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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 04, 2026
Quinn Emanuel Client Appeals To Block Ex-Staffer's Abuse

A client of Quinn Emanuel argued at a London appeals court on Wednesday that judges can restrain a former employee from sending abusive messages to the firm's lawyers if the conduct interferes with the court's processes.
February 04, 2026
Reform Housing Sector To Boost UK Investment, PIC Urges

Britain's housing and infrastructure sector requires "immediate reform" to unlock billions of pounds for investment, Pension Insurance Corp. has said, calling for a raft of changes to remove the barriers preventing capital being steered toward the country.
February 04, 2026
DLA Piper Steers Marine Biz In £55M Pension Deal With PIC

Global financial services and marine operations group Bibby Line has completed a £55 million ($75 million) buy-in transaction with Pension Insurance Corp. PLC, the insurer said Wednesday, securing the retirement benefits of 667 plan members.
February 04, 2026
UK Pension Funds Exposed To AI Bubble, LCP Warns

The country's largest defined contribution pension funds are potentially exposed to a correction in U.S. artificial intelligence stocks, a consultancy warned Wednesday.
February 04, 2026
Financier Settles Libel Case Over €454M Vatican Fraud Claims

An Anglo-Italian financier has settled his libel action against a newspaper publisher in which he alleged that the paper wrongly accused him of orchestrating a €454 million ($536 million) property fraud against the Vatican.
February 04, 2026
Law Firms, Claims Managers Warned On Motor Finance Cases

Financial and legal regulators warned claims management companies and law firms handling claims for motor finance compensation on Wednesday to avoid multiple representation of consumers and ensure that any fees they charge are fair.
February 04, 2026
UBS Announces $3B Share Buyback As Profit Jumps

UBS unveiled a share repurchase plan of at least $3 billion on Wednesday as it disclosed a leap in its net profit.
February 04, 2026
Santander Launches €5B Buyback, Buys US Bank For $12B

Spanish banking giant Santander said on Wednesday that it will begin a share buyback worth up to €5.03 billion ($5.9 billion) to downsize its share capital — a day after it agreed to acquire U.S. bank Webster Financial Corp. for $12.3 billion.
February 03, 2026
Wachtell Lipton, Davis Polk Steer $12B Santander Deal

Wachtell Lipton Rosen & Katz and Davis Polk & Wardwell LLP are guiding Banco Santander SA's $12.3 billion cash-and-stock acquisition of Webster Financial Corp., according to an announcement made Tuesday.
February 03, 2026
Banque Havilland Gets Fine Over Qatar Currency Cut To £4M

A tribunal upheld on Tuesday the Financial Conduct Authority's finding that Banque Havilland, now Rangecourt SA, acted without integrity to harm Qatar's currency, but trimmed the regulator's fine of the bank from £10 million ($13.7 million) to £4 million.
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
Met Confirms Probe Into Mandelson's Alleged Epstein Leaks

The Metropolitan Police confirmed on Tuesday that it will launch an official investigation into allegations that Peter Mandelson leaked government information to sex offender Jeffrey Epstein.
February 03, 2026
FCA Backs Phillip Brokerage's £6M Walker Crips Buy

Walker Crips said Tuesday the Financial Conduct Authority has approved an 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.

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

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.
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.