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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 11, 2026
Denmark Says Cum-Ex Ruling No Bar To £56M Fraud Claim

Denmark told Britain's top court on Wednesday that it should be allowed to sue an English brokerage for £56 million ($76 million) over a tax refund fraud, arguing that an earlier decision barring linked allegations was based on "fundamentally different" facts.
February 11, 2026
Bank of Africa UK Avoids Liability For Whistleblower's Firing

The U.K. arm of Bank of Africa should not have been held liable for its chief executive's decision to fire a whistleblowing human resources executive, a London appeals tribunal ruled on Wednesday.
February 11, 2026
BNP Paribas Unit Denies Negligence In £8M Land Sale Dispute

An estate agent owned by BNP Paribas has hit back at allegations that it caused the owners of farm land to sell at an £8 million ($11 million) undervalue, telling a court the owners knew the property was going to be resold for a profit.
February 11, 2026
PwC Settles Assistant's Age Discrimination Claim For £150K

PwC has paid £150,000 ($205,000) to settle an age and disability discrimination claim from a former employee of more than 40 years, the equality watchdog for Northern Ireland has revealed.
February 11, 2026
Commerzbank Unveils €540M Buyback As Revenues Rise

Commerzbank AG said Wednesday it will reward investors with a share repurchase program of up to €540 million ($643 million) and a higher dividend, as the German banking giant reported stronger revenue.
February 11, 2026
VTB Fights To Lift Block On Russian Case Over Frozen $156M

VTB Bank asked a London appeals court on Wednesday to lift an injunction which blocks it from bringing a $156 million case in Russia over frozen funds, arguing that a judge wrongly concluded that its claim was "vexatious and oppressive."
February 11, 2026
UK, India Agree To Boost Financial Regulation Cooperation

The Financial Conduct Authority said Wednesday it has signed a regulatory cooperation arrangement with India's International Financial Services Centres Authority to share knowledge and best practices and strengthen financial ties between the two countries.
February 11, 2026
Debevoise, Sackers Guide £240M KLM Airline Pension Deal

Pensions insurer Rothesay said Wednesday that it has completed a £240 million ($329 million) buy-in transaction with KLM Royal Dutch Airlines to secure the retirement benefits of almost 2,000 pension plan members.
February 11, 2026
Aviva Hits 100 Pension Deals Through Small Scheme Service

Insurance giant Aviva said Wednesday that it has completed 100 pension deals through its streamlined bulk purchase annuity service introduced to help smaller pension programs with assets of less than £100 million ($137 million) offload their liabilities.
February 10, 2026
HSBC Ignored $8M Pig Butchering Scam Warnings, Suit Says

A retired anesthesiologist and his sons have sued HSBC's U.S. arm, accusing it of ignoring warning signs and allowing scammers to siphon more than $8 million from the elderly retiree's accounts through an international "romance pig butchering" fraud.
February 10, 2026
FCA To Regulate 'Buy Now, Pay Later' For Consumer Safety

The Financial Conduct Authority will require lenders to conduct affordability checks and give consumers clearer information before they borrow under deferred payment plans, Britain's financial watchdog said Wednesday as it moves to regulate the rapidly growing "buy now, pay later" sector.
February 10, 2026
Capita Fails To Strike Out £4M Claim Over Data Breach

Capita lost its bid on Tuesday to strike out a £4 million ($5.5 million) claim over the fallout from a cyberattack, with a London court rejecting the outsourcing giant's argument that the claimants' lawyers "tainted" the case by embellishing allegations of harm.
February 10, 2026
FCA Takes Court Action Against Crypto Exchange HTX

The Financial Conduct Authority said Tuesday it has started legal action against global crypto exchange HTX for illegally promoting crypto asset services to U.K. consumers, amid continuing communications on platforms including X, YouTube and LinkedIn.
February 10, 2026
4 In 5 Defined Benefit Plans In Surplus, Consultancy Says

Approximately four in five U.K. defined benefit pension schemes are now in surplus in what has become an "extremely well-funded" landscape, a financial services consultancy said Tuesday.
February 10, 2026
UK Pension Deals Market Likely To Hit £70B In 2026

The U.K. pension deals market is likely to hit £70 billion ($95.6 billion) in transactions in 2026, an insurance brokerage firm said Tuesday, despite headwinds from possible regulatory intervention.
February 10, 2026
Barclays Plans £1B Buyback Amid Strong Financial Showing

Barclays said Tuesday that it will run a share buyback program of up to £1 billion ($1.37 billion) as part of its 2025 returns for shareholders as the British lender disclosed strong financial performance for the year.
February 10, 2026
Arc Pensions Steers £12M UK University Pension Deal

An arts-based university in the U.K. has finalized a £12 million ($16 million) bulk purchase annuity buy-in with Just Group, consultancy First Actuarial said Tuesday.
February 10, 2026
Ex-Clifford Chance Pro Says £8M Libel Claim Is SLAPP

Legal commentator Dan Neidle asked a court on Tuesday to use new powers to throw out an £8 million ($11 million) libel claim accusing the former Clifford Chance partner of engaging in a vendetta against a barrister, arguing that the claim was launched to silence him.
February 10, 2026
FCA Hits 2 With Fines For Insider Trading In Bidstack Shares

The Financial Conduct Authority said Tuesday that it has hit a former interim financial director and a trader with a combined fine of £108,731 ($148,800) for insider dealing in shares in an advertising technology company.
February 10, 2026
UK Employers Risk Regulatory Fines For 'Pension Pitfalls'

Businesses should carry out a "clear, organization-wide review" of their company's pension processes to avoid falling foul of evolving regulatory obligations on retirement savings, Hymans Robertson said Tuesday.
February 10, 2026
Lender IPF Delays £543M Takeover Vote As Investor Objects

Credit provider International Personal Finance said Tuesday that it will delay a vote by shareholders on its proposed takeover for £543 million ($742 million) by U.S. specialist finance group BasePoint Capital after an investor voiced opposition to the deal.
February 09, 2026
Deutsche Bank Escapes FDIC's RMBS Underwriter Claims

A brokerage and investment banking arm of Deutsche Bank ducked a lawsuit the Federal Deposit Insurance Corp. had brought against it over investment losses suffered by now-failed Citizens National Bank, after a New York federal judge determined Monday it did not have a relevant role in underwriting residential mortgage-backed securities Citizens bought more than two decades ago.
February 09, 2026
Lloyds Beats Bias Claims Over Anti-Zionist Staff Posts

A London tribunal has ruled that Lloyds did not discriminate against two Muslim staffers after they faced disciplinary action for making anti-Zionist statements in 2021 amid Israel's conflict with the Palestinians.
February 09, 2026
Gov't Issues Gender Pension Gap Reporting Guide For LGPS

The Government Actuary's Department has published guidance designed to help administering authorities within the Local Government Pension Scheme meet their new gender pension gap reporting obligations.
February 09, 2026
€306M Money Laundering Network Sting Leads To 13 Arrests

Law enforcement agencies in the European Union have arrested more than a dozen people in several raids after an investigation into a €306 million ($364.5 million) international money laundering scheme with links to drug trafficking and tax fraud.

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 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.
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.