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Financial Services UK

HSBC Deploys 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 offense of "failure to prevent fraud," that targets companies which benefit from the crime 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.

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.

September 24, 2025
Tokio Marine Updates Cyber Products Amid Evolving Threat

Global insurer Tokio Marine Kiln said it has expanded the range of cyber insurance products it offers to meet what it called the evolving threat of digital criminals.
September 23, 2025
Privy Council Backs Undoing Fund's $230M Madoff Claim Sale

The top appeals court for U.K. overseas territories has endorsed a successful U.S. appeal brought by the liquidator of an overseas Bernard L. Madoff feeder fund to undo its allegedly imprudent sale of its $230 million claim against the Ponzi schemer's defunct firm to a hedge fund.
September 23, 2025
UK Pension Deal Market Set To Top 拢40B For Third Year

The U.K. pension insurance market is set for another record year, with transaction numbers expected to hit 350 and total buy-in and buy-out volumes forecast to exceed 拢40 billion ($54 billion), consultancy Lane Clark & Peacock said Tuesday.
September 23, 2025
Mayer Brown Steers 拢61M Royal London Pension Deal

Mutual life insurer Royal London said Tuesday it has taken on retirement scheme liabilities worth 拢61 million ($82.5 million) from a pension plan sponsored by a renewable products company, in a deal guided by Mayer Brown LLP and Burges Salmon LLP.
September 23, 2025
UBS Settles Long Tax Dispute With France For An 鈧�835M Fine

UBS has resolved its long-running tax dispute with France over cross-border transactions, agreeing to pay a fine of 鈧�835 million ($985 million), the company said Tuesday.
September 23, 2025
UK Lifeboat Fund Halts Levy On Pension Schemes

The Pension Protection Fund said Tuesday that in 2025-2026 it will not charge a levy to defined benefit pension schemes to help it pay out to retired employees if the sponsoring employer should become insolvent.
September 23, 2025
UK Lender Settles 拢5M Claim Over Alleged Asset Shielding

Castle Trust Capital has settled its 拢4.7 million ($6.3 million) dispute with three British businessmen after it accused them of moving assets to avoiding repaying a loan, according to a court order.
September 23, 2025
UK Pension System Faces Overhaul Call To Prevent Poverty

Millions of Britons could face poverty in later life unless the government-appointed Pensions Commission comes up with a bold plan for reform, a pension provider warned Tuesday.
September 23, 2025
Fintech's Pledge Brings Finance Sector Investment To 拢110B

HM Treasury said Tuesday that financial technology company Revolut will invest 拢3 billion ($4 billion) into the U.K., bringing investment from major financial services companies to 拢110 billion in a week, after the government cut red tape to promote economic growth.
September 23, 2025
Shareholder Objection Delays Ocean Wilsons' Buy Of Rival

Bermudian investor Ocean Wilsons said Tuesday that an ongoing court hearing to sanction its all-stock merger with local rival Hansa Investment Co. Ltd. has been adjourned after one of its shareholders objected to the transaction.
September 23, 2025
Swiss, UK Regulators Team Up To Boost Investor Protection

Britain's financial regulators will work more closely with Switzerland's financial markets watchdog under an agreement to improve mutual market access and consumer protection.
September 23, 2025
EU Enforcers Arrest 5 Over 鈧�100M Cryptocurrency Scam

Five people have been arrested on suspicion of carrying out a 鈧�100 million ($118 million) cryptocurrency fraud in a joint international operation by law enforcement agencies across Europe, a European Union law authority said Tuesday.
September 23, 2025
Sullivan & Cromwell Helps Fnality Raise $136M From Investors

London-based wholesale payment systems operator Fnality said Tuesday that it has raised $136 million from investors including Bank of America and Citi during a fundraising program to extend its network to more countries.
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.

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

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.
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.