Financial Services UK

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.

FCA Misconduct Update Still Leaves Firms 'In The Dark'

Clarity from the Financial Conduct Authority on the limits of its powers to tackle bullying and harassment will come as a relief to professionals — but lawyers have warned that non-banking companies must now join lenders to broaden staff training, revisit conduct policies and strengthen whistleblowing protocols.

4 Things To Watch As UK Releases Budget

The U.K.'s Labour government is set to release an autumn budget Wednesday that faces a test of balancing a pledge not to raise working people's taxes with an expected need to boost revenue to meet fiscal rules. Here are four things to watch for as the budget is issued.

Blocks featuring binary code with locks on dark blue background as illustration of blockchain technology.

SFO's Crypto Probe Marks Shift In Tackling Blockchain Fraud

The launch by the Serious Fraud Office of its first cryptocurrency investigation signals an appetite for using new resources to crack down on fraud, part of a wider move by U.K. law enforcement agencies to treat blockchain as a mainstream threat, lawyers say.

December 15, 2025
Banks Criticized For Lax Oversight Of 'Best Execution' Risk

Banks dealing with businesses that trade shares for cash are failing to provide sufficient oversight and flexibility to fulfill their legal obligations, a review by the Financial Conduct Authority has found.
December 15, 2025
HSBC Wins Nod To Take Hang Seng Bank Private In $14B Deal

HSBC Holdings PLC said Monday that its subsidiary has gained approval to take Hang Seng Bank Ltd. of Hong Kong private in an all-cash deal valued at 106 billion Hong Kong dollars ($13.6 billion), setting the stage for a vote in early 2026.
December 15, 2025
FCA Sets Out To 'Rebalance Risks' Of UK Mortgage Market

The Financial Conduct Authority outlined a long-term plan on Monday to update mortgage regulation to increase homeownership in the U.K. by shifting risks away from borrowers and slashing conservative lending rules.
December 15, 2025
FCA Motor Finance Compensation Plan Is 'Overreach'

The Financial Conduct Authority's planned £8.2 billion ($11 billion) redress program for motor finance customers goes too far, a trade body representing professional indemnity insurers said Monday.
December 15, 2025
EY Investigated By FRC Over Audit Of Shell Financial Reports

The accounting watchdog said Monday that it is investigating EY's audit of Shell PLC's financial statements for 2024 after the Big Four firm disclosed that it might have breached critical ethical standards governing an auditor's independence and rotation of partners.
December 12, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Shell hit with a climate change claim from 100 survivors of a typhoon in the Philippines, London Stock Exchange-listed Oxford Nanopore bring legal action against its co-founder, and the editors of Pink News sue the BBC for defamation following its investigation into alleged sexual misconduct at the news site.
December 12, 2025
Collective Pension Rules Need Safeguards, Trade Body Says

Plans by the U.K. government to allow savers to transfer their retirement pots into a collective program must be supported by strong safeguards to protect retirees against unforeseen hitches such as market volatility and mispricing, a trade body has said.
December 12, 2025
Carter-Ruck Pro Cleared Over Alleged OneCoin SLAPP

A disciplinary tribunal on Friday dismissed allegations that a Carter-Ruck partner improperly threatened to sue a whistleblower who exposed the multibillion-dollar OneCoin cryptocurrency scam, ruling that the case against her "was based on hindsight" rather than misconduct.
December 12, 2025
Ashurst-Led Dutch Fintech To Buy Rival For €1B

Dutch financial technology company Mollie BV has agreed to acquire GoCardless, a U.K. bank payments provider, for €1.1 billion ($1.28 billion) to create a pan-European platform for more than 350,000 merchants.
December 12, 2025
Still 'Too Much Complexity' In Savers' Retirement Choices

Savers in the U.K. still face "too much complexity" over their retirement decisions, a pensions provider has said, warning that many are ditching official guidance and turning to social media platforms such as Facebook for information.
December 12, 2025
FCA Clarifies Guidelines For Non-Financial Misconduct

The Financial Conduct Authority released widely anticipated final guidance on its rules for non-financial misconduct such as bullying, harassment and violence on Friday, including on how far the measures will apply to private life and social media.
December 12, 2025
Nationwide Fined £44M For Financial Crime Control Failings

The Financial Conduct Authority said on Friday that it has hit Nationwide Building Society with a £44 million ($58 million) fine over its inadequate financial crime systems and controls, adding that the lender had "failed to get a proper grip."
December 11, 2025
Maire Cos. Face $1B Russian Fine Over EuroChem Arbitration

Two subsidiaries of Italian technology and engineering company Maire SpA risk a $1 billion fine from a court in Russia unless they drop arbitration proceedings in London against a EuroChem Group AG subsidiary owned by a sanctioned Russian oligarch, the EuroChem subsidiary said.
December 11, 2025
EY Must Release Wirecard Audit Files, Top German Court Says

Germany's highest civil court largely sided with Wirecard's insolvency administrator on Thursday, finding that the former auditors of the payments company, Ernst & Young, must disclose audit files from the four financial years running up to its collapse.
December 11, 2025
FCA Sets Timescale For Supporting Gov't Growth Strategy

The Financial Conduct Authority demonstrated its support for the government's growth strategy on Thursday, rolling out a reduced program of regulatory change over the next two years, with initiatives that could lighten the burden on finance companies.
December 11, 2025
Carter-Ruck Pro Says She Was Bound To Defend Crypto Scam

A Carter-Ruck partner was professionally "bound" to threaten a whistleblower with legal action on behalf of Ruja Ignatova because she did not know that the "Crypto Queen" was actually running a multibillion-dollar scam, the solicitor's counsel told a disciplinary tribunal on Thursday.
December 11, 2025
Late Filing Voids Adviser's Bid For Alleged €10M Share Payout

An adviser won't be able to pursue claims that fund services giant IQ-EQ fired him to avoid paying out some €10 million ($12 million) in a share sale, after an employment tribunal held that his unfair dismissal complaint was filed too late.
December 11, 2025
Aviva Pens £4M Pension Deal For UK Steel Tube Maker

A U.K. steel supplier has completed a £4 million ($5.3 million) full-scheme buy-in of its retirement plan with Aviva PLC, pensions company First Actuarial has said.
December 11, 2025
BoE Promises Gov't Bank Reporting Cost-Cuts For Growth

The Bank of England has set out plans to support U.K. growth by further simplifying regulatory reporting for banks and seeking to reduce overlap between its rules and the requirements of legislation.
December 11, 2025
DLA Piper-Led WTW To Buy NatWest Fintech Pensions Biz

Insurance broker WTW has agreed to acquire pensions provider Cushon from NatWest Group to expand its operations in the rapidly growing defined contribution retirement savings market.
December 10, 2025
UK Sets Rules For Landmark Targeted-Support Regime

The Financial Conduct Authority released near final rules on Thursday for its ground-breaking targeted-support regime to help millions of unadvised consumers buy pensions and investments.
December 10, 2025
Reeves Denies Gov't Authorized UK Budget Leak

British Chancellor of the Exchequer Rachel Reeves told a parliamentary committee Wednesday that she didn't authorize briefings of policy discussions to the media ahead of the autumn budget statement.
December 10, 2025
Oligarch's Son Loses Claim For €7M Sanctions Compensation

The son of a Russian oil and gas tycoon failed on Wednesday to secure over €7.5 million ($8.7 million) in compensation from the Council of the European Union over unlawful sanctions imposed against him in the wake of Russia's invasion of Ukraine.
December 10, 2025
British Hacker Gets 2 Years In Prison For $9M Crypto Theft

A British man was sentenced to more than two years in prison on Wednesday in London for his part in an international hacking group that stole millions of pounds worth of cryptocurrency from an American entrepreneur.
December 10, 2025
Pensions Watchdog Strengthens Rules On Admin Oversight

The U.K. retirement savings watchdog has urged trustees to increase scrutiny on pension administrators, in order to better protect savers.

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 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.
What EU Securitization Proposals Signal For Risk Transfers

If implemented, recent amendments to the European Union securitization framework are expected to have an unambiguously positive effect on significant risk transfer markets, providing greater consistency and necessary flexibility, say lawyers at McDermott.
Role Of UK Investment Act Is Evolving In M&A Deals

With merger and acquisition activity likely to increase in light of the government’s new defense industrial strategy, the role of the National Security and Investment Act will come into sharper focus, and its recent annual report confirms that scrutiny is intensifying, say lawyers at Kingsley Napley.