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Financial Services UK

Illustration showing cyberattack on a computer network through a laptop, with a person typing.

New Fraud Unit Faces Hurdles To Take On Overseas Scams

A new anti-fraud unit built to disrupt the growing threat to national security posed by online scammers fills gaps left in the enforcement landscape, lawyers say — although there are hurdles for prosecution of suspects, particularly when many scams originate thousands of miles away.

FCA Tests Global Reach In HTX Crypto-Exchange Litigation

The landmark legal case brought by the Financial Conduct Authority against HTX, which the regulator says has promoted crypto-asset services to U.K. consumers without authorization, will be a litmus test, establishing whether it has the teeth for enforcement against overseas crypto-exchanges, lawyers say.

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.

March 19, 2026
EU Insurers Want Stripped-Down Financial Services Regs

European policymakers must introduce a "focused, high-impact simplification agenda" that would strip out a string of superfluous and overlapping regulations hindering the competitiveness of the bloc, an insurance trade body has said.
March 19, 2026
Speed Up Delivery Of Consolidated Tape, EU Trade Bodies Say

Two leading European trade bodies for financial institutions have called on policymakers to speed up the delivery of the consolidated tape to boost market competitiveness, warning that rules on best execution of trades for retail investors need effective enforcement.
March 19, 2026
Lammy OKs Appointment Of Judges Pensions Board Member

Justice Secretary David Lammy has cleared the appointment of Tim Mpofu, a former local government pensions chief, as an independent member of the Judicial Pension Board, the government said Thursday.
March 19, 2026
Gov't Warned Of 'Social Crisis' Facing Gen X Pension Savers

Millions of British workers born between 1965 and 1980 are set to receive inadequate pension incomes in retirement, a think tank has said, calling on policymakers to weigh the issues directly affecting Generation X in the ongoing pensions probe.
March 19, 2026
Fintech IG Group To Roll Out £125M Share Buyback Program

IG Group Holdings PLC said Thursday that it will return £125 million ($166 million) to investors through share repurchases in a move the financial technology company stated is expected to lower its share capital.
March 18, 2026
Greensill Can't Stop Disqualification Case Over Unfair Probe

Lex Greensill failed Wednesday to strike out U.K. government proceedings to disqualify him as a company director, as a London court ruled that a full trial is needed to assess the fairness of the investigation running up to the case.
March 18, 2026
MFS Owner Hit With Asset Freeze After Mortgage Biz Collapse

The owner of failed U.K. mortgage provider Market Financial Solutions has been hit with a worldwide freezing order, administrators said Wednesday in the wake of fraud allegations following its collapse in February with debts in excess of £1 billion ($1.3 billion).
March 18, 2026
MPs Seek Right To Veto Financial Ombudsman Chair Pick

A cross-party group of MPs called Wednesday for a legal right to veto future government appointments of the chair of the Financial Ombudsman Service.
March 18, 2026
FCA Denies Exerting 'Undue Pressure' During Odey Probe

A manager at the City watchdog who conducted its supervision of Crispin Odey's hedge fund rejected the financier's allegations that pressure from the watchdog made other executives incapable of fairly disciplining him over allegations of misconduct.
March 18, 2026
HMRC Counters Barclays Bid To Revive £800M Tax Deduction

Barclays Bank wasn't entitled to treat as a corporate tax deduction £800 million ($1 billion) of £3 billion raised issuing debt instruments in a deal with Qatar and Abu Dhabi, HM Revenue & Customs argued Wednesday, because the bank gave away certain securities as a "sweetener" for the deal.
March 18, 2026
Walker Morris Steers £4M Pension Deal For Furniture Co.

British furniture manufacturer Hille Ergonom has completed a £4 million ($5 million) buyout transaction with Aviva, securing the benefits of 74 members, a consultancy said Wednesday.
March 18, 2026
FCA Sets New Disruption Reporting Rules To Limit Harm

The Financial Conduct Authority set out clearer rules on Wednesday for how regulated financial services businesses report cyber-attacks and IT breakdowns, as the number of incidents rises.
March 18, 2026
Savers Welcome Progress On Civil Service Pension Backlog

A campaign group for current and retired civil servants has welcomed the "continued progress" in reducing the number of cases of missed pension payments to retirees, but said that members of the program that is engulfed in administrative chaos still face delays.
March 18, 2026
SoftBank Unit Sued By Directors In £8M Share Seizure Row

Two former directors of a robotics investment company have sued SoftBank Robotics UK and investment firm Reditus Capital for at least £8 million ($10.7 million), alleging it forced them out of the business.
March 18, 2026
Austrian Lender BAWAG Confirms Interest In Irish Rival

Austrian bank BAWAG confirmed on Wednesday that it has made a takeover bid for Permanent TSB, after the government-owned Irish lender put itself up for sale in October.
March 17, 2026
Barclays Defends £800M Deduction For Financial Crisis Debt

Barclays Bank defended its tax treatment of £3 billion ($4 billion) in debt instruments issued during the financial crisis, telling the U.K. Upper Tribunal on Tuesday that £800 million should be deductible as a debit arising from a loan.
March 17, 2026
PE Firm Can't Get Early Win In £50M Software Biz Buyout Case

A private equity firm has lost its bid for an early win in its £50 million ($66.7 million) claim that the previous owner of a software business it acquired breached warranties by incorrectly stating that the company had necessary software licenses.
March 17, 2026
Mex Group Faces Losses Probe After Dropping £85M Case

A London court on Tuesday ordered an inquiry into losses allegedly caused by a worldwide asset freeze obtained by Mex Group against two business executives and a financial services company, after the group abandoned its £85 million ($114 million) proceedings underpinning the freeze.
March 17, 2026
Visa, Mastercard Win Shot At Overturning Fee Liability Ruling

Visa and Mastercard won their bid for permission to appeal a ruling that found their swipe fee schemes had violated competition rules, with the Competition Appeal Tribunal ruling Tuesday that all the credit card giants' grounds of appeal merit a full hearing.
March 17, 2026
Modi Rejects India Torture Protections In $2B Extradition Case

Jewelry magnate Nirav Modi argued in a London court on Tuesday that his extradition to India over an alleged $2 billion fraud should be blocked because he would be at risk of torture during interrogation if he was prosecuted there.
March 17, 2026
TPR Calls On DC Programs To Consolidate Amid 15% Decline

Britain's pensions regulator urged defined contribution pension programs on Tuesday to consider consolidating after new data showed a sharp drop in the number of schemes and continued dominance by master trusts.
March 17, 2026
FCA Prioritizes Car Finance Provider Cooperation On Redress

The Financial Conduct Authority released Tuesday its regulatory priorities for consumer finance providers in a report, calling on boards and chief executives of motor finance businesses to work constructively with the regulator on redress.
March 17, 2026
BoE To Toughen Bank Liquidity Rules After Credit Suisse

The Bank of England's regulatory arm proposed tougher rules on Tuesday to help ensure that banks, building societies and larger investment companies can speedily cash out on liquid assets, as it learns from the events at Silicon Valley Bank UK and Credit Suisse.
March 17, 2026
Tourism Biz Says Delayed Losses Save $74M Orrick Claim

A Nigerian tourism business fought on Tuesday to save its claim that Orrick Herrington & Sutcliffe LLP caused it to lose almost $74 million by negligently advising on an investment deal with private equity giant Carlyle Group.
March 17, 2026
Oakley Capital Investments Plows £9M Into Software Firm

Oakley Capital Investments Ltd. said Tuesday that it has agreed to invest up to £9 million ($12 million) in cloud software company Groupe Senef.

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

Who Will Be 1st To Prosecute New Corporate Fraud Offense?

With no prosecutions under the failure to prevent fraud offense six months on from its introduction, lawyers at BCL Solicitors explore the front-runners in the race to prosecute, and consider whether a private prosecutor might beat a state prosecuting authority to the finish line.
Crypto-Asset Market Downturn Is Driving Litigation Risk

Recent volatility in the crypto-asset market has placed a strain on balance sheets and laid bare weaknesses that may have been overlooked during more stable periods, increasing the risk for disputes over whether procedures or enforcement have been carried out correctly, say lawyers at Kennedys.
Decoding Arbitral Disputes: UK Top Court On State Immunity

The U.K. Supreme Court's recent ruling denying Spain's and Zimbabwe's bids to escape arbitration awards using state immunity claims provides significant clarification of the relationship between sovereign immunity and the International Centre for Settlement of Investment Disputes system, and reinforces the finality and enforceability of ICSID awards, says Josep Galvez at 4-5 Gray's Inn.
FCA's £44M Nationwide Fine Highlights AML Control Gaps

The Financial Conduct Authority’s recent £44 million fine of Nationwide Building Society for anti-money laundering control failures demonstrates that where a firm does not implement appropriate policies and remediation projects, there is a risk that noncompliance will remain unaddressed, say lawyers at Taylor Wessing.
How UK Securitization Reforms Will Affect Industry

The Prudential Regulation Authority’s recent proposals to reform securitization requirements will offer greater structuring flexibility, reduced operational complexity and lower compliance costs, although with the rationale for imposing stand-alone obligations on institutional investors not clear, dissenting voices are likely, say lawyers at Skadden.
FCA's HTX Action Shows Crypto Ad Rules Must Be Followed

The Financial Conduct Authority’s London High Court action against global crypto-exchange HTX for illegally promoting its services to U.K. consumers sends the message that it will pursue those who flout the rules from a distance and will be key in testing the extent of the U.K.’s regulatory perimeter, says Nick Barnard at Corker Binning.
UK Territories May Yet Prevail On Ownership Disclosure

Despite its recently launched anti-corruption strategy, the U.K. government appears to have little appetite in the short term to impose fully public ownership registers on the overseas territories, a position that will be welcomed by advisers and individuals, says Rupert Cullen at Allectus Law.
Striking A Balance Between AI Innovation And Regulation

The Financial Conduct Authority's recent consultation on the impact of artificial intelligence on financial services highlights the debate between regulators, the government and industry over whether current regulatory frameworks can balance innovation with risk management, say lawyers at Womble Bond.
FCA Enforcement Newsletter Reflects Shift Toward Openness

The Financial Conduct Authority’s inaugural Enforcement Watch newsletter provides clarity on the cases the regulator is opening and highlights its approach to early communication of enforcement activity, offering a welcome insight into its emerging priorities, says David Hamilton at Howard Kennedy.
Preparing For Fund Managers Directive 2 Compliance

With the Alternative Investment Fund Managers Directive 2 implementation deadline fast approaching, fund managers should be in the final stages of preparing to comply with changes in governance, policies and documents relating to liquidity management and loan origination activities, say lawyers at McDermott.
FCA's Investment Regime May Prove A Double-Edged Sword

The Financial Conduct Authority’s final rules on consumer composite investments intend to support retail investors in making more informed decisions while affording firms greater flexibility, but continuing with opaque methodologies will require greater operational and compliance effort in the short term, say lawyers at Fried Frank.
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.