Top Stories

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  Regulators Cut Burden On Senior Managers In Rule Changes

  By Alex Davidson

  The Financial Conduct Authority and Prudential Regulatory Authority set out on Wednesday finalized reforms to th...(read more)

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  SFO Looks Toward Technology, AI Overhaul After Ephgrave

  By Christopher Crosby

  The goal of the Serious Fraud Office to accelerate its investigations through intelligence-gathering and technol...(read more)

• LC&F Solicitor Banned For Backdating Docs To Mislead FCA

  By Christopher Crosby

  A solicitor found to have abetted a Ponzi scheme that siphoned off millions of pounds from British investors was banned from practicing on Wednesday after a disciplinary tribunal found that he had backdated documents to mislead auditors and regulators.

• FCA Leads 1st Raids On Illegal Crypto-Traders

  By Alex Davidson

  The Financial Conduct Authority said Wednesday that it has led its first operation with other enforcement agencies to disrupt illegal peer-to-peer crypto-trading in locations across London.

• FCA Faces Challenge Over Motor Finance Redress Formula

  By Eddie Beaver

  A consumer organization said Wednesday that it will bring a legal challenge to review how the Financial Conduct Authority's £7.5 billion ($10 billion) motor finance redress system is calculated, the first time such a program has been tested.

• SFO Arrests 4 In Fraud Probe Into £4B Gov't Energy Scheme

  By Christopher Crosby

  The Serious Fraud Office said it arrested four people on Wednesday in an investigation into a £4 billion ($5.4 billion) government-backed scheme designed to cut fuel poverty and slash carbon emissions.

• Insurers Win Landmark Case Over COVID Grant Deductions

  By Martin Croucher

  Insurers were right to deduct the value of the government support that companies received during the COVID-19 pandemic from successful claims for business interruption, Britain's top court ruled Wednesday.

• Microsoft Must Face £1.7B Server License Abuse Class Action

  By Jared Foretek

  A London antitrust tribunal cleared the way for a collective action on behalf of 59,000 businesses to proceed against Microsoft for its alleged abuse of dominance in cloud computing that cost the businesses £1.7 billion ($2.3 billion) since 2018, rejecting Microsoft's bid to split the class and crediting regulators' finding that the company's practice disadvantaged competitors.

• EU Adopts Anti-Corruption Law With 5% Turnover Fines

  By Alex Davidson

  The European Union gave the final go-ahead Tuesday to a new directive on combating corruption, with fines of up to 5% of world turnover or €40 million ($47 million), adding a potential aggravating factor if offenders are banks or law firms.

• SRA Fights Axiom Ince's £65M Fraud Oversight Claim

  By Hanna Vioque

  The Solicitors Regulation Authority hit back at claims from the now-defunct Axiom Ince that it was negligent in failing to spot the firm's leaders' alleged misappropriation of £65 million ($87.7 million) in client money early on.

• Greece Defends Crisis-Era €62B Bond Call At Trial

  By Sophia Dourou

  Greece urged a London court on Tuesday to confirm the validity of its buyback of GDP-linked bonds first issued for €62.4 billion ($73 billion) in 2012 during the country's debt crisis, on the first day of a trial against the bonds' trustee.

• Ex-Oil Execs Say 'Dishonest' Asset Freeze Cost Them $1B

  By Eddie Beaver

  Two former top executives at oil trader Arcadia told a court on Tuesday that a decadelong order freezing their assets in support of a meritless fraud claim prevented them from setting up a business that would have earned them more than $1.1 billion.

• SRA Finds Suspected Fraud In PM Law's £40M Shortfall

  By Marialuisa Taddia

  The Solicitors Regulation Authority said Tuesday that it has uncovered a "sophisticated suspected fraud" at PM Law Ltd. involving £39.5 million ($53 million) in client funds allegedly removed and misused by the firm.

• ENRC's $290M Claim Defies Decades Of Precedent, SFO Says

  By Christopher Crosby

  The Serious Fraud Office and Dechert argued at trial on Tuesday that the $290 million claim brought by ENRC over a botched criminal investigation flies in the face of 30 years of legal precedent and simply "doesn't work."