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Financial Services UK
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July 31, 2025
Asset Freeze Sticks In Billionaire's $415M Fraud Case
A London appeals court on Thursday upheld an asset freeze against a man accused of defrauding Ricardo Salinas Pliego out of more than $415 million, finding no reason to doubt the Mexican billionaire is "exceedingly wealthy" and able to compensate the other side if he ultimately loses his claim.
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July 31, 2025
Developer Denies Misusing Victims' Funds In £226M Fraud
A developer convicted for running a £226 million ($299 million) Ponzi scheme denied treating overseas properties bought with his victims' money as his "pension fund" as he gave evidence in court Thursday.
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July 31, 2025
SocGen, ING Win €212M EuroChem Bonds Sanctions Fight
A Russian subsidiary of EuroChem lost its fight Thursday to force European banks to pay out on €212 million ($242 million) worth of bonds, after a court ruled that the payouts are blocked because the Swiss agricultural chemicals company is owned by a sanctioned oligarch.
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July 31, 2025
Asset Manager Denies Breaching NDA For €118M Deals
A London-based investment manager has sued two companies of the Italian asset manager giant Azimut for millions over deals related to an investment in a machinery manufacturer, but Azimut has denied breaching the deal saying it had been released from its obligations.
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July 31, 2025
FCA Finds Failings In Digital Loan Application Processes
The Financial Conduct Authority said Thursday that some companies are designing digital loan application processes badly, slowing decision-making and excluding cost information that consumers need.
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July 31, 2025
SRA Warns Law Firms Over Handling Of Motor Finance Claims
The solicitors' watchdog warned law firms Thursday that they must tell prospective clients about possible cost-free ways to pursue their motor finance commission claims before agreeing to act on a case for a fee.
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July 31, 2025
Pensions Ombudsman Says Caseload Is Outpacing Funding
The Pensions Ombudsman said that its funding has failed to keep pace with the rising caseload of complaints, forcing it to look at artificial intelligence to help reduce waiting times.
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July 31, 2025
FCA Probe Target Gets 12 Months In Jail For Contempt
An exiled businessman suspected of offering unregulated debt counseling has been handed a 12-month prison sentence for deliberately breaching restrictions on his assets by spending $84,000 on luxury items, travel and hotels.
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July 31, 2025
Lion Finance Eyes Purchase Of HSBC Unit's Malta Operation
Lion Finance Group PLC, the owner of banks in Caucasia, expressed an interest on Thursday in buying the Malta operations of an HSBC subsidiary.Â
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July 31, 2025
Euronext Offers To Buy Athens Stock Exchange For €413M
Euronext NV said Thursday that it has offered to buy the Athens Stock Exchange SA for €412.8 million ($472.1 million) in an all-share transaction, as the bourse looks to expand its presence in southeast Europe.
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July 31, 2025
Squire Patton-Led JTC To Buy Swiss Bank Unit For £20M
JTC PLC said Thursday it plans to acquire a finance services company that caters to ultra-rich clients from Swiss private bank Union Bancaire Privée SA for £20 million ($26.5 million), as the Jersey-based fund administrator seeks to increase its global presence.
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July 31, 2025
London Stock Exchange Operator Unveils £1B Buyback Plan
London Stock Exchange Group PLC said on Thursday said it will launch further share buybacks worth up to £1 billion ($1.3 billion), as the financial markets operator reported strong growth and profits.
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July 31, 2025
A&O Shearman Guides Brookfield On £2.4B Just Group Buy
Investment giant Brookfield said Thursday that it plans to buy Just Group, a British life insurer, for £2.4 billion ($3.2 billion) in a deal steered by A&O Shearman and Slaughter and May.
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July 30, 2025
Greek Shipping Magnate's Heirs Battle Over €72M Loan Deal
A company linked to the son-in-law of a deceased Greek shipping magnate has denied that a €72 million ($83 million) loan agreement with the magnate's former business was a sham, amid a family dispute over the magnate's estate.
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July 30, 2025
Sainsbury's Bank Partners With Allianz For Insurance Policies
Insurance giant Allianz UK said Wednesday that it has penned a deal to offer replacement home and motor insurance policies to Sainsbury's Bank customers as their current cover expires.
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July 30, 2025
BigLaw Firms Ordered To Explain Leak Of PrivatBank Decision
Law firms including Hogan Lovells and Fieldfisher LLP will be required to provide witness statements after the High Court judge overseeing the long-running PrivatBank fraud case revealed on Wednesday that his judgment had apparently been leaked.
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July 30, 2025
Gupta Hit With $6.7M Fraud Claim Over False Deposit Docs
A U.K. commodities broker won its bid on Wednesday to bring a fraud claim worth almost $7 million against Prateek Gupta, with the High Court dismissing the metal mogul's argument that the claim shouldn't be heard in England.
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July 30, 2025
Govt's National Wealth Fund Ignored Worker's Pay Concerns
The U.K. government's National Wealth Fund subjected an employee to sexual discrimination after it failed to address his request for a pay review, an Employment Tribunal has ruled.
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July 30, 2025
Sullivan & Cromwell-Led Evercore Pays £146M For UK Adviser
Sullivan & Cromwell LLP-led Evercore Inc. said Wednesday it has agreed to acquire the U.K.-based boutique corporate adviser Robey Warshaw LLP, advised by Freshfields LLP, for £146 million ($195 million) as the U.S. global investment banking giant moves to expand into the London mergers and acquisitions market.
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July 30, 2025
HSBC Unveils $3B Share Buyback Scheme
HSBC said Wednesday that it will reward investors with a share repurchase program of up to $3 billion, despite posting a drop in its pre-tax profits.
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July 30, 2025
Santander To Reward Shareholders With €1.7B Buyback
Banco Santander SA said on Wednesday that it will soon kick off a share buyback worth up to €1.7 billion ($1.97 billion), which is expected to lower the Spanish lending giant's share capital.  Â
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July 30, 2025
Finance Biz Eyes £490M Acquisition Of UK Lender IPF
British credit provider International Personal Finance said Wednesday that it is in talks to be bought by U.S. specialist finance group BasePoint Capital in a proposed £490 million ($656 million) cash deal.
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July 30, 2025
PrivatBank Wins $1.9B Fraud Case Against Ex-Owners
The former owners of PrivatBank are liable to pay the Ukrainian lender for a fraud that cost the bank billions, a London judge ruled on Wednesday almost two years after the trial over sham loans linked to fictitious commodity trades concluded.Â
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July 29, 2025
DOJ Drops Challenge Of Amex GBT's $570M Deal For CWT
The U.S. Department of Justice said Tuesday that enforcers have agreed to drop their case challenging American Express Global Business Travel Inc.'s planned $570 million purchase of corporate travel management rival CWT Holdings LLC.
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July 29, 2025
JV Partner Found To Have Inflated Costs In London Project
A Dubai-based businessman has largely succeeded in a complex dispute over a joint venture after a London judge ruled that other parties to the deal had inflated costs in invoices to pocket part of the payments as profit.
Looser SMCR May Leave Banks More Open To Fraud Charges
The Financial Conduct Authority's proposed partial relaxation of the approval process under its senior managers regime as the U.K. pushes for deregulation could leave companies more exposed to fraud prosecution as the failure to prevent fraud offense goes live in September.
UK Top Court's Leeway On Sanctions Could Embolden Gov't
The respect shown by the U.K. Supreme Court to the British government on foreign affairs could encourage ministers to use sanctions in unforeseen ways, allowing politicians to achieve policy goals that are limited by legal challenges, lawyers say.
Traders' Win Casts Doubt On Plans For No-Jury Fraud Trials
Repeated failure by the courts to ensure that two former traders imprisoned for rigging benchmark interest rates were given a fair trial has fueled criticism of radical reforms to roll back jury trials in complex fraud cases to ease pressure on the judicial system.
Hayes' Victory Leaves SFO Rate Rigging Convictions In Doubt
The decision by the U.K. Supreme Court to quash the convictions of two former traders accused of manipulating interest rates has opened the door for other bankers to challenge the fairness of their trials, lawyers say.
Looser SMCR May Leave Banks More Open To Fraud Charges
The Financial Conduct Authority's proposed partial relaxation of the approval process under its senior managers regime as the U.K. pushes for deregulation could leave companies more exposed to fraud prosecution as the failure to prevent fraud offense goes live in September.
UK Top Court's Leeway On Sanctions Could Embolden Gov't
The respect shown by the U.K. Supreme Court to the British government on foreign affairs could encourage ministers to use sanctions in unforeseen ways, allowing politicians to achieve policy goals that are limited by legal challenges, lawyers say.
Traders' Win Casts Doubt On Plans For No-Jury Fraud Trials
Repeated failure by the courts to ensure that two former traders imprisoned for rigging benchmark interest rates were given a fair trial has fueled criticism of radical reforms to roll back jury trials in complex fraud cases to ease pressure on the judicial system.
Hayes' Victory Leaves SFO Rate Rigging Convictions In Doubt
The decision by the U.K. Supreme Court to quash the convictions of two former traders accused of manipulating interest rates has opened the door for other bankers to challenge the fairness of their trials, lawyers say.
Editor's Picks
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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 early on during regulatory probes.
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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.
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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
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High Court Elects Substance Over Form In Arbitration Dispute
The High Court recently found that an arbitral tribunal has jurisdiction over the dispute in Ras Al Khaimah Investment Authority v. India, underscoring the importance of aligning treaty interpretation with the goal of fostering investment, while rejecting interpretations that unduly limit investor protections, says Josep Galvez at 4-5 Gray's Inn.
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What New UK Stub Equity Rules Will Mean For PE Bidders
The U.K. Takeover Panel’s recent guide to making stub equity offers, for the first time formally harmonizing the approach to be taken, should be helpful for both private equity bidders and practitioners, and not unduly restrictive, say lawyers at Davis Polk.
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What To Expect As FCA Preps To Launch AI Testing Service
The Financial Conduct Authority’s forthcoming artificial intelligence live testing service will provide participants with access to appropriate regulatory expertise, but to gauge the tool’s potential utility, it is important to understand how it fits in with what the regulator is already doing, says Omar Salem at Fox Williams.
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New Interpol Silver Notice Could Be Tool For Justice Or Abuse
Interpol has issued dozens of Silver Notices to trace and recover assets linked to criminal activity since January, and though the tool may disrupt organized crime and terrorist financing, attorneys must protect against the potential for corrupt misuse, say attorneys at Clark Hill and Arktouros.
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Weighing PE Transaction Risks As EU AI Act Rolls Out
As the European Union Artificial Intelligence Act becomes effective in stages, legal practitioners involved in private equity deals should consider the transactional risks resulting from this measure, including penalties, extraterritorial reach and target-firm applicability, say lawyers at Covington.
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EU Banking Watchdog Regulations Herald New AML Era
The European Banking Authority’s forthcoming anti-money laundering package will set a framework for compliance across the European Union by redefining the rules of engagement between financial institutions and supervisors, setting a new standard for transparency and accountability, say lawyers at A&O Shearman.
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What To Expect As UK, US Gov'ts Develop Stablecoin Policies
While the U.K. and U.S. governments’ policies both suggest that fiat-backed stablecoins can improve efficiency and safety in payments systems, a perception that crypto-assets remain high risk means consumers are unlikely to use them in significant volume anytime soon, say lawyers at Cadwalader.
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What Insurers Can Do To Prepare For PRA 'Solvent Exit' Rules
With less than a year until the Prudential Regulation Authority's new solvent exit rules for insurers come into force, it is critical that firms prepare to meet the imminent deadline by outlining an execution plan and establishing clear governance arrangements, say lawyers at Holman Fenwick.
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Decoding Arbitral Disputes: UK Injunctions Across Borders
A recent High Court of Justice decision allowing JPMorgan Chase Bank to block VTB Bank from bringing suit in a Russian court provides a seminal reflection on the power of English courts to issue antisuit injunctions when global banking disputes increasingly straddle multiple jurisdictions, says Josep Galvez of 4-5 Gray's Inn.
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Identifying Data Center Investment Challenges, Opportunities
The role of data centers is expanding, as are new opportunities for private capital investors, but there are issues to consider, including finance models and contract complexity, as well as power supply, cyber threat resilience and data sovereignty, say lawyers at Ropes & Gray.
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What EU Bank Regulator's Letter Means For Crypto Providers
A recent letter from the European Banking Authority notes a need to avoid dual authorization for e-money token transactions under European Union payment services and cryptocurrency regulations, which could result in a high regulatory burden for crypto-asset service providers and leaves open questions for future political negotiations, say lawyers at Morgan Lewis.
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How Regulators Want Online Platforms To Fight Finance Fraud
Recent statements from the International Organization of Securities Commissions and the European Securities and Markets Authority make clear that online platform providers are expected to adopt proactive measures to prevent the promotion of unauthorized financial services and related misconduct, say lawyers at Taylor Wessing.
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FCA Notes Industry Criticism But Keeps Transparency Focus
The Financial Conduct Authority’s recently updated enforcement guide finally gives up the "naming and shaming" public interest test, demonstrating that the regulator has recognized the industry's serious concerns while maintaining less contentious aspects of its proposals to improve transparency in investigations, say lawyers at Irwin Mitchell.
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Anticipating A Shift In CMA Merger Control Enforcement
As the Competition and Markets Authority outlines plans to put the U.K. government's growth objectives into action, the changes may well pave the way for a more permissive outlook for review of mergers and acquisitions in the U.K., say lawyers at A&O Shearman.
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Court Backing Of FCA Pensions Ruling Sends Key Message
The Upper Tribunal’s recent upholding of the Financial Conduct Authority's decisions against CFP Management directors serves as a judicial endorsement of the regulator’s approach to defined benefit transfers, underscoring that where the advisory model is fundamentally flawed, the consequences for those in control can be severe, say lawyers at RPC.