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 12, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Shell hit with a climate change claim from 100 survivors of a typhoon in the Philippines, London Stock Exchange-listed Oxford Nanopore bring legal action against its co-founder, and the editors of Pink News sue the BBC for defamation following its investigation into alleged sexual misconduct at the news site.
December 12, 2025
Collective Pension Rules Need Safeguards, Trade Body Says

Plans by the U.K. government to allow savers to transfer their retirement pots into a collective program must be supported by strong safeguards to protect retirees against unforeseen hitches such as market volatility and mispricing, a trade body has said.
December 12, 2025
FCA Misconduct Update Still Leaves Firms 'In The Dark'

Clarity from the Financial Conduct Authority on the limits of its powers to tackle bullying and harassment will come as a relief to professionals — but lawyers have warned that non-banking companies must now join lenders to broaden staff training, revisit conduct policies and strengthen whistleblowing protocols.
December 12, 2025
Carter-Ruck Pro Cleared Over Alleged OneCoin SLAPP

A disciplinary tribunal on Friday dismissed allegations that a Carter-Ruck partner improperly threatened to sue a whistleblower who exposed the multibillion-dollar OneCoin cryptocurrency scam, ruling that the case against her "was based on hindsight" rather than misconduct.
December 12, 2025
Ashurst, Linklaters-Led Dutch Fintech To Buy Rival For €1B

Dutch financial technology company Mollie BV has agreed to acquire GoCardless, a U.K. bank payments provider, for €1.1 billion ($1.28 billion) to create a pan-European platform for more than 350,000 merchants.
December 12, 2025
Still 'Too Much Complexity' In Savers' Retirement Choices

Savers in the U.K. still face "too much complexity" over their retirement decisions, a pensions provider has said, warning that many are ditching official guidance and turning to social media platforms such as Facebook for information.
December 12, 2025
FCA Clarifies Guidelines For Non-Financial Misconduct

The Financial Conduct Authority released widely anticipated final guidance on its rules for non-financial misconduct such as bullying, harassment and violence on Friday, including on how far the measures will apply to private life and social media.
December 12, 2025
Nationwide Fined £44M For Financial Crime Control Failings

The Financial Conduct Authority said on Friday that it has hit Nationwide Building Society with a £44 million ($58 million) fine over its inadequate financial crime systems and controls, adding that the lender had "failed to get a proper grip."
December 11, 2025
Maire Cos. Face $1B Russian Fine Over EuroChem Arbitration

Two subsidiaries of Italian technology and engineering company Maire SpA risk a $1 billion fine from a court in Russia unless they drop arbitration proceedings in London against a EuroChem Group AG subsidiary owned by a sanctioned Russian oligarch, the EuroChem subsidiary said.
December 11, 2025
EY Must Release Wirecard Audit Files, Top German Court Says

Germany's highest civil court largely sided with Wirecard's insolvency administrator on Thursday, finding that the former auditors of the payments company, Ernst & Young, must disclose audit files from the four financial years running up to its collapse.
December 11, 2025
FCA Sets Timescale For Supporting Gov't Growth Strategy

The Financial Conduct Authority demonstrated its support for the government's growth strategy on Thursday, rolling out a reduced program of regulatory change over the next two years, with initiatives that could lighten the burden on finance companies.
December 11, 2025
Carter-Ruck Pro Says She Was Bound To Defend Crypto Scam

A Carter-Ruck partner was professionally "bound" to threaten a whistleblower with legal action on behalf of Ruja Ignatova because she did not know that the "Crypto Queen" was actually running a multibillion-dollar scam, the solicitor's counsel told a disciplinary tribunal on Thursday.
December 11, 2025
Late Filing Voids Adviser's Bid For Alleged €10M Share Payout

An adviser won't be able to pursue claims that fund services giant IQ-EQ fired him to avoid paying out some €10 million ($12 million) in a share sale, after an employment tribunal held that his unfair dismissal complaint was filed too late.
December 11, 2025
Aviva Pens £4M Pension Deal For UK Steel Tube Maker

A U.K. steel supplier has completed a £4 million ($5.3 million) full-scheme buy-in of its retirement plan with Aviva PLC, pensions company First Actuarial has said.
December 11, 2025
BoE Promises Gov't Bank Reporting Cost-Cuts For Growth

The Bank of England has set out plans to support U.K. growth by further simplifying regulatory reporting for banks and seeking to reduce overlap between its rules and the requirements of legislation.
December 11, 2025
DLA Piper-Led WTW To Buy NatWest Fintech Pensions Biz

Insurance broker WTW has agreed to acquire pensions provider Cushon from NatWest Group to expand its operations in the rapidly growing defined contribution retirement savings market.
December 10, 2025
UK Sets Rules For Landmark Targeted-Support Regime

The Financial Conduct Authority released near final rules on Thursday for its ground-breaking targeted-support regime to help millions of unadvised consumers buy pensions and investments.
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 2 Years In Prison For $9M Crypto 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 its alleged issuing of 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 the continued use of artificial intelligence, while calling 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.

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

Tracking Crypto-Asset Tax Rules In 2025 And Beyond

The past year has seen an increasing amount of regulation in the crypto-asset space, with a range of novel and complex taxation challenges for regulators, and taxpayers can expect a marked increase in HM Revenue & Customs' compliance activity in the year ahead, says Liam McKay at RPC.
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.