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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.

Gov't Reforms Needed To Unlock FCA's Targeted Support Plan

The financial watchdog's planned "targeted support" program for consumers requires government legislation or guidance to remove legal obstacles to direct marketing — and regulatory experts expect the first step to come at the Mansion House address by Chancellor Rachel Reeves late on Tuesday.

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.

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 21, 2025
Investors Poised To Buy Risky Funds Amid Gov't ISA Reforms

Most investors are ready to invest in hard-to-sell assets including private equity through long-term asset funds after the government said they will be included in tax-free individual savings accounts from 2026, a trade body said Monday.
July 21, 2025
Audit Watchdog Publishes Revised Pension Standard Rules

Britain's accounting watchdog has published a finalized set of actuarial rules for the retirement savings sector in light of recently introduced changes to pension funding and plans to use surplus money tied up in savings schemes.
July 21, 2025
IFX Weighs Ending £3M Argentex Bid After Administration

Foreign exchange provider IFX Payments said Monday that it might end its interest in the acquisition of Argentex Group PLC after the troubled currency risk manager disclosed that it intends to appoint administrators.
July 21, 2025
Gov't Revives Pensions Commission To Tackle Savings Crisis

The government said on Monday that it will restore the Tony Blair-era Pensions Commission to probe why future retirees are likely to be poorer than today's pensioners, amid growing fears that millions of Britons will not have saved enough money for later life.
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
Fintech Blocks JPMorgan's €917M Greek Case In JV Dispute

A London judge granted a fintech company an injunction on Friday that prevents J.P. Morgan from pursuing its directors in Greece, finding that the litigation in Athens breached a shareholder agreement.
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
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 18, 2025
FCA Floats Protection For 'Buy Now, Pay Later' Borrowers

The Financial Conduct Authority proposed new requirements on Friday as it seeks to regulate the booming "buy now, pay later" credit sector, amid concerns about protection for consumers and rising levels of household debt.
July 17, 2025
EU Lawmakers Push For Tax Data Hub To Combat Evasion

Members of the European Parliament approved proposals for tax changes across the European Union, including a tax data hub to streamline compliance across the bloc and help combat tax avoidance and evasion.
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
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
Pensions Experts Call For 'Urgent' Adequacy Review

The government must urgently press ahead with its review into the adequacy of pensions savings in Britian amid growing concern about the state of retirement prospects in the U.K., a research body has warned.
July 18, 2025
CORRECTED: South Korea Can Challenge $48.5M Award In Samsung Merger Case

Correction: An earlier version of the story misstated the nature of the panel's decision. That has now been corrected.
July 17, 2025
Gov't Set To Publish Reports On UK Pensions Saving Levels

The government will release detailed reports on Monday that experts believe could be a springboard for its long-awaited review of the state of the country's pensions adequacy.
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
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
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
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.

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

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.
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.
What Insurers Can Do To Prepare For PRA 'Solvent Exit' Rules

With less than a year until the Prudential Regulation Authority's new solvent exit rules for insurers come into force, it is critical that firms prepare to meet the imminent deadline by outlining an execution plan and establishing clear governance arrangements, say lawyers at Holman Fenwick.
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.
Identifying Data Center Investment Challenges, Opportunities

The role of data centers is expanding, as are new opportunities for private capital investors, but there are issues to consider, including finance models and contract complexity, as well as power supply, cyber threat resilience and data sovereignty, say lawyers at Ropes & Gray.
What EU Bank Regulator's Letter Means For Crypto Providers

A recent letter from the European Banking Authority notes a need to avoid dual authorization for e-money token transactions under European Union payment services and cryptocurrency regulations, which could result in a high regulatory burden for crypto-asset service providers and leaves open questions for future political negotiations, say lawyers at Morgan Lewis.
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.
Saxon Woods Ruling Tightens Rules On Director Good Faith

The recent Court of Appeal judgment in Saxon Woods v. Costa departs from the High Court's ruling, clarifying that a director's sincere belief they have acted in the company’s best interests is not sufficient to satisfy the statutory requirement to act in good faith, say lawyers at Covington.
Key Points From HMRC's Tax Reform Proposals

Although HM Revenue & Customs’ recent proposals for reform of U.K. transfer pricing and permanent establishment rules align with the latest international consensus, certain amendments may lead to future controversy, say lawyers at Skadden.
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.
Comparing Stablecoin Bills From UK, EU, US And Hong Kong

For multinational stablecoin issuers, navigating the differences and similarities among regimes in the U.K., EU, Hong Kong and U.S., which are currently unfolding in several key ways, is critical to achieving scalable, compliant operations, say attorneys at Morgan Lewis.
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.