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Financial Services UK

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.

Name sign outside one of the government's main ministries in Westminster.

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.

February 05, 2026
BoE Proposes Further Cuts To Bank Reporting Requirements

The Bank of England has launched further proposals to cut and modernize bank reporting requirements, saving banks money and preventing a duplication of data.
February 05, 2026
EU Body Eyes Unified AML Oversight Across Bloc By 2028

The European Union's anti-money laundering watchdog has unveiled a three-year plan to take direct oversight of the bloc's 40 most impactful credit and financial institutions, aiming to create a more consistent approach to tackling illicit financial flows.
February 05, 2026
Audit Watchdog Updates UK Corporate Reporting Guidance

The audit watchdog has issued guidance that it said would better support companies to prepare reports by "sharpening its structure" and reflecting recent legislative changes in corporate reporting.
February 05, 2026
Amex Beats Compass Group To Bag 'Venue Collection' TM

American Express has swayed British officials to grant its trademarks "American Express Venue Collection" and "Amex Venue Collection," proving that shoppers would not confuse its services with Compass Group's event brand "The Venues Collection."
February 05, 2026
PSR Urges Gov't To Clarify Card Fee Data-Gathering Powers

The Payment Systems Regulator has called on HM Treasury to clarify its information-gathering powers when those of the Financial Conduct Authority are stronger, amid a lack of competition pressure on Visa and Mastercard.
February 04, 2026
One Essex Court Barrister Sued For Negligence In £32M Case

Billionaire Michael Platt and his hedge fund have accused a One Essex Court barrister of negligence by failing to set out two key appeal arguments in a dispute with tax authorities over a £32.25 million ($44 million) charge.
February 04, 2026
Russells Beats Claim Over Alleged IP Biz Share Sale Plot

A London court struck out an executive's case on Wednesday that two of his business associates and Russells Solicitors plotted to hide plans for a $40 million takeover of a celebrity intellectual property licensing company to get him to sell his shares cheaply.
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.

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

How EU Prospectus Rule Changes May Boost Market Access

The European Union Listing Act’s forthcoming changes to EU prospectus requirements aim to reduce the regulatory burden for issuers of securities, facilitating more efficient transaction execution and reducing market risk, of particular relevance to small and midsize enterprises, say lawyers at Covington.
4 Securities Trends For Pension Trustees To Watch In 2026

With the U.K. signaling it will soon demand more active fiduciary stewardship from pension trustees, British and EU fund managers must follow key trends in mass securities litigation, investment disclosures, and U.S. enforcement that could require intervening for their investors in 2026, say lawyers at Labaton Keller.
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.