Financial Services UK

Cryptocurrency coming out of a man's hand

FCA's Crypto Ban Reversal Unleashes Consumer Harm Risk

The Financial Conduct Authority's proposed reversal of its ban on crypto exchange-traded notes for retail investors has paved the way for immeasurable consumer harm, U.K. and U.S. lawyers have warned.

Pedestrians walk past the sign outside the headquarters of the white-collar agency in London.

SFO's Growth Push A 'Difficult Line To Tread' For Prosecutor

The Serious Fraud Office's recent promise to assist UK PLC with growth has raised eyebrows among former officials who question the optics of adopting political talking points that, on the surface, appear to distract from investigating and prosecuting economic crime.

Compliance in the workplace concept: photo of keyboard and cardboard files.

UK Growth Push Puts FCA Enforcement On Unfamiliar Footing

The government's demand that regulators should prioritize growth is "largely incompatible" with their duty to deter misconduct, say lawyers who are warning clients not to interpret the political messaging as a green light to engage in risky behavior.

American and Russian flags fly together in a breeze.

From Russia With Love? UK Lawyers Mull Sanctions U-Turn

Finance companies are enlisting white-collar lawyers to draw up plans for tapping back into Russia if the U.S. breaks with its Western allies and eases sanctions, although experts warn that unpredictable political winds mean there are as many risks as opportunities.

June 27, 2025
FCA Launches Investigation Into John Wood Group

The U.K.'s financial watchdog said Friday that it has opened a probe into the Scottish multinational engineering consultancy John Wood Group PLC after the company revealed the probe in a statement to markets.
June 27, 2025
Law Firm Fails To Ax Vanquis Bank's £4.5M Complaints Case

A London judge has refused to throw out Vanquis Bank's £4.5 million ($6.1 million) claim against a law firm it alleges inundated it with thousands of meritless complaints over loans, ruling that although the facts underpinning the claim were "novel," it was based on "well-established" principles.
June 27, 2025
EU Watchdog Floats Allowing Funds Some Riskier Investing

The European Union's market watchdog has recommended that the European Commission should reform the rule book governing the bloc's retail investors, calling for a more relaxed stance on alternative assets investments and improved regulatory harmonization across member states.
June 27, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen the British Basketball Federation sued by members of the men's professional basketball league for alleged competition breaches, songwriter Coco Star file an intellectual property claim against Universal Music Publishing, and the Solicitors Regulation Authority file a claim against the Post Office amid ongoing investigations into law firms linked to the Horizon IT Scandal. Here, Law360 looks at these and other new claims in the U.K.
June 27, 2025
Ex-NASA Scientist Pleads Guilty To £1M Investment Fraud

A former NASA scientist has admitted a £1 million ($1.4 million) fraud that "fleeced unwitting investors" while he operated an investment business without authorization, the Financial Conduct Authority said on Friday.
June 27, 2025
Aon Denies Ex-Exec's $1.3M Bonus Bid Over Early Exit

Aon has rejected its former insurance consulting chief's $1.3 million claim for bonus and stock options, arguing that his employment contract ended before the payout date.
June 27, 2025
Preventing Financial Crisis Best Thing For Growth, BoE Says

The government's growth agenda should not equate to throwing out all safeguards, because preventing a major financial crash is vital for ensuring Britain is competitive, a senior member of the Bank of England said Friday.
June 27, 2025
HMRC Beats Dentist's Appeal Over Tax Avoidance Scheme

A dental practice has failed to overturn a finding that it engaged in tax avoidance by making loan payments to its owner through a trust, after an appeals court Friday found that the payments fall to be taxed as income.
June 27, 2025
FCA Flags Poor Risk Management Practices At Payment Firms

The Financial Conduct Authority has revealed that payment services companies displayed inadequate risk management in every case it examined in a multi-company review.
June 26, 2025
Law Firm Settles Crypto Fraud Victim's Negligence Claim

A boutique investment fraud law firm and a cryptocurrency fraud victim have inked a settlement to end a claim accusing the firm of providing negligent advice to recover £500,000 ($687,600) in stolen funds.
June 26, 2025
Ex-Consultant Wants £1.4M Over Botched Insurance Cover

A former consultant has sued a wealth management and benefits consultancy for £1.4 million ($1.9 million) for allegedly failing to arrange adequate insurance cover, which she claims left her short of money during serious illness and surgery.
June 26, 2025
Restructuring Filings Surge Amid AI, Geopolitical Strains

The first half of 2025 has seen a surge in companies filing for restructuring plans amid increasing financial distress caused by geopolitical troubles and the advent of AI, according to a LexisNexis report published Thursday on the fifth anniversary of the introduction of the plans.
June 26, 2025
Qatar National Bank Beats £89M Claim Over Share Deal

A Qatari bank Thursday beat a Kuwaiti businessman's £89.4 million ($122.8 million) English claim over alleged breaches of a complex financing agreement, after a judge noted his reliance on "hallucinatory" references to cases that didn't exist through the inappropriate use of AI.
June 26, 2025
BoE Launches Forum For Financial Firms And Policy Body

The Bank of England said Thursday it has set up a forum for senior individuals in large financial services firms to liaise with the central bank's Monetary Policy Committee, which sets interest rates.
June 26, 2025
EU Strikes 'Milestone' Deal To Reform Bank Failure Rules

The European Union has agreed to radically reform the rule book for managing failures of small and midsized banks in the bloc by improving lenders' access to industry-funded safety nets.
June 26, 2025
Audit Watchdog Sets New Guidance For 'Black Box' AI

Britain's accounting watchdog warned Thursday in new guidance on using artificial intelligence in audits that the opacity of AI models makes it crucial for firms to document how they are controlled.
June 26, 2025
Gov't Mulls Mandating Climate Plans From Banks, Insurers

Large banks and insurance companies in Britain could be forced to develop and publish a strategy for how they plan to align their business with global climate targets under proposals floated by the U.K. government.
June 26, 2025
PIC Inks £900M Pension Deals For Energy Tech Biz

Pension Insurance Corp. PLC said Thursday that it has completed buy-ins with three plans sponsored by Baker Hughes Co., a global energy technology business, covering liabilities worth £900 million ($1.2 billion).
June 26, 2025
Staley Fails To Overturn FCA Ban Over Epstein Ties

Former Barclays boss James "Jes" Staley lost his bid to overturn the Financial Conduct Authority's ban for allegedly lying about his ties to Jeffrey Epstein on Thursday as a London tribunal found he intentionally misled the watchdog's inquiry into their relationship.
June 25, 2025
Class Certified In Suit Over Oil Market's Historic Price Crash

A Chicago federal judge has certified a class of futures traders who claim Vega Capital London Ltd. and 12 of its traders caused a historic oil crash with an aggressive price manipulation scheme that resulted in oil futures going negative for the first time, saying the plaintiffs have met all the requirements for certification.
June 25, 2025
Sanctioned Co. Director Convicted Of Failing To Give Info

A sanctioned company director was convicted in a criminal court in London on Wednesday of failing to adequately respond to a request for information by the U.K.'s sanctions agency.
June 25, 2025
EU Watchdog Pushes To Expand Digital Asset Program

The European Union's market watchdog advised lawmakers Wednesday to make a pilot scheme for tokenizing securities on digital ledger technology more flexible for investors and permanent.
June 25, 2025
EU Insurers Push For Simplified Cybersecurity Regulation

A trade body for European insurers urged the European Commission on Tuesday to streamline the bloc's potentially counter-productive rule book on cybersecurity and digital resilience to help reduce duplication as the compliance burdens on the sector increase.
June 25, 2025
EFG Unit To Buy 75% Stake In NZ Investment Firm For $41M

Global private banking group EFG International AG said Wednesday that its Australian subsidiary Shaw and Partners Financial Services has agreed to acquire 75% of New Zealand-based investment firm Investment Services Group for 67.5 million New Zealand dollars ($40.6 million).
June 25, 2025
FCA Floats Mortgage Rule Changes To Aid Homebuyers

The Financial Conduct Authority suggested changes to its mortgage rules on Wednesday to make it easier to lend to first-time homebuyers and others, in a drive to boost property ownership.

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

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.
Pension Schemes Bill's Most Notable, Controversial Measures

The long-awaited Pension Schemes Bill recently introduced to Parliament creates a framework for harnessing money saved in U.K. workplace pension funds to grow the country’s economy, but provisions relating to local government pension scheme investment, and scale and asset allocation, are controversial, says Claire Dimmock at Squire Patton.
What New FCA Private Stock Market System Could Offer Cos.

While the Financial Conduct Authority’s new secondary private stock market system will bring more control and less ongoing regulatory compliance than a public market, but because the regime grants a significant degree of flexibility to operators it may be some time before a full operational picture emerges, says Iain Wright at Morgan Lewis.
Fraud Office Guidance Highlights Value Of Self-Reporting

New guidance from the U.K.'s Serious Fraud Office on corporate self-reporting, cooperation and deferred prosecution agreements provides a useful framework for companies navigating criminal investigations and their potential resolutions — and underscores that corporations that self-report are in a better position to obtain DPAs than those that do not, say lawyers at Skadden.
Open Questions As FCA Prepares Buy Now, Pay Later Rules

HM Treasury’s recent response to its consultation on buy now, pay later lending regulation is clear on policy, but with rules still to be set by the Financial Conduct Authority it is difficult for firms to plan for change, and they should take advantage now of the opportunity to liaise with the regulator, say lawyers at Hogan Lovells.
What End of Payment Systems Regulator Means For Biz

The U.K. government’s plan to abolish the Payment Systems Regulator and absorb its functions into the Financial Conduct Authority should eventually lighten the compliance burden for businesses under the PSR’s remit, which may in turn encourage growth, but the proposed changes will roll out slowly, say lawyers at Farrer & Co.
Compliance Lessons From Art Dealer's Terror Financing Plea

Regulated businesses can learn from the missteps of a recently convicted London art dealer, who failed to disclose sales to a suspected Hezbollah financier, by implementing compliance measures like anti-terrorism financing screenings as robust as their anti-money laundering policies and training staff to spot red flags, say lawyers at White & Case.
UK Securities Tax Reform Will Be Welcomed By Investors

The proposed reforms resulting from HM Revenue & Customs' recent consultation on modernizing stamp taxes on shares, suggesting a single digital tax on securities to replace stamp duty and stamp duty reserve tax, are expected to reduce complexity for investors transacting in U.K. securities, say lawyers at Ropes & Gray.
UK Capital Reforms May Help Startup Founders, VC Investors

Hidden in the U.K. Financial Conduct Authority's recent proposals on the definition of capital for investment firms are changes to the eligibility requirements for instruments to be included in a firm's regulatory capital — changes that may reduce the risk of investing, especially in early-stage fintech firms, says Andrew Henderson at Goodwin.
EU Watchdog's ESG Dashboard Raises Transparency Bar

The European Banking Authority’s recently introduced ESG dashboard is a key tool in aligning financial institutions with the European Union's sustainability policies, and fundamentally alters the risk environment by transitioning climate-related data from a compliance afterthought to a core component of strategic decision-making, says Kristýna Tupá at Schönherr.
What To Note As HM Treasury, FCA Plan New Crypto Regs

Taken together, HM Treasury’s recently proposed crypto-asset regulations and the Financial Conduct Authority’s new discussion paper on regulating crypto-asset activities provide key insights into the government's planned regime, which represents significant changes that will affect all firms providing related services, says Mark Chalmers at Davis Polk.
Tools For Effective Asset Tracking In Offshore Jurisdictions

In light of a technology company's recent allegations that its former CEO maintained an undisclosed interest in offshore companies, practitioners may want to refresh their knowledge of the tool kit available for tracing and recovering allegedly misappropriated assets from both onshore and offshore jurisdictions, say lawyers at Walkers Global.
FCA Review Highlights Valuation Standards For Private Funds

The Financial Conduct Authority’s recent review of private funds valuation practices underscores the increasing importance of conducting robust and independent procedures, offering an opportunity for fund managers to strengthen their current valuation frameworks and improve investor confidence, say lawyers at Greenberg Traurig.