Financial Services UK

Appointed Reps Reform Gives FCA Bigger Enforcement Hook

The U.K. government's plans to tighten the rules for appointed representatives will give the Financial Conduct Authority a far greater enforcement hook, making the regime costlier and harder to access by the companies it is designed to support, lawyers have warned.

Insolvency Service Official Explains Economic Crime Shift

The Insolvency Service's evolution into a frontline economic crime enforcer provides the government with an agency with new powers to crack down on fraud, which gives Whitehall a powerful tool to use against unscrupulous directors.

HMRC Tests Tax Evasion Law With 1st Corporate Charge

HMRC's long-awaited decision to charge a company for failing to prevent tax evasion under powers introduced eight years ago will test largely unanswered legal principles and could be a sign of the tax ministry's tougher stance on financial crime, lawyers say.

Man outside a crown court in Southwark holding a disposable coffee cup.

The Biggest UK White Collar Cases Of 2025: Midyear Report

James "Jes" Staley's ill-fated legal battle over his ties to Jeffrey Epstein, the first conviction secured by Britain's sanctions' enforcer and Tom Hayes' Supreme Court victory are just a few of the big cases from 2025.

August 21, 2025
UK Hits Crypto Exchanges That Help Russia Evade Sanctions

The U.K. is cracking down on financial networks used by Russia to soften the blow of sanctions, including cryptocurrency exchanges, just a week after the U.S. took the same action.
August 21, 2025
BoE Says No Urgent Need To Raise £85K APP Fraud Limit

The Bank of England called Thursday to keep the £85,000 ($114,000) limit for compulsory reimbursement of victims of authorized push payment fraud in payments made through the CHAPS settlements system at a time it is under review.
August 21, 2025
Mediobanca Shareholders Reject €6.3B Banca Generali Deal

Italian investment bank Mediobanca SpA said Thursday that its shareholders rejected its planned €6.3 billion ($7.3 billion) bid for wealth manager Banca Generali SpA, a move that now opens it up to a hostile takeover from rival Monte dei Paschi.
August 21, 2025
FCA Warns Firms Of Failings In Algorithmic Trading Controls

The Financial Conduct Authority said Thursday that trading companies need to address deficiencies in algorithmic trading controls, noting poor record keeping with compliance staff lacking oversight of controls.
August 21, 2025
Aegon Boosts Buyback To €400M, Weighs Moving Base To US

Aegon NV said Thursday it is doubling its current €200 million ($233 million) share repurchase program to €400 million as the pensions and insurance specialist begins a review of plans to shift its head office to the U.S.
August 21, 2025
Casino Biz Handed £1M Fine For Money Laundering Failures

The Gambling Commission said on Thursday that it has fined an online casino £1 million ($1.35 million) for failing to carry out appropriate assessments of money laundering and terrorist financing risk
August 20, 2025
Ex-Chelsea Soccer Player Ordered To Pay £466K To HMRC

A former soccer player turned ESPN pundit must pay back nearly £466,000 ($628,300) in taxes on film company investments to HM Revenue & Customs, a London tribunal ruled.
August 20, 2025
E-Commerce Platform Accuses Nuvei Of Withholding $1.6M

An e-commerce platform has alleged that a Canadian financial technology company is wrongly withholding €1.3 million ($1.5 million) and 20.9 million Japanese Yen ($140,000) it is owed from customer purchases.
August 20, 2025
Fewer Pension Plans Granting Inflation-Driven Increases

Fewer U.K. pension plans are giving their members discretionary increases in retirement payments, with inflation lower and changes anticipated in how surpluses will be used, Aon PLC said Wednesday.
August 20, 2025
EU Finance Watchdog, EEA Sign Sustainability Agreement

The financial markets watchdog of the European Union said Wednesday that it has entered into an agreement with the European Environment Agency to strengthen cooperation in sustainable finance and enhance regulation across member states.
August 20, 2025
Eversheds, LCP Guide £700M Pension Deal For Engineer ABB

The British subsidiary of global electrical engineering giant ABB Group has agreed a full-scheme pension program buy-in worth £700 million ($945 million) with Aviva PLC, the insurer said Wednesday.
August 19, 2025
Fund Sues Trader For £10M Over Sold Shipping Investments

A Cayman Islands investment fund has alleged that a trading platform owes it at least £10 million ($14 million) for selling off its investments in shipping industry contracts.
August 19, 2025
Athora, Brookfield Deals May Spur UK Pension Risk Appetite

A wave of consolidation among life insurers may mean deeper pockets to meet demand in the pension risk transfer market, a broker said Tuesday.
August 19, 2025
Aviva Backs AI Broker's Bid To Tackle Underinsurance

A company that says it is Britain's first artificial intelligence-based insurance broker has said it has raised almost £1 million ($1.28 million) from investors including Aviva and a venture capital firm in a preliminary funding round.
August 19, 2025
Bridgehaven Pens Deal To Support Solicitor Indemnity Market

British specialty insurer Bridgehaven has said it will support managing general agent Pen Underwriting and its solicitors' professional indemnity portfolio under a new partnership.
August 19, 2025
Pensions Watchdog Says £80M Returned To Scam Victims

More than £80 million ($108 million) has been paid out to pension savers who fell victim to scams, after a landmark court victory paved the way for compensation, the U.K. retirement savings watchdog said Tuesday.
August 19, 2025
Georgian Biz Kicks Off $50M Buyback To Reward Investors

Investment business Georgia Capital PLC launched a $50 million buyback on Tuesday to reduce its share capital and return 700 million Georgian lari ($260 million) to investors.
August 18, 2025
Deutsche Bank, NCUA Net Partial Wins In Crisis-Era RMBS Suit

A New York federal judge has granted partial early wins to both the National Credit Union Administration board and Deutsche Bank in a long-running suit stemming from the 2008 financial crisis and concerning allegations that Deutsche Bank failed to fulfill its duties to certificate holders in several residential mortgage-backed securities trusts.
August 18, 2025
Gov't Group Drafts Rules For Funding Transition To Net-Zero

A government-backed body proposed a series of guidelines on Monday for lenders to provide credible transition finance to companies that plan to reduce a heavy reliance on fossil fuels to meet net-zero emissions goals.
August 18, 2025
3 Debt Collectors Shut Down For Keeping Client Funds

Three connected debt collection agencies that "systematically deceived" their clients and wrongly kept back more than £54,000 ($73,000) of client funds have been shut down, the Insolvency Service said Monday.
August 18, 2025
Companies Told To Prepare For New Fraud Prevention Law

Large organizations must gear up for the new "failure to prevent fraud" offense that will come into force in a fortnight or prepare for an investigation, the Serious Fraud Office warned Monday.
August 18, 2025
Investor Sells 7 Assets To Dutch Pension Biz APG For £225M

Infrastructure Investment company HICL said Monday that it has offloaded a portfolio of mostly healthcare properties in the U.K. for approximately £225 million ($305 million) to Dutch pension services giant APG.
August 18, 2025
JB Drax Sues Exec Over Resignation In £400K Loan Dispute

A derivatives broker has accused a sales executive of resigning in breach of a £400,000 ($542,000) loan agreement and exposing it to unfair competition because he had access to sensitive information.
August 18, 2025
UK Launches State Pension Review Amid Aging Population

The government launched its third review into the state pension age on Monday to determine how lawmakers should go about setting the age at which Britons receive retirement payments in the future.
August 18, 2025
L&G, Federated Hermes Create £4.7B Property Fund

Legal & General said on Monday that it has merged its property fund with that of U.S. investment manager Federated Hermes Ltd. to create an enlarged U.K. unit valued at £4.7 billion ($6.4 billion).

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

What Gov't Report Tells Lawyers About Continuing AML Risks

The U.K. government’s recent national money laundering risk assessment maintains conveyancing, company service work and misuse of client accounts as key threats, underscoring that law firms should expect renewed scrutiny and higher expectations in these high-risk areas, says Harriet Holmes at Thirdfort.
Petrofac Ruling Shifts Focus To Fairness In Restructurings

The recent Court of Appeal overturning of Petrofac's restructuring plans demonstrates a change of direction that will allow previously ignored out-of-the-money creditors a share in the benefits, and means companies must review the fair treatment of different creditor classes, say lawyers at King & Spalding.
Europe's New Defense Push Creates Investment Prospects

Recent increases in European defense expenditure and governments' desire to innovate are creating a compelling environment for investment and merger and acquisition activity, especially for small and midsize enterprises at the forefront of emerging technologies, say lawyers at Skadden.
Key Considerations For Issuers In FCA Prospectus Reform

The Financial Conduct Authority’s forthcoming reform of the U.K. prospectus regime should be attractive to both debt and equity issuers because it limits the circumstances in which a costly prospectus is required, making it easier and cheaper for listed companies to raise capital, say lawyers at Sullivan & Cromwell.
How Top Court Ruling Limits Scope Of Motor Finance Claims

The U.K. Supreme Court’s recent ruling in a landmark case concerning car finance commissions clarifies when and how a dealership’s fiduciary duties arise, considerably narrowing that path for mass consumer litigation and highlighting how an upcoming Financial Conduct Authority redress scheme will seek to balance consumer, lender and market interests, say lawyers at Cadwalader.
FCA Misconduct Guide Will Expand Firms' Duty To Investigate

The Financial Conduct Authority's recent proposals on workplace nonfinancial misconduct will place a greater onus on compliance and investigations teams, clarifying that the question to ascertain is whether the behavior is justifiable and proportionate, say lawyers at Ashurst.
Lessons From Landmark UK Supreme Court Libor Ruling

The U.K. Supreme Court’s recent quashing of former traders Hayes and Palombo’s interest rate rigging convictions on the ground of jury misdirection raises concerns about failings in the criminal appeal process, and whether encouraging institutions to accept regulatory settlements can create conditions for miscarriages of justice, says Ellen Gallagher at Vardags.
Mansion House Speech Heralds New Financial Regulatory Era

The chancellor of the exchequer's recent Mansion House speech introduced a sweeping commitment to modernize regulation, which will require U.K. retail banks and building societies to revisit core assumptions, and allow lawyers to play a key role in shaping the new rules, say lawyers at Addleshaw Goddard.
Challenges For Managers In Navigating Continuation Funds

With continuation vehicles becoming an increasingly popular alternative to traditional private equity investment exit routes, managers and lenders should be confident that they understand a transaction’s structure and how it interacts with existing debt arrangements, says Jason Larkins at Travers Smith.
Key Points From EU Proposals To Ease Securitization Rules

The European Commission’s recently proposed securitization framework amendments aim to relax existing rules, such as by reducing due diligence requirements and removing the need for investors to conduct certain prescribed compliance verifications by sponsors or original lenders, say lawyers at McDermott.
High Court Elects Substance Over Form In Arbitration Dispute

The High Court recently found that an arbitral tribunal has jurisdiction over the dispute in Ras Al Khaimah Investment Authority v. India, underscoring the importance of aligning treaty interpretation with the goal of fostering investment, while rejecting interpretations that unduly limit investor protections, says Josep Galvez at 4-5 Gray's Inn.
What New UK Stub Equity Rules Will Mean For PE Bidders

The U.K. Takeover Panel’s recent guide to making stub equity offers, for the first time formally harmonizing the approach to be taken, should be helpful for both private equity bidders and practitioners, and not unduly restrictive, say lawyers at Davis Polk.
What To Expect As FCA Preps To Launch AI Testing Service

The Financial Conduct Authority’s forthcoming artificial intelligence live testing service will provide participants with access to appropriate regulatory expertise, but to gauge the tool’s potential utility, it is important to understand how it fits in with what the regulator is already doing, says Omar Salem at Fox Williams.
New Interpol Silver Notice Could Be Tool For Justice Or Abuse

Interpol has issued dozens of Silver Notices to trace and recover assets linked to criminal activity since January, and though the tool may disrupt organized crime and terrorist financing, attorneys must protect against the potential for corrupt misuse, say attorneys at Clark Hill and Arktouros.
Weighing PE Transaction Risks As EU AI Act Rolls Out

As the European Union Artificial Intelligence Act becomes effective in stages, legal practitioners involved in private equity deals should consider the transactional risks resulting from this measure, including penalties, extraterritorial reach and target-firm applicability, say lawyers at Covington.