Financial Services UK

UK Faces Pensions Crisis As Millions Risk Retirement Penury

Britain will have to radically rethink what retirement means, amid a growing number of warning signs that millions of savers will have to work longer and retire with less income than their parents, unless the government intervenes, pension experts have warned.

Top Commercial Dispute Cases To Watch In The Rest Of 2025

Litigators will be eagerly awaiting the first "dieselgate" trial in what will be the largest ever group action in England and Wales when the courts return after the summer recess, as well as keeping an eye out for the outcome of a £36 billion ($49 billion) claim against BHP. Here, Law360 looks at those and other big cases to watch out for the rest of 2025.

Concept picture of pound notes with a calculator and pen.

FCA's New Redress Powers Spark Some Legal Concerns

Government plans to reform the Financial Ombudsman Service will give the Financial Conduct Authority new powers to introduce wide-ranging consumer redress programs at its discretion, leading lawyers to warn that the regulator could become too susceptible to public pressure.

Close-up of aeroplane jet-engine on a runway

Top Commercial Dispute Rulings Of 2025: Midyear Report

England's courts have dealt in the first half of 2025 with a multibillion-dollar legal dispute with insurers over planes stuck in Russia, slashed the exposure faced by banks over motor finance claims and set out how the proceeds from a landmark class action against Mastercard should be distributed.

September 18, 2025
Watchdog Weighing Rules Change On Offshore Reinsurance

The U.K.'s financial watchdog said Thursday it is considering changes to regulation because it is worried about the threat posed by offshore risk transfer deals used by life insurers to meet surging demand from the pensions industry.
September 18, 2025
Former JP Morgan Employee Revives Unfair Firing Claim

A former member of staff at J.P. Morgan has revived his unfair dismissal claims against the bank, even though he withdrew them in "unequivocal terms," after an employment tribunal ruled that it was only fair because he was not represented and had made an error.
September 18, 2025
Gov't Told To Remove Barriers To UK Pension Investment

The government should lower the barriers to investment faced by the U.K.'s £3.2 trillion ($4.4 trillion) pensions sector if it is to secure additional funding for the economy, a trade body has said.
September 18, 2025
Carter-Ruck Hired By CryptoQueen 'In Furtherance Of Fraud'

Fugitive cryptocurrency scammer Ruja Ignatova instructed Carter-Ruck "in furtherance of fraud," and therefore legal filings linked to the prosecution by the Solicitors Regulation Authority of a partner at the law firm must be made public, a tribunal has ruled.
September 18, 2025
UK Gov't Urged To Clarify Climate Plans For Pension Schemes

The government must make its proposals for large companies and financial institutions to publish strategies for how they intend to align their businesses with global climate targets "clear, concise and relevant for pension schemes," a consultancy has said.
September 18, 2025
Allied World Denies Liability In £3M 'Ponzi Scheme' Dispute

An insurer has argued that it does not have to indemnify the liquidators of the business behind an investment plan for more than £3 million ($4 million), arguing there is no evidence that the investment was a Ponzi scheme.
September 18, 2025
FCA Drops Property Group Probe Despite £55M Client Losses

The financial regulator has ended an investigation into property development investments that lost clients about £55 million ($75 million), deciding that the risk of no returns was fairly put to customers.
September 18, 2025
US Payments Biz Has 'Makecents' TM Revoked For Non-Use

European officials have ruled in favor of Dutch financial technology company UpToMore, stripping an American competitor's trademark for "makecents" after it failed to prove that it had been used for computer software and bank transactions.
September 18, 2025
Former SFO Case Controller Joins Boutique Law As Partner

A former case controller at the Serious Fraud Office has joined criminal and regulatory specialist firm Boutique Law LLP as a partner.
September 18, 2025
Lender Amigo To Become A Cash Shell, Seeks Takeover

Amigo Holdings PLC has said that it will become a company with only cash assets and seek a reverse takeover target after making progress on the planned liquidation of its troubled subprime lending arm.
September 17, 2025
William Fry Adds Eversheds Ireland Corporate Team Of 12

William Fry LLP said Wednesday it has hired a 12-strong corporate and mergers and acquisitions team from Eversheds Sutherland Ireland, as the Dublin-based firm takes steps to bolster its practice months after a planned merger collapsed.
September 17, 2025
Funder Says Businessman Colluded To Overturn Asset Case

A litigation funder told a London court on Wednesday that a businessman should not be allowed to participate in proceedings seeking to enforce an asset recovery judgment, because he allegedly improperly colluded with a convicted fraudster to overturn the outcome of past litigation.
September 17, 2025
FCA Unveils Tough Proposed Rules For Crypto Firms

The Financial Conduct Authority set out Monday its proposed crypto-assets regulatory regime, with some wider reach than its rules for other sectors like banking or insurance to address technological exposures.
September 17, 2025
Watchdog Floats New Enforcement Plan Amid Oversight Shift

Britian's retirement savings watchdog has said it plans to become a more proactive regulator through a new strategy it hopes will make enforcement "smarter, more strategic and more impactful."
September 17, 2025
Ex-Consultancy Execs Liable For £2.4M Over Misleading Sale

A Birmingham court has ordered the former owners of a technology consultancy to pay more than £2.4 million ($3.3 million) in damages for selling the company under the misleading impression that some of its client contracts were more profitable than they really were.
September 17, 2025
Banks Call On BoE To Ease Capital Rules That Harm Lending

Senior bank officials told a parliamentary committee on Wednesday that U.K. regulations requiring banks to hold too much capital against lending are driving away business, and that the Bank of England should ease the unnecessary burden to restore the competitive landscape.
September 17, 2025
Pensions Watchdog Sharpens Focus On Professional Trustees

The Pensions Regulator said Wednesday that it will continue with its plans to strengthen oversight of the professional trustee sector, after it emerged that 80% of the market was controlled by just four providers.
September 17, 2025
Spanish Online Bank Can't Void Insurance Brokerage's EU TM

A Spanish online bank has lost its attempt to void an insurance brokerage's "Insurance Advisors Associated" trademark, failing to convince European Union officials that there is a risk of confusion with its earlier registrations.
September 17, 2025
Fox Williams Sues Fintech Biz For £130K Unpaid Legal Fees

Fox Williams LLP has sued a financial technology company at a London court, alleging that it refused to pay fees incurred in an employment dispute with a former employee, according to filings that are now public.
September 16, 2025
Merrill Lynch Proves Tribunal Claim Barred By Settlement

Merrill Lynch has persuaded a tribunal to toss a former employee's discrimination claim under a settlement he inked when he exited the company, proving that he did not sign the agreement under duress.
September 16, 2025
Insurer Can't Duck $6M Bond Payout Over Ghana Power Plant

A London court ordered a Ghanaian insurance company on Tuesday to pay a subsidiary of Greek industrial conglomerate Metlen almost $6.3 million for wrongly refusing to pay up under a bond the insurer claimed was obtained by fraud.
September 16, 2025
Pension Pot Withdrawals Surged Nearly 36%, FCA Says

Savers in Britain withdrew £70.9 million ($96.8 million) from their pension pots in the financial year that ended in March, data published by the Financial Conduct Authority on Tuesday shows, amid suggested concern over government plans to amend tax rules linked to retirement pots.
September 16, 2025
Let Banks Skip Basel Capital Rules, Trade Body Urges BoE

The Association for Financial Markets in Europe has said that the Bank of England's regulatory arm should allow U.K. finance firms to temporarily opt out of some changes to Basel capital requirements to avoid uncertainty about compliance and risks to competitiveness.
September 16, 2025
Conister Bank To Work With Fintech Biz On Overdraft Product

Conister Bank said Tuesday that it will work with financial technology company Fiinu to introduce an overdraft product in the U.K. using open banking rules.
September 16, 2025
State Pension Could Breach Tax Threshold In 2027

British pensioners will be forced to pay income tax on state pension benefits from 2027 unless minimum earnings thresholds are lifted, experts said Tuesday in response to new data.

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

How AI May Have Made A Difference In Monzo Bank Breaches

Artificial intelligence tools have the capabilities needed to keep pace with increasingly sophisticated threats, and such tools might have helped prevent the anti-money laundering failures that led to the recent £21.1 million fine against Monzo Bank, says Alexander Vilardo at Howard Kennedy.
Charting A Course For The UK's Transition From Paper Shares

The recent report from the U.K.'s Digitisation Taskforce, recommending modernization of how shares in U.K.-listed companies are held, makes it clear that while moving from paper shares to an intermediated system is a positive step, the transition will not be without complications, say lawyers at HSF Kramer.
Return-To-Office Policy Considerations For UK Employers

As the Financial Conduct Authority reviews its hybrid working policy and other organizations increasingly require employees to return to the office, employers should weigh the costs and benefits of these decisions while considering the nuances of work-from-home rights in the U.K., say lawyers at Shoosmiths.
Catching Up On Simplified EU Sustainability Disclosure Rules

A recent proposal to streamline implementation of the EU’s Taxonomy Regulation contains measures that would reduce companies’ sustainable investment reporting and compliance requirements, and better support the EU’s climate and environmental goals, say lawyers at Proskauer.
Fraud Law Puts Fund Managers Under Compliance Spotlight

The new failure to prevent fraud offense, effective Sept. 1, may not represent a material departure from most managers’ duties to exercise due care in preventing loss to the assets they manage, but the prospect of criminal liability should sharpen their compliance focus, says Andrew Henderson at Goodwin Procter.
CMA Pricing Guide Signals Shift In UK Consumer Protection

The Competition and Markets Authority’s recent draft price transparency guide, as part of a wider reform introduced by the Digital Markets, Competition and Consumers Act 2024, represents a significant change in U.K. consumer protection by targeting unfair trading practices and strengthening enforcement mechanisms, says Felicity Forward at Shoosmiths.
8 Compliance Team Strategies To Support Business Agility

Amid new regulatory requirements across the globe, compliance functions must design thoughtful guardrails that help business leaders achieve their commercial objectives lawfully — from repurposing existing tools to using technology thoughtfully — instead of defaulting to cumbersome protocols that hinder legitimate business, says Theodore Edelman at GCE Advisors.
What To Note From FCA, Gov't Financial Growth Proposals

Recent Financial Conduct Authority and government proposals for financial services reform are positive developments for firms, signaling a drive to push forward growth and a willingness to be flexible in areas of regulation that the industry has long raised as barriers, say lawyers at Simmons & Simmons.
What Gov't Report Tells Lawyers About Continuing AML Risks

The U.K. government’s recent national money laundering risk assessment maintains conveyancing, company service work and misuse of client accounts as key threats, underscoring that law firms should expect renewed scrutiny and higher expectations in these high-risk areas, says Harriet Holmes at Thirdfort.
Petrofac Ruling Shifts Focus To Fairness In Restructurings

The recent Court of Appeal overturning of Petrofac's restructuring plans demonstrates a change of direction that will allow previously ignored out-of-the-money creditors a share in the benefits, and means companies must review the fair treatment of different creditor classes, say lawyers at King & Spalding.
Europe's New Defense Push Creates Investment Prospects

Recent increases in European defense expenditure and governments' desire to innovate are creating a compelling environment for investment and merger and acquisition activity, especially for small and midsize enterprises at the forefront of emerging technologies, say lawyers at Skadden.
Key Considerations For Issuers In FCA Prospectus Reform

The Financial Conduct Authority’s forthcoming reform of the U.K. prospectus regime should be attractive to both debt and equity issuers because it limits the circumstances in which a costly prospectus is required, making it easier and cheaper for listed companies to raise capital, say lawyers at Sullivan & Cromwell.
How Top Court Ruling Limits Scope Of Motor Finance Claims

The U.K. Supreme Court’s recent ruling in a landmark case concerning car finance commissions clarifies when and how a dealership’s fiduciary duties arise, considerably narrowing that path for mass consumer litigation and highlighting how an upcoming Financial Conduct Authority redress scheme will seek to balance consumer, lender and market interests, say lawyers at Cadwalader.
FCA Misconduct Guide Will Expand Firms' Duty To Investigate

The Financial Conduct Authority's recent proposals on workplace nonfinancial misconduct will place a greater onus on compliance and investigations teams, clarifying that the question to ascertain is whether the behavior is justifiable and proportionate, say lawyers at Ashurst.
Lessons From Landmark UK Supreme Court Libor Ruling

The U.K. Supreme Court’s recent quashing of former traders Hayes and Palombo’s interest rate rigging convictions on the ground of jury misdirection raises concerns about failings in the criminal appeal process, and whether encouraging institutions to accept regulatory settlements can create conditions for miscarriages of justice, says Ellen Gallagher at Vardags.