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Financial Services UK

Exterior of the home of the High Court and appeals court in London at twilight.

Glencore Ruling Broadens Scope For Challenge Over Privilege

A recent court ruling that expands legal advice privilege to cover some internal corporate communications gives companies greater scope for withholding sensitive material but is likely to prompt challenges over whether those documents meet the test for protection, lawyers say.

Image of a EU flag on a central processing unit.

EU Risks Losing Startups Without Unified Investor Exit Rules

The European Union has a plan for a blocwide secondary trading platform for private companies to prevent them from slipping away to the deeper capital pools available in the U.S., although the proposal might be hindered by jurisdictional barriers.

FCA Auto Finance Redress Plan Open To Legal Challenge

Banks and vehicle financing companies are expected to mount legal challenges to the Financial Conduct Authority's £7.5 billion ($9.9 billion) motor finance compensation program, threatening to capsize the plan and probably delay its implementation for months.

Home Office sign outside the ministry's building in Whitehall, London.

Fraud Plan Puts FCA At Forefront Of UK Crypto-Crackdown

The Financial Conduct Authority has been given a lead role in targeting money laundering, crypto-assets and money transfer scams in a government fraud strategy involving multiple agencies, which lawyers expect will boost enforcement action and heap a new compliance burden on financial institutions.

April 27, 2026
Liquidators Say Diamond Tycoon Used Firms To Launder $1B

A diamond and jewelry tycoon swindled over $1 billion from banks in an Indian gold bullion fraud and diverted it to entities connected to him and his family, liquidators for U.K. companies said Monday at the first day of a High Court trial.
April 27, 2026
Broadstone To Oversee Section Of Clara Pension Superfund

Broadstone said on Monday that it will provide administration services to members of the Videndum DB Pension Scheme a week after the retirement savings plan revealed that it would transfer into defined benefit superfund Clara Pensions.
April 27, 2026
Pension Overtaxation Bill Still At £44M Despite Reforms

The government was forced to refund £44.1 million ($59.7 million) in overcharged tax on pension income in the first three months of the year, a figure that has remained largely unchanged despite reforms last year.
April 27, 2026
EU Regulators Warn Of AI-Driven Risk For Private Finance

The European Union's market regulators warned national watchdogs, financial institutions and investors on Monday to closely manage the risk to private finance from its exposure to cloud software operators that use artificial intelligence.
April 27, 2026
FCA Seeks To Trim IPO Research Rules To Boost UK Listings

The City watchdog unveiled plans on Monday to amend research rules that it said cause a seven-day delay to London's initial public offering process, as it looks to reinvigorate Britain's ailing capital markets.
April 24, 2026
Tycoon's Son Can't Appeal £3.1M Howard Kennedy Bill

The son of a diamond tycoon accused of swindling $1 billion from banks has lost his latest bid to challenge his legal bills from Howard Kennedy LLP, as a judge held Friday that he understood his "ongoing liability" from the international fraud case.
April 24, 2026
AI-Led Attacks Are Growing Risk For Finance Cos., FCA Says

The Financial Conduct Authority said Friday that financial services companies are facing growing risks from artificial intelligence-led attacks and finding it difficult to get senior manager support in developing defenses.
April 24, 2026
Fintech Countersues NFT Firms Over Miscoded Transactions

A Maltese fintech company has denied unlawfully withholding €2.2 million ($2.6 million) from two U.K. nonfungible token businesses, countersuing them in a London court for around €2.8 million for allegedly incorrectly coding gambling transactions, causing it to lose its payment provider.
April 24, 2026
UK Litigation Roundup: Here's What You Missed In London

The past week in London has seen a Hong Kong company sue the government and a COVID-19 PPE company linked to Tory peer Michelle Mone, an oligarch bring a fresh claim against a rival in a long-running feud, a rugby league club sue over a canceled mass dance event, and Visa and Mastercard hit with legal action from H&M, Eurostar, and Bang & Olufsen. Here, Law360 looks at these and other new claims in the U.K.
April 24, 2026
Regulator Urges Pension Plans To Sharpen Dashboard Data

The Pensions Regulator has warned that retirement savings plans are falling behind in preparing their members' data for new online pensions dashboards, with six months to go before a hard deadline for the landmark project.
April 24, 2026
FCA Leads Global Crackdown On Illegal 'Finfluencers'

The Financial Conduct Authority said Friday that it has spearheaded a week of global action to stop illegal "finfluencers" who put consumers' money at risk.
April 24, 2026
EU Sanctions 20 More Russian Banks, Crypto, Shipping

The European Union said Friday that it has hit Russia with a fresh round of sanctions that target financial services, including cryptocurrency companies, as part of a broader package.
April 24, 2026
Father Admits He Misled Sons Amid £5M Row Over Loan

The father of two brothers accused of owing almost £5 million ($6.8 million) in outstanding payments on an investment loan has admitted that he misled them, but has denied liability for the lender's claimed loss.
April 23, 2026
Tax Barrister Suspended After Failed Libel Claim

A tax barrister has been suspended from practice until 2027, the bar regulator has said, following the failure of his £8 million ($10.8 million) libel claim against former Clifford Chance LLP partner Dan Neidle.
April 23, 2026
WealthTek Clients To Get £19M Compensation From Adviser

The Financial Conduct Authority said Thursday that investment adviser Sapia Partners LLP has agreed to pay £19.6 million ($26.5 million) to clients of WealthTek, a wealth manager that has since collapsed, after failing to protect client money.
April 23, 2026
Ex-RBS Banker Gets Prison For Soliciting £274K In Bribes

A Scottish court has sentenced a former Royal Bank of Scotland banker to 21 months imprisonment for soliciting £274,000 ($370,000) in bribes from business clients while working in the bank's Global Restructuring Group in the wake of the 2010 financial crisis.
April 23, 2026
Ex-Minister Sounds Alarm As Lords Clash On Pensions Bill

The government's flagship pensions legislation could fail unless representatives agree on a final draft before next week, a former pensions minister has warned.
April 23, 2026
BoE Pushes Banks To Combat Anthropic Mythos-Type AI Risk

The Bank of England and UK Finance have warned banks and insurers to strengthen their cyber defenses by using artificial intelligence, in response to threats shown by emerging frontier AI models such as Anthropic's Mythos.
April 23, 2026
UK Banks, Insurers Join Gov't Retail Investing Drive

A group of 20 leading financial firms including Barclays, HSBC and Aviva launched a nationwide drive backed by the Treasury and Financial Conduct Authority on Thursday to encourage U.K. savers to invest their cash.
April 23, 2026
Gov't Pulls Plug On Capita's Royal Mail Pensions Contract

The government has canceled Capita PLC's contract to administer the statutory pension plan of Royal Mail because of delays by the outsourcer that mirrored its management of the civil service retirement plans.
April 22, 2026
Class Rep Seeks To Revive £2.7B FX Claim As Opt-In Action

A competition law consultant is fighting to relaunch a £2.7 billion ($3.65 billion) class action against major banks over alleged foreign exchange-rigging as an opt-in claim after a tribunal rejected it as an opt-out case.
April 22, 2026
Lenders Say Group Motor Finance Case Should Be Split Up

Several car finance providers sought on Wednesday to overturn a ruling that allows more than 5,000 customers to bring claims against them as a group, arguing at the Court of Appeal that they should be forced to bring the claims individually.
April 22, 2026
Kirkland-Led Wendel Takes Control Of Rival In €386M Deal

European investment firm Wendel said Wednesday that it has acquired a controlling 56% stake in global private investor Committed Advisors from its founders for approximately €386 million ($453 million), strengthening its asset management platform and presence in the secondary markets.
April 22, 2026
FCA Leads 1st Raids On Illegal Crypto Traders

The Financial Conduct Authority said Wednesday that it has led its first operation with other enforcement agencies to disrupt illegal peer-to-peer cryptocurrency trading in locations across London.
April 22, 2026
Regulators Cut Burden On Senior Managers In Rule Changes

The Financial Conduct Authority and Prudential Regulatory Authority set out on Wednesday finalized reforms to the Senior Managers and Certification Regime that will reduce costs and increase flexibility for businesses.

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

Darchem Ruling Clarifies Status Of JV Members' Solo Claims

The High Court’s recent decision in Darchem Engineering v. Bouygues on whether individual members of an unincorporated joint venture can pursue claims against an employer provides a helpful road map for considering a JV's standing, and a reminder of the importance of contract construction, say lawyers at Squire Patton.
Insights From FCA's Latest Customer Due Diligence Review

The Financial Conduct Authority’s recent report on customer due diligence controls explains what distinguishes good policies and procedures from those that are lacking, and should encourage firms to check that their processes are detailed, practical and relevant to the business, say lawyers at Womble Bond.
Lessons From Spain's Decision Not To Enforce UK Judgment

In a recent ruling, a Barcelona court refused to recognize a €365 million U.K. judgment against Cerberus Capital, showing that a foreign decision may be sound, final and enforceable in its own jurisdiction, yet still be refused entry where it threatens to displace a dispute already before the Spanish courts, says Josep Galvez at 4-5 Gray’s Inn Square.
How New EU Third-Country Branch Rules Will Affect UK Banks

The European Union's new directive on third-country branch rules for non-EU banks will have a significant impact on U.K. banks, which will no longer be permitted to provide core cross-border services into the EU without a local presence, unless an applicable exemption or carveout applies, say lawyers at Farrer & Co.
Lessons From ESMA's Record €1.4M Trade Repository Fine

The European Securities and Markets Authority's recent fine against REGIS-TR for data and procedure breaches under Market Infrastructure and Securities Financing Regulations demonstrates that a license confers no immunity from sanctions, and that dually registered trade repositories face a greater financial exposure in the event of noncompliance, say lawyers at White & Case.
CMA's 5-Point Plan Signals Shift In Enforcement Priorities

The Competition and Markets Authority’s recently published annual plan is notable for a strong shift toward prioritizing U.K. enforcement of consumer protection laws, encouraging innovation and policing public procurement markets for anticompetitive conduct, which contrasts with previous plans that focused on competition in digital markets, complex merger review and sustainability, say lawyers at Cooley.
Responding To UK's New Late-Payment Enforcement Regime

The U.K. government’s recently announced crackdown on late payment marks a decisive shift from voluntary standards toward an enforcement-led framework designed to alter behavior by changing incentives, increasing accountability and introducing real consequences for persistent poor practices, say lawyers at Shoosmiths.
Unpacking HMRC's Decision To Delay Tax Adviser Regime

Lawyers at McDermott discuss why HM Revenue & Customs recently chose to delay the application of its tax adviser registration requirement to financial services firms, such as asset managers, as well as the onerous duties and responsibilities that the current legislation imposes.
What CMA Blog Reveals About Pricing Collusion Scrutiny

The Competition and Markets Authority's recent blog post announcing capabilities to screen for algorithmic collusion demonstrates that the regulator's concerns are crystallizing into enhanced investigative and enforcement actions, broadening the range of commercial arrangements at risk of antitrust scrutiny, say lawyers at Freshfields.
Carillion Fines Show FCA's Broad View Of Directors' Duties

The Financial Conduct Authority’s recent issuing of final notices to Carillion’s former group CEO demonstrates that executive directors cannot recklessly allow misleading public announcements that undermine market confidence, says Wendy Saunders at Lewis Silkin.
Assessing Potential Legal Claims From Private Credit Turmoil

Amid the downturn in the private credit markets spurred by multiple high-profile bankruptcies, a New York lawsuit stemming from the collapse of First Brands provides an important case study for investors to help minimize future losses and maximize any potential recovery in the event of a private credit default, say attorneys at Bleichmar Fonti.
What New FCA Rules Mean For Deferred Payment Providers

New rules from the Financial Conduct Authority requiring deferred payment credit providers to obtain a financial services license have two notable implications: providers will be subject to full compliance with the regulator’s consumer duty, and must meet its organizational and governance requirements, says Alix Prentice at Cadwalader.
FCA Stablecoin Sandbox Indicates Shift In Crypto Regulation

The Financial Conduct Authority’s recent decision to use four companies to test stablecoin models within its regulatory sandbox provides a mechanism for testing real-world use cases, and shines a light on the U.K.'s broader strategy in the context of global stablecoin legislation, says Ben Lee at Andersen.
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.