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Financial Services UK

FCA's New Redress Powers Spark Some Legal Concerns

Government plans to reform the Financial Ombudsman Service will give the Financial Conduct Authority new powers to introduce wide-ranging consumer redress programs at its discretion, leading lawyers to warn that the regulator could become too susceptible to public pressure.

Close-up of aeroplane jet-engine on a runway

Top Commercial Dispute Rulings Of 2025: Midyear Report

England's courts have dealt in the first half of 2025聽with a multibillion-dollar legal dispute with insurers over planes stuck in Russia, slashed the exposure faced by banks over motor finance claims and set out how the proceeds from a landmark class action against Mastercard should be distributed.

The Top Corporate Crime Cases To Watch In The Rest Of 2025

The crackdown by the Serious Fraud Office on dirty money could dominate the attention of white collar lawyers in the second half of 2025 as the agency pursues two cases that could define the circumstances in which it can seize suspected criminal money.聽

Insurers Face Rising Tide Of Claims From AI-Driven Fraud

Insurers in Britain could be on the hook for far higher losses because of the rising use聽by criminals聽of artificial intelligence tools to invent or inflate claims, lawyers have warned.

September 04, 2025
Fintech Exec Proves Redundancy Was Unfair

A London tribunal has ruled that a fintech company unfairly dismissed an executive after delays in its redundancy process meant he missed the chance to apply for an alternative role.
September 04, 2025
HMRC Adds Barrister To Tax Avoidance List For First Time

HM Revenue and Customs took the step on Thursday of naming for the first time a practicing barrister with 20 years' experience as a promoter of a scheme to avoid paying income tax and National Insurance contributions.
September 04, 2025
Crane Co. Can Deduct VAT On Intragroup Payments, ECJ Says

A Romanian crane company can claim deductions for value-added tax on intragroup payments because the services provided were genuine, the European Union's top court ruled Thursday.
September 04, 2025
Ex-FCA Supervisor Says Tribunal Denied Him Fair Trial

A former supervisor at the City watchdog argued at an appellate tribunal in London on Thursday that his unfair dismissal claim against the regulator did not receive a fair hearing, saying that a lower court had made factual errors in its judgment in the case.
September 04, 2025
Top EU Court Says Pseudonymized Data Is Still Personal

The highest court of the聽European Union聽ruled Thursday that comments submitted by shareholders and creditors of a collapsed Spanish bank during an investigation following the sale of the lender could be treated as personal data even though they had been pseudonymized.
September 04, 2025
UK's AI Sector Hits Record 拢2.9B Investment In 2024

Investors plugged a record 拢2.9 billion ($3.9 billion) into British artificial intelligence companies in 2024, the government has said, as it set out plans to help grow the U.K.'s AI assurance market.
September 04, 2025
UK Set To Close Loopholes In Money Laundering Rules

HM Treasury has released detailed draft changes to the anti-money laundering regime to close regulatory loopholes exploited by businesses in all sectors, including crypto-asset companies.
September 04, 2025
Shareholders Back Apax Partners' 鈧�916M Apax Global Deal

Investment company Apax Global Alpha Ltd. said Thursday that its shareholders have thrown their weight behind a 鈧�916.5 million ($1.1 billion) takeover deal put forward by Apax Partners LLP, a private equity firm that it works with.
September 03, 2025
Eversheds Adds New Partners From Latham And A&O

Eversheds Sutherland said Wednesday that it has hired three new partners from A&O Shearman, Latham and the former owner of discount retailer Poundland, strengthening its corporate and commercial practices.
September 03, 2025
4 Firms Steer $2.7B Sale Of Aon's NFP Wealth Biz

Aon announced Wednesday it has agreed to sell various business units that make up the majority of NFP's wealth management operations to private equity firm Madison Dearborn Partners in a transaction worth $2.7 billion, with Skadden, Dentons, Paul Weiss and Kirkland representing the parties.
September 03, 2025
Charity Regulator Probes Alleged Funds Misuse At Food Bank

The U.K.'s charity regulator said on Wednesday that it has launched an inquiry into a food bank in Merseyside over allegations of misuse of funds after a major donor stopped donations.
September 03, 2025
UK Autumn Budget Set For November, Reeves Confirms

The U.K. government will announce its autumn budget in November, Chancellor of the Exchequer Rachel Reeves said Wednesday amid growing speculation that the government will raise taxes to cover the rising cost of borrowing.
September 03, 2025
Investors Lose Bid For Pension Orders In AI Bike Fraud Case

Investors seeking to enforce a fraud judgment against the founders of an AI-driven exercise bike company suffered a setback Wednesday, when a London judge declined to finalize interim debt orders against the founders' pensions.
September 03, 2025
EU Trade Body Wants Relaxed Bank Rules For Consolidation

聽A trade body for European financial institutions has called for widespread reform of rules on capital, ring-fencing and crisis resolution for banks, steps it claims would boost competitiveness and industry consolidation.
September 03, 2025
Council Loses Bid To Recover 拢20M Pension Investment Loss

An English council on Wednesday lost its bid to wind up a failed Luxembourg-based fund to recover a 拢20 million ($27 million) pension investment, with a London appeals court ruling the entity was not a company for the purposes of insolvency legislation.
September 03, 2025
Insurer Aviva Halts 拢60M Of Fraudulent Insurance Claims

Insurance giant Aviva said Wednesday it prevented over 拢60 million ($80.6 million) worth of fraudulent claims in the first six months of the year.
September 03, 2025
Aegon Nets 鈧�700M From Dutch Insurer Share Sale

Global financial services company Aegon said on Wednesday that it has lowered its stake in Dutch insurer ASR Nederland NV by selling its shares and has raised 鈧�700 million ($815 million) in the process.
September 03, 2025
Revolut Fined In Australia For Late AML Reports

Australia has fined the local subsidiary of Revolut 187,800 Australian dollars ($123,000) after the British financial technology company breached the country's anti-money laundering rules when it submitted late reports.
September 02, 2025
Davis Polk-Led Klarna Seeks $1.3B In Revived IPO Plans

Swedish financial technology startup Klarna, advised by聽Davis Polk & Wardwell LLP, announced Tuesday the buy-now, pay-later business is resuming its initial public offering plans, months after those plans were paused amid聽backlash to U.S. President Donald Trump's "Liberation Day" tariffs announcement in April, saying the company is looking to raise up to $1.27 billion.
September 02, 2025
Hotel Liquidators Claim Debtor Hid Shares To Evade Creditors

The liquidators of a hotel company are asking the High Court to find that property mogul Andrew Ruhan has concocted a "secret relationship" with a junior employee to put his assets out of reach of creditors.
September 02, 2025
Goldman Seeks To Limit Ex-Manager's Sex Bias Award Payout

Goldman Sachs sought聽on Tuesday to reduce a former compliance manager's payout after聽it unfairly dismissed him while he was on paternity leave, arguing at a London employment tribunal that it might have dismissed him in any event.聽
September 02, 2025
FCA Calls For Legal Clarity If Trustees Refuse Gov't Mandate

The Financial Conduct Authority warned a parliamentary committee Tuesday that the government's Pensions Schemes Bill requires secondary legislation to clarify how trustees can safely refuse any government direction on how to invest funds in the private economy.
September 02, 2025
UK Gov't To Fix Fallout From Virgin Media Pensions Ruling

The government has floated new rules for pension funds that experts say could offer a way out of the legal limbo they've faced since a landmark court judgment more than a year ago.
September 02, 2025
Swiss Online Marketplace SMG Plans IPO Of Existing Shares

Online marketplace owner Swiss Marketplace Group AG said on Tuesday that it is planning to float its existing shares on the SIX stock exchange of Switzerland in an initial public offering.
September 02, 2025
Textor Cites Missing Docs To Fight $93M Share Buyout Claim

The owner of a portfolio of professional football clubs told a London court he wasn't obliged to pay $93.6 million for an investment vehicle's stake in his company, arguing that it failed to provide documents needed for the transaction.

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

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.
Key Considerations For Issuers In FCA Prospectus Reform

The Financial Conduct Authority鈥檚 forthcoming reform of the U.K. prospectus regime should be attractive to both debt and equity issuers because it limits the circumstances in which a costly prospectus is required, making it easier and cheaper for listed companies to raise capital, say lawyers at Sullivan & Cromwell.
How Top Court Ruling Limits Scope Of Motor Finance Claims

The U.K. Supreme Court鈥檚 recent ruling in a landmark case concerning car finance commissions clarifies when and how a dealership鈥檚 fiduciary duties arise, considerably narrowing that path for mass consumer litigation and highlighting how an upcoming Financial Conduct Authority redress scheme will seek to balance consumer, lender and market interests, say lawyers at Cadwalader.
FCA Misconduct Guide Will Expand Firms' Duty To Investigate

The Financial Conduct Authority's recent proposals on workplace nonfinancial misconduct will place a greater onus on compliance and investigations teams, clarifying that the question to ascertain is whether the behavior is justifiable and proportionate, say lawyers at Ashurst.
Lessons From Landmark UK Supreme Court Libor Ruling

The U.K. Supreme Court鈥檚 recent quashing of former traders Hayes and Palombo鈥檚 interest rate rigging convictions on the ground of jury misdirection raises concerns about failings in the criminal appeal process, and whether encouraging institutions to accept regulatory settlements can create conditions for miscarriages of justice, says Ellen Gallagher at Vardags.
Mansion House Speech Heralds New Financial Regulatory Era

The chancellor of the exchequer's recent Mansion House speech introduced a sweeping commitment to modernize regulation, which will require U.K. retail banks and building societies to revisit core assumptions, and allow lawyers to play a key role in shaping the new rules, say lawyers at Addleshaw Goddard.
Challenges For Managers In Navigating Continuation Funds

With continuation vehicles becoming an increasingly popular alternative to traditional private equity investment exit routes, managers and lenders should be confident that they understand a transaction鈥檚 structure and how it interacts with existing debt arrangements, says Jason Larkins at Travers Smith.
Key Points From EU Proposals To Ease Securitization Rules

The European Commission鈥檚 recently proposed securitization framework amendments aim to relax existing rules, such as by reducing due diligence requirements and removing the need for investors to conduct certain prescribed compliance verifications by sponsors or original lenders, say lawyers at McDermott.