Financial Services UK

Wider FCA Misconduct Rule Risks Over-Reporting Of Staff

The rule change proposed by the Financial Conduct Authority on non-financial misconduct for 37,000 companies outside the banking sector will generate pressure on businesses to protectively report employees to the regulator rather than risk later accusations of noncompliance.

Private Stock Market Plan Could Disrupt London IPO Goals

A world-first regulated market for private company shares might harm the U.K.'s objective of stimulating the market for initial public offerings in London if it offers corporate founders a new alternative to the scrutiny of flotations.

FCA's New Enforcement Regime Threatens Firms, Individuals

The Financial Conduct Authority could damage the reputations of businesses and individuals under investigation in cases that it publicizes anonymously as an unintended consequence of a new enforcement policy, lawyers have warned.

Jes Staley at the Rolls Building in London

How Staley's Legal Bid To Save His Reputation Backfired

Former Barclays boss James "Jes" Staley's bid to salvage his reputation has backfired in the face of a London tribunal's findings he "lacked credibility" due to the "overwhelming" evidence of his close relationship with convicted sex offender Jeffrey Epstein.

July 10, 2025
Rusal Can Serve Claim On Abramovich Via Oligarch's Lawyers

A London judge on Thursday approved Russian aluminum giant Rusal to serve a claim on Russian oligarch Roman Abramovich via his lawyers over alleged breaches of an agreement setting out the governance of a Russian mining company.
July 10, 2025
UK Watchdog Investigating Deloitte, Azets Over Stenn Audits

The U.K. accounting watchdog said Thursday it has started investigations into accounting firms Azets Audit Services Ltd. and Deloitte LLP over their audit of U.K. invoice financing firm Stenn Assets, which collapsed in 2024 after a lender found suspicious transactions.
July 10, 2025
Swiss PE Group To Buy Stake In Indian Lender For $228M

Swiss private equity shop Partners Group said Thursday that it has agreed to acquire a "significant majority stake" in Infinity Fincorp Solutions, a non-bank lender in India, for 19.5 billion Indian rupees ($228 million).
July 10, 2025
Aegon Urges Bold Pension Reforms In Anticipated UK Review

The U.K. government should launch its pensions adequacy review as part of its annual financial services strategy announcement next week, an insurer said Thursday.
July 10, 2025
FCA Plans Investor Rule Overhaul To Boost Capital Markets

The Financial Conduct Authority said Thursday that it will amend its client categorization rules in a bid to encourage wealthy and experienced investors to plow more cash into London's ailing equity capital markets.
July 10, 2025
BoE Head Bailey Opposes Gov't Pension Investment Mandate

The governor of the Bank of England has said he disagrees with the idea of requiring pension funds by law to invest in U.K. assets, in an intervention that experts say could have a knock-on effect for flagship legislation for the sector.
July 10, 2025
Clifford Chance Guides Jupiter's £100M CCLA Deal

London-listed Jupiter Fund Management PLC said Thursday that it will buy ethical investment company CCLA for £100 million ($136 million) in a bid to break into managing assets in the non-profit sector.
July 09, 2025
Sweden Wins €60M Pension Fraud Case Against Financier

A London court has ruled that a financier defrauded the Swedish government by setting up an illegitimate investment fund that took €60.7 million ($71.1 million) from savers' pension accounts.
July 09, 2025
British Airways Pensions Biz Unfairly Sacked Investment Exec

An employment tribunal has ruled that British Airways' pensions unit botched an investigation into a senior investment specialist over a confidential email he sent to himself during a workplace restructuring dispute, even though the employee was partly responsible for his ultimate dismissal.
July 09, 2025
Authorities Urged To Stagger Local Gov't Pension Fixes

The U.K. government should stagger the raft of proposed fixes to the Local Government Pension Scheme so as not to overwhelm administrators, Hymans Robertson has warned, calling for expectations to be realistic.
July 09, 2025
BoE Flags Cyber Risk Blind Spots In Stress Test

The Bank of England's regulatory arm has warned companies that financial firms are ill-prepared for a cyberattack that threatens timely settlements.
July 09, 2025
Crédit Agricole Nets €183M In Exit From Loto Owner

French insurer Crédit Agricole said Wednesday that it has sold its remaining stake in FDJ United for approximately €183.3 million ($215 million), marking its exit from the international lottery gaming operator.
July 09, 2025
Mastercard Unit Fined £12M Over Compliance Failures

The Bank of England said Wednesday that it has slapped an £11.9 million ($16.2 million) fine on Mastercard's U.K. payment systems operator Vocalink, in what the central bank called a first for a financial infrastructure company.
July 09, 2025
Nigerian Bank Owner Guaranty Trust Debuts In London

Guaranty Trust Holding Company PLC, the parent of Nigerian lender GTBank PLC, said Wednesday that it has started trading on the London Stock Exchange's main market for listed securities, after raising $105 million through a share sale.
July 09, 2025
LSE Needs Global Reach To Revive Floats, Industry Warns

The London Stock Exchange needs to work at attracting secondary listings from overseas issuers to offset a thinning flow of domestic flotations, a leading British industry group said Wednesday.
July 08, 2025
Ex-BofA Exec Sues For Bias Over Workplace Affair Fallout

A former Merrill Lynch director has failed to keep his name out of tribunal proceedings against the bank in his claim alleging he was unfairly dismissed and discriminated against following a workplace relationship that ended in acrimony.
July 08, 2025
EU Markets Regulator Unveils Plan To Cut Emissions By 2030

Europe's financial markets watchdog published Tuesday its first climate transition plan as a step toward meeting the European Union's climate objectives.
July 08, 2025
Underwriters Back FCA Move To Pare Back Insurance Rules

A trade group representing underwriters in London has backed plans floated by the Financial Conduct Authority to ax unnecessary requirements from its insurance rule book, but said areas of the proposals require clarification.
July 08, 2025
Insurance Consultancy BW Acquires Cybersecurity Firm

Barnett Waddingham said Tuesday it has acquired advisory business Risk Evolves, a move the insurance consultancy expects will strengthen its offering for clients.
July 08, 2025
Monzo Bank Fined £21M For Financial Crime Failings

The Financial Conduct Authority said Tuesday that it has fined Monzo Bank £21 million ($28.6 million) for failings in financial crime controls between October 2018 and August 2020.
July 07, 2025
Law Firm Gets 'Vague' £4.6M Negligence Case Struck Out

A London court struck out on Monday an energy company's £4.6 million ($6.3 million) claim against Benson Mazure LLP, because the law firm would have unreasonable difficulty understanding and responding to the "vague and confused" case.
July 07, 2025
PRA Flags Risks In Pension Deals Over Solvency Clauses

The regulatory arm of the Bank of England has warned the insurance industry that certain clauses in the terms of bulk purchase annuity transactions could expose them to risks totaling approximately £50 billion ($68 billion).
July 07, 2025
Pension Regulator Teams With Industry On Net-Zero Transition

The Pensions Regulator said Monday it will work with workplace pension schemes and financial advisers to develop a format for occupational pension schemes to develop voluntary transition plans in line with the government's aim to reach net-zero by 2050.
July 07, 2025
First Valuation Submitted Under New Pension Funding Code

Barnett Waddingham said Monday it had filed the first pension valuation of a retirement scheme under the new defined benefit funding code introduced by The Pensions Regulator last year.
July 07, 2025
US Payments Biz Gets Extension To Bid For UK Fintech

U.K. financial services provider Alpha Group International PLC said Monday that it has extended the deadline for potential buyer Corpay Inc., to weigh making a firm offer, following "constructive discussions" with the U.S. business payments company.

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

What EU Bank Regulator's Letter Means For Crypto Providers

A recent letter from the European Banking Authority notes a need to avoid dual authorization for e-money token transactions under European Union payment services and cryptocurrency regulations, which could result in a high regulatory burden for crypto-asset service providers and leaves open questions for future political negotiations, say lawyers at Morgan Lewis.
How Regulators Want Online Platforms To Fight Finance Fraud

Recent statements from the International Organization of Securities Commissions and the European Securities and Markets Authority make clear that online platform providers are expected to adopt proactive measures to prevent the promotion of unauthorized financial services and related misconduct, say lawyers at Taylor Wessing.
FCA Notes Industry Criticism But Keeps Transparency Focus

The Financial Conduct Authority’s recently updated enforcement guide finally gives up the "naming and shaming" public interest test, demonstrating that the regulator has recognized the industry's serious concerns while maintaining less contentious aspects of its proposals to improve transparency in investigations, say lawyers at Irwin Mitchell.
Anticipating A Shift In CMA Merger Control Enforcement

As the Competition and Markets Authority outlines plans to put the U.K. government's growth objectives into action, the changes may well pave the way for a more permissive outlook for review of mergers and acquisitions in the U.K., say lawyers at A&O Shearman.
Court Backing Of FCA Pensions Ruling Sends Key Message

The Upper Tribunal’s recent upholding of the Financial Conduct Authority's decisions against CFP Management directors serves as a judicial endorsement of the regulator’s approach to defined benefit transfers, underscoring that where the advisory model is fundamentally flawed, the consequences for those in control can be severe, say lawyers at RPC.
Saxon Woods Ruling Tightens Rules On Director Good Faith

The recent Court of Appeal judgment in Saxon Woods v. Costa departs from the High Court's ruling, clarifying that a director's sincere belief they have acted in the company’s best interests is not sufficient to satisfy the statutory requirement to act in good faith, say lawyers at Covington.
Key Points From HMRC's Tax Reform Proposals

Although HM Revenue & Customs’ recent proposals for reform of U.K. transfer pricing and permanent establishment rules align with the latest international consensus, certain amendments may lead to future controversy, say lawyers at Skadden.
What To Note As UK Adopts OECD Crypto Disclosure Rules

With the U.K.’s recent announcement that it will adopt the Organization for Economic Cooperation and Development's crypto-asset reporting framework, users and providers will benefit from understanding the context surrounding the decision and the framework's intended goal of clamping down on tax evasion, say lawyers at Brown Rudnick.
Comparing Stablecoin Bills From UK, EU, US And Hong Kong

For multinational stablecoin issuers, navigating the differences and similarities among regimes in the U.K., EU, Hong Kong and U.S., which are currently unfolding in several key ways, is critical to achieving scalable, compliant operations, say attorneys at Morgan Lewis.
How UK Law Firms Can Counter Money Laundering Threat

With figures released in May showing that money laundering was the biggest source of fraud in the U.K. last year, law firms should focus on internal identification and prevention strategies, considering the scale and nature of potential risk exposure depends on several business factors, says Niall Hearty at Rahman Ravelli.
Key Takeaways As EU And UK Impose New Russia Sanctions

The European Union and U.K.’s new sanctions on Russia, designating increasing numbers of non-Russian companies in the defense and shipping sectors, mean that organizations must examine from the outset whether a transaction has any nexus with the EU or the U.K., say lawyers at Sullivan & Cromwell.
Pension Schemes Bill's Most Notable, Controversial Measures

The long-awaited Pension Schemes Bill recently introduced to Parliament creates a framework for harnessing money saved in U.K. workplace pension funds to grow the country’s economy, but provisions relating to local government pension scheme investment, and scale and asset allocation, are controversial, says Claire Dimmock at Squire Patton.
What New FCA Private Stock Market System Could Offer Cos.

While the Financial Conduct Authority’s new secondary private stock market system will bring more control and less ongoing regulatory compliance than a public market, but because the regime grants a significant degree of flexibility to operators it may be some time before a full operational picture emerges, says Iain Wright at Morgan Lewis.
Fraud Office Guidance Highlights Value Of Self-Reporting

New guidance from the U.K.'s Serious Fraud Office on corporate self-reporting, cooperation and deferred prosecution agreements provides a useful framework for companies navigating criminal investigations and their potential resolutions — and underscores that corporations that self-report are in a better position to obtain DPAs than those that do not, say lawyers at Skadden.
Open Questions As FCA Prepares Buy Now, Pay Later Rules

HM Treasury’s recent response to its consultation on buy now, pay later lending regulation is clear on policy, but with rules still to be set by the Financial Conduct Authority it is difficult for firms to plan for change, and they should take advantage now of the opportunity to liaise with the regulator, say lawyers at Hogan Lovells.