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Senior Managers Regime Revamp Risks Letting In Bad Apples

The City watchdog's planned overhaul of its senior managers regime risks allowing people with records of misconduct to slip into financial firms because of the relaxation of rules on references and criminal checks, according to lawyers.

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.

Sign on the building outside the main criminal court in London.

Lawyers Warn Jury-Free Trials Won't Solve Court Backlog

Proposals to create a new division of court without juries will not solve the backlog of cases facing the criminal justice system without long-term investment to undo systemic underfunding, lawyers warned Wednesday.

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.

July 18, 2025
EU Agrees To Hit Russian Banking Harder With New Sanctions

The European Union agreed Friday to new sanctions against Russia hitting the banking sector harder as part of a broader package.
July 18, 2025
1st Post Office 'Capture' Conviction Referred To Appeals Court

The Criminal Cases Review Commission said Friday that it has referred its first Post Office "Capture" conviction to the Court of Appeal, a major development in the long‑running scandal surrounding faulty accounting software relied upon to wrongfully prosecute sub‑postmasters.
July 18, 2025
Irwin Mitchell Can't Escape Costs In Pension Fraud Claim

Irwin Mitchell LLP failed on Friday to recover costs after it persuaded a London court that it had been wrongly named in a retired naval officer's negligence claim because its broader effort to throw out the case fell short.
July 18, 2025
SFO Freezes Arena TV CEO's Crypto Assets With New Powers

A boss of collapsed Arena Television Ltd. has had more than £11,000 ($14,805) worth of cryptocurrency frozen by the Serious Fraud Office, in the first time the agency has used new powers to freeze crypto assets.
July 18, 2025
Odey Fights To Delay Libel Trial Amid Sex Assault Claims

U.K. hedge fund manager Crispin Odey argued in a London court on Friday that his £79 million ($106.3 million) libel claim against the Financial Times should be put on hold while he defends against claims by five women accusing him of sexual abuse.
July 18, 2025
FCA Shrugs Off Commissioner's Criticisms Of Ignoring Tip-Off

The City watchdog has hit back at criticisms by the Financial Regulators Complaints Commissioner concerning how it treats tipoffs about unregulated firms.
July 18, 2025
Tomb Raider Game Composer Jailed For COVID Loan Fraud

A composer for the Tomb Raider video game series has been sentenced to 16 months in prison for fraud involving the U.K. government's COVID-19 pandemic-era bounce-back loan scheme, the Insolvency Service said Friday.
July 18, 2025
Mastercard, Visa Face New Swipe Fees Claim By UK Retailers

Harcus Parker is preparing a new class action on behalf of retailers allegedly overcharged by Visa and Mastercard for accepting debit and credit card payments after a tribunal ruled that the transactions fees breach U.K. competition law.
July 18, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen the former owner of British oil refinery Prax Group sued following the collapse of his business empire, a unit of Shard Credit Partners target a married couple believed to have inflated the value of their companies before selling them, and Aerofoil Energy reignite patent action against AFE Group over the design of its F1-inspired cooling units.
July 18, 2025
Nordic Marketplace Fined $1M For Insider Info Rule Break

Vend Marketplaces ASA said Friday that the Financial Supervisory Authority of Norway has fined the online marketplace platform 10 million Norwegian krone ($1 million) for "dissemination of insider information."
July 17, 2025
UK Risk Report Flags Persistent Money Laundering Threat

Money laundering risk for British firms remains high as criminal cash is being generated at over £12 billion ($16.1 billion) a year, with financial and legal services deemed particularly vulnerable, according to the government's National Risk Assessment 2025 released Thursday.
July 17, 2025
Dechert Settles Jordanian Lawyers' UAE Torture Claims

Dechert and Neil Gerrard, its former head of white collar crime, have settled claims of torture and hacking in a web of litigation spawned from the firm's work for a UAE sovereign wealth fund, a spokesperson for the outfit confirmed Thursday.
July 17, 2025
UK Audit Watchdog Plans Scaled Rules For Small Businesses

Britain's audit watchdog on Thursday proposed amended guidance for companies auditing smaller businesses amid concerns that industry standards do not reflect the needs of firms with less complex requirements.
July 17, 2025
Lords Vote To Create Duty To Probe Whistleblowers' Concerns

Employers would be obliged to investigate concerns raised by whistleblowers under an amendment to the Employment Rights Bill put forward by the House of Lords.
July 17, 2025
Two Arrested In Illegal Crypto-ATM Investigation

Two people have been arrested on suspicion of money laundering and running an illegal cryptocurrency exchange after an operation in which seven crypto-ATMs were seized, the finance industry watchdog said on Thursday.
July 16, 2025
Le Pen Heirs Lose Challenge To €300K Expenses Recovery

A European Union court on Wednesday rejected an appeal by the daughters of dead French politician Jean-Marie Le Pen, including Marine Le Pen, against an order to pay back €303,000 ($353,000) of misused expenses.
July 16, 2025
Ex-NCA Officer Jailed For Theft Of Bitcoin In Dark Web Case

An ex-National Crime Agency investigator was sentenced to five years and six months in prison in an English criminal court Wednesday for stealing 50 bitcoin in May 2017 during an investigation into dark web drug dealing, the agency said.
July 16, 2025
ENRC Bids To Overturn $128M Cut From SFO Claim

ENRC fought at a London appellate court on Wednesday to overturn a decision blocking it from adding approximately $128 million in damages the mining company alleges it suffered from a Serious Fraud Office investigation, arguing that it had applied the incorrect legal principles.
July 16, 2025
Watchdog Warns Of Continued Quality Gap Among Auditors

Britain's accounting watchdog has said that audit quality continues to improve in the U.K., although it raised concerns about the widening quality gap between the biggest companies and their rivals.
July 16, 2025
Insolvency Service Expands Role To Tackle Economic Crime

The Insovency Service on Wednesday announced an expansion of its enforcement remit in order to play a more prominent role in the fight against corporate crime.
July 16, 2025
Dubai Bank Wins Document Fraud Claim in £80M Debt Fight

A judgment that blocked a Dubai bank from recovering £80 million ($107 million) from three members of an Emirati business family was fraudulently obtained with bogus documents, a London court has ruled.
July 16, 2025
Freight Co. Loses Interim Bid To Lift HMRC Export Controls

A warehouse operator and drinks merchant have lost a bid for interim relief against U.K. tax authority export controls imposed over tax fraud concerns, with a London court ruling they had an "uphill task" to prove the measures were unreasonable.
July 16, 2025
Barclays Fined £42M For Failures In Financial Crime Controls

The Financial Conduct Authority said Wednesday that it has hit Barclays Bank PLC with fines totaling £42 million ($56 million) for two separate failings in its management of financial crime risk, which could have exposed the bank to criminals laundering money.
July 15, 2025
'Orange King' And Son Say Cartel Claims Are Stale

The estate and son of Brazil's late "Orange King" argued in a London trial Tuesday that claims by more than 1,400 Brazilian orange farmers over a price-fixing cartel should be halted because they were brought out of time.
July 15, 2025
Fraud Victim Can't Pursue Wealth Manager's Kids

An ophthalmologist cannot pursue the children of a dead wealth manager for assisting in the dissipation of frozen funds, after a judge ruled Tuesday that there is no evidence that they were aware of their father's $14 million fraud.

Editor's Picks

6 Bombshell Moments From Staley's Bid To Clear His Name

Jes Staley has suffered a bruising week as he testified about his relationship with Jeffrey Epstein, culminating in an admission by the former banker that he had sex with a member of the disgraced financier's staff.
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 Russia Sanctions Face Landmark Test At Supreme Court

The U.K.'s sanctions regime faces a major test on Wednesday as billionaire Eugene Shvidler seeks to have his financial restrictions cast off — the first case to challenge Russian sanctions that has reached the country's highest court.

Expert Analysis

EU Banking Watchdog Regulations Herald New AML Era

The European Banking Authority’s forthcoming anti-money laundering package will set a framework for compliance across the European Union by redefining the rules of engagement between financial institutions and supervisors, setting a new standard for transparency and accountability, say lawyers at A&O Shearman.
UK-EU Competition Agreement Signals Rebuilding Of Ties

The European Commission’s recent adoption of proposals to sign the European Union-U.K. competition agreement is a welcome first step toward better policy and enforcement convergence, providing a clearer legal framework for businesses to manage regulatory risk, says Charles Whiddington at Steptoe.
What To Expect As UK, US Gov'ts Develop Stablecoin Policies

While the U.K. and U.S. governments’ policies both suggest that fiat-backed stablecoins can improve efficiency and safety in payments systems, a perception that crypto-assets remain high risk means consumers are unlikely to use them in significant volume anytime soon, say lawyers at Cadwalader.
Decoding Arbitral Disputes: UK Injunctions Across Borders

A recent High Court of Justice decision allowing JPMorgan Chase Bank to block VTB Bank from bringing suit in a Russian court provides a seminal reflection on the power of English courts to issue antisuit injunctions when global banking disputes increasingly straddle multiple jurisdictions, says Josep Galvez of 4-5 Gray's Inn.
7 Reforms To Note Under New UK Data Protection Law

Although the recently enacted Data Use Act’s changes to U.K. law are subtle, its reforms go beyond data protection, including changes that redefine the scope of scientific research and an update that clarifies what constitutes automated decision-making, says James Castro-Edwards at Arnold & Porter.
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.
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.
Why UK Sanctions Review Recommendations Lack Substance

The recent U.K. cross-government sanctions enforcement review makes welcome but unambitious recommendations, and without increasing funding for sanctions agencies or developing a whistleblower incentivization scheme, it is unlikely to result in tangible support for the sectors that most need it, say lawyers at WilmerHale.
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.
8 Ways Law Firms Can Prepare For SRA's AML Offensive

The Solicitors Regulation Authority’s recent plans to intensify anti-money laundering enforcement means firms need to concentrate on strengthening client matter risk assessments, policies and procedures, source of funds checks and firmwide risk assessments, says Harriet Holmes at Thirdfort.
How Unfair Practice Rules Boost Consumer Protections

With the consumer protection aspects of the Digital Markets, Competition and Consumers Act now in force, companies must not only ensure their business is not engaged in prohibited practices, but also consider how consumers make decisions to acquire goods and services, say lawyers at Linklaters.