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Financial Services UK
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August 07, 2025
Insurer Warns Of Pause In Pension Deals Over Gov't Reforms
Many larger pension schemes have hit pause on plans to carry out insurance transactions while waiting on the government's plan for reforming the sector, an insurer warned Thursday, as it posted falling revenue from the first six months of the year.
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August 07, 2025
ABN AMRO Launches €250M Buyback After ECB Clearance
ABN AMRO has launched a share repurchase program worth as much as €250 million ($292 million) after receiving regulatory clearance, a move expected to lower the Dutch bank's outstanding share capital.
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August 07, 2025
Banca Generali To Weigh €6.3B Takeover Bid By Rival Lender
Italian lender Generali has said it still needs to evaluate a takeover offer from investment bank Mediobanca to acquire it for an estimated €6.3 billion ($7.3 billion) in a deal expected to spur consolidation in the banking industry.
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August 06, 2025
Greenwashing Scrutiny Grows Amid Rising ESG Demands
The increasing significance of environmental, social and governance considerations for businesses has led to a surge in companies overstating their green credentials, according to a report from Watson Farley & Williams LLP.
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August 06, 2025
SEC Pursues UK Man's Assets Over $10M Stock Fraud
The U.S. Securities and Exchange Commission has launched a legal action in England to enforce a $350,000 U.S. court judgment against a man the agency has alleged was involved in a $10 million fraudulent trans-Atlantic microcap stock trading scheme.
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August 06, 2025
FCA Targets Greenwashing With Simpler Climate Rules
The Financial Conduct Authority set out plans on Wednesday to simplify sustainability reporting to help reduce greenwashing as it responded to feedback from asset managers, life insurers and pension providers that climate disclosures are too complex.
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August 06, 2025
Commerzbank Plans €1B Share Buyback After Record Results
Commerzbank AG said Wednesday it is seeking approval to kick-start a share buyback of up to €1 billion ($1.15 billion), as the European lender disclosed record financial results for the first half of 2025.
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August 06, 2025
Insurer L&G Expects £42B Of Pensions Deals In 12 Months
Insurer Legal & General said Wednesday that it expects at least £42 billion ($56 billion) in transactions designed to reduce risk in U.K. pension plans over the next 12 months, amid surging demand from businesses.
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August 06, 2025
HSF Kramer Guides Marsh On £1.9B Pensions Mega-Deal
British insurer Standard Life said Wednesday that it has acquired £1.9 billion ($2.5 billion) in pension liabilities from broking giant Marsh McLennan, in a deal guided by Linklaters, HSF Kramer and Eversheds Sutherland.
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August 05, 2025
Barclays Defends Firing Banker Over Alleged Fee Cover-Up
A Barclays PLC subsidiary told an employment tribunal on Tuesday that it was entitled to fire an ex-investment banker for allegedly attempting to conceal an error in client interest fees, saying it conducted a thorough investigation and denying the ex-employee's unfair dismissal claims.
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August 05, 2025
City Body Urges FCA To Clarify AML Rules For Digital Assets
A City of London trade body has urged the Financial Conduct Authority to clarify in its future regulations for stablecoin issuers how anti-money laundering rules will apply for digital assets.
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August 05, 2025
Companies House To Roll Out Compulsory ID Verification
Companies House said Tuesday that from November this year it will require company directors to verify their identities, the latest move in the registrar's rollout of heightened powers to protect against fraud.
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August 05, 2025
AML Reforms Are Missed Opportunity, Law Society Says
The government's proposed updates to anti-money laundering regulations will do little to ease the compliance burden on law firms and are a "missed opportunity" to cut unnecessary rules, the body representing solicitors said on Tuesday.
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August 05, 2025
Football Club Owner Accused Of Dodging $93M Share Deal
An investment vehicle has sued John Textor, the former owner of Crystal Palace FC, for allegedly refusing to buy its stake in his company that owns a portfolio of football clubs for $93.6 million, which it claimed is required under an investment deal.
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August 05, 2025
FCA Warns Claims Cos. Against Misleading Car Finance Ads
The Financial Conduct Authority has told claims management companies in a letter to review financial advertising for motor finance claims, after seeing misleading redress rates from the sector and law firms.
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August 05, 2025
FCA Issues £46M In Fines For Woodford Fund Failures
The Financial Conduct Authority has provisionally hit Neil Woodford and Woodford Investment Management with fines totaling £46 million ($61 million) for alleged failures in their management of a flagship £3.7 billion fund that led to its high-profile collapse in 2019.
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August 04, 2025
StanChart Can't Withhold Docs In £1.5B Iran Sanctions Case
Standard Chartered on Monday lost a bid to withhold regulatory documents from investors suing the bank for £1.5 billion ($2 billion) for allegedly making untrue or misleading statements about its noncompliance with sanctions.
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August 04, 2025
Court Freezes Couple's £5M Over Alleged Misuse Of Co. Cash
A London court granted a freezing order Monday worth more than £5.1 million ($6.8 million) against a married couple accused of siphoning funds from a holding company, finding that there is a real risk that they will scatter their assets.
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August 04, 2025
Sellers To Pay £5M For Hiding Breaches In Education Biz Sale
The sellers of a military education business must pay more than £5.2 million ($6.9 million) in damages to the buyer after a court held Monday they had breached the terms of the deal by not disclosing violating funding regulations.
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August 04, 2025
VC Firm Beats Ex-Rosenblatt Firm's Legal Bill Appeal
A venture capital firm beat a City law firm's appeal over costs the firm claimed to be owed for its representation under a conditional fee agreement when a London judge ruled that the financial business could not be criticized for raising an argument late in its dispute about whether it was liable to pay the legal bill.
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August 04, 2025
Pensions Dashboards Could Ease UK Inheritance Tax 'Chaos'
The government could use new online retirement savings portals to ease the expected chaos around introducing inheritance tax on pension wealth, a professional services company said Monday.
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August 04, 2025
Accountancy Boss Denies Siphoning Funds During Exit Talks
A businessman accused of wrongly extracting at least £850,000 ($1.1 million) from an accountancy has denied this was a conspiracy to harm the firm and claimed he was taking out money he considered at the time that he and his wife were owed.
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August 04, 2025
UBS To Pay DOJ $300M To Settle Inherited Credit Suisse Case
Swiss bank UBS said Monday it has agreed to pay the U.S. Department of Justice $300 million to settle outstanding obligations inherited from the mortgage-backed securities business of Credit Suisse, the lender it acquired in 2023.
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August 04, 2025
Motor Finance Redress Scheme Could Reach £18B, FCA Says
The Financial Conduct Authority has proposed a compensation program for motor finance customers after a landmark U.K. Supreme Court decision on Friday found signs that consumers were being treated unfairly, as the watchdog estimated that the cost could reach £18 billion ($24 billion).
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August 02, 2025
Supreme Court Car Finance Verdict Slashes Lender Exposure
The U.K. Supreme Court's landmark decision Friday to reverse most of the Court of Appeal's judgment on hidden motor finance commissions has sharply narrowed the scope of any future redress scheme from the Financial Conduct Authority — an outcome critics said favored lenders and car dealers over consumer protection.
Expert Analysis
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Key Questions As Court Mulls Traders' Libor Convictions
The U.K. Supreme Court is considering whether to overturn two traders’ Libor and Euribor manipulation convictions, with the appeal reinvigorating debate over the breadth of English common law’s conspiracy to defraud offense and raising questions about the limits of a judge’s role in criminal jury trials, says Ellen Gallagher at Vardags.
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Expect Complex Ruling From UK Justices In Car Dealer Case
While recent arguments before the U.K. Supreme Court in a consumer test case on motor finance commissions reveal the court’s take on several points argued, application of the upcoming decision will be both nuanced and fact-sensitive, so market participants wishing to prepare do not have a simple task, says Tom Grodecki at Cadwalader.
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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.
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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.
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What Latest VC Model Document Revisions Offer UK Investors
Recent updates to the British Private Equity and Venture Capital Association model documents, reflecting prevailing U.K. market practice on early-stage equity financing terms and increasing focus on compliance issues, provide needed protection for investors in relation to the growth in global foreign direct investment regimes, say lawyers at Davis Polk.
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FCA's Odey Decision Is Wake-Up Call For Financial Firms
The Financial Conduct Authority recently banned hedge fund boss Crispin Odey from working in financial services, underscoring the critical importance the regulator places on whether individuals are fit and proper to perform regulated activities, and the connection between nonfinancial misconduct and the integrity of the financial markets, say lawyers at Pallas Partners.
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What To Know About FCA's UK Listing Rules Proposal
A recent consultation paper from the Financial Conduct Authority aims to streamline the securities-listing process for U.K.-regulated markets, including by allowing issuers to submit a single application for all securities of the same class, and aligning the disclosure standards for low-denomination and wholesale bonds, say lawyers at Debevoise.
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New UK Short Selling Rules Diverge From EU Regs
Although forthcoming changes to the U.K.’s short selling regulatory regime represent a welcome relaxation of restrictions and simplification of reporting processes, participants active in both the U.K. and EU markets will need to ensure compliance with two quite different sets of rules, says Ezra Zahabi at Akin.
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What Latest FCA Portfolio Letter Means For Payments Firms
Charlotte Hill at Charles Russell discusses the Financial Conduct Authority’s recent portfolio letter to CEOs of payments firms, outlining the regulator’s expectations, and the steps that these companies may now need to take to ensure compliance and operational effectiveness.
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ECB Guide Targets Harmonized Cyber Testing Approach
The European Central Bank’s recently updated guidance for testing organizational resilience against sophisticated cyberattacks is a significant step forward, highlighting the importance of a unified approach to financial sector cybersecurity and alignment with Digital Operational Resilience Act requirements, say Simon Onyons and Nebu Varghese at FTI Consulting.
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Opinion
Prospects For New Fraud Prevention Prosecution Look Slim
With the Labour Party's inherited patchwork of Conservative Party corporate crime legislation for preventing fraud and corruption, the forthcoming Economic Crime Act’s failure to prevent fraud offense is unlikely to be successful in assisting prosecutors bring companies to justice, says Matthew Cowie at Rahman Ravelli.
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What's Next After FCA Drops Troubled 'Name And Shame' Plan
A closer look at the Financial Conduct Authority's recent decision to toss its widely unpopular proposal changing the test for announcing enforcement investigations may reveal how we got here, why the regulator changed course, and where it’s headed next, say lawyers at Hogan Lovells.
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UK Refusal Of US Extradition Request May Set New Standard
The recent U.K. Supreme Court ruling in El-Khouri v. U.S., denying a U.S. extradition request, overturns a long-held precedent and narrows how U.K. courts must decide such requests, potentially signaling a broader reevaluation of U.K. extradition law, say lawyers at Dechert and Kingsley Napley.
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Insights On ESMA's Alternative Investment Fund Consultation
Aaron Mulcahy at Maples Group discusses key points from the European Securities and Markets Authority’s recent consultation on open-ended loan-originating alternative investment funds, highlighting the growth in semi-liquid evergreen funds and explaining ESMA’s proposed standards.
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How UK Supreme Court May Assess Russia Sanctions Cases
In two recent U.K. Supreme Court cases challenging the U.K. Russia sanctions regime, the forthcoming judgments are likely to focus on proportionality and European Convention on Human Rights compatibility, and will undoubtedly influence how future challenges are shaped, says Leigh Crestohl at Zaiwalla.