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Financial Services UK

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.

Concept picture of pound notes with a calculator and pen.

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.

September 22, 2025
UK, US To Collaborate On Capital Markets, Crypto Policy

The U.S. Department of the Treasury and the United Kingdom's financial ministry on Monday announced the formation of a joint taskforce to explore ways to collaborate on digital asset policy and "improve links" between the two countries' capital markets.
September 22, 2025
Havilland Ex-Staffer Denies Wiping Phone Amid Qatar Scandal

A former employee of Banque Havilland SA denied wiping his iPhone during a scandal over an alleged plan to de-peg Qatar's currency from the dollar during a trade embargo, in cross-examination at a London tribunal on Monday.
September 22, 2025
Barings Private Finance Boss Can't Strike Out Poaching Claim

A London court refused Monday to strike out Barings' 拢6.3 million ($8.5 million) claim that its former private finance boss allegedly surreptitiously helped to establish a competitor during the last year of his employment and eventually joined the rival himself.
September 22, 2025
Axis Bank Denies Misleading Marine Co. In Loan Scheme

The Dubai branch of India's Axis bank has hit back against a marine energy company's $41.7 million claim, denying it induced it to participate in a loan to a now-defunct shipping company.
September 22, 2025
BoE Proposes Removal Of Legacy EU Bank Reporting Rules

The Bank of England's regulatory arm set out proposals on Monday to cut some legacy European Union financial reporting requirements for banks, to reduce business costs.
September 22, 2025
Oberon Investment To Buy WH Ireland Wealth Biz For 拢1M

Oberon Investment Group PLC said Monday that a subsidiary has conditionally agreed to buy the business and some assets of WH Ireland's wealth management division for 拢1 million ($1.35 million) in cash.
September 22, 2025
Motorists Cutting Cover As Economy 'Squeezing' Budgets

Consultancy Broadstone said Monday that more than one in seven customers has disclosed that they had reduced their level of motor insurance cover in the past two years.
September 22, 2025
Man Cleared Of Fraud Conspiracy After Data Breach Fine

A jury in London has found a man not guilty of conspiring to run a 拢1.5 million ($2 million) fraudulent investment scheme through front companies and false identities, two weeks after he was fined for a data protection breach.
September 22, 2025
BBVA Sweetens Hostile Bid For Sabadell To 鈧�19.5B

Spanish lender BBVA said Monday that it has increased its hostile takeover bid for Banco Sabadell to a total value of 鈧�19.5 billion ($23 billion) from 鈧�17.4 billion it offered earlier in September in an attempt to win over the hesitant rival.
September 22, 2025
EU Fund Managers Push For Overhaul Of Crypto-Asset Rules

A trade body for European asset managers urged policymakers Monday to reform the crypto-assets regulatory framework to make capital markets more competitive.
September 19, 2025
Deutsche Bank Vows To Fight Ex-Staff Over Milan Convictions

Deutsche Bank denied on Friday the incoming London claims of five former employees seeking hundreds of millions of pounds in damages over their now-overturned convictions for aiding false accounting and market manipulation.
September 19, 2025
Ex-Havilland CEO Denies Involvement In Qatari Bond Plan

The former chief executive of Banque Havilland's U.K. branch said Friday at a London tribunal that he had not been involved in a plan to de-peg Qatar's currency from the dollar during a trade embargo, saying he had not instructed a junior employee to create a presentation outlining it.
September 19, 2025
Lords To Probe Inheritance Tax Reforms For Pensions

The government's controversial plan to bring pensions wealth within the scope of inheritance tax will be examined by a House of Lords committee as part of a wider review of new legislation.
September 19, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen brokerage firm ADS Securities file a fresh claim against German entrepreneur Lars Windhorst, AmTrust and Endurance Worldwide Insurance tackle an ongoing 拢50 million ($67 million) dispute over a failed litigation and insurance scheme, and Howard Kennedy LLP sue the son of a diamond tycoon over a 拢3.1 million legal bill.聽
September 19, 2025
DLA Piper Leads 拢113M Aviva Department Store Pension Deals

Insurance giant Aviva said Friday it has completed pension deals totaling 拢113 million ($152.5 million) for two schemes sponsored by British department store Fenwick Ltd., in a deal guided by DLA Piper.
September 19, 2025
IG Group To Buy Aussie Cryptocurrency Exchange For $117M

IG Group said Friday that it has agreed to acquire Australian cryptocurrency exchange Independent Reserve for 178 million Australian dollars ($117 million), marking the global fintech company's entry into cryptocurrency markets in Asia Pacific.
September 19, 2025
Mishcon Names Ex-NatWest CEO Alison Rose As Non-Exec Chair

Mishcon de Reya LLP on Friday appointed former NatWest bank head Alison Rose as its independent non-executive chair, who will help to steer the law firm's new growth strategy across three key sectors and international markets.
September 19, 2025
AmTrust, Novitas Settle 拢56M Litigation Funding Dispute

A legal loans company has settled its 拢56 million ($76 million) claim against AmTrust over who should cover the costs of a failed litigation funding scheme, a lawyer for the insurance giant told a court Friday.
September 19, 2025
Gov't Pensions Unit Puts Dashboards At Heart Of 3-Year Plan

The U.K. government-sponsored body tasked with delivering the long-awaited pensions dashboards program designed to allow people to track their retirement savings has said the project is central to its strategy over the next three years.
September 19, 2025
SRA Eyes Stricter Rules On Litigation-Funding Practices

The Solicitors Regulation Authority called for responses from the legal profession on Friday to help it understand consumer risks in litigation-funding for high-volume claims, following the collapse of SSB Group in 2024.聽
September 18, 2025
HSBC Analyst Launches Libel Case Over Online Posts

An HSBC analyst has accused a company and its director of defaming him by making false allegations that the analyst was a "serial cheater" and liar who had refused to pay 拢50,000 ($68,000) debts.
September 18, 2025
Ex-AllSaints Chair Spared Prison For Contempt Of Court

A court in London has handed the former chairman of AllSaints a suspended prison sentence for contempt of court by breaching a court order and claiming an interest in shares in the high street fashion chain after his fraud allegations were rejected.
September 18, 2025
HMRC Names 5 Accountancy Firms With Tax Avoidance Links

HM Revenue & Customs on Thursday revealed five accountancy firms that took fees for connecting their clients to a tax avoidance scheme.
September 18, 2025
Ex-Havilland CEO To Testify In Qatar Dispute With FCA

Ex-Banque Havilland SA chief executive Edmund Rowland is due to testify in a dispute with the U.K.'s financial regulator over fines imposed for an alleged scheme to de-peg Qatar's currency from the dollar during a trade embargo, a London tribunal heard Thursday.
September 18, 2025
FCA Highlights Success Of Cash Access Rules For Big Banks

The Financial Conduct Authority said Thursday that communities are making use of its rules that require top high-street banks to maintain access to cash, as the 121st banking hub opened in the U.K.

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

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.
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.