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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.

March 05, 2026
UK Designates 2 Investment Zones In Scotland

The U.K. government confirmed the designation of two investment zones in Scotland on Thursday that will offer tax relief to businesses in renewable energy and other sectors.
March 05, 2026
Banks Can't Refuse Instant Fraud Refunds, ECJ Adviser Says

An independent opinion given to the European Union's highest court found Thursday that Polish bank PKO BP could not refuse to immediately refund an unauthorized transaction on grounds of the customer's gross negligence.
March 05, 2026
BAT Sued By Investors Over North Korean Sanctions Breach

Investors have sued British American Tobacco in England over the cigarette company's failure to disclose information about its activities in North Korea, which led to it paying U.S. authorities hundreds of millions of dollars for violating sanctions.
March 05, 2026
Stronger Gov't Safeguards Needed For Trusteeship, TPT Says

Governance frameworks must evolve to match the complexity and emerging risks that will come from a pensions sector marked by fewer, larger programs, TPT Retirement Solutions said Thursday, calling for stronger safeguards to protect trustee independence.
March 05, 2026
Watchdog Records Big Shift From Work Savings To Pensions

Britain's retirement savings watchdog said Thursday that new data signaled a landmark shift from a workplace savings system to a pensions system with retirement income options ahead of legislative change, but warned that smaller providers lagged behind.
March 05, 2026
Linklaters' Negligence Case Over Fraud Oversight Dismissed

A fintech investor's negligence claim against Linklaters has been dismissed, in which it had alleged that the Magic Circle firm had failed to spot a "large-scale fraud" against a company that the investor had acquired, court records show.
March 05, 2026
Gov't Urged To Drop Pension Investment Mandate Power

The government must abandon its plan to introduce a power that would allow it to mandate pension funds to make certain investments, Pensions UK has said, claiming that Whitehall's failure to drop the measure would hamper competition in the open market.
March 04, 2026
FCA Asks Businesses To Help Fend Off Financial Criminals

The Financial Conduct Authority on Wednesday called for more businesses to engage with customers online to help drive away financial criminals preying on the investment marketplace.
March 04, 2026
Arbitration Awards Outdo State Immunity, Top UK Court Rules

Spain and Zimbabwe lost their bids on Wednesday to use state immunity to escape arbitration awards as the U.K. Supreme Court upheld judgments against the two nations, ruling that state immunity does not apply to the enforcement of investor-state arbitration awards.
March 04, 2026
DLA Piper Hires 4 New Partners In London And Luxembourg

DLA Piper said Wednesday that it has hired four partners for its offices in London and Luxembourg, boosting its financial services, tax and private equity teams.
March 04, 2026
Lloyds Beats Maternity Bias Claim In Redundancy Dispute

An employment tribunal has ruled that Lloyds Banking Group didn't unfairly dismiss a staffer on maternity leave because the bank had followed a fair redundancy process, and she had scored the lowest out of eight candidates vying for just five roles.
March 04, 2026
Ex-Entain Execs Can't Fight Privacy Claim Against Watchdog

Two former betting company executives were denied permission on Wednesday to challenge a decision to dismiss their privacy claims against Britain's gambling regulator as a judge said that a redacted version of her judgment would be published before their bribery trial.
March 04, 2026
Regulator Expects Up To £400B In Pension Deals Over Decade

Britain's retirement savings watchdog said Wednesday up to £400 billion ($535.3 billion) of pension assets could transfer to the insurance sector over the next 10 years in a landscape that has undergone a "paradigm shift" over a very short period of time.
March 04, 2026
UK Pensions Regulation Needs Major Overhaul, Report Warns

Britain's pensions governance and regulatory architecture will become "unfit for purpose" within a decade unless urgent reforms are made, a cross-party think tank warned on Wednesday, highlighting growing risks in the market for workplace defined contribution plans.
March 04, 2026
AIB Group Kicks Off €1B Share Repurchase

AIB Group PLC on Wednesday launched a €1 billion ($1.16 billion) share buyback program, underscoring its "strong financial performance" and its commitment to returning cash to stakeholders.
March 04, 2026
FCA Plans 3-Month Prep For Motor Finance Redress

The Financial Conduct Authority said Wednesday that it would streamline the claims process and set a three-month period for businesses to get their systems ready to handle complaints and requests for compensation under its motor finance redress program.
March 04, 2026
A&O Shearman Advises Wealth Manager On £100M Buyback

Wealth manager Quilter PLC said on Wednesday that it is launching a share repurchase program of up to £100 million ($134 million) in a move aimed at downsizing its share capital.
March 04, 2026
Pensions Dashboard Project Launches Second Testing Phase

The government organization behind Britain's long-awaited pensions dashboards project has called for more volunteers to take part in the next round of consumer testing for its online retirement savings portal.
March 04, 2026
John Wood Group Fined £13M For Misleading Statements

The Financial Watchdog Authority said Wednesday it has hit John Wood Group PLC with a fine of £12.99 million ($17.38 million) after finding that the engineering and consulting business published inaccurate information in its financial results.
March 03, 2026
BasePoint Sees Fall In Support For £543M Buyout Offer

U.S. specialist finance group BasePoint Capital said Tuesday that the number of shares backing its £543 million ($723 million) takeover offer for lender International Personal Finance has dropped.
March 03, 2026
DLA Piper Fills Out Finance Team With 3 Akin Partners

DLA Piper has brought on three former Akin Gump Strauss Hauer & Feld LLP finance partners, one of whom was tapped to lead its new cross-border, multidisciplinary global capital solutions team.
March 03, 2026
Value For Money Framework Must Prioritize Savers, TPT Says

Regulators must refine planned new rules to strengthen oversight of the U.K.'s defined contribution pension programs as some proposals could dilute accountability and undermine member outcomes, TPT Retirement Solutions said Tuesday.
March 03, 2026
Legal, Audit Bodies Need Tighter AML Controls, FCA Warns

Legal and accountancy professional bodies are failing to adequately enforce anti-money laundering rules for their member firms, a unit within the Financial Conduct Authority warned Tuesday.
March 03, 2026
Swaths Of Merchants Cut From Swipe Fees Class Action

Visa and Mastercard can exclude swaths of merchants from collective proceedings over the fees they charge, the Competition Appeal Tribunal has ruled, finding that several categories of claimants were too late to sign up to the class.
March 03, 2026
FCA To Revisit Listing Rules Introduced For Investment Funds

The Financial Conduct Authority said Tuesday that it will review the listing rules that investment funds must follow when they decide to float in London after receiving resistance from the industry.

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 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.
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.