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Financial Services UK

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.

Business analysis big data screen and economic growth with financial graph. Concept of virtual dashboard technology. 3D illustration.

FCA Urged To Clarify AI Rules For Senior Managers

The Financial Conduct Authority is facing calls from legal experts for it to plug gaps in its rules that could leave senior managers on the hook for failings in artificial intelligence under existing accountability regulations.

February 13, 2026
Taxation With Representation: Homburger, Lenz & Staehelin

In this week's Taxation With Representation, offshore drilling contractor Transocean Ltd. acquires rival Valaris Ltd., historic British fund manager Schroders agrees to a cash takeover by U.S. asset manager Nuveen, and a consortium that includes U.S. private equity firm Advent International LP and FedEx Corp. buy Polish parcel locker company InPost.
February 13, 2026
Record £7.4B Paid To Pension Annuities In 2025, ABI Says

Savers in the U.K. paid £7.4 billion ($10.1 billion) into individual pension annuities in 2025, marking the highest annual level since legislative changes in 2014, the Association of British Insurers has said.
February 13, 2026
Financial Body Warns AI In Trading Needs Human Oversight

A wholesale financial markets standards setter said Friday in an industry-led review that artificial intelligence would replace humans in trading activity, making human accountability critical.
February 13, 2026
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen a former U.S. defense contractor convicted of tax evasion face legal action, French football club Olympique Lyonnais sued following a $97 million ruling against its owner John Textor, consulting giant Kroll targeted by a South African airline, and H&M hit with a claim alleging it copied protected sunglasses designs. Here, Law360 looks at these and other new claims in the U.K.
February 13, 2026
Capita 'Overwhelmed' By Civil Service Pension Case Backlog

Outsourcing giant Capita has admitted to a parliamentary committee that it was "overwhelmed" by the scale of the backlog it inherited after taking over administration of the civil service pension scheme, which is struggling with delays in payments to retirees.
February 12, 2026
CMS Steers Avon Cosmetics' £235M Pension Deal

M&G PLC said Thursday that it has completed a £235 million ($320 million) buy-in transaction to secure the retirement benefits of members of Avon Products Inc.'s pension plan.
February 12, 2026
FCA Urged To Extend Scope Of Pension Transfer Rules

Proposals by the Financial Conduct Authority to better support consumers who have not taken financial advice make informed decisions when transferring their pension must go further, retirement saving groups said Thursday.
February 12, 2026
Gov't Sets Out Tough Regime For Appointed Representatives

The U.K. government published on Thursday its detailed proposed changes to the appointed representatives regime, which will give the Financial Conduct Authority new powers to crack down on misconduct.
February 12, 2026
Broker Says Denmark Can't Bring £56M Cum-Ex Fraud Claim

An English broker told Britain's top court on Thursday that Denmark's tax authority can't sue it for more than £56 million ($76 million) over a tax refund fraud, because an earlier decision in related proceedings rendered the claim inadmissible.
February 12, 2026
Deutsche Börse To Buy PE Firm's Data Biz Stake For €1.1B

Deutsche Börse Group said it has agreed to buy the remaining 20% minority stake held by global private equity firm General Atlantic in Iss Stoxx, which provides data, analytics and indexes, for €1.1 billion ($1.3 billion).
February 12, 2026
Clifford Chance-Led Nuveen To Buy Schroders For £9.9B

Schroders said Thursday that it has agreed to a £9.9 billion ($13.5 billion) cash takeover by U.S. asset manager Nuveen in a transaction that would take one of the City's historic names into private ownership.
February 11, 2026
Denmark Says Cum-Ex Ruling No Bar To £56M Fraud Claim

Denmark told Britain's top court on Wednesday that it should be allowed to sue an English brokerage for £56 million ($76 million) over a tax refund fraud, arguing that an earlier decision barring linked allegations was based on "fundamentally different" facts.
February 11, 2026
Bank Of Africa UK Avoids Liability For Whistleblower's Firing

The U.K. arm of Bank of Africa should not have been held liable for its chief executive's decision to fire a whistleblowing human resources executive, a London appeals tribunal ruled on Wednesday.
February 11, 2026
BNP Paribas Unit Denies Negligence In £8M Land Sale Dispute

An estate agent owned by BNP Paribas has hit back at allegations that it caused the owners of farm land to sell at an £8 million ($11 million) undervalue, telling a court the owners knew the property was going to be resold for a profit.
February 11, 2026
PwC Settles Assistant's Age Discrimination Claim For £150K

PwC has paid £150,000 ($205,000) to settle an age and disability discrimination claim from a former employee of more than 40 years, the equality watchdog for Northern Ireland has revealed.
February 11, 2026
Commerzbank Unveils €540M Buyback As Revenues Rise

Commerzbank AG said Wednesday it will reward investors with a share repurchase program of up to €540 million ($643 million) and a higher dividend, as the German banking giant reported stronger revenue.
February 11, 2026
VTB Fights To Lift Block On Russian Case Over Frozen $156M

VTB Bank asked a London appeals court on Wednesday to lift an injunction that blocks it from bringing a $156 million case in Russia over frozen funds, arguing a judge wrongly concluded that its claim was "vexatious and oppressive."
February 11, 2026
UK, India Agree To Boost Financial Regulation Cooperation

The Financial Conduct Authority said Wednesday it has signed a regulatory cooperation arrangement with India's International Financial Services Centres Authority to share knowledge and best practices and strengthen financial ties between the two countries.
February 11, 2026
Debevoise, Sackers Guide £240M KLM Airline Pension Deal

Pensions insurer Rothesay said Wednesday that it has completed a £240 million ($329 million) buy-in transaction with KLM Royal Dutch Airlines to secure the retirement benefits of almost 2,000 pension plan members.
February 11, 2026
Aviva Hits 100 Pension Deals Through Small Scheme Service

Insurance giant Aviva said Wednesday that it has completed 100 pension deals through its streamlined bulk purchase annuity service introduced to help smaller pension programs with assets of less than £100 million ($137 million) offload their liabilities.
February 10, 2026
HSBC Ignored $8M Pig Butchering Scam Warnings, Suit Says

A retired anesthesiologist and his sons have sued HSBC's U.S. arm, accusing it of ignoring warning signs and allowing scammers to siphon more than $8 million from the elderly retiree's accounts through an international "romance pig butchering" fraud.
February 10, 2026
FCA To Regulate 'Buy Now, Pay Later' For Consumer Safety

The Financial Conduct Authority will require lenders to conduct affordability checks and give consumers clearer information before they borrow under deferred payment plans, Britain's financial watchdog said Wednesday as it moves to regulate the rapidly growing "buy now, pay later" sector.
February 10, 2026
Capita Fails To Strike Out £4M Claim Over Data Breach

Capita lost its bid on Tuesday to strike out a £4 million ($5.5 million) claim over the fallout from a cyberattack, with a London court rejecting the outsourcing giant's argument that the claimants' lawyers "tainted" the case by embellishing allegations of harm.
February 10, 2026
FCA Takes Court Action Against Crypto Exchange HTX

The Financial Conduct Authority said Tuesday it has started legal action against global crypto exchange HTX for illegally promoting crypto asset services to U.K. consumers, amid continuing communications on platforms including X, YouTube and LinkedIn.
February 10, 2026
4 In 5 Defined Benefit Plans In Surplus, Consultancy Says

Approximately four in five U.K. defined benefit pension schemes are now in surplus in what has become an "extremely well-funded" landscape, a financial services consultancy said Tuesday.

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

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.
Digital Assets Act Allows Courts To Cater For New Tech

The recently enforced Property (Digital Assets etc) Act confirms in law that digital assets can be recognized as personal property, while leaving intentional gaps, which allow courts the flexibility to adapt traditional legal rules to new innovative technology, say lawyers at Dechert.
How To Navigate AI M&A Risks, Compliance In Europe

As the artificial intelligence industry continues to witness substantial M&A transactions in Europe, parties should be mindful of the unique challenges posed by the acquisition of intangible AI technologies, monitor the evolving regulatory landscape, and establish optimal mechanisms for risk allocation, say lawyers at Morgan Lewis.
What To Expect From UK Prospectus Regime Changes

The new U.K. prospectus regime for trading on regulated markets, effective Jan. 19, aims to streamline processes and reduce costs, but a significant shift in structuring and disclosure obligations will increase pressure on practitioners to manage risk under tighter timelines, say lawyers at Baker Botts.
10 Financial Regulatory Changes To Prepare For In 2026

A number of changes in the financial regulatory sphere are due this year, from targeted support to payment safeguarding and a new consumer composite investments regime, and firms should plan to address the policies and regulatory strategies relevant to them, say lawyers at Womble Bond.