Financial Services UK

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.

Individual cryptocurrency coins on view on a black surface.

How Mishcon Helped Uncover £5.6B Money Laundering Plot

Law360 examines here how a suspicious activity report raised by Mishcon de Reya about a client's attempted transactions served as the catalyst for one of the biggest cryptocurrency seizures in British history.

FCA Oversight Spells Tougher AML Scrutiny For Law Firms

The Financial Conduct Authority's new powers to police lawyers and other professionals could place law firms under a heightened supervisory regime similar to that of banks and other high-risk financial institutions, experts say.

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 Two Years In Prison For $9M Crypyto 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.
December 10, 2025
EY Probed By FRC Over Unauthorized Auditor Reports

Britain's accounting regulator said Wednesday it has opened a probe into Ernst & Young LLP over allegedly issuing unauthorized auditor reports.
December 10, 2025
Canada Life Secures £330M Deal With Comet Pension Plan

Canada Life UK said Wednesday it has finalized a £330 million ($440 million) full-scheme buy-in transaction with the pension program of U.K. electrical goods retailer Comet, securing the retirement benefits of 4,500 members.
December 10, 2025
FCA Unveils Growth Plans With AI, Tokenisation Focus

The Financial Conduct Authority has published a letter to the government revealing updated growth plans for 2026, covering areas such as support for stablecoins issued in the U.K. and continued use of artificial intelligence, and calls again on the government to set out its risk appetite.
December 10, 2025
AML Reforms Could Threaten Legal Privilege, Lawyers Fear

Most legal professionals in the U.K. fear that a government proposal to make the Financial Conduct Authority the sole supervisor of the professional services industry could threaten the protection of confidential communications in the sector, a survey published Wednesday suggests.
December 09, 2025
FCA Launches Innovative Data Tool To Fight Financial Crime

The Financial Conduct Authority said Wednesday it has launched an innovative information service to fight financial crime, with the aim of reducing pension, investment and crypto-asset fraud against consumers.
December 09, 2025
Mishcon Accused Of Negligent Advice On Administration

The former directors of a brand development business have sued Mishcon de Reya LLP for negligence, claiming they would not have appointed administrators over two entities if they had been properly advised.
December 09, 2025
Ex-Entain Execs Say Watchdog Breached Privacy At Trial

Two former executives at the predecessor of betting giant Entain said at the start of a trial Tuesday that Britain's gambling regulator had published information about them which "should have remained private and confidential" in statements about a regulatory review.
December 09, 2025
EU Lawmakers Agree To Reduce Sustainability Rules Burden

European Union lawmakers agreed Tuesday to reduce sustainability reporting and governance rules for companies, in order to improve global competitiveness.
December 09, 2025
Lloyds Bank Covers £4.8B Pension Liabilities With Rothesay

The trustee of three Lloyds Banking Group pension schemes on Tuesday announced it had penned policies worth £4.8 billion ($6.4 billion) with insurer Rothesay to protect the schemes from costs linked to unexpected increases in member life expectancy.
December 09, 2025
More FTSE 350 Companies Adopt Flexible Capital Guidance

Britain's accounting watchdog said Tuesday that a growing number of listed companies in the U.K. are using updated guidance to raise capital more quickly.
December 09, 2025
UK Watchdog Targets Pension Barriers In Private Markets

The Pensions Regulator has said it will launch an investigation into why Britain's largest retirement funds are delaying investment in private markets as part of a push to spur the £3 trillion ($4 trillion) sector to plow more cash into the economy.
December 08, 2025
US Fund Loses $5.4M Bonus Battle With Fired London Trader

A London court ordered a U.S. investment fund to pay $5.4 million to a sacked portfolio manager on Monday, ruling that the company had no right to withhold his discretionary bonus amid criminal probes into his trading.
December 08, 2025
Investec Wins Bid To Have £22M Debt Case Heard In England

Two business executives failed on Monday to persuade a London court to stop Anglo-South African lender Investec from pursuing its claim in England for almost £22 million ($30 million) that the pair allegedly owe under loan agreements.
December 08, 2025
Lessors Bid To Flip $69M Plane Payment Sanctions Ruling

Aircraft lessors urged the U.K.'s highest court Monday to overturn a ruling that they cannot receive $69.3 million for Russian planes because of sanctions, arguing that a lower court had wrongly found that UniCredit's U.K. branch had rightly withheld payments under letters of credit.
December 08, 2025
AmTrust, Blackstone Launch New MGA Platform

AmTrust and the credit and insurance arm of Blackstone have agreed to turn some of the global insurer's managing general agencies and other companies in the U.S. and U.K. into a new business.
December 08, 2025
Lawyers In Crosshairs In New Anti-Corruption Crackdown

Corrupt lawyers, accountants and bankers "will be hunted down" under a new anti-corruption strategy unveiled by the government on Monday, which will crack down on enablers facilitating bribery and illicit finance in the U.K.
December 08, 2025
Pension Reforms Could Boost UK Investment By £220B

The government could raise £220 billion ($293 billion) in additional investment in Britain over the next decade through a series of reforms to pensions, insurance and home building, an insurer said in a report on Monday.
December 08, 2025
FCA Releases Landmark Reforms To Boost Retail Investment

The Financial Conduct Authority published on Monday a landmark package of measures to encourage investments by consumers to help U.K. growth, giving businesses new clarity on when they are dealing with professionals.
December 08, 2025
More Than 3M Savers Hit By Salary Sacrifice Budget Change

The government's plan to cap pension salary sacrifice arrangements will worsen the growing crisis of pension under-saving, a former pensions minister has warned, after an official report found that at least 3.3 million workers will be affected.
December 08, 2025
BNP Paribas Ups Stake In Ageas With €1.1B Investment

French banking giant BNP Paribas said on Monday that its insurance subsidiary has increased its stake in Belgian multinational insurer Ageas Group SA to 22.5% from 14.9% with the injection of €1.1 billion ($1.28 billion) in new share capital.
December 05, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Mozambique sue the late tycoon Iskandar Safa's family and Privinvest amid the wider $1.9 billion "tuna bond" fraud case, Entain face a claim from a major U.S. pensions agency, and a Mexican lawyer accused of embezzlement bring legal action against Travelers Insurance Co.

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

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.
What To Know About EU's Reimposition Of Sanctions On Iran

Lawyers at Steptoe discuss the European Union’s recent reimposition of trade and financial sanctions against Iran, which will introduce legal and operational constraints that affect EU companies' commercial activities in the region.
FCA Crypto Proposals Herald Tougher Oversight For Firms

The Financial Conduct Authority’s recent proposals to extend regulation to crypto-asset activities will bring parity, but implementation of the operational resilience requirements and enhanced financial crime controls will present compliance challenges, says Michelle Kirschner at Gibson Dunn.