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Financial Services UK
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January 26, 2026
UK Fines Bank Of Scotland For Russia Sanctions Breach
The U.K. sanctions policing body said Monday that it has fined Bank of Scotland PLC, which is wholly owned by Lloyds Banking Group, £160,000 ($218,354) for serious breaches of the government's Russia sanctions rules by allowing payments to and from the account of a sanctioned individual.
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January 26, 2026
Paul Weiss Guides KPS In €230M Buy Of Novacel
Compagnie Chargeurs Invest SA said Monday that it has entered into a binding agreement with KPS Capital Partners LP to sell its buildings protection business Novacel to the U.S. private equity firm in a deal worth approximately €230 million ($273 million).
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January 26, 2026
FCA Warns Crypto Sector Against Mistreating Consumers
The Financial Conduct Authority has warned crypto asset businesses against providing unsuitable products to consumers in draft guidance on applying the Consumer Duty under the crypto asset regime that comes into force in 2026.
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January 26, 2026
Freshfields, Fried Frank Aid CVC's $1.2B Buy Of US Credit Biz
Private equity firm CVC said Monday that it plans to buy hedge fund Marathon Asset Management LP in a cash and equity deal of up to $1.2 billion to boost its credit products in the U.S.
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January 26, 2026
HSBC's $14B Hong Kong Bank Buyout Gets Court Approval
HSBC Holdings PLC said Monday that it has finalized the privatization of Hang Seng Bank in an all-cash deal valued at 106 billion Hong Kong dollars ($13.6 billion), making the Hong Kong lender a wholly owned subsidiary.
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January 23, 2026
Taxation With Representation: Vinge, A&O Shearman, Cassels
In this week's Taxation With Representation, Swedish private equity company EQT buys U.K. secondaries firm Coller Capital, biopharmaceutical giant GSK PLC acquires Rapt Therapeutics Inc., and fusion energy company General Fusion announces plans to go public by merging with special purpose acquisition company Spring Valley Acquisition Corp. III.
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January 23, 2026
Insider Trading Presumption Challenged By EU Adviser
An investment bank does not commit insider dealing merely by executing a client's share sale, unless regulators can show the bank held inside information and acted outside its expected professional standards, an adviser to the European Union's top court has said.
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January 23, 2026
Danish Regulator Hits Saxo Bank With $49M AML Fine
The Danish finance regulator said Friday that it imposed a 313 million Danish kroner ($49 million) fine on Danish bank Saxo over anti-money laundering compliance failures.
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January 23, 2026
UK Litigation Roundup: Here's What You Missed In London
This past week in London saw Travelers Insurance hit with a claim from a property buyer over a payout tied to collapsed law firm Axiom Ince, Swedish music group Pophouse Entertainment clash with the production company that helped it create the ABBA Voyage experience, and biotech company Vertex Pharmaceuticals sue rival entity ToolGen for patent infringement.
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January 23, 2026
HSF Kramer-Led Fintech Co. Buys Mortgage Biz Acre
ClearScore Group said Friday it has acquired Acre Platforms Ltd., a mortgage technology company, as the U.K. financial technology firm expands into the home-lending market to diversify its business beyond credit products.
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January 23, 2026
Systemic Issues Drive UK Gender Pension Gap, Study Says
Policymakers should assess what barriers affect long-term planning for retirement saving for women, rather than assuming that they lack confidence, when explaining the gender pension gap, a report published Friday says.
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January 23, 2026
FCA Proposes More Standards For Crypto Asset Regulation
The Financial Conduct Authority proposed Friday further rules on how crypto asset companies should treat consumers under the new regulatory regime for digital assets due for implementation later this year.
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January 23, 2026
FRC Issues New Guidance After Virgin Media Pension Ruling
Britain's audit regulator released new guidance on Friday that clarifies how pension programs should comply with the findings of a landmark court judgment.
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January 23, 2026
Cost Of Tax Breaks On Pension Contributions Nears £60B
The cost to the U.K. government of providing tax breaks on pensions savings is set to rise to nearly £60 billion ($81.2 billion) next year, according to official figures.
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January 23, 2026
Seddons Hires Financial Crime Head From Russell-Cooke
Seddons GSC has hired Frances Murray from Russell-Cooke to launch and lead its new financial crime practice.
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January 23, 2026
Gowling, Sackers Steer Japanese Bank's £24M Pension Deal
A pension plan sponsored by one of Japan's largest financial institutions has offloaded £24 million ($32 million) of its retirement program liabilities to Just Group, in a deal steered by Gowling WLG and Sackers, advisers to the transaction have said.
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January 22, 2026
UK Trading Co. Escapes £1.5M In Penalties For Tax Scheme
HM Revenue & Customs lacked sufficient evidence to justify more than £1.5 million ($2 million) in penalties on a securities trading company for careless and deliberate inaccuracies on its returns linked to a tax avoidance scheme involving an employee benefit trust, the Upper Tribunal ruled.
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January 22, 2026
Travers Smith Initiates Fintech Startup Support Service
Travers Smith LLP said Thursday that it has started a new year-long program to provide practical legal and commercial support to innovative fintech startups as they navigate the early stages of their development.
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January 22, 2026
Nomura Says Fund's $49M Claim Is 'Misconceived'
Two securities trading arms of Nomura Group have denied causing an investment fund to lose more than $43 million by selling the fund's shares and overcharging it almost $6.8 million in connection with capital gains tax.
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January 22, 2026
Accomplice In Chinese Bitcoin Fraud To Repay £5.6M
A London court on Thursday ordered a convicted money launderer to repay £5.6 million ($7.6 million) for his role in a conspiracy to buy cryptocurrencies using money siphoned off from tens of thousands of Chinese investors.
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January 22, 2026
CloudPay Sued For €17M Over Payroll Project Shutdown
A finance consultant has alleged that a payment solutions provider owes it almost €17 million ($20 million) for terminating a project aimed at providing a payroll financing product because of an alleged drop in client demand.
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January 22, 2026
Industry Calls For EU Rethink On Litigation Funders
A group of major trade bodies has urged the European Commission to reconsider its decision not to regulate third-party litigation funders and called for a deeper review of the sector.
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January 22, 2026
Ethanol Biz Loses Bid To Overturn €48M Price-Fixing Fine
A Swedish ethanol producer failed on Thursday to overturn a €47.7 million ($55.9 million) fine for colluding to maintain high prices by market manipulation after a European appeals court ruled that a competition watchdog did not presume it was guilty.
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January 22, 2026
Gov't Warned About Using Pensions To Fix UK Housing Crisis
The government should be cautious about any plan to fix Britain's growing housing crisis by allowing workers to tap into their pensions savings early, a retirement savings provider said Thursday.
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January 22, 2026
Football Club Owner Textor Fails To Overturn $97M Ruling
The owner of a portfolio of professional football clubs has failed to overturn a ruling that found he was in breach of a deal to buy back an investment vehicle's stake in his company for $97 million.
Expert Analysis
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EU Businesses Face Uncertainty Amid Sustainability Reforms
The European Commission’s sustainability omnibus, due to be approved this month, has brought a year of regulatory upheaval for European businesses, and although the long-awaited scaled-back obligations will provide clarity, a balance between not overburdening reporting companies and the need for data to make sustainable investments must be found, say lawyers at Peters & Peters.
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How Russia Sanctions Trajectory Is Affecting UK Legal Sector
The proliferation of U.K. and European Union sanctions targeting Russia has led to a vast increase in legislative provisions, and lawyers advising affected businesses should expect a complex and evolving legal landscape for the foreseeable future, says Rob Dalling at Jenner & Block.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.