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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 25, 2026
BasePoint's £543M Offer For Lender Sweetened With Dividend

Lender International Personal Finance said Wednesday that it can pay a special dividend to its shareholders in order to boost a £543 million ($736 million) takeover offer from American specialist finance group BasePoint Capital.
February 25, 2026
FCA Selects 4 Firms To Trial Stablecoin Rules

The Financial Conduct Authority has selected four companies, including Revolut, to test how their stablecoin offers will work under the watchdog's proposed regulations as it prepares new rules for the sector.
February 25, 2026
Taylor Wessing Steers £186M Bid For Fintech Fund

European investor Verdane said Wednesday that it has offered to acquire Augmentum Fintech, a financial technology investment fund, in a cash deal worth about £185.7 million ($252 million).
February 25, 2026
EU Watchdog To Change Senior Manager Suitability Rules

European financial regulators on Wednesday launched a consultation proposing major changes to how banks and investment firms assess the fitness and propriety of their leaders and key executives.
February 25, 2026
FCA Moves To Close Gaps In Borrowers' Credit History

The City watchdog proposed new rules on Wednesday aimed at improving the way consumer credit information is shared and used across U.K. lending markets in a bid to strengthen competition.
February 25, 2026
DLA, Slaughter And May Steer £270M Media Biz Pension Deal

M&G PLC said Wednesday that it has completed a £270 million ($365 million) buy-in transaction with a pension program sponsored by Reach PLC, the owner of the Mirror, the Express and other newspapers.
February 25, 2026
SFO To Claw Back 'Mere Fraction' From £226M Ponzi Fraud

A judge ordered a property developer convicted of running a £226 million ($305.5 million) Ponzi scheme to pay back just £283,000 on Wednesday after concluding that the vast majority of the investors' money was lost or siphoned off as a family "money pot."
February 25, 2026
NFT Merchants Sue Crypto Co. Over €2M In Withheld Funds

Two British e-commerce companies have sued a Malta-based crypto-payments provider at the High Court in London, alleging it unlawfully withheld €2.18 million ($3 million) in customers' money.
February 25, 2026
Consultant Settles £1.4M Insurance Row With Wealth Manager

A former consultant has settled her £1.4 million ($1.9 million) claim against a financial consultancy after she sued it for allegedly failing to arrange adequate insurance cover, which she claims left her short of money during serious illness and surgery.
February 24, 2026
Mishcon Denies It Was Negligent In Administration Row

Mishcon de Reya LLP has denied acting negligently when it advised two former directors of a brand development business to place the holding company and its U.K. arm into administration.
February 24, 2026
EU Eases Sustainability Reporting Rules In Growth Bid

European lawmakers gave their final agreement on Tuesday to reduce sustainability and governance reporting rules for businesses as part of a broader bid to cut regulation to drive competition across the bloc.
February 24, 2026
Ex-Lloyds Staffer Wins £26K Over Firing For Racist Slur

Lloyds Bank PLC must pay one of its former employees more than £26,000 ($35,000) for unfair dismissal after a London employment tribunal found the bank had botched a disciplinary investigation into allegations she made racist and derogatory remarks.
February 24, 2026
UK Hits Russian Banks, Oil And Weapons In Sanctions Blitz

The government launched a barrage of almost 300 new sanctions on Russia on Tuesday in a bid to crack down on the country's energy industry and suppliers of military equipment that have backed the invasion of Ukraine.
February 24, 2026
CFD Rules May Apply To New Derivatives, ESMA Warns Firms

Europe's top securities regulator warned Tuesday that newly marketed crypto-native derivatives such as "perpetual futures" are likely covered by existing restrictions on contracts for differences and must comply with investor-protection rules.
February 24, 2026
BoE Sets Out Rules On Longer CHAPS Settlement Times

The Bank of England said Tuesday it will extend the operating hours of its CHAPS system of high-value interbank payments, as part of its long-term plan to modernize the U.K.'s core payment infrastructure.
February 24, 2026
StanChart To Launch $1.5B Buyback

Banking group Standard Chartered PLC unveiled a bumper $1.5 billion share buyback program on Tuesday as it delivered its financial results for 2025 amid "robust growth" in its larger markets.
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.

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

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.
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.