Financial Services UK

Downing Street and Whitehall street signs, London

UK Top Court's Leeway On Sanctions Could Embolden Gov't

The respect shown by the U.K. Supreme Court to the British government on foreign affairs could encourage ministers to use sanctions in unforeseen ways, allowing politicians to achieve policy goals that are limited by legal challenges, lawyers say.

Southend Court House in Southend-on-Sea, Essex

Traders' Win Casts Doubt On Plans For No-Jury Fraud Trials

Repeated failure by the courts to ensure that two former traders imprisoned for rigging benchmark interest rates were given a fair trial has fueled criticism of radical reforms to roll back jury trials in complex fraud cases to ease pressure on the judicial system.

Hayes' Victory Leaves SFO Rate Rigging Convictions In Doubt

The decision by the U.K. Supreme Court to quash the convictions of two former traders accused of manipulating interest rates has opened the door for other bankers to challenge the fairness of their trials, lawyers say.

One-pound and two-pound coins on a wooden table interspersed with a tape showing consecutive years.

Gov't Misses Chance To Go Big With New Pensions Body

The government launched a once-in-a-generation review of retirement savings on Monday, but experts warned that the new Pension Commission is a missed opportunity to take a no-holds-barred approach to tackle the savings crisis.

July 29, 2025
JV Partner Found To Have Inflated Costs In London Project

A Dubai-based businessman has largely succeeded in a complex dispute over a joint venture after a London judge ruled that other parties to the deal had inflated costs in invoices to pocket part of the payments as profit.
July 29, 2025
Forex Biz Can't Avoid Liability For Deceit In $10M Deal

A foreign exchange business lost its fight on Tuesday to challenge a ruling that it could not defend claims that its employee deceived a Nigerian broker in a $10 million transaction, despite winning challenges over lesser deals worth $6 million.
July 29, 2025
Ex-JPMorgan Trader Drops Bid For Remedy Over Unfair Firing

A former JPMorgan Chase metals trader has told an employment tribunal that he won't be pursuing his case for compensation any further despite winning his unfair dismissal claim against the bank over a faulty "spoofing" investigation.
July 29, 2025
Bridgehaven Buys Irish Insurer To Enter EU Market

British insurance company Bridgehaven said it is poised to enter the European market after penning an agreement to buy the Irish insurer SureStone Insurance DAC.
July 29, 2025
Tech Pro Says Alleged Software Copying Was 'Obvious' Joke

A payments company's former head of technology has denied copying the company's software to help build a rival platform, telling a London court that his ex-employer has taken a joke about pinching the code "out of context."
July 29, 2025
EU Watchdog Finds Failings In AML Defenses At Crypto-Firms

The banking watchdog of the European Union has warned that many crypto-asset companies lack effective anti-money laundering systems, reporting that abuse of services in the sector for financial crime is a major concern.
July 29, 2025
FCA Sues Property Biz Over £23M Investment Scheme

The City watchdog said Tuesday that it has taken Concept Capital Group to a London court over an alleged unauthorized £23 million ($30 million) investment scheme related to static homes.
July 29, 2025
Barclays Plans £1B Share Buyback To Reward Investors

Barclays PLC confirmed on Tuesday plans to reward investors with a share buyback worth up to £1 billion ($1.3 billion), in line with its multibillion-pound capital returns program.
July 29, 2025
Shvidler Loses Landmark UK Sanctions Challenge

Britain's highest court upheld sanctions against billionaire oil tycoon Eugene Shvidler in a landmark ruling on Tuesday that backs the U.K. government's authority to impose the restrictions over Russia's invasion of Ukraine.
July 28, 2025
Fraud Claims 'Smaller Slice' As Crypto Litigation Booms

As litigation involving cryptocurrency significantly increases, fraud cases represent a lesser share of the total number of crypto disputes, according to a report published Monday by CMS Cameron McKenna Nabarro Olswang LLP.
July 28, 2025
Investment Firm Beats Ex-Risk Chief's Long COVID Bias Claim

An asset management firm did not discriminate against its former risk chief based on his long COVID when it required him to interview for a new post after eliminating his old job, a tribunal has ruled.
July 28, 2025
FCA Flags AI Risks In Benchmark Administrators' Controls

The City watchdog warned Monday that administrators of companies that set benchmarks lack consistency in how they manage data, saying there was inadequate evidence that their controls are evolving to cover risks from new technology such as AI.
July 28, 2025
Citigroup Defends $16M VTB Russian Securities Sale Losses

Citigroup has denied claims that it caused a VTB Bank subsidiary to lose almost $16 million by taking an irrational approach to liquidating securities after the Russian lender defaulted on a demand for collateral amid market volatility following Vladimir Putin's invasion of Ukraine.
July 28, 2025
UK Man Denies Making Crypto Transfers To Russian Militias

A British-Russian national who allegedly funded pro-Russian militia groups in occupied eastern Ukraine through bitcoin payments on Monday denied breaching the U.K. sanctions regime.
July 28, 2025
Investment Boss Told To Pay Back £170K From £37M Fraud

A director of an ethical investment scheme imprisoned for defrauding investors out of £37 million ($50 million) was ordered by a court on Monday to pay back £170,000 or have two years added to his sentence.
July 28, 2025
Dentons-Led Bermuda Investment Biz Signs £900M Merger

Bermudian Investor Hansa said Monday that local rival Ocean Wilsons Holdings Ltd. has agreed to accept its all-stock merger offer that will create a company with total net assets of more than £900 million ($1.2 billion).
July 28, 2025
Veteran Banker Named Interim Chair Of Financial Ombudsman

The City watchdog said Monday that it has appointed Liam Coleman as interim chair of the Financial Ombudsman Service, following a long career in banking and the public sector.
July 28, 2025
Britons Fear Impact Of Inheritance Tax Change On Pensions

Four out of 10 people in Britain are concerned about the government's decision to bring pensions within the scope of inheritance tax, according to a survey by a consultancy on Monday.
July 28, 2025
SocGen Settles €140M Clifford Chance Negligence Claim

Société Générale SA and Clifford Chance LLP have settled their €140 million ($163.3 million) dispute over the bank's allegations that the law firm gave negligent advice that caused its claim in a multimillion-dollar dispute over gold bullion to be struck out as an abuse of process.
July 27, 2025
Suspected Trading Scam 'Mastermind' Can't Block Extradition

An Israeli accused of being the "mastermind" behind call centers that allegedly scammed investors out of €14 million ($16 million) by posing as trading platform employees lost a bid on Friday to block his extradition to Germany from the U.K.
July 25, 2025
Switzerland Faces $5B Claim After Credit Suisse Collapse

Switzerland is facing another claim arising from the 2023 collapse of Credit Suisse and the write-down of some $17 billion worth of Additional Tier 1 bonds, as global law firm Holman Fenwick Willan LLP announced its intention to file a $5 billion investor-state claim against the country on behalf of a "substantial group" of bondholders.
July 25, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen the owner of a £6 million ($8 million) mansion once rented by Adele sue real estate consultants Strutt & Parker, Romanian-Australian mining investor Vasile Frank Timis bring a claim against reputation and privacy firm Schillings, and a Chinese businessman bring a legal action against his former lawyer over an alleged £12.5 million mortgage fraud.
July 25, 2025
FCA Fines Former H2O Exec £1M And Bars Him From Industry

The U.K.'s financial watchdog said Friday that it has banned a former senior executive of asset manager H2O from the financial industry and fined him £1.05 million ($1.41 million) for misleading the regulator about risky investments linked to financier Lars Windhorst.
July 25, 2025
Research Co Scientist Loses Anonymity Bid In Data Theft Case

A data scientist at a finance research firm accused of stealing his employer's trade secrets before resigning to work for a competitor failed Friday to keep his identity secret until the start of the trial.
July 25, 2025
'Disconnect' Between Pension And Savings, Broadstone Says

Britons aged between 40 and 75 who are yet to fully retire face a gap of more than £18,000 ($24,000) per year between their state pension and the income they hope to live on, actuarial consultant Broadstone said Friday.

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

High Court Elects Substance Over Form In Arbitration Dispute

The High Court recently found that an arbitral tribunal has jurisdiction over the dispute in Ras Al Khaimah Investment Authority v. India, underscoring the importance of aligning treaty interpretation with the goal of fostering investment, while rejecting interpretations that unduly limit investor protections, says Josep Galvez at 4-5 Gray's Inn.
What New UK Stub Equity Rules Will Mean For PE Bidders

The U.K. Takeover Panel’s recent guide to making stub equity offers, for the first time formally harmonizing the approach to be taken, should be helpful for both private equity bidders and practitioners, and not unduly restrictive, say lawyers at Davis Polk.
What To Expect As FCA Preps To Launch AI Testing Service

The Financial Conduct Authority’s forthcoming artificial intelligence live testing service will provide participants with access to appropriate regulatory expertise, but to gauge the tool’s potential utility, it is important to understand how it fits in with what the regulator is already doing, says Omar Salem at Fox Williams.
New Interpol Silver Notice Could Be Tool For Justice Or Abuse

Interpol has issued dozens of Silver Notices to trace and recover assets linked to criminal activity since January, and though the tool may disrupt organized crime and terrorist financing, attorneys must protect against the potential for corrupt misuse, say attorneys at Clark Hill and Arktouros.
Weighing PE Transaction Risks As EU AI Act Rolls Out

As the European Union Artificial Intelligence Act becomes effective in stages, legal practitioners involved in private equity deals should consider the transactional risks resulting from this measure, including penalties, extraterritorial reach and target-firm applicability, say lawyers at Covington.
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.