Financial Services UK

The Biggest Financial Crime Cases Of 2025

The U.K. Supreme Court's overturning of the convictions of two traders imprisoned for rate rigging, the first use by the anti-fraud agency of a rare legal power to recover criminal cash and the first ever conviction for sanctions breaches are among the big corporate crime cases of 2025.

Aerial view of new and secondhand cars for sale on a dealership forecourt in Ellesmere Port, England.

The Biggest UK Commercial Litigation Rulings Of 2025

The biggest commercial dispute rulings in 2025 included a landmark decision by the U.K. Supreme Court in a multibillion-pound motor finance misselling case, mining giant BHP being held liable for the collapse of a dam in Brazil and a surprise judgment that has thrown the conduct of litigation work into disarray.

FCA's New Crypto Rules Could Pave The Way For Bad Actors

The Financial Conduct Authority's new proposed crypto regulatory regime risks increasing consumers' exposure to fraud, terrorist funding and malign state institutions, with the watchdog powerless in practice to do much to stop it, lawyers have warned.

Nationwide's £44M AML Fine Signals FCA's 'Hard Line' Stance

The Financial Conduct Authority's fine of £44 million ($58 million) imposed on Nationwide Building Society for failings in anti-money laundering controls has sent a warning to Britain's largest financial institutions that size and reputation are no protection from the rules, lawyers have said.

December 19, 2025
FCA's AML Role May Overburden Barristers, Bar Council Says

The Bar Council has warned that making the Financial Conduct Authority the sole anti-money laundering watchdog for professional services firms could disproportionally hit barristers with more regulation and costs, calling on the government to tread carefully with any proposed increase in the financial regulator's powers.
December 19, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen he designer of 88-facet diamond bring a copyright claim against a luxury watch retailer, collapsed firm Axiom Ince bring legal action against the solicitors' watchdog, and the Post Office hit with compensation claims from two former branch managers over their wrongful convictions during the Horizon information technology scandal.
December 19, 2025
FCA Probes WH Smith Over North America Profits Error

The Financial Conduct Authority revealed Friday that it has started an investigation into WH Smith PLC over potential breaches of transparency rules following an independent review which found that the retailer's North American division had overstated profit by as much as £50 million ($67 million).
December 19, 2025
Watchdog Names First EU Trading Data Feed Provider

The European Union's financial markets regulator said Friday it has chosen EuroCTP as its first consolidated tape provider for shares and exchange-traded funds, in a bid to improve transparency and boost the attractiveness of the bloc's equity markets.
December 19, 2025
Men Banned For 23 Years Over £14M Overdraft Scheme

Two former business associates who channeled £13.9 million ($18.6 million) through company accounts using unauthorized overdrafts have been disqualified from serving as company directors for a combined total of 23 years, the Insolvency Service has said.
December 19, 2025
VTB Loses Bid to Recover £205M Amid UK Unit's Insolvency

A London court ruled on Friday that there is nothing unlawful about the U.K. amending a sanctions license that would block VTB Bank of Russia from recovering approximately £205 million ($274 million) in debts through the administration of its British subsidiary.
December 19, 2025
Fashion Biz Refused Appeal In €42M UniCredit Loan Fight

A London court refused on Friday to grant the owner of a fashion retail outlet permission to attempt to revive its fight to block UniCredit from seizing part of its €42 million ($49 million) property portfolio in a loan dispute.
December 19, 2025
Watchdog Floats Rules For New Collective Pension Plans

Britain's retirement savings watchdog floated proposals on Friday that are designed to help more businesses join new collective pension plans, broadening the scope of existing rules and allowing more workers to access to "lower risk" and "better outcome pensions."
December 19, 2025
Banks To Set Own Limit For Contactless Payments In March

U.K. banks and payment firms will have greater freedom to set their own contactless payment limits from March, reflecting evolving consumer habits, technology and inflation, the Financial Conduct Authority said Friday.
December 19, 2025
BBVA Gains ECB Nod For Record €4B Buyback

Banco Bilbao Vizcaya Argentaria said on Friday that the European Central Bank has authorized the lender's largest-ever share buyback, which will be worth up to €3.96 billion ($4.64 billion), months after it made a failed bid for domestic rival Banco Sabadell.
December 18, 2025
Denmark Files To Appeal £1.4B Cum-Ex Fraud Case Defeat

Denmark has launched its effort to revive its £1.4 billion ($1.8 billion) case over a tax fraud allegedly orchestrated by convicted hedge fund trader Sanjay Shah, according to court filings seen by Law360 Thursday.
December 18, 2025
AIB Group Completes €2B Significant Risk Transfer

AIB said Thursday it has completed a significant risk transfer transaction involving €2 billion ($2.3 billion) of residential mortgage assets, the financial services group's second such deal under its capital management program.
December 18, 2025
EuroChem Can't Ax Order To End Tecnimont Russian Litigation

EuroChem failed on Thursday to overturn an order for it to end legal proceedings in Russia brought against Italian industrial group Tecnimont SpA — including a judgment award worth more than $2 billion — in breach of an English arbitration agreement.
December 18, 2025
Gov't Freezes UK Pension Enrollment Salary Thresholds

The government decided on Thursday against changing the salary threshold at which employers must automatically enroll their staff into a workplace pension, despite growing suggestions that removing the limit could help mitigate the looming savings crisis.
December 18, 2025
SFO Can Seize £928K From Ex-Adviser Over Legal Fund Fraud

The Serious Fraud Office got the go-ahead on Thursday to seize almost £1 million ($1.3 million) from a former financial adviser convicted of siphoning £5.8 million in covert commission payments from a legal financing fund.
December 18, 2025
EU Plans To Boost Retail Investment In Capital Markets

The European Union on Thursday proposed a broad package of updated retail investment rules aimed at empowering consumers and boosting competition in financial markets.
December 18, 2025
BNP Paribas Unit To Buy Mercedes' Car Lease Co.

French banking giant BNP Paribas SA said Thursday its vehicle-leasing firm Arval has entered into exclusive negotiations with Mercedes-Benz Group to acquire the German automaker's leasing subsidiary Athlon.
December 18, 2025
Gov't Plans To Ease Oversight Of Financial Benchmarks

The government plans to slash the regulation of financial benchmarks to reduce red tape and tailor oversight to where risks to market integrity and stability are greatest.
December 18, 2025
Italian Biz Raises €100M To Boost AI Cybersecurity Expansion

Italian cybersecurity startup Exein SpA said Thursday that it has raised €100 million ($117 million) from a consortium including J.P. Morgan in order to develop its anti-hacking products that are embedded in cars, smart speakers and industrial machines.
December 18, 2025
Justices Dismiss 'Weak' £2.7B FX Claim Against Major Banks

The U.K. Supreme Court held Thursday that the merits of a £2.7 billion ($3.6 billion) opt-out collective action against major banks over alleged foreign exchange-rigging are "weak" and that the case should not have been allowed to continue.
December 17, 2025
Ex-Goldman Banker Can't Dodge Ghana Bribery Charges

A New York federal judge on Wednesday shot down a former Goldman Sachs banker's bid to escape charges over a purported scheme to bribe Ghanaian officials to greenlight a power plant deal, rejecting defense claims of improper sealing and speedy trial violations.
December 17, 2025
Edinburgh Trust Urges Shareholders To Nix Board Takeover Bid

British investment company Edinburgh Worldwide on Wednesday urged its shareholders to vote against proposals made by its biggest shareholder Saba Capital to revamp its board, in what it called an attempt to "take control on the cheap."
December 17, 2025
Trio Face 2028 Trial In Director Disqualification Order Case

Three people heard at a London court Wednesday that they will have to wait until 2028 to stand trial for charges of working together to breach court orders for one of them not to act as a company director.
December 17, 2025
UK Supreme Court Tosses Hotel's Atty Fee VAT Appeal

A hotel company can't reclaim value-added tax paid on fees to lawyers and accountants as part of selling a subsidiary to finance the opening of a new hotel, the U.K. Supreme Court ruled Wednesday.
December 17, 2025
UK Demands Abramovich Give £2.5B To Ukraine Or Risk Court

The government said Wednesday that Russian billionaire Roman Abramovich must transfer more than £2.5 billion ($3.3 billion) from the 2022 sale of Chelsea Football Club to fund humanitarian efforts in Ukraine, or it will pursue legal action.

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

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.
EU Businesses Face Uncertainty Amid Sustainability Reforms

The European Commission’s sustainability omnibus, due to be approved this month, has brought a year of regulatory upheaval for European businesses, and although the long-awaited scaled-back obligations will provide clarity, a balance between not overburdening reporting companies and the need for data to make sustainable investments must be found, say lawyers at Peters & Peters.
How Russia Sanctions Trajectory Is Affecting UK Legal Sector

The proliferation of U.K. and European Union sanctions targeting Russia has led to a vast increase in legislative provisions, and lawyers advising affected businesses should expect a complex and evolving legal landscape for the foreseeable future, says Rob Dalling at Jenner & Block.
Tracking Crypto-Asset Tax Rules In 2025 And Beyond

The past year has seen an increasing amount of regulation in the crypto-asset space, with a range of novel and complex taxation challenges for regulators, and taxpayers can expect a marked increase in HM Revenue & Customs' compliance activity in the year ahead, says Liam McKay at RPC.
Navigating Legal Privilege Issues When Using AI

The recent explosion in artificial intelligence has led to prompts and AI outputs that may be susceptible to disclosure in proceedings, and it is important to apply familiar principles to assess whether legal privilege may apply to these interactions, say lawyers at HSF.
A Look At Factors Affecting Ombudsman Complaint Trends

Lawyers at Womble Bond provide an analysis of the Financial Ombudsman Service's complaint trends in 2025, highlighting the impact of changes within the FOS and external factors on the financial sector's redress system.
What To Know About FCA's Short Selling Regime Proposals

Although the Financial Conduct Authority’s recent proposals for changes to the U.K. short selling regime do not materially alter the rules, targeted reforms designed to reduce the administrative burden placed on position holders will be welcomed by market participants, say lawyers at McDermott.
How BoE Stablecoin Proposals May Reshape UK Payments

The Bank of England’s proposals for a sterling-denominated systemic stablecoin system amount to a substantial new regime, but it has a low-risk appetite for any change that would result in payment obligations migrating to a private stablecoin ledger and its tentativeness toward wholesale settlement is disappointing, say lawyers at Norton Rose.
Why EU's FDI Screening Proposals Require Careful Balance

The European Commission’s proposals to harmonize EU foreign direct investment screening regimes at the member state level require a trilogue between the commission, Parliament and council, which means political tensions need to be resolved in order to reach agreement on the five key reforms, say lawyers at Arnold & Porter.
OFSI Proposals Signal Greater Focus On Enforcement Activity

The Office of Financial Sanctions Implementation’s proposed financial sanctions reforms, with risks of higher penalties and more stringent disclosure requirements for U.K. banks and companies, reflect the agency’s evolution into a more sophisticated and robust enforcement regulator, says Irene Polieri at Gibson Dunn.
How Restructuring Reforms Will Streamline Insolvency Plans

The recently published revised practice statement on schemes of arrangement and restructuring plans promises midmarket businesses efficiency without diluting safeguards, positioning schemes as inclusive tools rather than elite options, say lawyers at Addleshaw Goddard.
How 2nd Circ. Decision Extends CFTC's Extraterritorial Reach

The Second Circuit recently concluded in U.S. v. Phillips that the Commodity Exchange Act extends to entirely foreign conduct if a victim of the conduct is based in the U.S., suggesting there is a heightened risk that foreign swap transactions will be susceptible to U.S. regulation when U.S. counterparties are involved, say attorneys at Skadden.
EBA Proposals Signal Overhaul Of EU 3rd-Party Risk Rules

The European Banking Authority’s plans to extend third-party risk controls to non-ICT services, which may be finalized by the end of the year, will place a significant compliance and operational burden on in-scope entities, which should not be underestimated, say lawyers at Travers Smith.
FCA Proposals Reduce Consumer Duty Compliance Burden

The Financial Conduct Authority’s recent proposals to streamline the consumer duty regime represent a pragmatic response to industry concerns, with a move toward sector-specific supervision and potentially narrowing its scope for wholesale and cross-border business, say lawyers at Simmons & Simmons.
How New Companies House ID Rules Affect Businesses

Lawyers at Shepherd & Wedderburn discuss the Economic Crime and Corporate Transparency Act’s new mandatory identity verification requirements for all company directors and persons with significant control, set to go live next week, which aim to curb fraud by improving the reliability of information held by Companies House.