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Financial Services UK

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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.

Gov't Overhaul Plan For CMA Merger Reviews Sparks Doubts

Proposals by the government to abolish the Competition and Markets Authority's independent decision-making panel without replacing it with easier mechanisms to appeal rulings might ultimately harm the businesses that Whitehall wants to attract, experts have warned.

Exterior of the financial regulator's offices in London

FCA Kick-Starts New 'Name And Shame' Enforcement Tactic

The Financial Conduct Authority has begun 2026 with a clear sign that it will use its newly won power to "name and shame" companies under investigation for suspected misconduct as it seeks to bolster protection for consumers.

January 28, 2026
Pension Funds Could Take Hit From Cap On Ground Rents

A government plan to cap ground rents for leaseholders could deal a major blow to the willingness of pension funds to invest in the U.K., experts have warned.
January 28, 2026
FCA Awards Bond Data Contract Amid Legal Dispute

The Financial Conduct Authority said Wednesday it has signed a contract with Etrading Software to deliver the U.K. bond consolidated tape, as the regulator continues to defend itself against a legal challenge.
January 28, 2026
Pensions Adviser Isio Launches Deals Service For Small Plans

Pensions advisory business Isio has launched a service that it said is designed to support smaller retirement savings plans as they seek to overcome barriers to potential buyouts with insurers.
January 28, 2026
More Firms Sign Audit Stewardship Code Before Latest Launch

More than 290 companies with combined assets under management of more than £57 trillion ($78.5 trillion) have now signed the UK Stewardship Code, the Financial Reporting Council said Wednesday.
January 27, 2026
UBS Wants Hayes' $400M Malicious Prosecution Suit Axed

UBS AG has asked a Connecticut state court to throw out former trader Tom Hayes' lawsuit that alleges the bank scapegoated him for Libor-rigging, arguing the case doesn't belong in the state and improperly seeks to punish the bank for cooperating with prosecutors.
January 27, 2026
Gov't Pension IHT Reforms Risk Delays, Costs, Report Finds

Plans by the government to apply inheritance tax to wealth transferred through pensions place a huge burden on the personnel dealing with the estate and risk causing "significant delays and costs," a House of Lords committee warned in a report published Wednesday.
January 27, 2026
Execs Say $22M Investec Loan Breached Sberbank Sanctions

Two business executives have denied owing Investec Bank PLC almost £22 million ($30.2 million) over loan agreements, arguing that the Anglo-South African lender knew the deals were designed to aid the purchase of a Russian bank's assets in breach of sanctions.
January 27, 2026
DLA Piper Guides £6.6M Pension Deal For Norwegian Food Biz

The Norwegian food company Kavli Group has offloaded £6.6 million ($9 million) of its U.K. retirement scheme liabilities to Pension Insurance Corp. PLC, the insurer said Tuesday, in a deal steered by DLA Piper and CMS Cameron McKenna Nabarro Olswang LLP.
January 27, 2026
FCA Studying Impact Of AI On Financial Services, Markets

The finance watchdog launched a wide-ranging review into how artificial intelligence could reshape financial services and markets in the long-term on Tuesday, as regulators face growing pressure to keep pace with the fast-moving technology.
January 27, 2026
UK Finance Gender Pay Gap One Of The Highest, EY Says

The U.K. has one of the highest board-level gender pay gaps in the transatlantic financial services market, Ernst & Young LLP has said in a study, despite narrowing the renumeration divide to 29% from 40% since 2020.
January 26, 2026
Al Habtoor Group Escalates $1.7B Dispute With Lebanon

Emirati conglomerate Al Habtoor Group said Monday that it will step up an investment treaty dispute against Lebanon over an alleged $1.7 billion in losses to its investments in hotels, real estate and other sectors in the country, saying it has "no other alternative."
January 26, 2026
German VC Firm Wins 'RedStone' TM Clash At EUIPO

Berlin-based venture capital firm Redstone has persuaded a European Union appeals panel to reject a Polish company's attempt to restore its full "RedStone" trademark application, proving that the chance of confusion is too strong.
January 26, 2026
UK To Create 'British FBI' To Tackle Fraud, Serious Crime

The U.K. government announced it will create a new national police force dubbed the "British FBI" to investigate fraud by merging the National Crime Agency with other law enforcement agencies.
January 26, 2026
UK Fines Bank Of Scotland For Russia Sanctions Breach

The U.K. sanctions policing body said Monday that it has fined Bank of Scotland PLC, which is wholly owned by Lloyds Banking Group, £160,000 ($218,354) for serious breaches of the government's Russia sanctions rules by allowing payments to and from the account of a sanctioned individual.
January 26, 2026
Paul Weiss Guides KPS In €230M Buy Of Novacel

Compagnie Chargeurs Invest SA said Monday that it has entered into a binding agreement with KPS Capital Partners LP to sell its buildings protection business Novacel to the U.S. private equity firm in a deal worth approximately €230 million ($273 million).
January 26, 2026
FCA Warns Crypto Sector Against Mistreating Consumers

The Financial Conduct Authority has warned crypto asset businesses against providing unsuitable products to consumers in draft guidance on applying the Consumer Duty under the crypto asset regime that comes into force in 2026.
January 26, 2026
Freshfields, Fried Frank Aid CVC's $1.2B Buy Of US Credit Biz

Private equity firm CVC said Monday that it plans to buy hedge fund Marathon Asset Management LP in a cash and equity deal of up to $1.2 billion to boost its credit products in the U.S.
January 26, 2026
HSBC's $14B Hong Kong Bank Buyout Gets Court Approval

HSBC Holdings PLC said Monday that it has finalized the privatization of Hang Seng Bank in an all-cash deal valued at 106 billion Hong Kong dollars ($13.6 billion), making the Hong Kong lender a wholly owned subsidiary.
January 23, 2026
Taxation With Representation: Vinge, A&O Shearman, Cassels

In this week's Taxation With Representation, Swedish private equity company EQT buys U.K. secondaries firm Coller Capital, biopharmaceutical giant GSK PLC acquires Rapt Therapeutics Inc., and fusion energy company General Fusion announces plans to go public by merging with special purpose acquisition company Spring Valley Acquisition Corp. III.
January 23, 2026
Insider Trading Presumption Challenged By EU Adviser

An investment bank does not commit insider dealing merely by executing a client's share sale, unless regulators can show the bank held inside information and acted outside its expected professional standards, an adviser to the European Union's top court has said.
January 23, 2026
Danish Regulator Hits Saxo Bank With $49M AML Fine

The Danish finance regulator said Friday that it imposed a 313 million Danish kroner ($49 million) fine on Danish bank Saxo over anti-money laundering compliance failures.
January 23, 2026
UK Litigation Roundup: Here's What You Missed In London

This past week in London saw Travelers Insurance hit with a claim from a property buyer over a payout tied to collapsed law firm Axiom Ince, Swedish music group Pophouse Entertainment clash with the production company that helped it create the ABBA Voyage experience, and biotech company Vertex Pharmaceuticals sue rival entity ToolGen for patent infringement.
January 23, 2026
HSF Kramer-Led Fintech Co. Buys Mortgage Biz Acre

ClearScore Group said Friday it has acquired Acre Platforms Ltd., a mortgage technology company, as the U.K. financial technology firm expands into the home-lending market to diversify its business beyond credit products.
January 23, 2026
Systemic Issues Drive UK Gender Pension Gap, Study Says

Policymakers should assess what barriers affect long-term planning for retirement saving for women, rather than assuming that they lack confidence, when explaining the gender pension gap, a report published Friday says.
January 23, 2026
FCA Proposes More Standards For Crypto Asset Regulation

The Financial Conduct Authority proposed Friday further rules on how crypto asset companies should treat consumers under the new regulatory regime for digital assets due for implementation later this year.

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

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.
Digital Regulation In EU And UK: The Enduring 2025 Themes

With EU and U.K. digital regulation becoming an operational reality in 2025 and no sign of slowing in 2026, organizations need to embed content moderation, cybersecurity and data access obligations into their compliance structures, although legislative divergences mean that multinational businesses must also consider parallel and sometimes conflicting expectations, say lawyers at Morrison & Foerster.
FCA Enforcement Trends In 2025 And Expectations For 2026

The Financial Conduct Authority’s clear intention in 2025 to conduct fewer, faster investigations and reinforce transparency is likely to continue in 2026, with a dual-pronged approach of targeted enforcement and assertive supervision to fight crime, support growth and help consumers as its priorities, say lawyers at WilmerHale.
Judicial AI Guidance Update Shows Caution Still Prevails

The judiciary’s recently updated guidance on the use of artificial intelligence warns judges and tribunal members about misinformation and white text manipulation, providing a reminder that AI tools cannot replace direct engagement with evidence and reflecting a broader concern about their application when handling confidential material, say lawyers at Hogan Lovells.
Freezing Orders Maintain Their Impact 50 Years On

Freezing orders, created in Mareva v. International Bulk Carriers 50 years ago, are now a fundamental part of English and Welsh law and a significant weapon in the litigator's armory, considered indispensable by practitioners seeking to obtain enforceable judgments and interlocutory relief on behalf of their clients, say lawyers at Trowers and Hamlins.