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Financial Services UK
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August 06, 2025
SEC Pursues UK Man's Assets Over $10M Stock Fraud
The U.S. Securities and Exchange Commission has launched a legal action in England to enforce a $350,000 U.S. court judgment against a man the agency has alleged was involved in a $10 million fraudulent trans-Atlantic microcap stock trading scheme.
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August 06, 2025
FCA Targets Greenwashing With Simpler Climate Rules
The Financial Conduct Authority set out plans on Wednesday to simplify sustainability reporting to help reduce greenwashing as it responded to feedback from asset managers, life insurers and pension providers that climate disclosures are too complex.
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August 06, 2025
Commerzbank Plans €1B Share Buyback After Record Results
Commerzbank AG said Wednesday it is seeking approval to kick-start a share buyback of up to €1 billion ($1.15 billion), as the European lender disclosed record financial results for the first half of 2025.
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August 06, 2025
Insurer L&G Expects £42B Of Pensions Deals In 12 Months
Insurer Legal & General said Wednesday that it expects at least £42 billion ($56 billion) in transactions designed to reduce risk in U.K. pension plans over the next 12 months, amid surging demand from businesses.
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August 06, 2025
HSF Kramer Guides Marsh On £1.9B Pensions Mega-Deal
British insurer Standard Life said Wednesday that it has acquired £1.9 billion ($2.5 billion) in pension liabilities from broking giant Marsh McLennan, in a deal guided by Linklaters, HSF Kramer and Eversheds Sutherland.
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August 05, 2025
Barclays Defends Firing Banker Over Alleged Fee Cover-Up
A Barclays PLC subsidiary told an employment tribunal on Tuesday that it was entitled to fire an ex-investment banker for allegedly attempting to conceal an error in client interest fees, saying it conducted a thorough investigation and denying the ex-employee's unfair dismissal claims.
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August 05, 2025
City Body Urges FCA To Clarify AML Rules For Digital Assets
A City of London trade body has urged the Financial Conduct Authority to clarify in its future regulations for stablecoin issuers how anti-money laundering rules will apply for digital assets.
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August 05, 2025
Companies House To Roll Out Compulsory ID Verification
Companies House said Tuesday that from November this year it will require company directors to verify their identities, the latest move in the registrar's rollout of heightened powers to protect against fraud.
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August 05, 2025
AML Reforms Are Missed Opportunity, Law Society Says
The government's proposed updates to anti-money laundering regulations will do little to ease the compliance burden on law firms and are a "missed opportunity" to cut unnecessary rules, the body representing solicitors said on Tuesday.
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August 05, 2025
Football Club Owner Accused Of Dodging $93M Share Deal
An investment vehicle has sued John Textor, the former owner of Crystal Palace FC, for allegedly refusing to buy its stake in his company that owns a portfolio of football clubs for $93.6 million, which it claimed is required under an investment deal.
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August 05, 2025
FCA Warns Claims Cos. Against Misleading Car Finance Ads
The Financial Conduct Authority has told claims management companies in a letter to review financial advertising for motor finance claims, after seeing misleading redress rates from the sector and law firms.
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August 05, 2025
FCA Issues £46M In Fines For Woodford Fund Failures
The Financial Conduct Authority has provisionally hit Neil Woodford and Woodford Investment Management with fines totaling £46 million ($61 million) for alleged failures in their management of a flagship £3.7 billion fund that led to its high-profile collapse in 2019.
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August 04, 2025
StanChart Can't Withhold Docs In £1.5B Iran Sanctions Case
Standard Chartered on Monday lost a bid to withhold regulatory documents from investors suing the bank for £1.5 billion ($2 billion) for allegedly making untrue or misleading statements about its noncompliance with sanctions.
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August 04, 2025
Court Freezes Couple's £5M Over Alleged Misuse Of Co. Cash
A London court granted a freezing order Monday worth more than £5.1 million ($6.8 million) against a married couple accused of siphoning funds from a holding company, finding that there is a real risk that they will scatter their assets.
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August 04, 2025
Sellers To Pay £5M For Hiding Breaches In Education Biz Sale
The sellers of a military education business must pay more than £5.2 million ($6.9 million) in damages to the buyer after a court held Monday they had breached the terms of the deal by not disclosing violating funding regulations.
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August 04, 2025
VC Firm Beats Ex-Rosenblatt Firm's Legal Bill Appeal
A venture capital firm beat a City law firm's appeal over costs the firm claimed to be owed for its representation under a conditional fee agreement when a London judge ruled that the financial business could not be criticized for raising an argument late in its dispute about whether it was liable to pay the legal bill.
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August 04, 2025
Pensions Dashboards Could Ease UK Inheritance Tax 'Chaos'
The government could use new online retirement savings portals to ease the expected chaos around introducing inheritance tax on pension wealth, a professional services company said Monday.
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August 04, 2025
Accountancy Boss Denies Siphoning Funds During Exit Talks
A businessman accused of wrongly extracting at least £850,000 ($1.1 million) from an accountancy has denied this was a conspiracy to harm the firm and claimed he was taking out money he considered at the time that he and his wife were owed.
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August 04, 2025
UBS To Pay DOJ $300M To Settle Inherited Credit Suisse Case
Swiss bank UBS said Monday it has agreed to pay the U.S. Department of Justice $300 million to settle outstanding obligations inherited from the mortgage-backed securities business of Credit Suisse, the lender it acquired in 2023.
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August 04, 2025
Motor Finance Redress Scheme Could Reach £18B, FCA Says
The Financial Conduct Authority has proposed a compensation program for motor finance customers after a landmark U.K. Supreme Court decision on Friday found signs that consumers were being treated unfairly, as the watchdog estimated that the cost could reach £18 billion ($24 billion).
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August 02, 2025
Supreme Court Car Finance Verdict Slashes Lender Exposure
The U.K. Supreme Court's landmark decision Friday to reverse most of the Court of Appeal's judgment on hidden motor finance commissions has sharply narrowed the scope of any future redress scheme from the Financial Conduct Authority — an outcome critics said favored lenders and car dealers over consumer protection.
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August 01, 2025
Taxation With Representation: Skadden, Wachtell, Latham
In this week's Taxation With Representation, Union Pacific Corp. and Norfolk Southern Corp. announce megamerger plans, Palo Alto Networks acquires identity security company CyberArk, Brookfield buys British life insurer Just Group, and Duke Energy sells its Piedmont Natural Gas Tennessee local distribution business to Spire Inc.
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August 01, 2025
Ex-AllSaints Chair In Contempt Over Share Sale Fraud Claims
A London court ruled Friday that the former chairman of AllSaints was in contempt of court for breaching an order to stop claiming an interest in shares in the high street fashion chain after his fraud allegations were rejected.
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August 01, 2025
Gov't Fines UK Biz For Russia Sanctions Breach
The U.K.'s Office of Financial Sanctions Implementation has fined U.K.‑based business support services provider Markom Management Ltd. for violating financial sanctions tied to Russia's 2014 annexation of Crimea.
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August 01, 2025
Barclays Adviser Wrongly Fired Over Sexual Remarks
A former Barclays employee was unfairly dismissed for making sexual comments to female colleagues, but he could have been fairly dismissed for the same conduct, according to a Glasgow tribunal ruling.
Expert Analysis
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How Regulators Want Online Platforms To Fight Finance Fraud
Recent statements from the International Organization of Securities Commissions and the European Securities and Markets Authority make clear that online platform providers are expected to adopt proactive measures to prevent the promotion of unauthorized financial services and related misconduct, say lawyers at Taylor Wessing.
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FCA Notes Industry Criticism But Keeps Transparency Focus
The Financial Conduct Authority’s recently updated enforcement guide finally gives up the "naming and shaming" public interest test, demonstrating that the regulator has recognized the industry's serious concerns while maintaining less contentious aspects of its proposals to improve transparency in investigations, say lawyers at Irwin Mitchell.
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Anticipating A Shift In CMA Merger Control Enforcement
As the Competition and Markets Authority outlines plans to put the U.K. government's growth objectives into action, the changes may well pave the way for a more permissive outlook for review of mergers and acquisitions in the U.K., say lawyers at A&O Shearman.
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Court Backing Of FCA Pensions Ruling Sends Key Message
The Upper Tribunal’s recent upholding of the Financial Conduct Authority's decisions against CFP Management directors serves as a judicial endorsement of the regulator’s approach to defined benefit transfers, underscoring that where the advisory model is fundamentally flawed, the consequences for those in control can be severe, say lawyers at RPC.
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Saxon Woods Ruling Tightens Rules On Director Good Faith
The recent Court of Appeal judgment in Saxon Woods v. Costa departs from the High Court's ruling, clarifying that a director's sincere belief they have acted in the company’s best interests is not sufficient to satisfy the statutory requirement to act in good faith, say lawyers at Covington.
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Key Points From HMRC's Tax Reform Proposals
Although HM Revenue & Customs’ recent proposals for reform of U.K. transfer pricing and permanent establishment rules align with the latest international consensus, certain amendments may lead to future controversy, say lawyers at Skadden.
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What To Note As UK Adopts OECD Crypto Disclosure Rules
With the U.K.’s recent announcement that it will adopt the Organization for Economic Cooperation and Development's crypto-asset reporting framework, users and providers will benefit from understanding the context surrounding the decision and the framework's intended goal of clamping down on tax evasion, say lawyers at Brown Rudnick.
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Comparing Stablecoin Bills From UK, EU, US And Hong Kong
For multinational stablecoin issuers, navigating the differences and similarities among regimes in the U.K., EU, Hong Kong and U.S., which are currently unfolding in several key ways, is critical to achieving scalable, compliant operations, say attorneys at Morgan Lewis.
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How UK Law Firms Can Counter Money Laundering Threat
With figures released in May showing that money laundering was the biggest source of fraud in the U.K. last year, law firms should focus on internal identification and prevention strategies, considering the scale and nature of potential risk exposure depends on several business factors, says Niall Hearty at Rahman Ravelli.
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Key Takeaways As EU And UK Impose New Russia Sanctions
The European Union and U.K.’s new sanctions on Russia, designating increasing numbers of non-Russian companies in the defense and shipping sectors, mean that organizations must examine from the outset whether a transaction has any nexus with the EU or the U.K., say lawyers at Sullivan & Cromwell.
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Pension Schemes Bill's Most Notable, Controversial Measures
The long-awaited Pension Schemes Bill recently introduced to Parliament creates a framework for harnessing money saved in U.K. workplace pension funds to grow the country’s economy, but provisions relating to local government pension scheme investment, and scale and asset allocation, are controversial, says Claire Dimmock at Squire Patton.
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What New FCA Private Stock Market System Could Offer Cos.
While the Financial Conduct Authority’s new secondary private stock market system will bring more control and less ongoing regulatory compliance than a public market, but because the regime grants a significant degree of flexibility to operators it may be some time before a full operational picture emerges, says Iain Wright at Morgan Lewis.
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Fraud Office Guidance Highlights Value Of Self-Reporting
New guidance from the U.K.'s Serious Fraud Office on corporate self-reporting, cooperation and deferred prosecution agreements provides a useful framework for companies navigating criminal investigations and their potential resolutions — and underscores that corporations that self-report are in a better position to obtain DPAs than those that do not, say lawyers at Skadden.
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Open Questions As FCA Prepares Buy Now, Pay Later Rules
HM Treasury’s recent response to its consultation on buy now, pay later lending regulation is clear on policy, but with rules still to be set by the Financial Conduct Authority it is difficult for firms to plan for change, and they should take advantage now of the opportunity to liaise with the regulator, say lawyers at Hogan Lovells.
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What End of Payment Systems Regulator Means For Biz
The U.K. government’s plan to abolish the Payment Systems Regulator and absorb its functions into the Financial Conduct Authority should eventually lighten the compliance burden for businesses under the PSR’s remit, which may in turn encourage growth, but the proposed changes will roll out slowly, say lawyers at Farrer & Co.