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Financial Services UK
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March 26, 2026
UK Hits Crypto Network Tied To Cambodia Scam Hub
The U.K. sanctioned on Thursday a "key lieutenant" to the billionaire businessman behind Cambodia's scam centers as well as a major crypto marketplace catering to fraudsters in the latest crackdown on online threats that target Britons.
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March 26, 2026
FCA To Use AI To Spot Consumer Harm Faster In New Plan
The Financial Conduct Authority set out plans on Thursday to use artificial intelligence as a regulatory tool to authorize businesses and detect harm faster in its annual work program.
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March 26, 2026
Insurers Criticize FCA Over Rules On Charging For Advice
Insurers have hit out at the Financial Conduct Authority's refusal to budge on rules over subsidized financial advice.
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March 26, 2026
Odey Denies Threat To Shut Biz To Scupper Misconduct Probe
Crispin Odey denied at a tribunal on Thursday that he threatened to shut down his hedge fund to force executives not to impose restrictions on him to safeguard women at the firm after repeated allegations of sexual misconduct.
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March 26, 2026
EU Adopts Landmark Anti-Corruption Law
European Union lawmakers passed a new set of bloc-wide anti-corruption rules on Thursday that will streamline legal definitions and set out penalties for bribery, misappropriation and economic crimes as the bloc seeks to crack down on corruption across borders.
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March 26, 2026
Whistleblower Bank Exec Wins Costs In Welsh Bribery Feud
A bank in Wales must help pay a former senior executive's costs in a dispute over claims that it fired him for raising concerns that his line manager was allegedly accepting bribes from the CEO.
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March 26, 2026
UK Watchdog Revamps Audit Supervision In Quality Boost Bid
The accounting watchdog has launched a modernized supervisory framework for audit firms, centered on their systems of quality management used to deal with risks to audit quality.
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March 26, 2026
Financial Redress Body To Use AI Tech For 'Routine Tasks'
The Financial Services Compensation Scheme said Thursday that it wants to automate routine tasks with artificial intelligence technology in the next five years.
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March 26, 2026
Employers Urged To Address Risks From Pension Shortfalls
A greater understanding by workers of the looming threat posed by inadequate pension savings will place increasing pressure on employers to offer more compelling retirement plans, Hymans Robertson has said.
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March 25, 2026
Modi Can't Block India Extradition Over Torture Fears
A London court declined on Wednesday to stop the extradition to India of jewelry magnate Nirav Modi over an alleged $2 billion fraud after accepting diplomatic assurances he wouldn't be tortured.
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March 25, 2026
Odey Denies Trying To Silence Groping Victim In FCA Probe
Crispin Odey told a London tribunal on Wednesday that he denied trying to stop a member of staff who he had groped from speaking to the Financial Conduct Authority while it investigated his conduct at the hedge fund.
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March 25, 2026
FCA Eyes Simpler Advice Rules To Broaden Consumer Access
The Financial Conduct Authority proposed rule changes on Wednesday that would enable financial businesses to give more simplified advice to consumers on pensions and investments, aiming to revitalize financial services take-up.
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March 25, 2026
BoE To Weigh Financial Stability Risks From AI
The Bank of England confirmed it will investigate the financial stability risks from the use of artificial intelligence technology by the financial services sector.
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March 25, 2026
Gowling, Squire Patton Steer £140M Panasonic Pension Deal
Savings and investment firm M&G PLC has said it completed a £140 million ($187 million) buy-in transaction with a pension program sponsored by electronics giant Panasonic for its employees in Europe.
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March 25, 2026
BDO Denies Botching Audits And Costing Insurer $100M
BDO has denied negligently issuing clean audit opinions for an insurer and causing more than $100 million in losses and liquidation costs in the run-up to the company's collapse.
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March 25, 2026
Squire Patton Leads £104M Pension Deal With Aviva
Insurance giant Aviva said Wednesday that it has taken on pension liabilities worth £104 million ($139.5 million) from a retirement savings plan sponsored by Essentra PLC, in a deal steered by Squire Patton Boggs LLP.
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March 25, 2026
Russian Sanctions Blocked $69M Unicredit Lease Payments
Unicredit rightly withheld $69.3 million in payments to aircraft lessors for planes stranded in Russia, Britain's top court ruled Wednesday, as it found that the sanctions regime prevented the bank from making payments connected to the supply of aircraft to Russian airlines.
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March 24, 2026
Middle East Residents Fleeing War Face Tax Bills In UK
British citizens who reside in the United Arab Emirates and other Persian Gulf states returning home because of the war in Iran may face tax bills from HM Revenue & Customs on overseas deals, as Britain's tax authority appears unlikely to make concessions for them.
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March 24, 2026
Judge Sanctions Searches For Proceeds Of €58M VAT Fraud
A judge lawfully issued search and seizure warrants against a man convicted in Germany over a €58 million ($67.2 million) value-added tax "carousel" fraud, a London court has held, because there were reasonable grounds to suspect he had invested the proceeds in Bitcoin.
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March 24, 2026
Italian Banking Giant Loses IP Campaign Against Rival
European officials have dismissed a slew of attacks from Italian cooperative bank Cassa Centrale Banca against a rival's trademark applications for "BCC Gruppo Italia" and similar variations, ruling that there was no immediate ban on the registration of a country's name.
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March 24, 2026
Deutsche Bank Seeks To Grill Vik Over Assets In $360M Fight
Deutsche Bank urged the Court of Appeal on Tuesday to revive its bid to order Monaco-based billionaire Alexander Vik to answer questions about his company's assets, in the latest development in its effort to enforce a judgment debt of more than $360 million.
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March 24, 2026
Janus Agrees To Bolstered Trian, General Catalyst Proposal
Janus Henderson said Tuesday it has agreed to a higher cash offer from Trian Fund Management and General Catalyst Group following its review of a competing proposal from Victory Capital Management.
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March 24, 2026
Audit Watchdog Floats Package For Small Biz Growth
Britain's accounting regulator disclosed plans on Tuesday to support the growth of small and midsized businesses in the U.K. by cutting back on red tape.
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March 24, 2026
Odey Regrets Coming Across To Staff As 'Creepy Old Man'
Crispin Odey said on Tuesday that he regrets coming across to young receptionists as a "creepy old man," as his challenge to a ban and fine of £1.8 million ($2.4 million) for thwarting an internal probe into sexual misconduct allegations continues.
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March 24, 2026
NCA, Police Arrest 557 In Anti-Fraud 'Operation Henhouse'
Police arrested 557 individuals in February as part of the Operation Henhouse campaign against fraud, coordinated by the National Economic Crime Centre at the National Crime Agency and City of London Police, the NCA said Tuesday.
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Fraud Plan Puts FCA At Forefront Of UK Crypto-Crackdown
The Financial Conduct Authority has been given a lead role in targeting money laundering, crypto-assets and money transfer scams in a government fraud strategy involving multiple agencies, which lawyers expect will boost enforcement action and heap a new compliance burden on financial institutions.
M&A, Deregulation Bring Reset To UK Asset Management
Consolidation of the asset management sector is ramping up as U.S. firms seek access to the domestic market and U.K. watchdogs loosen regulation in line with government-mandated pro-growth policies, which is expected to accelerate a spurt in dealmaking.
Ombudsman Poised To Take Consumer Duty Power From FCA
Pending legislative reforms to the Financial Ombudsman Service could hand the dispute-arbitrator power to assess whether businesses have complied with the consumer duty and other broad rules set by the Financial Conduct Authority, regulatory lawyers say.
New Fraud Unit Faces Hurdles To Take On Overseas Scams
A new anti-fraud unit built to disrupt the growing threat to national security posed by online scammers fills gaps left in the enforcement landscape, lawyers say — although there are hurdles for prosecution of suspects, particularly when many scams originate thousands of miles away.
Fraud Plan Puts FCA At Forefront Of UK Crypto-Crackdown
The Financial Conduct Authority has been given a lead role in targeting money laundering, crypto-assets and money transfer scams in a government fraud strategy involving multiple agencies, which lawyers expect will boost enforcement action and heap a new compliance burden on financial institutions.
M&A, Deregulation Bring Reset To UK Asset Management
Consolidation of the asset management sector is ramping up as U.S. firms seek access to the domestic market and U.K. watchdogs loosen regulation in line with government-mandated pro-growth policies, which is expected to accelerate a spurt in dealmaking.
Ombudsman Poised To Take Consumer Duty Power From FCA
Pending legislative reforms to the Financial Ombudsman Service could hand the dispute-arbitrator power to assess whether businesses have complied with the consumer duty and other broad rules set by the Financial Conduct Authority, regulatory lawyers say.
New Fraud Unit Faces Hurdles To Take On Overseas Scams
A new anti-fraud unit built to disrupt the growing threat to national security posed by online scammers fills gaps left in the enforcement landscape, lawyers say — although there are hurdles for prosecution of suspects, particularly when many scams originate thousands of miles away.
Editor's Picks
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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.
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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.
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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
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Assessing Potential Legal Claims From Private Credit Turmoil
Amid the downturn in the private credit markets spurred by multiple high-profile bankruptcies, a New York lawsuit stemming from the collapse of First Brands provides an important case study for investors to help minimize future losses and maximize any potential recovery in the event of a private credit default, say attorneys at Bleichmar Fonti.
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What New FCA Rules Mean For Deferred Payment Providers
New rules from the Financial Conduct Authority requiring deferred payment credit providers to obtain a financial services license have two notable implications: providers will be subject to full compliance with the regulator’s consumer duty, and must meet its organizational and governance requirements, says Alix Prentice at Cadwalader.
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FCA Stablecoin Sandbox Indicates Shift In Crypto Regulation
The Financial Conduct Authority’s recent decision to use four companies to test stablecoin models within its regulatory sandbox provides a mechanism for testing real-world use cases, and shines a light on the U.K.'s broader strategy in the context of global stablecoin legislation, says Ben Lee at Andersen.
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Who Will Be 1st To Prosecute New Corporate Fraud Offense?
With no prosecutions under the failure to prevent fraud offense six months on from its introduction, lawyers at BCL Solicitors explore the front-runners in the race to prosecute, and consider whether a private prosecutor might beat a state prosecuting authority to the finish line.
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Crypto-Asset Market Downturn Is Driving Litigation Risk
Recent volatility in the crypto-asset market has placed a strain on balance sheets and laid bare weaknesses that may have been overlooked during more stable periods, increasing the risk for disputes over whether procedures or enforcement have been carried out correctly, say lawyers at Kennedys.
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Decoding Arbitral Disputes: UK Top Court On State Immunity
The U.K. Supreme Court's recent ruling denying Spain's and Zimbabwe's bids to escape arbitration awards using state immunity claims provides significant clarification of the relationship between sovereign immunity and the International Centre for Settlement of Investment Disputes system, and reinforces the finality and enforceability of ICSID awards, says Josep Galvez at 4-5 Gray's Inn.
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FCA's £44M Nationwide Fine Highlights AML Control Gaps
The Financial Conduct Authority’s recent £44 million fine of Nationwide Building Society for anti-money laundering control failures demonstrates that where a firm does not implement appropriate policies and remediation projects, there is a risk that noncompliance will remain unaddressed, say lawyers at Taylor Wessing.
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How UK Securitization Reforms Will Affect Industry
The Prudential Regulation Authority’s recent proposals to reform securitization requirements will offer greater structuring flexibility, reduced operational complexity and lower compliance costs, although with the rationale for imposing stand-alone obligations on institutional investors not clear, dissenting voices are likely, say lawyers at Skadden.
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FCA's HTX Action Shows Crypto Ad Rules Must Be Followed
The Financial Conduct Authority’s London High Court action against global crypto-exchange HTX for illegally promoting its services to U.K. consumers sends the message that it will pursue those who flout the rules from a distance and will be key in testing the extent of the U.K.’s regulatory perimeter, says Nick Barnard at Corker Binning.
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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.
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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.
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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.
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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.
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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.
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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.