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Financial Services UK

The crest on the building of a crown court in Southwark.

SFO Gears Up For Fight Over Ex-Petrobras Exec Cash Seizure

The Serious Fraud Office will fight聽on Monday to hold on to its largest-ever seizure of cash as part of the first-ever legal challenge contesting the agency's powers to confiscate allegedly tainted money.

HSBC Using AI To Fight Fraud Under 'Failure To Prevent' Law

HSBC has emerged as one of the first banks to confirm it is harnessing artificial intelligence under the new "failure to prevent fraud" offense that targets companies benefiting from fraud committed by employees.

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 拢36 billion ($49 billion) claim against BHP. Here, Law360 looks at those and other big cases to watch out for the rest of 2025.

September 29, 2025
Iconic Claims Textor Lacked Funds In $93M Buyout Dispute

A billionaire-backed investment company has claimed the owner of a portfolio of football clubs was not "ready and willing" to pay it $93 million for its shares in his company, arguing on Monday at a preliminary trial over the construction of the agreement that he lacked the funds to do.聽
September 29, 2025
Real Estate Tech Co. Ex-Owners Claim $6M Payment Owed

The ex-owners of a real estate software company have asked a London court to order the new owner to pay more than $6 million in performance-based payments after an acquisition, arguing that the buyer has misinterpreted their agreement.
September 29, 2025
Woman Cops To Money Laundering In 拢5B Crypto Fraud Case

A Chinese woman who fled her country amid allegations she defrauded 128,000 people pleaded guilty to money laundering charges in London on Monday as police said they seized a record 拢5.5 billion ($7.4 billion) in cryptocurrency.
September 29, 2025
SFO Denies $7.7M Seizure From Ex-Petrobras Exec Is Political

The Serious Fraud Office defended on Monday its $7.7 million seizure from a former Petrobras executive, telling a court that the case was rooted in evidence of corruption and not as a "catspaw" influenced by shifting political winds in Brazil.
September 29, 2025
EuroChem Can Appeal 鈧�212M Bond Ruling Over EU Sanctions

A London court granted EuroChem permission on Monday to appeal against a ruling that Soci茅t茅 G茅n茅rale and Dutch lender ING rightly refused to pay out on 鈧�212 million ($249 million) worth of bonds to the agricultural chemicals company's Russian subsidiary.
September 29, 2025
EU Council Reinstates Sanctions Over Iran's Nuclear Activities

The European Union said on Monday that it will reimpose sanctions on Iran, following the lead of the United Nations, which brought back restrictions over concerns that the Middle Eastern country had breached a commitment to halt its nuclear weapons development.
September 29, 2025
Most Investors Fear Greenwashing In ESG Investments

A financial services trade body said Monday it has discovered that most private investors are concerned about greenwashing in investments and even more prioritize performance over sustainability.聽
September 29, 2025
Fund Managers Push EU Watchdog To End Double Reporting

A trade body for European fund managers urged Europe's markets watchdog on Monday to remove dual-sided reporting of derivatives and loans in its planned simplification of reporting on financial transactions.
September 26, 2025
Citi Exec Fired For Racist Remark Loses Discrimination Case

A London Employment Tribunal ruled Friday that Citibank was within its rights to fire an executive for gross misconduct after she made racist comments about her team, with the judge rejecting her argument that her firing was unfair or discriminatory.
September 26, 2025
FCA Proposes Rule Changes To Allow Targeted Support

The Financial Conduct Authority proposed rule changes Friday to align its proposed "targeted support" with existing rules, including senior manager accountability.
September 26, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen聽Sanjeev Gupta鈥檚 Liberty OneSteel sue its collapsed former lender Greensill Capital, television personality Janice Dickinson hit ITV with a personal injury claim after falling over while appearing on 鈥淚鈥檓 a Celeb 鈥︹€�, and energy investor Blasket bring fresh litigation against Spain amid a row over a $416 million arbitration award. Here, Law360 looks at these and other new claims in the U.K.
September 26, 2025
Report Urges Pension Reform To Boost UK Equity Investment

U.K. pension funds' retreat from domestic stocks is聽undermining the country's economy, but reforms could channel up to 拢100 billion ($134 billion) into the stock market by the end of the decade, a report has claimed.
September 26, 2025
Permira Gets More Time To Make Offer For JTC

The U.K.'s merger authority has gifted British investment company Permira Advisers LLP an extra four weeks to make a firm offer for JTC PLC, the corporate adviser said Friday.
September 26, 2025
FCA Warns Public About Unregulated High-Risk Investments

Britain's financial regulator on Friday warned the public against investing in high-risk schemes being offered by unregulated firms without truly weighing the risks.
September 26, 2025
UK-Bermuda Target Sanctions Evasion With 拢300K New Funds

The U.K.'s minister of state for the overseas territories has pledged up to 拢300,000 ($402,000) this financial year to bolster the sanctions capacity of Bermuda, a self-governing territory that has so far frozen over $200 million in assets.
September 26, 2025
UK Banks Test Digital Sterling In Live Transaction Pilot

A financial trade body said Friday it has launched an industry pilot project to deliver the first U.K. live transactions in digitalized sterling, with major High Street banks taking part.
September 26, 2025
SFO Fights To Secure 拢1M From Solicitor Convicted Of Fraud

A former solicitor serving a 14-year prison sentence for siphoning off investors' money through a fraudulent offshore "get-rich-quick" legal aid scheme is potentially facing a further five-year sentence for failing to pay back over 拢1 million ($1.3 million) to victims, court heard Friday.
September 26, 2025
Lender Seeks 拢5M From Businessmen Over Loan Guarantee

A lender has sued two businessmen for almost 拢5 million ($6.7 million) over outstanding payments on an investment loan tied to their property development business.
September 25, 2025
Big Banks Beat Yearslong Libor-Rigging Claims In NY

A New York federal judge Thursday disposed of the remaining claims in long-running multidistrict litigation accusing Bank of America, Merrill Lynch and more than a dozen other large banks of Libor manipulation.
September 25, 2025
Ruhan Fights Allegations Of Fraud In Hotel Liquidation Case

Property mogul Andrew Ruhan has hit back against a claim made by the liquidators of a hotel company, arguing that he never conspired with a long-time friend to keep his assets out of the hands of creditors.
September 25, 2025
BNP Denies It Overvalued Adele's 'Creepy' Former Home

BNP's real estate arm has hit back against a 拢5 million ($6.7 million) claim brought by a property developer and his wife, denying allegations that it overvalued a property once rented by pop superstar Adele who described it as being creepy.
September 25, 2025
Gov't Warns Of Tax Hit From Pre-Budget Pension Withdrawals

British pension savers that pull cash out of their retirement pots due to pre-Budget jitters will eat into a portion of their tax-free allowance, even if they later change their mind and cancel the withdrawal, the government confirmed Thursday.
September 25, 2025
Oakley Capital Launches Euro Insurance Services Platform

Private equity company Oakley Capital said Thursday it has launched an insurance services platform to consolidate companies in southern Europe.
September 25, 2025
EU Leans On 11 Countries To Implement New AML Rules

The European Commission said Thursday that it is taking the first step toward legal action against 11 European Union countries over their failure to meet a deadline to start implementing new anti-money laundering rules.
September 25, 2025
Swiss Watchdog Says UBS Has Unworkable Emergency Plan

Switzerland's financial watchdog warned Thursday that UBS' emergency plan for crisis situations cannot be executed and so would not enable the bank to keep functioning in a crisis and safeguard international financial stability.

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聽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

FCA's Woodford Fine Sends Warning To Fund Managers

The Financial Conduct Authority鈥檚 recent decisions concerning Neil Woodford and the collapse of Woodford Investment Management mark an important moment for the U.K. investment industry, underscoring the regulator's focus on senior managers' personal accountability and the importance of putting investors鈥� interests at the heart of decision-making, say lawyers at Irwin Mitchell.
UK Supreme Court Dissent May Spark Sanctions Debate

While the recent U.K. Supreme Court's rejection of Eugene Shvidler鈥檚 appeal determined that sanctions decisions are primarily the government鈥檚 preserve, Justice Leggatt鈥檚 dissenting view that judges are better placed to assess proportionality will cause ripples and may mark a material shift in how future appeals are approached, say lawyers at Seladore.
What EBA Report Means For Non-EU Financial Firms

In a recent report concerning unregulated third country banks, the European Banking Authority decided not to extend a bank-to-bank exemption under the Capital Requirements Directive, raising a number of compliance issues for cross-border services, say lawyers at A&O Shearman.
HMRC's Automation Shift Likely To Alter Tax Adviser Role

HM Revenue & Customs鈥� recently released digital transformation road map promises greater efficiency and a modernized compliance regime, but the increased聽automation could also mean that the tax adviser role will become more proactive and more defensive, say lawyers at RPC.
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 拢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鈥檚 Taxonomy Regulation contains measures that would reduce companies鈥� sustainable investment reporting and compliance requirements, and better support the EU鈥檚 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鈥� 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鈥檚 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 鈥� from repurposing existing tools to using technology thoughtfully 鈥� 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鈥檚 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.