Financial Services UK

Gov't Reforms Needed To Unlock FCA's Targeted Support Plan

The financial watchdog's planned "targeted support" program for consumers requires government legislation or guidance to remove legal obstacles to direct marketing — and regulatory experts expect the first step to come at the Mansion House address by Chancellor Rachel Reeves late on Tuesday.

Staley Tribunal Decision Could Fuel Challenges To FCA Fines

A landmark tribunal ruling that upheld the Financial Conduct Authority's ban of ex-Barclays CEO James "Jes" Staley from banking — but slashed his fine — could ultimately lead other executives with back-loaded pay packages to fight the watchdog's decisions, lawyers say.

Wider FCA Misconduct Rule Risks Over-Reporting Of Staff

The rule change proposed by the Financial Conduct Authority on non-financial misconduct for 37,000 companies outside the banking sector will generate pressure on businesses to protectively report employees to the regulator rather than risk later accusations of noncompliance.

Private Stock Market Plan Could Disrupt London IPO Goals

A world-first regulated market for private company shares might harm the U.K.'s objective of stimulating the market for initial public offerings in London if it offers corporate founders a new alternative to the scrutiny of flotations.

July 15, 2025
UK's Large Employers Pledge To Prioritize Pension Outcomes

More than 20 of Britain's largest employers, including Goldman Sachs and Tesco, have committed to prioritizing retirement outcomes for their workers when they choose pension providers rather than focusing on reducing costs, the City of London Corp. has said.
July 15, 2025
PwC Settles Property Biz's £9M Tax Negligence Case

PwC has settled claims that it should pay £8.9 million ($12 million) for causing a property group to be penalized by the U.K. tax authority after the Big Four accountancy firm allegedly miscalculated its tax liabilities and incorrectly priced its properties.
July 15, 2025
Insurers Warned Over Credit Risk From Adopting AI

Insurers that adopt artificial intelligence tools without properly managing their associated risks could face financial damage and harm to their reputations, a credit ratings agency warned on Tuesday.
July 15, 2025
Lawyer And Accountant Face 2027 Money Laundering Trial

A solicitor who is a former political candidate and an accountant charged by the National Crime Agency with money laundering are set to face trial in 2027.
July 15, 2025
Court Refuses To Rule Bali Villa Sale Breached Asset Freeze

A London court said Tuesday that it will not decide whether the wife of a former Russian bank executive had committed contempt of court by selling her villa in Bali 10 days before an asset freeze against her was lifted.
July 15, 2025
Banks To Nudge Savers Toward Stocks Under Gov't Reforms

Banks will be encouraged to push savers toward gambling their cash on the stock market, the government said on Tuesday, as it looks to revitalize the landscape for retail investors in the U.K.
July 15, 2025
UK To Ease Senior Manager Rules Amid Regulatory Overhaul

The government unveiled a raft of reforms to financial services regulation on Tuesday as it seeks to encourage investment in the economy, a package that includes streamlined rules for senior managers and easier capital requirements for lenders.
July 14, 2025
FCA To Loosen Prospectus Rules For Firms Raising Cash

The Financial Conduct Authority set out rules on Tuesday that it said will make it easier and cheaper for listed companies to raise cash as the regulator makes another attempt to rebalance risk and help resuscitate U.K. capital markets.
July 14, 2025
Insurance Co. Accuses Ex-CEO Of Siphoning £19M At Trial

An insurance company accused its former chief executive and a director at the start of a London trial on Monday of misappropriating millions of pounds by siphoning money from the business for his own financial benefit.
July 14, 2025
Audit Watchdog Proposes Changes To Digital Reporting Guide

The Financial Reporting Council on Monday revealed plans to update its taxonomy suite to reflect changed accounting rules and other regulatory requirements.
July 14, 2025
SFO Still Yet To Use Power To Freeze Crypto Wallets

The Serious Fraud Office has not pursued any crypto wallet freezing or forfeiture orders since their introduction over a year ago, according to an information request disclosed Monday, a month after the government pledged more in funds for the agency to invest in its investigatory capabilities.
July 14, 2025
Financial Standard-Setter Says Work Needed On Climate Risks

A global standards-setter said Monday there has been good progress on a number of areas it mapped out in 2021 to tackle climate-related financial risks, but that work still needs to be done.
July 14, 2025
Clifford Chance Denies Blame For SocGen's $483M Gold Loss

Clifford Chance LLP has denied breaching any duty to Société Générale SA with its advice on a $483 million gold bullion dispute, telling a London court that the blame for the French bank's failed claim lies elsewhere.
July 14, 2025
Lender Denies Helping Pharma Boss Secure Secret £6M Loan

A business lender has denied working with the now-former chief executive officer of an online pharmacy to take out about £6.1 million ($8.2 million) in unauthorized loans under the company's name without the knowledge of investors or board members.
July 14, 2025
Wealth Manager Sues For £4.5M Over Failed Investment Deal

A Swiss wealth manager has sued a U.K. company for 5 million Swiss francs ($6.3 million), saying that it failed to return its investment after a share purchase deal went sideways.
July 14, 2025
HSBC Becomes Latest Bank To Quit Net Zero Finance Group

HSBC has become the latest bank to quit a global banking coalition focused on mitigating climate change in alignment with the Paris Agreement, following multiple recent departures by lenders.
July 14, 2025
Investment Association Urges Better Support For UK Retirees

The Investment Association has said Britain can do more to help its savers use their money more wisely once they retire, mapping out a string of proposals it said would support better outcomes in later life.
July 14, 2025
Crédit Agricole Seeks ECB Approval To Buy 20% BPM Stake

French lender Crédit Agricole said Monday that it is seeking approval from the European Central Bank to increase its stake in Italian rival Banco BPM to more than 20%.
July 11, 2025
Deceased Financiers' Assets Tapped To Cover Thai Bank Debt

The liquidators of a collapsed Thai lender can be paid from the English assets of two deceased financiers convicted over an embezzlement scheme, after a judge held Friday the funds can go to partially cover a judgment debt totaling £60 million ($81 million).
July 11, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen HS2 hit with a defamation claim by two ex-employees who blew the whistle on alleged under-reporting of costs, Craig Wright and nChain face legal action brought by its former chief financial officer over a fraud scheme, and pro-footballer Axel Tuanzebe bring a clinical negligence claim against his former club Manchester United F.C. Here, Law360 looks at these and other new claims in the U.K.
July 11, 2025
City Group Asks Gov't For Light-Touch Carbon Market Regs

A financial services trade body said Friday it has asked the government for light-touch regulation of voluntary carbon and nature markets in the U.K., using existing watchdogs.
July 11, 2025
ESMA Warns Crypto Firms To Clarify Unregulated Products

The European Union's financial markets watchdog said Friday that regulated crypto-asset service providers must make it clear to consumers which of the products and services they offer are unregulated.
July 11, 2025
Ex-Insurance CEO's Wife Can't Ax £15M Asset Freeze

A London appeals court upheld a £15 million ($20.3 million) asset freeze on Friday against the wife of a former insurance company executive who is accused of cashing in on money her husband siphoned off from the business.
July 10, 2025
Rusal Can Serve Claim On Abramovich Via Oligarch's Lawyers

A London judge on Thursday approved Russian aluminum giant Rusal to serve a claim on Russian oligarch Roman Abramovich via his lawyers over alleged breaches of an agreement setting out the governance of a Russian mining company.
July 10, 2025
UK Watchdog Investigating Deloitte, Azets Over Stenn Audits

The U.K. accounting watchdog said Thursday it has started investigations into accounting firms Azets Audit Services Ltd. and Deloitte LLP over their audit of U.K. invoice financing firm Stenn Assets, which collapsed in 2024 after a lender found suspicious transactions.

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

Identifying Data Center Investment Challenges, Opportunities

The role of data centers is expanding, as are new opportunities for private capital investors, but there are issues to consider, including finance models and contract complexity, as well as power supply, cyber threat resilience and data sovereignty, say lawyers at Ropes & Gray.
What EU Bank Regulator's Letter Means For Crypto Providers

A recent letter from the European Banking Authority notes a need to avoid dual authorization for e-money token transactions under European Union payment services and cryptocurrency regulations, which could result in a high regulatory burden for crypto-asset service providers and leaves open questions for future political negotiations, say lawyers at Morgan Lewis.
How Regulators Want Online Platforms To Fight Finance Fraud

Recent statements from the International Organization of Securities Commissions and the European Securities and Markets Authority make clear that online platform providers are expected to adopt proactive measures to prevent the promotion of unauthorized financial services and related misconduct, say lawyers at Taylor Wessing.
FCA Notes Industry Criticism But Keeps Transparency Focus

The Financial Conduct Authority’s recently updated enforcement guide finally gives up the "naming and shaming" public interest test, demonstrating that the regulator has recognized the industry's serious concerns while maintaining less contentious aspects of its proposals to improve transparency in investigations, say lawyers at Irwin Mitchell.
Anticipating A Shift In CMA Merger Control Enforcement

As the Competition and Markets Authority outlines plans to put the U.K. government's growth objectives into action, the changes may well pave the way for a more permissive outlook for review of mergers and acquisitions in the U.K., say lawyers at A&O Shearman.
Court Backing Of FCA Pensions Ruling Sends Key Message

The Upper Tribunal’s recent upholding of the Financial Conduct Authority's decisions against CFP Management directors serves as a judicial endorsement of the regulator’s approach to defined benefit transfers, underscoring that where the advisory model is fundamentally flawed, the consequences for those in control can be severe, say lawyers at RPC.
Saxon Woods Ruling Tightens Rules On Director Good Faith

The recent Court of Appeal judgment in Saxon Woods v. Costa departs from the High Court's ruling, clarifying that a director's sincere belief they have acted in the company’s best interests is not sufficient to satisfy the statutory requirement to act in good faith, say lawyers at Covington.
Key Points From HMRC's Tax Reform Proposals

Although HM Revenue & Customs’ recent proposals for reform of U.K. transfer pricing and permanent establishment rules align with the latest international consensus, certain amendments may lead to future controversy, say lawyers at Skadden.
What To Note As UK Adopts OECD Crypto Disclosure Rules

With the U.K.’s recent announcement that it will adopt the Organization for Economic Cooperation and Development's crypto-asset reporting framework, users and providers will benefit from understanding the context surrounding the decision and the framework's intended goal of clamping down on tax evasion, say lawyers at Brown Rudnick.
Comparing Stablecoin Bills From UK, EU, US And Hong Kong

For multinational stablecoin issuers, navigating the differences and similarities among regimes in the U.K., EU, Hong Kong and U.S., which are currently unfolding in several key ways, is critical to achieving scalable, compliant operations, say attorneys at Morgan Lewis.
How UK Law Firms Can Counter Money Laundering Threat

With figures released in May showing that money laundering was the biggest source of fraud in the U.K. last year, law firms should focus on internal identification and prevention strategies, considering the scale and nature of potential risk exposure depends on several business factors, says Niall Hearty at Rahman Ravelli.
Key Takeaways As EU And UK Impose New Russia Sanctions

The European Union and U.K.’s new sanctions on Russia, designating increasing numbers of non-Russian companies in the defense and shipping sectors, mean that organizations must examine from the outset whether a transaction has any nexus with the EU or the U.K., say lawyers at Sullivan & Cromwell.
Pension Schemes Bill's Most Notable, Controversial Measures

The long-awaited Pension Schemes Bill recently introduced to Parliament creates a framework for harnessing money saved in U.K. workplace pension funds to grow the country’s economy, but provisions relating to local government pension scheme investment, and scale and asset allocation, are controversial, says Claire Dimmock at Squire Patton.
What New FCA Private Stock Market System Could Offer Cos.

While the Financial Conduct Authority’s new secondary private stock market system will bring more control and less ongoing regulatory compliance than a public market, but because the regime grants a significant degree of flexibility to operators it may be some time before a full operational picture emerges, says Iain Wright at Morgan Lewis.
Fraud Office Guidance Highlights Value Of Self-Reporting

New guidance from the U.K.'s Serious Fraud Office on corporate self-reporting, cooperation and deferred prosecution agreements provides a useful framework for companies navigating criminal investigations and their potential resolutions — and underscores that corporations that self-report are in a better position to obtain DPAs than those that do not, say lawyers at Skadden.