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Financial Services UK
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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.
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August 13, 2025
UK Watchdog Proposes More Targeted Audit Supervision
The U.K.'s accounting watchdog proposed Wednesday a more targeted approach to supervising audits, backed by greater reliance on firms to take responsibility for a quality-orientated culture.
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August 13, 2025
Gov't Urged To Tackle UK Self-Employed Pensions 'Crisis'
The government should allow HM Revenue and Customs and financial advisers to provide personalized "nudges" to self-employed workers to encourage retirement saving amid mounting concern that they are not putting enough money aside, a cross-party think tank has said.
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August 13, 2025
Fund Manager Sued For €6M Over Terminated Advisory Deal
A Monaco advisory firm has sued a Spanish private equity fund manager for €6 million ($7 million), accusing it of unlawfully terminating a contract for fund placement advisory services.
Expert Analysis
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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.
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New UK Order Offers Welcome Clarity To Crypto Staking Rules
The recently effective Financial Services and Markets Act 2000 Amendment Order clarifies that arrangements for qualifying crypto-asset staking do not amount to a collective investment scheme, and by addressing an issue that curtailed staking activities in the U.K., facilitates the use of that practice, says Andrew Henderson at Goodwin.
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How EU's Anticoercion Tool May Counter New US Tariffs
The never-before-used anticoercion instrument could allow the European Union to respond to the imposition of U.S. tariffs, potentially effective March 12, and gives EU companies a voice in the process as it provides for consultation with economic operators at different steps throughout the procedure, say lawyers at Crowell & Moring.
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Takeaways From BoE Progress Updates On UK Digital Pound
The Bank of England’s recent update on a decision concerning a digital pound indicates that there is scope for innovation in the payments landscape that can help to boost economic growth, while keeping the U.K. firmly in the global conversation on digital currency development, say lawyers at Hogan Lovells.
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Key Themes From New PRA Supervisory Letters
Two recent supervisory letters from the Prudential Regulation Authority outline priorities for international banks and U.K. deposit takers for the year ahead, including the need to strengthen risk culture, manage credit risk and govern data integrity, all of which indicate that banks will face greater regulatory interest in their internal controls, say lawyers at Skadden.
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Banker Remuneration Proposals Could Affect More Than Pay
The Financial Conduct Authority and Prudential Regulation Authority’s pending proposals to reduce banker remuneration restrictions bring obvious personal financial advantages for bankers, but may have repercussions that result in increased scrutiny of bonus payments and wider changes to workplace culture and overall accountability, say lawyers at Fox Williams.
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Rethinking 'No Comment' For Clients Facing Public Crises
“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
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EU Report May Influence Regulation Of Decentralized Finance
The European supervisory authorities’ recent report on decentralized finance highlights the major regulatory challenges and increased cybersecurity risks of this ecosystem, and will likely provide useful guidance on how the market could be regulated to limit potential risks for investors, say Hubert de Vauplane and Hugo Bordet at Morgan Lewis.
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Market Infrastructure Regs Aim To Reinvigorate EU Trading
The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.
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Decoding Arbitral Disputes: Equal Rights Limit State Immunity
The Court of Appeal of England and Wales' recent determination that Spain’s London embassy could not dodge a former U.K.-based employee’s discrimination claims by invoking sovereign immunity reaffirms its position that employment and human rights should come before the privileges of foreign powers, says Josep Galvez at 4-5 Gray’s Inn.
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How Proposed Private Share Trading System May Benefit Cos.
The government's proposal for a private securities and capital exchange system intends to enhance market practices and risk tolerances, offering a significant way for firms to free up liquidity by allowing investors to trade existing private company shares, say lawyers at Mishcon de Reya.