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Financial Services UK
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August 18, 2025
L&G, Federated Hermes Create £4.7B Property Fund
Legal & General said on Monday that it has merged its property fund with that of U.S. investment manager Federated Hermes Ltd. to create an enlarged U.K. unit valued at £4.7 billion ($6.4 billion).
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August 18, 2025
FCA Warns Of Consumer Risk In Pension Transfer Incentives
The City watchdog is concerned about the use of financial incentives used to encourage Britons to transfer their pensions, as it published a sweeping review of the impact of anti-fraud rules on the retirement sector.
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August 18, 2025
Plus500 Begins Program To Return $165 Million To Investors
Plus500 began a share repurchase program worth up to $90 million on Monday, part of the financial technology company's recently announced plan to return $165 million to shareholders.
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August 15, 2025
Insolvency Service Official Explains Economic Crime Shift
The Insolvency Service's evolution into a frontline economic crime enforcer provides the government with an agency with new powers to crack down on fraud, which gives Whitehall a powerful tool to use against unscrupulous directors.
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August 15, 2025
FCA Warns Banks Of Sustainability-Linked Loan Risks
The Financial Conduct Authority has warned banks that they are failing to account clearly for sustainability-linked loans in their sustainable financing targets, risking trust in the products and the firm's reputation.
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August 15, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Transport for London hit with a procurement claim by the operator of Oyster card, while Mastercard and Visa face claims from the Rocco Forte Hotel Group, and Liverpool Football Club lobbed a claim against a security company.
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August 15, 2025
Slowest First Half Of Year Since 2021 For Insurance M&A
Mergers and acquisitions between insurance companies in Britain slowed significantly across the first six months of 2025 after a busy 2024, the slowest first half of a year since 2021, according to a company that keeps track of insurance deals.
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August 15, 2025
Ombudsman Proposes Lower Fees For Faster Resolutions
The Financial Ombudsman Service has proposed a change to its fee structure to enable businesses to pay less if complaints are resolved early, part of its wider transformation.
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August 22, 2025
Proskauer Hires Leveraged Finance Pro From White & Case
Proskauer Rose LLP has boosted its ability to represent clients in leveraged finance transactions by hiring an expert from White & Case in London.
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August 15, 2025
L&G Sees Near £1T Pension Deals Globally Over Next Decade
Legal & General has said global insurers could secure up to £1 trillion ($1.4 trillion) in pension liabilities over the next decade.
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August 15, 2025
PIB Group Adds Benefits Consultancy Atwood To Acquisitions
Insurance consolidator PIB Group has acquired Atwood Benefits, adding to a string of acquisitions by the private equity-backed business in recent months.
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August 14, 2025
Scale Of Fraud A 'National Security Threat,' Think Tank Warns
Real-time data-sharing between law enforcement and the private sector is crucial for tracing the proceeds of financial crime at a time when the scale of fraud in the U.K. might constitute "a national security threat," a think tank said Thursday.
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August 14, 2025
HMRC Tests Tax Evasion Law With 1st Corporate Charge
HMRC's long-awaited decision to charge a company for failing to prevent tax evasion under powers introduced eight years ago will test largely unanswered legal principles and could be a sign of the tax ministry's tougher stance on financial crime, lawyers say.
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August 14, 2025
Trustees Warned To Follow Rules Or Face Jail, Fines
The Pensions Regulator on Thursday warned pension scheme trustees that they face large fines or even jail if they flout investment rules designed to protect savers.
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August 14, 2025
UK Faces Pensions Crisis As Savings Fall Short, Says Official
A director at the pensions watchdog has said that ensuring workers in Britain have sufficient financial resources in later life is the "challenge of our time."
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August 14, 2025
WTW Trust Invests £450M In Schroders Renewables Fund
Insurance broker WTW said Thursday that its defined contribution master trust will invest $450 million in a fund of renewable energy-focused investment manager Schroders Greencoat LLP.
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August 14, 2025
Retail Assets Under Management Overtake Pension Assets
The Investment Association said that for the first time, pension assets fell below retail assets as a proportion of assets under management by investment managers, driven by the continued impact of the 2022 gilts sell-off and by direct benefit pension scheme wind-downs.
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August 14, 2025
Aviva Reports Dip In Pension Deals Amid Market Slowdown
Insurance giant Aviva said Thursday that it penned £2 billion ($2.7 billion) worth of bulk annuity deals in the first half of 2025, marking a fall compared with the corresponding period the previous year.
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August 13, 2025
UK Gains Interpol Notice Against Fugitive Behind £64M Fraud
British police said Wednesday that they've secured an international notice against the fugitive mastermind behind a Ponzi scheme to help trace and recover part of the £64 million ($86 million) he owes investors.
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August 13, 2025
Fund Manager Sued Over Unpaid Fee In $300M Financing Deal
A corporate finance adviser has alleged that an investment fund manager is refusing to pay a $3.75 million success fee after the adviser introduced investors for the manager's fleets of supply vessels across the Middle East, Southeast Asia and West Africa.
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August 13, 2025
EU Trade Body Urges Change To DORA Financial Reporting
A trade body for Europe's financial institutions has urged European Union watchdogs to change rules on incident reporting because banks are providing ineffective reports.
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August 13, 2025
Football Club Owner's $93.6M Buyout Dispute Gets Trial Date
A dispute over whether the owner of a portfolio of football clubs was required to buy for $93.6 million an investment vehicle's stake in his company will be determined in a preliminary issue trial in September.
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August 13, 2025
Shipping Magnate's Heirs Seek £1M Debt Owed To Father
Heirs of the German shipping magnate Bertram Rickmers have sued a Swiss company for £1 million ($1.36 million) over its alleged failure to pay back a loan it took out from their father.
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August 13, 2025
HSF Kramer, CMS Guide £36M Pension Deal For German Bank
Pension Insurance Corp. has completed a £36 million ($49 million) buy-in transaction involving the pensions of 156 members of The Helaba Group in a deal guided by CMS Cameron McKenna Nabarro Olswang LLP and Herbert Smith Freehills Kramer LLP.
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August 13, 2025
Charity Director Avoids Prison In Terrorism Sanctions Case
The director of a charity sanctioned for her ties to a pro-Hamas news outlet was given a suspended prison sentence on Wednesday in the first prosecution of an individual for failing to adequately respond to a request for information by Britain's sanctions enforcer.
Expert Analysis
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How New Sanctions Office Will Affect UK Trade Landscape
The recent launch of the Office of Trade Sanctions Implementation will help to create a more comprehensive civil enforcement terrain, but the potential for multiple investigations means businesses should reassess their systems to ensure they do not inadvertently incur civil liability, says Julia Pearce at Robertson Pugh.
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FCA Savings Update Focuses On Good Customer Outcomes
The Financial Conduct Authority’s recent cash savings update emphasizes its expectations of firms to deliver fair value to consumers by documenting the rationale for actions at each stage, considering customer communications and demonstrating that potential harms are acted upon, say Matt Handfield, Charlotte Rendle and Caroline Hunter-Yeats at Simmons & Simmons.
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5 Takeaways From UK Justices' Arbitration Jurisdiction Ruling
The U.K. Supreme Court's recent judgment in UniCredit Bank v. RusChemAlliance, upholding an injunction against a lawsuit that attempted to shift arbitration away from a contractually designated venue, provides helpful guidance on when such injunctions may be available, say attorneys at Fladgate.
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FCA's Broad Proposals Aim To Protect Customer Funds
The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.
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Takeaways From Upcoming Payment Fraud Delay Legislation
Lawyers at Hogan Lovells discuss what to know about new legislation that will allow payment service providers to delay payments when third-party fraud is suspected, and share pointers for providers to consider ahead of the Oct. 30 effective date.
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Modernizing UK Trade Settlement Standard: The Road Ahead
Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
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Analyzing The Implications Of 1st FCA Crypto ATM Crackdown
The Financial Conduct Authority’s recent criminal prosecution of Olumide Osunkoya, its first enforcement action against a crypto-asset trading firm's owner, is an unambiguous sign of the regulator’s commitment to actively pursue transgressors, but may be a hindrance to the U.K. crypto industry, says Asim Arshad at Lawrence Stephens.
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Draft Merger Control Guidance Allows CMA To Cast Wide Net
The Competition and Markets Authority's recent draft merger control guidance, reflecting the regulator's strengthened powers under the Digital Markets, Competition and Consumer Act, introduces extensive change and potential procedural improvements, specifically concerning reviews of private equity firms, say lawyers at Travers Smith.
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Key Points From Cayman's Beneficial Ownership Regime
While recent expansion of the Cayman Islands Beneficial Ownership Act's scope means it now encompasses many entities with previously minimal obligations, the changes ensure a welcome level playing field with workable alternative routes to compliance, says Lucy Frew at Walkers Global.
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HMRC Transfer Pricing Guide A Vital Resource For Businesses
HM Revenue & Customs' recent guidelines on common transfer pricing compliance risks should be required reading for affected businesses in indicating HMRC's expected benchmark for documents and policies, say Tomoko Ikawa and Kapisha Vyas at Simmons & Simmons.
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Insights From FRC's Report On Good Corporate Governance
Although the Financial Reporting Council’s recent report on private companies opting to follow the Wates principles has identified improvements, it is important for organizations to provide transparent disclosures and avoid boilerplate, tickbox filings, says Tessa Hastie at BCLP.
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What To Know About The UK Overseas Funds Regime
The U.K.’s overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
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Takeaways From SRA Consumer Protection Review
While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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What Updated Guide Means For Jersey's Private Funds
The Jersey Financial Services Commission's recent updates to the Jersey Private Fund Guide clarify existing provisions and introduce new requirements for fund managers, service providers and investors, demonstrating a clear commitment to maintaining Jersey's reputation as an attractive jurisdiction for investment, say lawyers at Walkers Global.