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Financial Services UK

FCA Tests Global Reach In HTX Crypto-Exchange Litigation

The landmark legal case brought by the Financial Conduct Authority against HTX, which the regulator says has promoted crypto-asset services to U.K. consumers without authorization, will be a litmus test, establishing whether it has the teeth for enforcement against overseas crypto-exchanges, lawyers say.

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.

March 02, 2026
HMRC Bags Extra £16B From Big Businesses, Audit Says

HM Revenue & Customs collected almost £16 billion ($21.3 billion) in extra tax revenue from the biggest businesses in fiscal year 2024-25 after it took a stricter approach to compliance, the National Audit Office found.
March 02, 2026
Insurance Broker Rejects 'Hopeless' Unpaid Loan Claim

An insurance broker and its sole director have denied owing a real estate investment company over a nearly £227,000 ($303,500) loan facility because no actual money was drawn down under the agreement.
March 02, 2026
JPMorgan Lawyer Can't Revive Claim After Forging Letters

A London tribunal has refused to reconsider its decision to throw out a former JPMorgan lawyer's discrimination claim after ruling that she forged medical letters to postpone a hearing.
March 02, 2026
TPR Tells Providers To Adapt To Modern Work Patterns

The Pensions Regulator told pension providers Monday that any future default plans must take into account different patterns among modern savers to design smarter default strategies that could help workers achieve a sustainable income in retirement.
March 02, 2026
Bank of Ireland Approves €530M Share Buyback

Bank of Ireland Group said Monday it has endorsed a share repurchase program of €530 million ($621 million), as the commercial lender reported a drop in its pretax profit.
March 02, 2026
Guernsey Plans To Name Biz Owners To Curb Financial Crime

The government of Guernsey has floated a plan to open access to ownership data for companies and other legal entities registered on the island, in a bid to combat financial crime.
March 02, 2026
FCA Opens Authorization Gateway For Targeted Support

The Financial Conduct Authority started accepting applications on Monday from financial services businesses for permission to provide targeted support, which is investment advice aimed at groups of people with similar characteristics.
March 02, 2026
Customs, VAT Fraud Costing €45B, EU Prosecutors Say

Cross-border customs and value-added tax fraud are reshaping the criminal landscape in the European Union, with such schemes generating an estimated €45 billion ($52.7 billion) in damage, according to a report published Monday by an independent prosecuting body.
March 02, 2026
Broker Denies Ex-Man Utd. Player's Portugal Property Claim

A U.K. mortgage broker has denied liability in a real estate dispute at London's High Court over a £2 million ($3 million) claim from a company owned by former Manchester United footballer Scott McTominay.
March 02, 2026
PE Firm Helios Makes $297M Offer For CAB Payments

Private equity firm Helios said Monday that it has made a firm offer to buy CAB Payments for $297 million, despite the cross-border payments business rejecting that amount in February.
February 27, 2026
Older UK Homeowners Tap £6.2B Home Equity To Cut Tax Bills

A growing number of people in the U.K. over age 66 are turning to equity release to reduce their inheritance tax liability, with £6.2 billion ($8.4 billion) in mortgage releases in 2024-25, according to financial data revealed Saturday.
February 27, 2026
BA Owner To Return €1.5B To Shareholders As Revenue Rises

British Airways owner IAG confirmed on Friday that it will roll out a new €1.5 billion ($1.8 billion) capital returns program to reward investors, starting with a share buyback program of up to €500 million in early March.
February 27, 2026
FCA Warns Of Compliance Failings In Sustainability Labeling

The Financial Conduct Authority warned Friday that U.K. asset managers have sometimes been unclear how they comply with rules on sustainability labels for funds or whether required disclosures accurately reflect the underlying investments.
February 27, 2026
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Linklaters sue a shipping company, high-street clothing giant Urban Outfitters hit with an intellectual property claim, Ithaca Energy sue rival Chrysaor, and cabaret club magnate Alex Proud face legal action with his nightclubs in financial turmoil.
February 27, 2026
Texas Investment Co. Loses Strike-Out Bid In £3.7M Bond Row

A Texas-based investment company has lost its bid to strike out a decision that a Bulgarian insurer was right to withhold payment of a £3.7 million ($5 million) bond linked to a British residential building project.
February 27, 2026
EU Watchdog Moves To Harmonize Algorithmic Trading

The European Union's financial markets regulator has issued a plan to boost consistent oversight of algorithmic trading across the bloc, in recognition of the risks that the rapid growth of increasingly complex automated trading poses to market integrity.
February 27, 2026
5 Questions For Kennedys' Ash Daniells On FOS Reforms

The government is reforming the Financial Ombudsman Service, which settles claims between consumers and regulated financial businesses. The reforms come after years of complaints that the ombudsman is not working efficiently, but the proposals have attracted wide criticism.
February 27, 2026
Top Barclays Exec Named As Head Of UK Banking Watchdog

The Bank of England said Friday that senior Barclays executive and former Treasury official Katharine Braddick has been appointed as the next head of the U.K.'s main banking watchdog.
February 27, 2026
Footballer's Biz Tackles Broker In £2M Property Clash

A company owned by former Premier League footballer Scott McTominay has sued a U.K. mortgage broker for £2 million ($2.7 million), accusing it of misusing a loan and reneging on a settlement over a Portuguese property development.
February 26, 2026
Broker Denies Tricking Investors Over ESMA Risk Before IPO

Broker Plus500 Ltd. has denied in litigation with a group of institutional investors that it withheld information before going public, saying it was clear that impending European rules designed to protect retail investors could hurt the online trading platform's business.
February 26, 2026
Gov't Actuary's Department Launches New Pensions Group

The Government Actuary's Department has established a new public sector defined contribution pension scheme working group to strengthen governance and improve knowledge-sharing across public sector retirement plans, the department said Wednesday.
February 26, 2026
Metals Magnate Denied Appeal In $500M Trafigura Fraud Case

Prateek Gupta can't challenge a finding that he carried out a $500 million scam against Trafigura through sham nickel trades, after a judge rejected his argument on Thursday that the commodities trader was aware of the fraud.
February 26, 2026
Upper Tribunal Blocks Financing Co.'s £94M Loss Tax Relief

A London tribunal ruled in favor of the U.K. tax authority's decision to block nearly £94 million ($127 million) in tax relief to a financing company, saying the relief was improper because the losses dated back to before the business moved from Guernsey to mainland Britain.
February 26, 2026
Willkie Leads Victory Capital's Rival Bid For Janus Henderson

U.S. investment manager Victory Capital said Thursday that it is making an offer for asset management group Janus Henderson, which is 16% higher than a bid tabled by Trian Fund Management.
February 26, 2026
Goodwin Procter-Led Banks To Buy $100M Trading Biz Stake

A consortium of global banks has agreed to acquire a $100 million stake in OSTTRA from private equity giant KKR & Co. Inc., the London-based provider of post-trade services for international financial markets said Thursday.

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

UK Territories May Yet Prevail On Ownership Disclosure

Despite its recently launched anti-corruption strategy, the U.K. government appears to have little appetite in the short term to impose fully public ownership registers on the overseas territories, a position that will be welcomed by advisers and individuals, says Rupert Cullen at Allectus Law
Striking A Balance Between AI Innovation And Regulation

The Financial Conduct Authority's recent consultation on the impact of artificial intelligence on financial services highlights the debate between regulators, the government and industry over whether current regulatory frameworks can balance innovation with risk management, say lawyers at Womble Bond.
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.