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Financial Services UK

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.

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.

February 23, 2026
South Korea Wins Rethink Of $48.5M Hedge Fund Award

South Korea persuaded a London court Monday to partly set aside a $48.5 million arbitration award over claims that the country's former president and senior officials unlawfully interfered in an $8 billion merger between two Samsung affiliates in 2015.
February 23, 2026
EU Watchdog Slashes MiFID Compliance For Exchanges

The European Union's financial markets regulator said Monday that it has withdrawn with immediate effect its guidelines for market data providers under the regime known as the Markets in Financial Instruments Directive II to reduce the compliance burden.
February 23, 2026
Chinese Finance Firm Blocks UK 'Unisonpay' Trademark

The UK Intellectual Property Office has refused a U.K. financial services company's trademark application for the "Unisonpay" mark, finding the name is likely to confuse consumers with earlier marks owned by China UnionPay Co. Ltd.
February 23, 2026
Global Exchange Body Warns Of Longer Trading Hours Risks

Any move to extend exchange trading hours across the globe requires "deep coordination" and must involve improvements to financial market infrastructure to avoid a range of potential risks linked to around-the-clock trade, a London-based global exchange group has said.
February 23, 2026
Property Co. Says Lenders Can't Block Claim Over $68M Debt

A Nigerian real estate company has said that two lenders cannot use the English courts to block it from pursuing proceedings against them in the west African country over the business' allegedly outstanding $68.6 million debt.
February 23, 2026
ESMA Clarifies Rules On Active Financial Clearing Accounts

Europe's financial markets regulator has issued new supervisory guidance to clarify how major companies must meet an important post-Brexit obligation for derivatives clearing under European Union law and report on it to supervisors.
February 20, 2026
Reality TV Stars Cop To Charges For Illegal Forex Trading Ads

A London judge on Friday fined seven reality TV stars and social media influencers for promoting an unauthorized trading scheme where they recommended high-risk financial products tied to foreign exchange rates.
February 20, 2026
UK Litigation Roundup: Here's What You Missed In London

The last week in London saw the founders of Getir sue investment fund Mubadala for more than $700 million tied to alleged breaches during the company's restructuring, the Welsh Rugby Union face a claim by Swansea Council over a proposed takeover of Cardiff Rugby, and Euro Car Parks target the Competition and Markets Authority after it was fined by the watchdog. Here, Law360 looks at these and other new claims in the U.K.
February 20, 2026
JP Morgan Fined €12.2M By ECB For Misreporting Risk

The European Central Bank has fined J.P. Morgan €12.18 million ($14.35 million) for breaching reporting rules governing capital held against the risk of default, saying the company was guilty of serious negligence and had deficiencies in its internal processes.
February 20, 2026
FCA Clarifies Conflicting UK Rules For Share Issuers

The Financial Conduct Authority has clarified overlapping rules on how quickly banks bringing shares to the stock market must notify a regulatory information service such as the London Stock Exchange's RNS.
February 20, 2026
EU Regulator Slaps REGIS-TR With Record €1.4M Fine

The European Union markets regulator has fined REGIS-TR a record €1.37 million ($1.61 million) for rule breaches that put at risk the confidentiality of trading data essential for surveillance of the market by watchdogs, the highest penalty it has yet imposed on a trade depository.
February 20, 2026
HSF Kramer-Led Swiss Re To Buy QBE Business Segment

Swiss Re Group said Friday its commercial insurance division has agreed to acquire the global trade credit and surety business of Australia's QBE Insurance Group, to satisfy growing demand for its risk management services.
February 20, 2026
Quinn Emanuel Client Can't Block Ex-Staffer's Abusive Emails

An appeals court rejected a bid by a Quinn Emanuel client on Friday to prevent a former employee from sending abusive messages to the firm's lawyers, saying that it could have pursued proceedings itself to stop the harassment.
February 19, 2026
Payment Co. Founder Denied Relief In Whistleblower Case

A tribunal has refused interim relief to the former owner of a payment services company, finding that his claim he was dismissed for blowing the whistle on breaches of Financial Conduct Authority regulations is not likely to succeed at this stage of the litigation.
February 19, 2026
Ex-Commerzbank Analyst Trims Prison Time For Fake Claims

The Court of Appeal overturned on Thursday a 20-month prison sentence for a former Commerzbank AG analyst who lied about having been sexually harassed and assaulted by a colleague.
February 19, 2026
Fridman Relies On Sanctions Travel Ban To Beat $11M Claim

Sanctioned Russian-Israeli banker Mikhail Fridman was not validly served at his London mansion with a claim in an $11 million battle over a loan notes investment because he was banned from the U.K., a London appeals court ruled Thursday.
February 19, 2026
Bank Of Ireland Fined £3.7M Over Year-Late Fraud Safeguard

The Payment Systems Regulator revealed Thursday that it has fined Bank of Ireland UK PLC more than £3.7 million ($5 million) for missing a deadline by 14 months to put in place an account name-checking service to combat the risk of fraud.
February 19, 2026
ICO Wins 'Personal Data' Appeal Over Currys Cyberattack

A London appeals court ruled Thursday that data stolen in a cyberattack on electronics retailer Currys was personal data because Currys could identify the data subjects even if the hackers could not.
February 19, 2026
FCA Chief Rathi Wants Shift Away From New Rules

The Financial Conduct Authority will seek to make fewer new rules on the sectors it regulates, its chief executive has said, amid political pressure on the watchdog to do more to support U.K. economic growth.
February 19, 2026
EU Watchdog To Update Guidance On Inside Information

The European Union markets watchdog proposed Thursday to simplify guidelines on delaying disclosure of inside information under the market abuse regime, in order to reduce the burden for companies listing on stock exchanges.
February 19, 2026
Spread-Betting Biz Fights Order To Unwind Merger With Rival

Sports betting company Spreadex urged the Competition Appeal Tribunal on Thursday to quash an order forcing it to sell a business it acquired in 2023, saying it was wrong to find that the merger would threaten competition.
February 18, 2026
Visa, Mastercard Can't Avoid Swipe Fee Claims Pass-On

Mastercard and Visa lost a bid on Wednesday to fend off a class action from retailers over unlawful card payment fees by arguing that the merchants didn't suffer loss because they passed on the charges.
February 18, 2026
'Reckless' Pensions Bosses Lose Bid To Overturn FCA Ban

A London tribunal has upheld a decision by the financial services regulator to ban two pensions company bosses from working in the sector after concluding that they had "recklessly" funneled savers' money into a high-risk property investment.
February 18, 2026
EU Regulator Sees Risk In Simplified Sustainability Rules

A markets watchdog called on lawmakers Wednesday to adjust proposed revisions to European sustainability reporting standards to better protect consumers and stop the risk of greenwashing.
February 18, 2026
CMS, Gowling Steer £113M Pension Deal For EU Tech Firm

European technology giant Sopra Steria Ltd. has agreed to a £113 million ($154.4 million) buy-in with Pension Insurance Corp. PLC to secure long-term retirement income for its program's 355 members, the insurer said Wednesday.

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

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.
Where PCAOB Goes Next After A Year Of Uncertainty

The Public Company Accounting Oversight Board will likely bring fewer enforcement matters in 2026, reflecting a notable change in board priorities following the change in administrations, say Robert Cox and Nicole Byrd at Whiteford Taylor and Matthew Rogers at Bridgehaven Consulting.
Consolidation Of Lloyd's Bylaws Will Be Useful For Members

Lloyd’s of London’s recent consolidation of its bylaws will make the rules governing its market more accessible, providing immediate results as well as the necessarily flexible framework to address the future needs of its participants, say lawyers at Skadden.
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.