Financial Services UK

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.

'Name And Shame' Test Case Ruling Could Embolden FCA

Financial services companies should be ready to engage with consumers when faced with enforcement action, in a lesson from a test case of the reasoning behind a Financial Conduct Authority decision to "name and shame" a company that could encourage bolder naming actions, lawyers said.

November 25, 2025
Bridgepoint Buys Majority Stake In Crypto Audit Firm

Middle-market private equity firm Bridgepoint Group, led by Cleary Gottlieb Steen & Hamilton LLP, on Tuesday revealed plans to take a majority stake in British digital asset assurance and technology solutions provider ht.digital, led by Dentons.
November 25, 2025
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.
November 25, 2025
FCA Engages With WH Smith After North America Profits Error

The Financial Conduct Authority revealed Tuesday that it is speaking with WH Smith after an independent review by Deloitte found that the company's North American division made an accounting blunder that overstated profits by as much as £50 million ($65.4 million).
November 25, 2025
Half A Million Pensioners 'At Risk Of Paying Income Tax'

An additional half a million state pensioners would pay income tax if the government extends the freeze on thresholds for another two years, a former pensions minister has said.
November 25, 2025
NCA Files Claim Against Withers, Tycoon Over £50M Trust

The National Crime Agency has filed a High Court claim against a politician and tycoon and a subsidiary of Withers amid a dispute over his £50 million ($66 million) London property portfolio, which is held in trust by the law firm.
November 25, 2025
Global Body Adds 4 Insurers To Resolution Standards List

A global standard setter said Tuesday it has added three large Swiss insurers to its latest list of entities required to have a plan to cope with business failure, raising the number from 13 to 17.
November 25, 2025
Kuwait Pension Chief's Kids Fail To Escape $1B Bribery Case

The children of a Kuwaiti pension authority director lost on Tuesday their bid to escape a case the organization has brought over an alleged $1 billion bribery scheme orchestrated by their father, who died in 2022.
November 25, 2025
FCA Cancels Insurance Biz's License Over Compliance Issues

The Financial Conduct Authority has said it has prevented a company that sells insurance policies for dental and breast implants from conducting any regulated activities because it failed to pay fees it owed to the watchdog.
November 24, 2025
Credit Suisse Denies Role In Tech Exec's Alleged Stock Theft

Credit Suisse has urged a New York federal judge to let it out of a lawsuit by an Aeva Technologies co-founder who claims the banking giant provided "institutional cover" to conspirators who allegedly stole tens of millions of dollars, arguing that it also fell victim to the scam.
November 24, 2025
Paul Hastings Hires Fund Finance Pro From Haynes Boone

Paul Hastings has added a fund finance partner to its London practice as the firm looks to strengthen its team in the face of a rapidly evolving and expanding market.
November 24, 2025
Ex-Trafigura Exec Denies Devising $600M Nickel Fraud

Trafigura's former head of nickel trading denied conspiring with Prateek Gupta to defraud the company out of $600 million through a sham nickel trade deal, as he gave evidence at the trial on Monday.
November 24, 2025
Sheikh Held Liable For €67M Shares Breach By Top UK Court

Britain's highest court ruled on Monday that a business tycoon breached his fiduciary duties when he transferred shares out of his wound-up company, and ordered him to hand over €67 million ($77 million) in damages.
November 24, 2025
Employers Urged To Take Lead On UK Retirement Savings

Employers must shoulder the majority of the responsibility in helping to ensure Britons have adequate savings in later life, Hymans Robertson said.
November 24, 2025
Revolut Clinches $75B Valuation In Latest Share Sale

International digital bank Revolut said Monday that it has reached a valuation of $75 billion after completing a share sale which involved investors including U.S. firm Coatue Management LLC and chips behemoth Nvidia.
November 24, 2025
Ex-Georgia PM Wins $607M Appeal Over Credit Suisse Fraud

The Bermudan life insurance arm of Credit Suisse lost its challenge on Monday to a $607 million damages bill it owes to the former prime minister of Georgia as the top court for overseas U.K territories rejected its arguments.
November 24, 2025
Addleshaw Goddard Guides Finance Biz On £6M Acquisition

The U.K. unit of global capital markets company Phillip Brokerage Pte Ltd. has agreed to acquire Walker Crips Group PLC, a financial services business based in London, for £5.96 million ($7.8 million), the companies said Monday.
November 24, 2025
Ex-Investments Head Wins £40K Over Redundancy Clash

The former head of investments at Kimura Management Services has been awarded almost £40,000 ($52,000) in compensation by a London employment tribunal, which found the defunct trade finance company liable for multiple breaches during its redundancy process.
November 21, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Clyde & Co. face a claim from Yorkshire firm GWB Harthills, a property developer previously investigated over suspected bribery and corruption sue the general counsel and solicitor to HM Revenue and Customs, and sportswear giant Gymshark bring an intellectual property claim against its co-founder's rival company, AYBL. Here, Law360 looks at these and other new claims in the U.K.
November 21, 2025
Investment Co. Defeats Compliance Director's Pension Bid

Private equity firm 3i Group PLC defeated a bid from its compliance director to challenge the winding up of its pension plan on Friday, as the High Court found that the firm was entitled to close the fund when it did.
November 21, 2025
EU To Simplify Rules For Sustainable Finance Products

The European Commission has unveiled major amendments to its Sustainable Finance Disclosure Regulation, proposing streamlined laws designed to simplify reporting rules, cut costs and better reflect how financial markets work.
November 21, 2025
Gov't Urged To Include Climate In UK Pensions Commission

Climate change and wider sustainability factors should form part of the government's recently revived Pensions Commission because they are "inextricably linked" to the future of British savers, an industry association said in a letter to the commission published on Friday.
November 21, 2025
FCA Plans Reduced Reporting To Save Firms £108M A Year

The Financial Conduct Authority proposed Friday to reduce transaction reporting requirements for 1,400 firms in the financial sector, which would save them an estimated £108 million ($141 million) a year.
November 21, 2025
UK Inheritance Tax Revenue Up 4% So Far In 2025

The government collected £5.2 billion ($6.8 billion) in inheritance tax between April and October, figures published on Friday by Britain's tax authority show, extending a record-setting trend in the 2025/26 financial year.
November 20, 2025
UK Ties Vast Money-Laundering Scheme To Russian Military

Criminals operating in at least two dozen U.K. cities and towns are behind a billion-dollar money-laundering network turning dirty cash into cryptocurrency to fuel Russia's military, evade sanctions and further the global drugs trade, British investigators said Friday.
November 20, 2025
Solicitor Lied To Client's Wife About Seized Funds, SRA Says

A criminal defense solicitor lied to an imprisoned client's wife by concealing the fact he was holding on to funds belonging to the client, the Solicitors Regulation Authority told a tribunal Thursday.

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

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.
EU Investment Reporting Rules Letup Signals Pragmatic Shift

While investment companies remain subject to far-reaching disclosure obligations under the Foreign Subsidies Regulation, new guidance from the European Commission on reporting passive limited partner commitments represents a drastic simplification and burden reduction, say lawyers at Paul Weiss.
SFO's 2-Year Transformation Signals Crackdown On Fraud

Two years after Nick Ephgrave’s appointment as director of the Serious Fraud Office, the introduction of new corporate criminal offenses and strengthened investigative methods sends a clear message to corporations that the agency is delivering on its promise to be bolder and more proactive about tackling fraud, say lawyers at BCL Solicitors.
How EU And UK Consumer Loan Protections Are Shifting

As market evolution and digitalization motivate both the European Union and the U.K. to revamp consumer protections around lending, the potential for divergence between these rules will pose new challenges for cross-border consumer credit lenders, say lawyers at Skadden.
EBA Guidance Shakes Up EU Securitization Market Practices

Although the European Banking Authority’s recent questioning of the common use of conditional sale agreements to season assets when setting up securitizations has come as an unwelcome surprise, competent regulators are expected to follow the EBA guidance, even though as a Q&A response it is not legally binding, say lawyers at Debevoise.
Landmark VAT Ruling Should Shift HMRC Reply On Guidance

The recent decision in Hotelbeds Ltd. v. Revenue and Customs Commissioners on the recovery of input tax, confirming that HMRC is bound to comply with its own guidance, will make the agency rethink its usual response to allegations that the policy was not law, say lawyers at Kennedys.
Evolving General Partner Stakes Market Brings Opportunities

The rapid increase in investment in general partner stakes by private capital managers indicates its advantages over both strategic sales and initial public offerings, including the ability to retain greater operational control over the business and to avoid the scrutiny that accompanies a listing, says Nicholas Page at Macfarlanes.
How UK Proposal On Late Payments Could Affect SMEs

The U.K. government’s ongoing late payments consultation would claw back much-needed leverage for small and midsize enterprises negotiating with large organizations, should the reforms be implemented as proposed, say lawyers at Shoosmiths.