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Financial Services UK

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.

Name sign outside one of the government's main ministries in Westminster.

New 'British FBI' Plan Missing Vital Detail, Lawyers Say

Plans by the government to merge several fraud enforcement agencies give little detail about how the largest policing overhaul in 200 years will operate in practice, although lawyers say the Serious Fraud Office appears to be safe — for now.

February 27, 2026
Texas Investment Co. Loses Strike-Out Bid In £3.7M Bond Row

A Texas-based investment company has lost its bid to strike out a decision that a Bulgarian insurer was right to withhold payment of a £3.7 million ($5 million) bond linked to a British residential building project.
February 27, 2026
EU Watchdog Moves To Harmonize Algorithmic Trading

The European Union's financial markets regulator has issued a plan to boost consistent oversight of algorithmic trading across the bloc, in recognition of the risks that the rapid growth of increasingly complex automated trading poses to market integrity.
February 27, 2026
5 Questions For Kennedys' Ash Daniells On FOS Reforms

The government is reforming the Financial Ombudsman Service, which settles claims between consumers and regulated financial businesses. The reforms come after years of complaints that the ombudsman is not working efficiently, but the proposals have attracted wide criticism.
February 27, 2026
Top Barclays Exec Named As Head Of UK Banking Watchdog

The Bank of England said Friday that senior Barclays executive and former Treasury official Katharine Braddick has been appointed as the next head of the U.K.'s main banking watchdog.
February 27, 2026
Footballer's Biz Tackles Broker In £2M Property Clash

A company owned by former Premier League footballer Scott McTominay has sued a U.K. mortgage broker for £2 million ($2.7 million), accusing it of misusing a loan and reneging on a settlement over a Portuguese property development.
February 26, 2026
Broker Denies Tricking Investors Over ESMA Risk Before IPO

Broker Plus500 Ltd. has denied in litigation with a group of institutional investors that it withheld information before going public, saying it was clear that impending European rules designed to protect retail investors could hurt the online trading platform's business.
February 26, 2026
Gov't Actuary's Department Launches New Pensions Group

The Government Actuary's Department has established a new public sector defined contribution pension scheme working group to strengthen governance and improve knowledge-sharing across public sector retirement plans, the department said Wednesday.
February 26, 2026
Metals Magnate Denied Appeal In $500M Trafigura Fraud Case

Prateek Gupta can't challenge a finding that he carried out a $500 million scam against Trafigura through sham nickel trades, after a judge rejected his argument on Thursday that the commodities trader was aware of the fraud.
February 26, 2026
Upper Tribunal Blocks Financing Co.'s £94M Loss Tax Relief

A London tribunal ruled in favor of the U.K. tax authority's decision to block nearly £94 million ($127 million) in tax relief to a financing company, saying the relief was improper because the losses dated back to before the business moved from Guernsey to mainland Britain.
February 26, 2026
Willkie Leads Victory Capital's Rival Bid For Janus Henderson

U.S. investment manager Victory Capital said Thursday that it is making an offer for asset management group Janus Henderson, which is 16% higher than a bid tabled by Trian Fund Management.
February 26, 2026
Goodwin Procter-Led Banks To Buy $100M Trading Biz Stake

A consortium of global banks has agreed to acquire a $100 million stake in OSTTRA from private equity giant KKR & Co. Inc., the London-based provider of post-trade services for international financial markets said Thursday.
February 26, 2026
Finance Cos. Say Lender Misled Them On Tax Refund Loans

Two investment companies have sued a tax refund lender and its directors for more than £4.3 million ($6 million) in unpaid debt, alleging that the company made false statements about the performance of loans tied to U.K. tax refunds.
February 25, 2026
BasePoint's £543M Offer For Lender Sweetened With Dividend

Lender International Personal Finance said Wednesday that it can pay a special dividend to its shareholders in order to boost a £543 million ($736 million) takeover offer from American specialist finance group BasePoint Capital.
February 25, 2026
FCA Selects 4 Firms To Trial Stablecoin Rules

The Financial Conduct Authority has selected four companies, including Revolut, to test how their stablecoin offers will work under the watchdog's proposed regulations as it prepares new rules for the sector.
February 25, 2026
Taylor Wessing Steers £186M Bid For Fintech Fund

European investor Verdane said Wednesday that it has offered to acquire Augmentum Fintech, a financial technology investment fund, in a cash deal worth about £185.7 million ($252 million).
February 25, 2026
EU Watchdog To Change Senior Manager Suitability Rules

European financial regulators on Wednesday launched a consultation proposing major changes to how banks and investment firms assess the fitness and propriety of their leaders and key executives.
February 25, 2026
FCA Moves To Close Gaps In Borrowers' Credit History

The City watchdog proposed new rules on Wednesday aimed at improving the way consumer credit information is shared and used across U.K. lending markets in a bid to strengthen competition.
February 25, 2026
DLA, Slaughter And May Steer £270M Media Biz Pension Deal

M&G PLC said Wednesday that it has completed a £270 million ($365 million) buy-in transaction with a pension program sponsored by Reach PLC, the owner of the Mirror, the Express and other newspapers.
February 25, 2026
SFO To Claw Back 'Mere Fraction' From £226M Ponzi Fraud

A judge ordered a property developer convicted of running a £226 million ($305.5 million) Ponzi scheme to pay back just £283,000 on Wednesday after concluding that the vast majority of the investors' money was lost or siphoned off as a family "money pot."
February 25, 2026
NFT Merchants Sue Crypto Co. Over €2M In Withheld Funds

Two British e-commerce companies have sued a Malta-based crypto-payments provider at the High Court in London, alleging it unlawfully withheld €2.18 million ($3 million) in customers' money.
February 25, 2026
Consultant Settles £1.4M Insurance Row With Wealth Manager

A former consultant has settled her £1.4 million ($1.9 million) claim against a financial consultancy after she sued it for allegedly failing to arrange adequate insurance cover, which she claims left her short of money during serious illness and surgery.
February 24, 2026
Mishcon Denies It Was Negligent In Administration Row

Mishcon de Reya LLP has denied acting negligently when it advised two former directors of a brand development business to place the holding company and its U.K. arm into administration.
February 24, 2026
EU Eases Sustainability Reporting Rules In Growth Bid

European lawmakers gave their final agreement on Tuesday to reduce sustainability and governance reporting rules for businesses as part of a broader bid to cut regulation to drive competition across the bloc.
February 24, 2026
Ex-Lloyds Staffer Wins £26K Over Firing For Racist Slur

Lloyds Bank PLC must pay one of its former employees more than £26,000 ($35,000) for unfair dismissal after a London employment tribunal found the bank had botched a disciplinary investigation into allegations she made racist and derogatory remarks.
February 24, 2026
UK Hits Russian Banks, Oil And Weapons In Sanctions Blitz

The government launched a barrage of almost 300 new sanctions on Russia on Tuesday in a bid to crack down on the country's energy industry and suppliers of military equipment that have backed the invasion of Ukraine.

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

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.
4 Securities Trends For Pension Trustees To Watch In 2026

With the U.K. signaling it will soon demand more active fiduciary stewardship from pension trustees, British and EU fund managers must follow key trends in mass securities litigation, investment disclosures, and U.S. enforcement that could require intervening for their investors in 2026, say lawyers at Labaton Keller.
Exploring The Rise In European Private Credit Loan Portability

The increasing use of portability mechanics in loan documentation can make sales processes more attractive to buyers and brings cost savings to sellers, but there are concerns over the portability's impact on competition and differences in sponsors’ goals, say lawyers at King & Spalding.
Sanctions Spotlight: Compliance Insights After OTSI's 1st Year

The Office of Trade Sanctions Implementation's recent report on its first year of operation offers insights into OTSI's interpretation of its mandate as the U.K.'s civil enforcement body for trade sanctions and efforts to operationalize its enforcement powers, giving businesses a compliance road map for areas it will prioritize in 2026, says Alexandra Melia at Steptoe.
A Look At ESMA's New Governance Framework For EU Boards

The European Securities and Markets Authority's recently finalized supervisory expectations for management bodies mark a shift toward improved board oversight across culture, risk, strategy and accountability that firms should view as a benchmark, say lawyers at Ropes & Gray.