexual misconduct allegations.
March 11, 2026
Revolut Says BoE Has Lifted Banking License Restrictions

Revolut said Wednesday that the Bank of England has lifted restrictions on its banking license, approving its launch as a fully licensed lender in the U.K.
March 11, 2026
Irwin Mitchell Sells Debt Recovery Business

Irwin Mitchell LLP said Wednesday that it has agreed to sell its debt recovery subsidiary to an arm of investor Copper Street Capital as the U.K. law firm sharpens its focus on core legal services.
March 11, 2026
Pensions Sector Told To Protect Against Impersonation Fraud

Britain's retirement savings watchdog said Wednesday that the pensions industry must take immediate action to protect savers amid a reported rise in impersonation fraud.
March 11, 2026
£180M Bitcoin Theft Case Cut Down Over Property Rights

A man who claims that his estranged wife stole up to £180 million ($241 million) of his bitcoin has had his civil case against her trimmed after a court ruled that property rights that traditionally apply only to physical objects cannot be used for cryptocurrencies.
March 11, 2026
Illegal Sale-And-Rent-Back Scheme Boss Sentenced To Prison

A man has been sentenced to two and a half years in prison for running an unauthorized property deal scheme that targeted struggling homeowners with offers to buy their homes and rent them back, the U.K.'s financial regulator said Wednesday.
March 11, 2026
Legal & General To Start Record £1.2B Shares Buyback

Legal & General Group PLC said Wednesday it will begin a £1.2 billion ($1.6 billion) shares buyback, the largest in its history, as the British insurer and asset manager moves to return surplus capital to shareholders while reshaping its business.

Editor's Picks

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 Draft Pay Fraud Rules Open Tricky Legal Liabilities

The government's new draft legislation, which will give banks longer to investigate suspicions of fraud before they send payments instructed by customers, will create a wave of new legal liabilities and lead to regulatory hurdles, according to lawyers.
FCA Fires Warning Shot Over City's Consumer Duty Failings

The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.

Expert Analysis

FCA's £44M Nationwide Fine Highlights AML Control Gaps

The Financial Conduct Authority’s recent £44 million fine of Nationwide Building Society for anti-money laundering control failures demonstrates that where a firm does not implement appropriate policies and remediation projects, there is a risk that noncompliance will remain unaddressed, say lawyers at Taylor Wessing.
How UK Securitization Reforms Will Affect Industry

The Prudential Regulation Authority’s recent proposals to reform securitization requirements will offer greater structuring flexibility, reduced operational complexity and lower compliance costs, although with the rationale for imposing stand-alone obligations on institutional investors not clear, dissenting voices are likely, say lawyers at Skadden.
FCA's HTX Action Shows Crypto Ad Rules Must Be Followed

The Financial Conduct Authority’s London High Court action against global crypto-exchange HTX for illegally promoting its services to U.K. consumers sends the message that it will pursue those who flout the rules from a distance and will be key in testing the extent of the U.K.’s regulatory perimeter, says Nick Barnard at Corker Binning.
UK Territories May Yet Prevail On Ownership Disclosure

Despite its recently launched anti-corruption strategy, the U.K. government appears to have little appetite in the short term to impose fully public ownership registers on the overseas territories, a position that will be welcomed by advisers and individuals, says Rupert Cullen at Allectus Law.
Striking A Balance Between AI Innovation And Regulation

The Financial Conduct Authority's recent consultation on the impact of artificial intelligence on financial services highlights the debate between regulators, the government and industry over whether current regulatory frameworks can balance innovation with risk management, say lawyers at Womble Bond.
FCA Enforcement Newsletter Reflects Shift Toward Openness

The Financial Conduct Authority’s inaugural Enforcement Watch newsletter provides clarity on the cases the regulator is opening and highlights its approach to early communication of enforcement activity, offering a welcome insight into its emerging priorities, says David Hamilton at Howard Kennedy.
Preparing For Fund Managers Directive 2 Compliance

With the Alternative Investment Fund Managers Directive 2 implementation deadline fast approaching, fund managers should be in the final stages of preparing to comply with changes in governance, policies and documents relating to liquidity management and loan origination activities, say lawyers at McDermott.
FCA's Investment Regime May Prove A Double-Edged Sword

The Financial Conduct Authority’s final rules on consumer composite investments intend to support retail investors in making more informed decisions while affording firms greater flexibility, but continuing with opaque methodologies will require greater operational and compliance effort in the short term, say lawyers at Fried Frank.
EU Foreign Subsidies Guide Brings Clarity And Questions

The European Commission’s long-awaited EU Foreign Subsidies Regulation guidelines provide helpful clarifications for companies, but with many areas remaining broadly framed, uncertainty may continue to deter investments and increase the compliance burden on organizations, say lawyers at Hogan Lovells.
FRC Audit Proposals Reaffirm Support For Economic Growth

The Financial Report Council’s recent proposals to prioritize audit enforcement, supervision and market reform will reward audit firms that self-police and proactively admit auditing standard breaches, signaling its aims to change the market landscape and encourage investment, say lawyers at RPC.
How FCA's Client Reforms May Boost Investment Access

The Financial Conduct Authority’s recent proposals to reform the professional client categorization regime and simplify conflicts of interest rules are likely to be welcomed, although firms will need to navigate the increased responsibility that comes with greater flexibility, say lawyers at Skadden.
UK Banks Are Favoring Tokenized Deposits Over Stablecoins

Lloyds Banking's recent purchase of gilt with tokenized deposits is an example of banks' preference for the instrument over stablecoins, which present uncertainty by demanding compliance with multiple conduct regimes, says Dan Jones at MoFo.
Where PCAOB Goes Next After A Year Of Uncertainty

The Public Company Accounting Oversight Board will likely bring fewer enforcement matters in 2026, reflecting a notable change in board priorities following the change in administrations, say Robert Cox and Nicole Byrd at Whiteford Taylor and Matthew Rogers at Bridgehaven Consulting.
Consolidation Of Lloyd's Bylaws Will Be Useful For Members

Lloyd’s of London’s recent consolidation of its bylaws will make the rules governing its market more accessible, providing immediate results as well as the necessarily flexible framework to address the future needs of its participants, say lawyers at Skadden.
How EU Prospectus Rule Changes May Boost Market Access

The European Union Listing Act’s forthcoming changes to EU prospectus requirements aim to reduce the regulatory burden for issuers of securities, facilitating more efficient transaction execution and reducing market risk, of particular relevance to small and midsize enterprises, say lawyers at Covington.