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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 19, 2026
Payment Co. Founder Denied Relief In Whistleblower Case

A tribunal has refused interim relief to the former owner of a payment services company, finding that his claim he was dismissed for blowing the whistle on breaches of Financial Conduct Authority regulations is not likely to succeed at this stage of the litigation.
February 19, 2026
Ex-Commerzbank Analyst Trims Prison Time For Fake Assaults

The Court of Appeal overturned on Thursday a 20-month prison sentence for a former Commerzbank AG analyst who lied about having been sexually harassed and assaulted by a colleague.
February 19, 2026
Fridman Relies On Sanctions Travel Ban To Beat $11M Claim

Sanctioned Russian-Israeli banker Mikhail Fridman was not validly served at his London mansion with a claim in an $11 million battle over a loan notes investment because he was banned from the U.K., a London appeals court ruled Thursday.
February 19, 2026
Bank Of Ireland Fined £3.7M Over Year-Late Fraud Safeguard

The Payment Systems Regulator revealed Thursday that it has fined Bank of Ireland UK PLC more than £3.7 million ($5 million) for missing a deadline by 14 months to put in place an account name-checking service to combat the risk of fraud.
February 19, 2026
ICO Wins 'Personal Data' Appeal Over Currys Cyberattack

A London appeals court ruled Thursday that data stolen in a cyberattack on electronics retailer Currys was personal data because Currys could identify the data subjects even if the hackers could not.
February 19, 2026
FCA Chief Rathi Wants Shift Away From New Rules

The Financial Conduct Authority will seek to make fewer new rules on the sectors it regulates, its chief executive has said, amid political pressure on the watchdog to do more to support U.K. economic growth.
February 19, 2026
EU Watchdog To Update Guidance On Inside Information

The European Union markets watchdog proposed Thursday to simplify guidelines on delaying disclosure of inside information under the market abuse regime, in order to reduce the burden for companies listing on stock exchanges.
February 19, 2026
Spread-Betting Biz Fights Order To Unwind Merger With Rival

Sports betting company Spreadex urged the Competition Appeal Tribunal on Thursday to quash an order forcing it to sell a business it acquired in 2023, saying it was wrong to find that the merger would threaten competition.
February 18, 2026
Visa, Mastercard Can't Avoid Swipe Fee Claims Pass-On

Mastercard and Visa lost a bid on Wednesday to fend off a class action from retailers over unlawful card payment fees by arguing that the merchants didn't suffer loss because they passed on the charges.
February 18, 2026
'Reckless' Pensions Bosses Lose Bid To Overturn FCA Ban

A London tribunal has upheld a decision by the financial services regulator to ban two pensions company bosses from working in the sector after concluding that they had "recklessly" funneled savers' money into a high-risk property investment.
February 18, 2026
EU Regulator Sees Risk In Simplified Sustainability Rules

A markets watchdog called on lawmakers Wednesday to adjust proposed revisions to European sustainability reporting standards to better protect consumers and stop the risk of greenwashing.
February 18, 2026
CMS, Gowling Steer £113M Pension Deal For EU Tech Firm

European technology giant Sopra Steria Ltd. has agreed to a £113 million ($154.4 million) buy-in with Pension Insurance Corp. PLC to secure long-term retirement income for its program's 355 members, the insurer said Wednesday.
February 18, 2026
Pensions Watchdog Taps Temporary Market Oversight Chief

Britain's retirement savings watchdog said on Wednesday that it has appointed Ben Gunnee as its next interim executive director of market oversight.
February 18, 2026
Taylor Wessing Steers £11M Energy Consultancy Pension Deal

The pension plan for Noble Denton, an adviser to the oil and gas exploration industry, has agreed to a full scheme buy-in worth £11.4 million ($15.5 million), securing the retirement benefits of 106 members, an insurer broker has said.
February 18, 2026
Sackers, WTW Steer £700M IBM Pension Scheme Buy-In

The U.K. pension plan of a subsidiary of International Business Machines Corp. has completed a £700 million ($950 million) buy-in transaction, securing the retirement benefits of more than 3,600 members, Standard Life said on Wednesday.
February 17, 2026
Osborne Clarke, CMS Guide £180M Tech Biz Pension Deal

Pension insurer M&G has taken on £180 million ($243.3 million) in retirement savings liabilities from a scheme sponsored by high technology components manufacturer, in a deal guided by Osborne Clarke and CMS, an adviser on the transaction has said.
February 17, 2026
Deutsche Bank, Ex-Trader Settle Over Monte Dei Paschi Case

Deutsche Bank has settled a commercial fraud claim brought by a former trading head over his wrongful conviction for aiding false accounting and market manipulation in one of Italy's biggest financial scandals.
February 17, 2026
BoE Aims To Cut Costs With New Securitization Rules

Britain's finance watchdogs proposed on Tuesday to simplify rules on securitizations, slashing industry compliance costs and boosting international competitiveness.
February 17, 2026
Fitch Predicts Rise In European Insurance M&A In 2026

The European insurance market could see a wave of further mergers and acquisitions this year, a ratings agency said Tuesday.
February 17, 2026
Ex-Investment Fund Director Denies Alleged £20M Fraud

A former investment fund director pleaded not guilty to criminal fraud and forgery charges at a London court on Tuesday over allegations that he orchestrated a years-long fraud worth up to £20 million ($27 million).
February 17, 2026
DLA Piper Steers L&G On Three Bulk Annuity Purchases

Legal & General has helped secure £86 million ($117 million) of pension liabilities across a U.K. manufacturing and construction group's three retirement programs, Broadstone said Tuesday.
February 17, 2026
Linklaters Steers Pensions Biz In €110M Scottish Widows Buy

Pensions business Chesnara PLC said Tuesday that it has agreed to buy insurance policy manager Scottish Widows Europe from a subsidiary of Lloyds Banking Group PLC for €110 million ($130 million) in cash as it seeks to expand on the Continent.
February 16, 2026
US Hedge Fund Settles $650M Claim Over Joint Venture Row

Hedge fund Baupost has settled its $650 million dispute with DPK Management over a failed joint venture, ending the fight over allegations that the real estate company violated an exclusive contract with Baupost by secretly soliciting other offers.
February 16, 2026
Getir Founders Sue UAE Fund For $700M Over Asset Dispute

The founders of food delivery startup Getir sued Abu Dhabi's investment fund Mubadala on Monday for more than $700 million, accusing it of not handing over valuable assets when the company was restructured in 2024.
February 16, 2026
Carillion's Ex-CEO Hit With Fine Over Misleading Statements

The Financial Conduct Authority said Monday it has fined Richard Howson, former group chief executive at Carillion PLC, £237,700 ($324,000) for his part in misleading statements issued by the international construction company, which is now in liquidation.

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.