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Financial Services UK

FCA's Crypto-Rules Risk Abuse Without Tailored Safeguards

The proposed U.K. crypto-asset regime risks abuse because it tries to clamp traditional finance rules on to a digital asset class, leaving gaps which expose unwary investors to criminals unless new safeguards are added, legal experts have warned.

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.

October 02, 2025
Russia Claims Fraud Tainted $63B Yukos Arbitration Awards

Russia has told a London court that a $63 billion arbitration award to investors in Yukos Oil is unenforceable because the investors obtained it by concealing documents and bribing a witness.
October 02, 2025
Groups Want Treasury Flexibility On Overseas Equivalence

U.K. and European financial services trade bodies have asked HM Treasury to take a flexible approach in recognizing overseas regimes as effectively "equivalent" to allow overseas firms access to U.K. customers, with a year's notice of withdrawal.
October 02, 2025
Commerzbank Says Analyst Made Bogus Harassment Claims

Commerzbank urged a London judge on Thursday to find a former analyst was in contempt for making "wholly bogus" allegations of sexual harassment in an employment tribunal against his former colleagues.
October 02, 2025
Tax KC Sued By Hedge Fund Billionaire Over Negligence

Billionaire Michael Platt and his hedge fund BlueCrest Capital Management have sued a senior One Essex Court barrister who represented them in a dispute with the U.K. tax authority over the identity of awards paid under a special partnership program.聽
October 02, 2025
Investors Sue Aston Bond For Mishandling 拢2M Property Deal

Two property developers are suing their ex-lawyers for 拢1.9 million ($2.5 milliom) for allegedly tanking a real estate deal as a result of their negligence and causing the developers to lose their deposit and face a lawsuit from the would-be sellers.
October 02, 2025
Pension Savers Regret Prebudget Kneejerk Decisions

More than a quarter of Britons regret withdrawing a lump sum from their pensions, a wealth adviser said, amid fears that tax jitters over the budget could lead to savers making poor decisions on their finances.
October 02, 2025
Deutsche Sued By Bankers Tied To Monte Dei Paschi Case

Deutsche Bank has been hit with legal claims in London by five former employees who were convicted and subsequently acquitted聽for aiding false accounting and market manipulation in one of Italy's biggest financial sandals, according to High Court filings published Tuesday.聽
October 02, 2025
Denmark Loses 拢1.4B Cum-Ex Fraud Case Against UK Trader

Denmark lost on Thursday its 拢1.4 billion ($1.9 billion) legal claim against scores of traders and financial institutions over a cum-ex tax fraud it said was orchestrated by convicted hedge fund trader Sanjay Shah.
October 01, 2025
Healthcare Training Co. Says Firm's VAT Advice Cost It 拢2M

An accounting firm gave incorrect advice to a healthcare worker training company on value-added tax registration, the company alleged in a claim filed with a London court, leading to a tax liability of almost聽拢2 million ($2.7 million).
October 01, 2025
FCA Gives Chancellor 4-Point Plan For Consumer Duty

The Financial Conduct Authority has given the chancellor of the exchequer a four-part plan to change the Consumer Duty, with additional legislative steps for the Treasury to take, setting out its proposals in a letter published Wednesday.
October 01, 2025
FRC Eyes Public, Accelerated Action For Audit Breaches

The accounting watchdog set out proposals on Wednesday to enhance its enforcement approach, introducing new options for more targeted and faster action against auditors that break the rules, including publication of cases it has pursued.
October 01, 2025
Bank CEO Cleared Of Dishonestly Assisting 拢415M Tax Fraud

A Caribbean bank and its former chief executive have been cleared of dishonestly assisting a 拢415 million ($558 million) value-added tax fraud as a London court ruled that he did not know about the scheme to defraud tax authorities.
September 30, 2025
Credit Suisse Aided Looting Of Tech Exec's Stock, Suit Says

The co-founder of sensing-tech company Aeva Technologies says Credit Suisse provided "institutional cover" to conspirators who stole tens of millions of dollars in Aeva shares from him in what he described as a "calculated, multi-year orchestrated racketeering scheme," according to a suit filed Tuesday in New York federal court.
September 30, 2025
UK's Average R&D Tax Credit Claim Jumps 33%

The U.K. has seen the average value of research and development tax credit claims rise despite the overall number of such claims falling in the last tax year, HM Revenue & Customs said Tuesday.
September 30, 2025
Data Biz Exec Denies Helping To Hide Property Mogul Assets

A data center executive has denied conspiring to hide assets belonging to property mogul Andrew Ruhan from the liquidators of a hotel company, telling a London court that Ruhan's employment at his company was not a sham.
September 30, 2025
Pharma Supplier Hit With Fine For Russian Sanctions Breach

Britain's sanctions watchdog revealed on Tuesday that it has fined a subsidiary of global pharmaceutical supplier Colorcon Inc. 拢152,750 ($206,000) for breaching sanctions against Russia by paying thousands of pounds to employees in Moscow.
September 30, 2025
Briton Who Beat Extradition To Be Sentenced For Crypto-Theft

A London criminal court told a British man Tuesday that he will be sentenced in December for stealing millions of pounds worth of cryptocurrency, more than two years after he avoided extradition to the U.S.
September 30, 2025
FCA Staffer Axed For Harassment Loses Fair Trial Appeal

A London appeals judge rejected an argument on Tuesday from a former employee of the Financial Conduct Authority that an earlier tribunal had denied him a fair trial in his unfair dismissal claim against the watchdog.
September 30, 2025
FCA Warned On Targeted Support Signpost Proposals

The Financial Conduct Authority should not force businesses to flag "targeted support" to consumers from March before the regime is widely available, Aegon warned on Tuesday.
September 30, 2025
Ex-Havilland CEO Knew Of Qatar Currency Plot, FCA Says

The former chief executive of Banque Havilland's U.K. branch must have known about the content of a presentation outlining a plan to devalue Qatar's currency, the Financial Conduct Authority told the closing stages of an appeal hearing at a tribunal Tuesday.
September 30, 2025
FRC Finds Multiple Financial Reporting Failings In Review

The U.K. accounting watchdog said in its annual review published Tuesday that it has uncovered a slew of inaccuracies, omissions and compliance failings in financial statements prepared by companies for the year to March 2025.
September 30, 2025
Fixer Admits Money Laundering In 拢5B Crypto-Fraud Case

A fixer for a Chinese woman who fled her country amid allegations of fraud admitted at a London court Tuesday to laundering cryptocurrency on her behalf, after police said they had seized 拢5.5 billion ($7.4 billion) in virtual currency in its investigation into the case.
September 30, 2025
6 In 10 SMEs Hit By Cyberattack In 2025, Hiscox Says

Some 59% of small and midsized enterprises have said they experienced a cyberattack in the last year, Hiscox said Tuesday, highlighting the evolving threat posed by criminals adapting to new technologies to exploit businesses.聽
September 30, 2025
Kirkland Leads Oaktree's $420M Buy Of Ambac's Legacy Units

Oaktree Capital Management LP has bought Ambac's legacy financial guarantee businesses for $420 million in cash, the insurance company has said, after the deal won backing from the regulator for the sector in Wisconsin.
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

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

Supreme Court Ruling Stands Firm On Trust Law Principles

The U.K. Supreme Court鈥檚 recent strict application of trust law in Stevens v. Hotel Portfolio may render it more difficult for lawyers in future cases to make arguments based on a holistic assessment of the facts, says Olivia Retter at Quinn Emanuel.
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.