Financial Services UK

Criminal Background Check Application Form

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 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.
July 16, 2025
Troutman Pepper-Led SPAC To Buy UK FinTech For £26M

Blank-check company Honye Financial Services Ltd. said Wednesday that it has agreed to buy Zoyo Capital Ltd., a financial technology company based in London, for £26 million ($35 million) in a reverse takeover to create a digital securities broker platform.
July 16, 2025
UK Gov't 'Confident' Mandated Pension Investment Unneeded

Chancellor Rachel Reeves has said she is confident that the government will not need to mandate pension funds to invest in U.K. assets, amid fears that new legislation would require retirement savings plans to do so.
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
UK's Large Employers Pledge To Prioritize Pension Outcomes

More than 20 of Britain's largest employers, including Goldman Sachs and Tesco, have committed to prioritizing retirement outcomes for their workers when they choose pension providers rather than focusing on reducing costs, the City of London Corp. has said.
July 15, 2025
PwC Settles Property Biz's £9M Tax Negligence Case

PwC has settled claims that it should pay £8.9 million ($12 million) for causing a property group to be penalized by the U.K. tax authority after the Big Four accountancy firm allegedly miscalculated its tax liabilities and incorrectly priced its properties.
July 15, 2025
Insurers Warned Over Credit Risk From Adopting AI

Insurers that adopt artificial intelligence tools without properly managing their associated risks could face financial damage and harm to their reputations, a credit ratings agency warned on Tuesday.
July 15, 2025
Lawyer And Accountant Face 2027 Money Laundering Trial

A solicitor who is a former political candidate and an accountant charged by the National Crime Agency with money laundering are set to face trial in 2027.
July 15, 2025
Court Refuses To Rule Bali Villa Sale Breached Asset Freeze

A London court said Tuesday that it will not decide whether the wife of a former Russian bank executive had committed contempt of court by selling her villa in Bali 10 days before an asset freeze against her was lifted.
July 15, 2025
Banks To Nudge Savers Toward Stocks Under Gov't Reforms

Banks will be encouraged to push savers toward gambling their cash on the stock market, the government said on Tuesday, as it looks to revitalize the landscape for retail investors in the U.K.
July 15, 2025
UK To Ease Senior Manager Rules Amid Regulatory Overhaul

The government unveiled a raft of reforms to financial services regulation on Tuesday as it seeks to encourage investment in the economy, a package that includes streamlined rules for senior managers and easier capital requirements for lenders.
July 14, 2025
FCA To Loosen Prospectus Rules For Firms Raising Cash

The Financial Conduct Authority set out rules on Tuesday that it said will make it easier and cheaper for listed companies to raise cash as the regulator makes another attempt to rebalance risk and help resuscitate U.K. capital markets.
July 14, 2025
Insurance Co. Accuses Ex-CEO Of Siphoning £19M At Trial

An insurance company accused its former chief executive and a director at the start of a London trial on Monday of misappropriating millions of pounds by siphoning money from the business for his own financial benefit.
July 14, 2025
Audit Watchdog Proposes Changes To Digital Reporting Guide

The Financial Reporting Council on Monday revealed plans to update its taxonomy suite to reflect changed accounting rules and other regulatory requirements.
July 14, 2025
SFO Still Yet To Use Power To Freeze Crypto Wallets

The Serious Fraud Office has not pursued any crypto wallet freezing or forfeiture orders since their introduction over a year ago, according to an information request disclosed Monday, a month after the government pledged more in funds for the agency to invest in its investigatory capabilities.
July 14, 2025
Financial Standard-Setter Says Work Needed On Climate Risks

A global standards-setter said Monday there has been good progress on a number of areas it mapped out in 2021 to tackle climate-related financial risks, but that work still needs to be done.
July 14, 2025
Clifford Chance Denies Blame For SocGen's $483M Gold Loss

Clifford Chance LLP has denied breaching any duty to Société Générale SA with its advice on a $483 million gold bullion dispute, telling a London court that the blame for the French bank's failed claim lies elsewhere.
July 14, 2025
Lender Denies Helping Pharma Boss Secure Secret £6M Loan

A business lender has denied working with the now-former chief executive officer of an online pharmacy to take out about £6.1 million ($8.2 million) in unauthorized loans under the company's name without the knowledge of investors or board members.
July 14, 2025
Wealth Manager Sues For £4.5M Over Failed Investment Deal

A Swiss wealth manager has sued a U.K. company for 5 million Swiss francs ($6.3 million), saying that it failed to return its investment after a share purchase deal went sideways.
July 14, 2025
HSBC Becomes Latest Bank To Quit Net Zero Finance Group

HSBC has become the latest bank to quit a global banking coalition focused on mitigating climate change in alignment with the Paris Agreement, following multiple recent departures by lenders.
July 14, 2025
Investment Association Urges Better Support For UK Retirees

The Investment Association has said Britain can do more to help its savers use their money more wisely once they retire, mapping out a string of proposals it said would support better outcomes in later life.
July 14, 2025
Crédit Agricole Seeks ECB Approval To Buy 20% BPM Stake

French lender Crédit Agricole said Monday that it is seeking approval from the European Central Bank to increase its stake in Italian rival Banco BPM to more than 20%.

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

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.
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.