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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 17, 2026
PE Firm Can't Get Early Win In £50M Software Biz Buyout Case

A private equity firm has lost its bid for an early win in its £50 million ($66.7 million) claim that the previous owner of a software business it acquired breached warranties by incorrectly stating that the company had necessary software licenses.
March 17, 2026
Mex Group Faces Losses Probe After Dropping £85M Case

A London court on Tuesday ordered an inquiry into losses allegedly caused by a worldwide asset freeze obtained by Mex Group against two business executives and a financial services company, after the group abandoned its £85 million ($114 million) proceedings underpinning the freeze.
March 17, 2026
Visa, Mastercard Win Shot At Overturning Fee Liability Ruling

Visa and Mastercard won their bid for permission to appeal a ruling that found their swipe fee schemes had violated competition rules, with the Competition Appeal Tribunal ruling Tuesday that all the credit card giants' grounds of appeal merit a full hearing.
March 17, 2026
Modi Rejects India Torture Protections In $2B Extradition Case

Jewelry magnate Nirav Modi argued in a London court on Tuesday that his extradition to India over an alleged $2 billion fraud should be blocked because he would be at risk of torture during interrogation if he was prosecuted there.
March 17, 2026
TPR Calls On DC Programs To Consolidate Amid 15% Decline

Britain's pensions regulator urged defined contribution pension programs on Tuesday to consider consolidating after new data showed a sharp drop in the number of schemes and continued dominance by master trusts.
March 17, 2026
FCA Prioritizes Car Finance Provider Cooperation On Redress

The Financial Conduct Authority released Tuesday its regulatory priorities for consumer finance providers in a report, calling on boards and chief executives of motor finance businesses to work constructively with the regulator on redress.
March 17, 2026
BoE To Toughen Bank Liquidity Rules After Credit Suisse

The Bank of England's regulatory arm proposed tougher rules on Tuesday to help ensure that banks, building societies and larger investment companies can speedily cash out on liquid assets, as it learns from the events at Silicon Valley Bank UK and Credit Suisse.
March 17, 2026
Tourism Biz Says Delayed Losses Save $74M Orrick Claim

A Nigerian tourism business fought on Tuesday to save its claim that Orrick Herrington & Sutcliffe LLP caused it to lose almost $74 million by negligently advising on an investment deal with private equity giant Carlyle Group.
March 17, 2026
Oakley Capital Investments Plows £9M Into Software Firm

Oakley Capital Investments Ltd. said Tuesday that it has agreed to invest up to £9 million ($12 million) in cloud software company Groupe Senef.
March 17, 2026
Swiss Re Strikes $2B Longevity Deal With US Insurer Athene

European insurance giant Swiss Re said Tuesday it has inked a $2 billion longevity reinsurance deal with U.S. annuities provider Athene.
March 17, 2026
Pension Group Formed To Raise Trustee Investing Standards

The government has revealed that a new working group has been set up to develop statutory guidance to support retirement scheme trustees in their investment decision-making.
March 17, 2026
Victory Bolsters Janus Henderson Bid As Willkie Advises

Victory Capital Holdings urged Janus Henderson Group on Tuesday to engage on a revised takeover proposal that boosts the cash portion of its bid while trimming the stock component, a move that Victory said provides greater value certainty to Janus and its shareholders.
March 16, 2026
Argentina Accused Of Misusing GDP Data In €1.5B Debt Row

Argentina is facing renewed legal action from hedge funds that accused it of using incorrect gross domestic product figures for calculating its €1.5 billion ($1.7 billion) outstanding debt to bondholders, which said Monday they have obtained a court order demanding as much.
March 16, 2026
Brokerage Lacks NY Ties In Pensions' Tax Claims, Judge Says

A New York federal court threw out claims by three pension plans against a London brokerage firm that, according to the plans, executed fraudulent refund claims for them to the Danish tax authority, finding the brokerage had insufficient ties to New York.
March 16, 2026
Investec Denies £22M Loan Breached Sberbank Sanctions

Anglo-South African lender Investec Bank PLC has denied that its lending provided funds to PJSC Sberbank in breach of sanctions, while pressing home its claim that two business executives owe it almost £22 million ($29.3 million) under loan agreements.
March 16, 2026
StoneX Proposes £241M Acquisition Of CAB Payments

Investment services provider StoneX Group Inc. said Monday that it has offered to acquire payment services business CAB for approximately £241.3 million ($321 million) in an all-cash transaction.
March 16, 2026
Gov't Warned Against Mirroring Australian Pensions System

The government should think twice before trying to replicate the Australian model of pension funds investing heavily in domestic assets without allowing the market to develop, a report published Monday found.
March 16, 2026
FCA Proposes Major Overhaul Of Redress System

The Financial Conduct Authority and the Financial Ombudsman Service set out landmark reforms to the U.K. financial services redress system on Monday, in line with a government commitment to introduce new legislation.
March 16, 2026
UK Watchdog Publishes Flexible Governance Reporting Guide

The Financial Reporting Council on Monday urged companies to improve the quality of explanations they provide under U.K. Corporate Governance Code provisions, warning that rigid compliance and boilerplate disclosures risk undermining effective governance.
March 16, 2026
Insurers Beat AmTrust's £59M Claim Over Legal Funding Fail

AmTrust failed in its bid to hold an insurer of two defunct law firms liable for £59 million ($78 million) in defaulted loans after a court ruled Monday that the losses incurred in claimant cases were not covered by the firms' insurance policies.
March 16, 2026
'Deep Unease' On Gov't Pension Investment Plans, ABI Says

There is "deep unease" about government plans to mandate pension funds to make certain investments, the Association of British Insurers has said, pointing to research that reveals that an overwhelming majority of savers are opposed to interference from Whitehall.
March 16, 2026
Asset Manager Liontrust To Buy Rival Biz For Up To £10M

Liontrust said Monday it has agreed to acquire the operating asset-management business of River Global PLC in an all-share transaction valued at up to £9.7 million ($13 million).
March 16, 2026
UniCredit To Push Commerzbank Stake To Over Crucial 30%

UniCredit SpA launched a takeover offer for Commerzbank AT on Monday to push its holding in the German rival above a 30% bar, in a move that would allow it to continue to increase its stake.
March 13, 2026
UK Litigation Roundup: Here's What You Missed In London

In London, Estée Lauder accused Jo Malone's founder of intellectual property infringement, the wife of an Iranian businessman linked to a £75 million fraud sued several Iranian oil companies, HSBC sued U.S. property tycoon Michael Fuchs, and Charles Russell Speechlys brought a claim against a United Arab Emirates company it once represented in an international arbitration.
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.

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

Crypto-Asset Market Downturn Is Driving Litigation Risk

Recent volatility in the crypto-asset market has placed a strain on balance sheets and laid bare weaknesses that may have been overlooked during more stable periods, increasing the risk for disputes over whether procedures or enforcement have been carried out correctly, say lawyers at Kennedys.
Decoding Arbitral Disputes: UK Top Court On State Immunity

The U.K. Supreme Court's recent ruling denying Spain's and Zimbabwe's bids to escape arbitration awards using state immunity claims provides significant clarification of the relationship between sovereign immunity and the International Centre for Settlement of Investment Disputes system, and reinforces the finality and enforceability of ICSID awards, says Josep Galvez at 4-5 Gray's Inn.
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.