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Financial Services UK
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September 10, 2025
Abramovich Loses Appeal To EU Sanctions Over Evraz Ties
Roman Abramovich failed to lift European Union sanctions against him on Wednesday as judges ruled they are justified because the oligarch is a main shareholder in the steel company Evraz, one of the largest taxpayers in Russia.
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September 10, 2025
FCA To Slash Data Reporting For Retail Broker Firms
The Financial Conduct Authority said Wednesday that it plans to slash some of the quarterly and biannual reports that retail broker companies must submit, a step it estimates can save the sector approximately £1.8 million ($2.4 million) in administrative costs.
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September 09, 2025
Addleshaw Goddard Hires Innovation Lead From Macfarlanes
Addleshaw Goddard LLP announced Tuesday that it hired the former head of law tech and chief knowledge and innovation officer at U.K. law firm Macfarlanes as a financial services partner with a focus on bolstering its tech offerings to clients.
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September 09, 2025
Tether Accuses Crypto Trader Of Unlawful Suit Over Bitcoin JV
Tether accused a crypto trading company in a London court on Tuesday of knowingly bringing an unlawful claim over a soured bitcoin mining joint venture after the trader conceded that it did not own the intellectual assets of the joint venture vehicle.
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September 09, 2025
FCA Puts Brakes On 400 Misleading Auto Finance Payout Ads
The Financial Conduct Authority said Tuesday that it has curbed hundreds of promotions by claims management companies that have overstated the compensation available to consumers in the wake of rulings over motor finance fees.
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September 09, 2025
Insurers Told To Invest In Data To Meet Cyber-Market Demand
The insurance sector must improve the quality of its data to better understand risks if it is to address the anticipated growth in the cyber-market, Lockton Re has said.
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September 09, 2025
Dutch Pension Reform Could Mean Shakeup For Markets
The sweeping reform of the €2 trillion ($2.3 trillion) Dutch pension sector from next year could have knock-on effects for bond markets and Eurozone banks, a credit rating agency warned Tuesday.
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September 09, 2025
Accountant Spied On By Boss Wins £14K Over Unfair Firing
A former employee of an accounting company has been awarded £14,120 ($19,150) after an employment tribunal ruled that her employer unfairly fired her and then spied on her work computer to retrospectively justify its decision.
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September 09, 2025
Chancellor Warned Against Cutting Pension Tax Relief
Possible changes to pension tax relief rules that could be announced in the forthcoming autumn budget to raise additional revenue are fraught with risks for Chancellor Rachel Reeves and could break government manifesto commitments, a consultancy has said.
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September 16, 2025
Squire Patton Hires Dentons' PE Head In Germany
Squire Patton Boggs LLP has hired a senior partner from Dentons' private equity and corporate team to boost its services in Germany.
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September 09, 2025
BHP Settles Class Action Over Brazil Dam Collapse For $72M
BHP Group Ltd. revealed on Tuesday that it has agreed to pay 110 million Australian dollars ($73 million) to settle a class action brought in Australia on behalf of shareholders in the mining giant before a deadly dam collapse in Brazil in 2015.
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September 08, 2025
Investors Say E-Commerce Co. Misrepresented $69M Bond Deal
A group of investment firms has alleged that an Indian e-commerce company breached a finance deal by failing to use the almost $69 million in bonds the firms issued to purchase 100% of a software business.
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September 08, 2025
FCA Unit Tells Legal, Accountancy Bodies To Improve SARs
The anti-money laundering unit of the Financial Conduct Authority told legal and accountancy supervisory bodies on Monday that suspicious activity reports they submit could be improved by setting out an action plan.
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September 08, 2025
Insurers Say EU Solvency Reforms Will Not Boost Competition
The European Commission's draft technical amendments to the prudential regime for insurance and reinsurance companies across the bloc will not make the region more competitive, a trade body has said.
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September 08, 2025
Crédit Agricole Pays €88M Fine To Settle Cum-Cum Probe
Crédit Agricole SA's investment banking arm agreed on Monday to pay French prosecutors €88 million ($103 million) to settle a criminal probe over allegations that the lender conducted trades designed to flout tax laws.
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September 08, 2025
Vanquis Bank Let Sanctioned Client Access Funds, OFSI Says
The U.K.'s sanctions enforcer said in a published notice Monday that a U.K. bank had breached sanctions regulations by allowing a sanctioned person to access their account funds.
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September 08, 2025
Gov't Consults On Merging Payments Watchdog With FCA
The government released detailed plans on Monday for folding the Payment Systems Regulator into the Financial Conduct Authority, a move that would simplify the rules for payment systems and companies.
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September 08, 2025
Lender Denies Blame For Investor's $18M Miner Shares Loss
A Bahamian lender has denied causing a British Virgin Islands investment company to lose approximately $18.6 million by refusing to allow it to repay a loan early, which would have allowed the investor to redeem shares in a gold miner.
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September 08, 2025
SEC Sues Briton Over Funds From Microcap Stock Fraud
The U.S. Securities and Exchange Commission has sued a U.K. citizen for $148,038 to recover money in a case arising from his alleged role in a fraudulent microcap stock scheme, according to filings at a London court.
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September 08, 2025
Swedbank Cleared As SEC Ends Disclosure Probe
Swedbank has said that the U.S. securities authority has closed a six-year investigation into the bank without taking any enforcement action.
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September 05, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen professional boxing promoter Boxxer take action against the former head of boxing at Matchroom Sport, Aegis Motor Insurance and Chubb European Group clash over a reinsurance claim, and a transgender pool player sue the English Blackball Pool Federation over its decision to ban her competing in women's teams and tournaments.
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September 05, 2025
Sabadell Can't Nix Swiss Investment Firm's TM
Spanish bank Sabadell failed to convince European officials to nix an investment firm's mark for the letter "B" because the fact that its own mark also contained a "B" wasn't enough to make the public think that their financial services were somehow linked.
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September 05, 2025
Ex-NASA Scientist Gets 2 Years For £1M Investment Fraud
A London judge sentenced a former NASA scientist to two years in prison Friday for fleecing more than 100 investors out of nearly £1 million ($1.4 million) as part of an unauthorized trading scheme.
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September 05, 2025
Ex-Insurance CEO To Pay £5M For Pocketing Business Loan
A London court on Friday found the former chief executive of a defunct Liechtenstein insurer liable to pay back £4.96 million ($6.7 million) after pocketing a loan from the company for no legitimate business purpose.
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September 05, 2025
Retirement Confidence Rises, But Isn't Shared Equally
More workers in the U.K. are confident of retiring comfortably than before, with men and young employees showing strong optimism compared with women and other age groups, according to research by pensions provider Aegon.
Expert Analysis
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What Green Claims Directive Proposal Means For Businesses
With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
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£43M Legal Bill Case Shows Courts' View On Exchange Rates
A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.
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Examining The EU's New Payments Services Package
Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.
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Examining The State Of Paccar Fixes After General Election
Following the U.K. Supreme Court's Paccar decision last year, which made many litigation funding agreements for opt-out collective actions in the Competition Appeal Tribunal unenforceable, the judiciary will likely take charge in implementing any fixes — but the general election has created uncertainty, says Ben Knowles at Clyde & Co.
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EU Reports Signal Greenwashing Focus For Financial Sector
Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
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Opinion
Without Change, Fighting Fraud Is A Losing Battle For The UK
To successfully fight fraud cases in the U.K. — like the Russian Coms scam recently shut down by the National Crime Agency — it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country’s intelligence platforms, says Anthony Hanratty at Howard Kennedy.
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Embedding Consumer Duty: 6 Areas Firms Should Prioritize
The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.
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2 UK Rulings Highlight Persistent Push Payment Fraud Issues
Two recent High Court decisions, Larsson v. Revolut and Terna DOO v. Revolut, demonstrate that authorized push payment fraud continues to cause headaches for consumers and financial institutions alike, and with forthcoming mandatory reimbursement requirements, more APP fraud litigation can be expected, say lawyers at Charles Russell.
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Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling
The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.
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Key Points From UK Prospectus Regime Reform Consultation
The Financial Conduct Authority's current consultation on U.K. prospectus regime reform proposals, including when a prospectus will be required and the requirements concerning content, is designed to enhance the attractiveness of the U.K.'s capital markets, say lawyers at Sullivan & Cromwell.
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Why NCA's 1st Seizure Of Sanctioned Funds Is Significant
The National Crime Agency’s recently secured forfeiture of a Russian oligarch's sanctioned funds was a landmark achievement, and is particularly notable because it was made under the Proceeds of Crime Act, illustrating how U.K. authorities can coordinate their respective powers to confiscate assets, says Lindsey Cullen at WilmerHale.
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Takeaways From New FCA Rules On Research Payments
The Financial Conduct Authority’s recently published final rules on payment optionality for investment research, which involve a client disclosure obligation option, will be welcome news for U.K. managers who buy investment research from U.S. brokers, and for global asset management groups, says Anna Maleva-Otto at Schulte Roth.
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What To Expect From Labour's Pension Schemes Bill
The Labour government’s recently announced Pension Schemes Bill, outlining key policy areas affecting the retirement savings sector, represents a positive step forward for both defined contribution scheme members and defined benefit superfunds, but there are some missing features, says Sonya Fraser at Arc Pensions.
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Int'l Treaties May Aid Investors Amid UK Rail Renationalization
The recently introduced Passenger Railway Services Bill seeks to return British railways to public ownership without compensating affected investors, a move that could trigger international investment treaty protections for obligation breaches, says Philipp Kurek at Signature Litigation.
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What EU Opinion May Mean For ESG Product Classification
The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.