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Financial Services UK

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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.

Signage on the outside of the London building that is home to the U.K. agency for fighting white-collar crime.

SFO Director's Surprise Exit Reignites Debate Over Its Future

Nick Ephgrave's surprise retirement from the Serious Fraud Office could turn up the heat on a simmering debate about the future of the agency and a potential merger with other law enforcement authorities such as the National Crime Agency, lawyers say.

Gov't Overhaul Plan For CMA Merger Reviews Sparks Doubts

Proposals by the government to abolish the Competition and Markets Authority's independent decision-making panel without replacing it with easier mechanisms to appeal rulings might ultimately harm the businesses that Whitehall wants to attract, experts have warned.

February 03, 2026
Visa Accuses Eyeware Biz Of Breaching Swipe Fee Settlement

Visa said at the start of a London trial on Tuesday that it "didn't want to hear" from Luxottica again after settling a swipe fees claim, accusing the eyewear retailer of defying an agreement when a subsidiary refused to stop legal action.
February 03, 2026
Barclays Manager Not Entitled To Pay For Taking On VP Duties

A London tribunal has ruled that Barclays Bank did not act unlawfully by omitting to increase a sales manager's salary when he took on additional duties that elevated his role to the grade of vice president.
February 03, 2026
Gov't Refers Mandelson's Alleged Epstein Leaks To UK Police

Keir Starmer has asked the Metropolitan Police to investigate evidence that appears to show that Peter Mandelson sent emails when he was business secretary containing "market-sensitive information" to Jeffrey Epstein amid the 2009 financial crisis, the force confirmed Tuesday.
February 03, 2026
FCA Backs Phillip Brokerage's £6M Walker Crips Buy

Walker Crips said Tuesday the Financial Conduct Authority has approved the acquisition by a unit of Singapore-based capital markets giant Phillip Brokerage Pte Ltd., satisfying a critical condition in the wealth management and stockbroking firm's proposed takeover.
February 03, 2026
UK Sets Financial Services Links With China To Boost London

The government said Tuesday it had secured agreements with China to boost London's position as a global financial hub during Prime Minister Keir Starmer's recent visit to the country.
February 03, 2026
HSBC Claims Barclay Bros Stalling Petition Over £140M Debt

HSBC Bank PLC told a London court on Tuesday that two members of the Barclay Family have owed it £140 million ($192 million) since April 2024 and that the brothers are now seeking to adjourn bankruptcy petitions "on very vague terms."
February 03, 2026
Osborne Clarke Steers £20M Inspection Biz Pension Buyout

The U.K.'s construction certification body has completed a £20 million ($27 million) full scheme buyout with insurer Aviva, securing the pension benefits of all its members, Broadstone said Tuesday.
February 02, 2026
HSBC Must Face Contractor's Maternity Leave Bias Claims

HSBC has failed to convince an employment tribunal to nix an outsourced psychologist's pregnancy discrimination claims based on the fact that she submitted her complaint nearly two and a half months later, as she still had a shot of defending the delay at trial.
February 02, 2026
Broadcast Biz Denies Liability To Banks In £1.3B Fraud Case

A broadcasting equipment company has denied that it is liable to Lloyds Bank PLC and Bank of Scotland PLC if the lenders are found to have wrongly processed payments linked to an alleged £1.3 billion ($1.8 billion) fraud.
February 02, 2026
Pensions Biz Chesnara Completes £260M Buy Of HSBC Life

British pensions company Chesnara PLC said Monday that it has completed the acquisition for approximately £260 million ($355 million) of the specialist life protection and investment bond provider of banking giant HSBC, boosting its assets to approximately £18 billion.
February 02, 2026
FCA To Roll Out New Open Banking System By March

The Financial Conduct Authority said Monday that a new open banking mechanism will go live in March to enable more consumers to make regular payments more flexibly than by direct debit, coinciding with plans for a next-generation retail payments plan.
February 02, 2026
CloudPay Blames Funding Issues For Stalled Payroll Project

A payments technology company has denied owing a finance consultant €17 million ($20.1 million) for halting a project aimed at providing a payroll financing product, claiming the roadblock was largely the result of the consultant's own difficulties in raising funds.
February 02, 2026
Carter-Ruck Partner Can Claim Costs For Failed SRA Action

The Solicitors Disciplinary Tribunal ruled Monday that a Carter-Ruck partner can in principle recover costs from the industry regulator after she was cleared of disciplinary charges linked to the OneCoin cryptocurrency scam, but said that the High Court should decide how much.
February 02, 2026
Akin Aids Helios' $292M Plan To Take Payments Biz Private

Private equity firm Helios said it plans to pull CAB Payments from the London market in a $292 million deal after the U.K. cross-border payments business endured a rocky spell on the stock exchange.
January 30, 2026
Tech Exec Fired After Board Coup Bid Was 'Unfairly' Let Go

A London Employment Tribunal has ruled that a financial technology payment startup unfairly dismissed its chief technology officer, but did not do so for the disclosures he made amid a souring relationship with the company's chief executive that led to an attempted boardroom coup.
January 30, 2026
UK Litigation Roundup: Here's What You Missed In London

This past week in London saw collapsed solar bonds company Rockfire Capital sue the Royal Bank of Scotland, e-ticket platform Eventbrite target the owners of Salford Red Devils rugby club over an alleged contract breach, and Scottish distiller William Grant & Sons square off against a former MP in a trademark tussle tied to its Glenfiddich whisky.
January 30, 2026
TSB Beats 'Mortgage Prisoners' Appeal In £800M Rates Claim

TSB was entitled to charge higher interest rates for loans to almost 400 former Northern Rock customers, a London appeals court ruled Friday, handing the lender a preliminary win in an £800 million ($1.1 billion) group action brought by borrowers.
January 30, 2026
IG Group Completes $125M Cryptocurrency Exchange Deal

IG Group said Friday that it has completed the approximately 178 million Australian dollars ($125 million) acquisition of Australian cryptocurrency exchange Independent Reserve after receiving approval from the central bank of Singapore.
January 30, 2026
Trafigura Wins Trial Over $500M Nickel Fraud Against Magnate

Trading company Trafigura was the victim of a "massive fraud" carried out by Prateek Gupta and his companies in which he made $500 million in sham nickel trades, a London court concluded on Friday.
January 30, 2026
FCA Proposes New Climate Disclosure Rules For Listed Cos.

The Financial Conduct Authority proposed to replace its climate disclosure rules on Friday for companies listed on the London Stock Exchange, under a new regime aligned with international standards.
January 30, 2026
Deutsche Bank Denied Early Ruling In Barclay Family Dispute

A Luxembourg bank can't get early determination of part of its claim against a member of the Barclay family over an unpaid £18 million ($25 million) loan, after a judge said Friday the issue of which court had jurisdiction needed to be determined first.
January 30, 2026
UK Pension Deal Market Slumps In 2025 By 18% To £39B

The value of bulk purchase annuity pension deals fell by nearly 20% to £39 billion ($53.6 billion) in 2025 — the market's worst year since 2022.
January 30, 2026
Legal Services Biz Sues Insurer For £1M In Payment Row

A legal expense insurance company has sued the insurer of an insolvent solicitors' firm for more than £1 million ($1.4) over allegations the law firm failed to pay premiums it owed that were linked to after-the-event litigation policies.
January 30, 2026
Higher Fines, New Settlements In UK Sanctions Revamp

The sanctions enforcer plans to introduce higher maximum fines and a new settlement scheme as part of a wave of reforms aimed at keeping pace with the increased volume and complexity of its investigations.
January 29, 2026
Fund Managers Should Be Taxed As Workers, HMRC Testifies

Portfolio managers at BlueCrest Capital Management should be taxed as disguised employees because they don't hold wider legal responsibilities at the hedge fund, Britain's tax authority told the U.K. Supreme Court on Thursday.

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

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.
How Gov't AML Supervision Reform Will Affect Law Firms

In confirming that the Financial Conduct Authority will become the single supervisor for professional services, HM Treasury’s planned reform of the U.K.’s anti-money laundering and counter-terrorist financing supervision regime marks a significant change for the legal profession, signaling a greater emphasis on evidence and accountability, says Harriet Holmes at Thirdfort.
EU Financial Regulation Trends Cos. Need To Watch In 2026

An ever-increasing number of initiatives on the European Union regulatory agenda, with simplification and consistent implementation being priorities, means financial services businesses with a footprint in the EU or seeking to establish one will face significant challenges and strategic opportunities, say lawyers at Taylor Wessing.
What To Expect From UK, EU Crypto Regime Changes In 2026

With 2025 marking the first operational year of the European Union’s Markets in Crypto-Assets Regulation and the U.K.’s rules reaching their final legislative form, the two jurisdictions are converging in focus, but structural design differences mean firms active in both markets will require dedicated documentation to ensure compliance, say lawyers at Morgan Lewis.
What Cos. Can Expect From CMA Consumer Protection Drive

The Competition and Markets Authority’s recently launched consumer protection drive targeting banned online sales practices focuses on supporting compliance rather than on enforcement, although firms should expect this to change once businesses have had time to adapt to the regulator's new regime, say lawyers at Baker Botts.
Preparing For UK's New Tax Fraud Whistleblower Program

With the U.K. government introducing a U.S.-style whistleblower incentive scheme to tackle high-value tax avoidance and evasion, companies should take proactive steps and establish clear protocols to mitigate the potential increase in tax investigations, say lawyers at Skadden.
Key Trends Shaping ESG And Sustainability Law In 2026

2025 saw a chaotic regulatory landscape and novel litigation around environmental, social and governance issues and sustainability — and 2026, while perhaps more predictable, will likely be no less challenging, with more lawsuits and a regulatory tug-of-war complicating compliance for global companies, say attorneys at Crowell.
Digital Regulation In EU And UK: The Enduring 2025 Themes

With EU and U.K. digital regulation becoming an operational reality in 2025 and no sign of slowing in 2026, organizations need to embed content moderation, cybersecurity and data access obligations into their compliance structures, although legislative divergences mean that multinational businesses must also consider parallel and sometimes conflicting expectations, say lawyers at Morrison & Foerster.
FCA Enforcement Trends In 2025 And Expectations For 2026

The Financial Conduct Authority’s clear intention in 2025 to conduct fewer, faster investigations and reinforce transparency is likely to continue in 2026, with a dual-pronged approach of targeted enforcement and assertive supervision to fight crime, support growth and help consumers as its priorities, say lawyers at WilmerHale.
Judicial AI Guidance Update Shows Caution Still Prevails

The judiciary’s recently updated guidance on the use of artificial intelligence warns judges and tribunal members about misinformation and white text manipulation, providing a reminder that AI tools cannot replace direct engagement with evidence and reflecting a broader concern about their application when handling confidential material, say lawyers at Hogan Lovells.