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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.

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Insurers Brace For Disputes When US Tariff Pause Ends

The global economy is braced for further trade volatility in the coming months as a temporary pause on U.S. punitive tariffs on countries that have not struck trade deals expires on Aug. 1, with many experts predicting an increase in insurance disputes.

July 18, 2025
Pensions Watchdog Hits Master Trust, Trustee With Fines

Britain's retirement savings watchdog said on Friday that it has fined pension master trust Now: Pensions Ltd. and its trustee £100,000 ($134,500) in total for failing to notify the regulator of communication system failures.
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
Engineer Sues Broker For Negligence Over PI Policy Notice

A building services engineer has accused its broker of negligence for allegedly failing to notify one of its insurers about a row in which it was involved over a generator system that it said could leave it "liable for substantial sums."
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
US Insurer Coverys Sells Italian Underwriter AEC

U.S. insurer Coverys said on Friday that it has agreed to sell its Italian underwriting business AEC to Edge Group, an insurance broking platform.
July 18, 2025
Insurer Denies Changing Life Policy To Cut Illness Cover

Countrywide Assured has said two of its clients chose a policy without advice that did not provide cover for critical illness, arguing that it doesn't owe one of them £250,000 ($336,000) over claims that he was left short after a serious heart attack.
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 Landlords Face Group Claim Over 'Hidden' Insurance Fees

A campaign group for apartment owners said Thursday that it has sent letters to some of the U.K.'s largest landowners warning them of possible litigation over allegedly secret commissions from insurance premiums.
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 17, 2025
Insurers Put £10.9B Into 'Productive Assets' Last Year

Insurers have invested £10.9 billion ($14.6 billion) in U.K. growth assets since the government loosened capital adequacy rules for the sector, a trade body has said.
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 16, 2025
Trade Body Says UK Gov't 'Missed Opportunity' On Pensions

The government has missed an opportunity to launch a long-awaited overhaul of the U.K.'s pension savings system, a trade body said, as the country edges closer to a retirement savings crisis.
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
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
Aon To Open UK Captive Insurance Unit Amid Regulatory Shift

Professional services giant Aon PLC said it is launching a U.K. business to manage captive insurance companies on behalf of British corporates after the government said it was forging ahead with new regulation to support the sector.
July 15, 2025
Insurers Keen On UK Captive Regime But Fear 'Gold-Plating'

The government has proposed new rules that it hopes will transform the U.K. into a global hub for captive insurance — but experts say that with formal regulation still to come they fear that "the devil will be in the detail."
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
Broker Beats Ex-Employee's Claim She Was Forced To Quit

An employment tribunal has ruled that an insurance broker didn't force an executive assistant to resign by adding more responsibilities to her role after a part-time colleague left.
July 15, 2025
CMS, Burges Salmon, Sackers Aid £800M Honda Pension Deal

Legal & General has completed an approximately £800 million ($1.07 billion) buy-in transaction to acquire the pensions of more than 4,700 members of the Honda Group UK Pension Scheme in a deal guided by CMS, Burges Salmon LLP and Sackers.
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
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 15, 2025
Gov't Confirms Plans For New UK 'Captive Insurance' Regime

The government said Tuesday that it plans to push ahead with new rules to support the development of a captive insurance industry in the U.K., a move designed to boost global competitiveness.
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.

Editor's Picks

Top Court Ruling In 'Whiplash' Test Case Could Hit Premiums

Personal injury claimants could get higher payouts from their motor insurance as a result of a test case ruling at Britain's highest court on Tuesday, although analysts warn that insurers could respond with higher premiums to cover the cost of bigger claims.
FCA Begins Crackdown On Poor-Value Insurance Products

The move by the Financial Conduct Authority to restrict sales of guaranteed asset protection insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinize other underperforming products, consultants say.
Post-Election UK Pension Changes Could Be In The Fine Print

Regulatory lawyers are not expecting radical overhaul in pension policies if the government changes after this year's general election. But lawyers say that signals in the opposition Labour Party's policy language could hint at possible shifts in investment priorities for retirement savings.

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.
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.
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.
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.
Decoding Arbitral Disputes: Prestige's Jurisprudential Legacy

The U.K. Supreme Court's recent denial of appeal ended Spain's decades-long quest to enforce an €855 million arbitral judgment against a London insurer, throwing into stark relief the increasingly complex relationship between arbitral sovereignty, foreign state immunity and the shifting terrain of post-Brexit private international law, says Josep Galvez at 4-5 Gray's Inn.
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.
A Shifting Landscape Of Greater Scrutiny After Data Breaches

Recent Information Commissioner's Office fines for personal data breaches and a Home Office consultation signal a shift in the U.K. regulatory landscape, and with an increase in mass actions and resulting exposure, organizations should prepare for potential third-party claims from those incurring consequential losses, say lawyers at Atheria.
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.
FCA Update Eases Private Stock Market Disclosure Rules

The Financial Conduct Authority’s recently updated proposals for the Private Intermittent Securities and Capital Exchange System would result in less onerous disclosure obligations for businesses, reflecting ongoing efforts to balance an attractive trading venue for private companies while maintaining sufficient investor protections, say lawyers at Debevoise.
Why Cos. Should Investigate Unethical Supply Chain Conduct

The U.K. government’s recent updated guidance for businesses on reporting slavery and human trafficking in supply chains underscores the urgent need for companies to adopt transparent and measurable due diligence practices, reinforcing the broader need for proactive internal investigations into unethical or criminal conduct, say lawyers at Seladore and Matrix Chambers.
How UK Proposals Would Simplify Fund Manager Regime

The ongoing HM Treasury consultation and Financial Conduct Authority call for input on the future regulation of alternative investment fund managers indicate that deliberate steps are being taken to make the AIF regime more suitable for the U.K. market, with the aim of encouraging growth and competitiveness, says Leonard Ng at Sidley.
FCA's Regulatory Plans Signal Cause For Cautious Optimism

The Financial Conduct Authority’s latest strategy document plans for less intrusive supervision, a more open and collaborative approach, and a focus on assertive action where needed, outlining a vision of deepened trust and rebalanced risk that will be welcomed by all those it regulates, says Imogen Makin at WilmerHale.