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Financial Services UK
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March 20, 2026
Misconduct Reports To FCA Double In Number Since 2020
The number of reports the FCA has received about misconduct by financial services firms has more than doubled in the last five years, law firm Littler has said.
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March 20, 2026
UBS Gets Final OCC Nod For US Arm To Be National Bank
The Office of the Comptroller of the Currency has granted final approval for UBS Group AG to convert its U.S. depository subsidiary into a national bank, a move the Swiss banking giant is touting as a boon for its stateside growth ambitions.
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March 20, 2026
FCA Halts Co.'s Operations Due To Manager's 10-Year Ban
The U.K.'s finance regulator said Friday that it had ordered a consumer credit company to stop operating and to return funds to clients, saying it found that a senior manager at the company had been banned from running a company for a decade.
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March 20, 2026
OneCoin Investors Agree To Lift Financier's Asset Freeze
Investors pursuing litigation over the alleged $4 billion OneCoin cryptocurrency fraud have struck a deal to lift a worldwide freezing order against a British financier.
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March 20, 2026
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen an ex-professional footballer revive a dispute with Charles Russell Speechlys, Virgin Media face a group data protection claim after hundreds of thousands of customers' personal details were exposed online for months, and Mishcon de Reya sued by a real estate private equity firm founded by a former Morgan Stanley executive.
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March 20, 2026
MFS Faces FCA Probe After Collapse With £1B Debts
The City watchdog said Friday that it has launched an enforcement investigation into Market Financial Solutions Ltd., a U.K. provider of property loans that collapsed in February with debts of more than £1 billion ($1.3 billion).
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March 20, 2026
Ombudsman Poised To Take Consumer Duty Power From FCA
Pending legislative reforms to the Financial Ombudsman Service could hand the dispute-arbitrator power to assess whether businesses have complied with the consumer duty and other broad rules set by the Financial Conduct Authority, regulatory lawyers say.
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March 20, 2026
FCA Warns Pension Sector Over New Transfer Demands
The Financial Conduct Authority warned pension administrators Friday to be ready for a surge of inquiries on savings transfers when groundbreaking new online portals go live.
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March 20, 2026
Adviser Can't Get Success Fee For Fund's €150M Investment
A London court dismissed a real asset advisory firm's claim that the founder of an investment fund owes it a success fee for helping secure a €150 million ($173 million) seed investment, finding on Friday that no such agreement ever existed.
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March 20, 2026
Upper House Strips Pensions Bill Of Investment Mandate
The House of Lords has voted to remove a controversial measure from forthcoming pensions legislation mandating that retirement plans commit to certain investments, a step criticized as government overreach by the political opposition and the financial sector.
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March 19, 2026
EU Insurers Want Stripped-Down Financial Services Regs
European policymakers must introduce a "focused, high-impact simplification agenda" that would strip out a string of superfluous and overlapping regulations hindering the competitiveness of the bloc, an insurance trade body has said.
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March 19, 2026
Speed Up Delivery Of Consolidated Tape, EU Trade Bodies Say
Two leading European trade bodies for financial institutions have called on policymakers to speed up the delivery of the consolidated tape to boost market competitiveness, warning that rules on best execution of trades for retail investors need effective enforcement.
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March 19, 2026
Lammy OKs Appointment Of Judges Pensions Board Member
Justice Secretary David Lammy has cleared the appointment of Tim Mpofu, a former local government pensions chief, as an independent member of the Judicial Pension Board, the government said Thursday.
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March 19, 2026
Gov't Warned Of 'Social Crisis' Facing Gen X Pension Savers
Millions of British workers born between 1965 and 1980 are set to receive inadequate pension incomes in retirement, a think tank has said, calling on policymakers to weigh the issues directly affecting Generation X in the ongoing pensions probe.
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March 19, 2026
Fintech IG Group To Roll Out £125M Share Buyback Program
IG Group Holdings PLC said Thursday that it will return £125 million ($166 million) to investors through share repurchases in a move the financial technology company stated is expected to lower its share capital.
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March 18, 2026
Greensill Can't Stop Disqualification Case Over Unfair Probe
Lex Greensill failed Wednesday to strike out U.K. government proceedings to disqualify him as a company director, as a London court ruled that a full trial is needed to assess the fairness of the investigation running up to the case.
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March 18, 2026
MFS Owner Hit With Asset Freeze After Mortgage Biz Collapse
The owner of failed U.K. mortgage provider Market Financial Solutions has been hit with a worldwide freezing order, administrators said Wednesday in the wake of fraud allegations following its collapse in February with debts in excess of £1 billion ($1.3 billion).
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March 18, 2026
MPs Seek Right To Veto Financial Ombudsman Chair Pick
A cross-party group of MPs called Wednesday for a legal right to veto future government appointments of the chair of the Financial Ombudsman Service.
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March 18, 2026
FCA Denies Exerting 'Undue Pressure' During Odey Probe
A manager at the City watchdog who conducted its supervision of Crispin Odey's hedge fund rejected the financier's allegations that pressure from the watchdog made other executives incapable of fairly disciplining him over allegations of misconduct.
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March 18, 2026
HMRC Counters Barclays Bid To Revive £800M Tax Deduction
Barclays Bank wasn't entitled to treat as a corporate tax deduction £800 million ($1 billion) of £3 billion raised issuing debt instruments in a deal with Qatar and Abu Dhabi, HM Revenue & Customs argued Wednesday, because the bank gave away certain securities as a "sweetener" for the deal.
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March 18, 2026
Walker Morris Steers £4M Pension Deal For Furniture Co.
British furniture manufacturer Hille Ergonom has completed a £4 million ($5 million) buyout transaction with Aviva, securing the benefits of 74 members, a consultancy said Wednesday.
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March 18, 2026
FCA Sets New Disruption Reporting Rules To Limit Harm
The Financial Conduct Authority set out clearer rules on Wednesday for how regulated financial services businesses report cyber-attacks and IT breakdowns, as the number of incidents rises.
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March 18, 2026
Savers Welcome Progress On Civil Service Pension Backlog
A campaign group for current and retired civil servants has welcomed the "continued progress" in reducing the number of cases of missed pension payments to retirees, but said that members of the program that is engulfed in administrative chaos still face delays.
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March 18, 2026
SoftBank Unit Sued By Directors In £8M Share Seizure Row
Two former directors of a robotics investment company have sued SoftBank Robotics UK and investment firm Reditus Capital for at least £8 million ($10.7 million), alleging it forced them out of the business.
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March 18, 2026
Austrian Lender BAWAG Confirms Interest In Irish Rival
Austrian bank BAWAG confirmed on Wednesday that it has made a takeover bid for Permanent TSB, after the government-owned Irish lender put itself up for sale in October.
Expert Analysis
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Challenges Law Firms Face In Recruiting Competitor Teams
Since the movement of lawyer teams from a competitor can bring legal considerations and commercial risks into play, both the target and recruiting firms should be familiar with the relevant limited liability partnership deed to protect their business, say lawyers at Fox & Partners.
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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.
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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.
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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.
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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.
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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.