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Financial Services UK

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UK Crypto Seizure Tees Up 拢5.5B Legal Battle With China

The record capture by British police of 拢5.5 billion ($7.4 billion) in cryptocurrency from a convicted money launderer has set up a mammoth legal showdown between the U.K. and defrauded investors, who say the money should be returned to victims in China.

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.

October 03, 2025
Ex-Petrobras Exec's Challenge To $7.7M Seizure Delayed

A former Petrobras executive's challenge to the U.K's Serious Fraud Office's seizure of $7.7 million from him was delayed by a London court Friday, after the white-collar agency said it needed time to gather evidence about related proceedings in Brazil.
October 03, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen billionaire Michael Platt sue his former tax lawyer, five former Deutsche Bank staffers file claims against the German bank and an Italian financier issue a commercial fraud claim against the Vatican and UBS.
October 03, 2025
Linklaters Seeks To Quash Fintech Investor's Negligence Suit

Linklaters sought on Friday to dismiss a聽fintech investor's聽negligence claim, saying it failed to comply with court rules and has abused the court's process by filing a claim before fully investigating whether it has a viable case.
October 03, 2025
Denmark's 拢1.4B Cum-Ex Loss Raises Legal Strategy Doubts

Denmark's "bruising" defeat in its 拢1.4 billion ($1.9 billion) cum-ex fraud case against trader Sanjay Shah and others calls into question its legal strategy and the scope of its claim, lawyers have said, although they believe an appeal appears inevitable.
October 03, 2025
Science Minister Urges Pension Funds To Back Tech Startups

The U.K. government has urged the country's 拢3.2 trillion ($4.3 trillion) pensions industry to offer financial backing to a new generation of British technology startups.
October 03, 2025
Monaco Advisory Firm Rejects 鈧�10M Claim Over Services

A Monaco advisory firm has denied a Spanish private equity fund manager's 鈧�10 million ($11.7 million) claim over allegedly subpar fund placement advice and pressed its allegation that the manager unlawfully terminated a contract.
October 03, 2025
EU Markets Watchdog Widens Supervisory Reach For 2026

The European Union's financial markets regulator said Friday it will expand its supervisory responsibilities into a raft of new areas in 2026, including sustainability ratings, green bond issuance and the giant information technology service providers.
October 03, 2025
Pension Surplus Exceeds 拢55B At Top 100 UK Firms

The funding surplus of pension plans among the top 100 businesses in Britain has exceeded 拢55 billion ($74 billion), Lane Clark & Peacock LLP has said, marking a shift in conversation from funding to "delivering value."
October 03, 2025
Denmark Denied Permission To Appeal 拢1.4B Cum-Ex Defeat

Denmark cannot revive its 拢1.4 billion ($1.9 billion) 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 03, 2025
UK, Europe Pension Plans Urged To Look At VC Investment

British and European pensions must move beyond preparation to active participation with venture capital investment that could "unleash" significant growth across the bloc, new analysis by a research group for the sector shows.
October 02, 2025
Switzerland Dodges $372M Credit Suisse Collapse Suit

A New York federal judge has granted Switzerland's bid to throw out a $372 million suit against the country stemming from the 2023 collapse of Credit Suisse and the reduction in value of about $17 billion of debt securities, ruling that it has sovereign immunity in the dispute.
October 02, 2025
Debt Recovery Actions Not Taxable Under EU Law, ECJ Says

A holding company pursuing debt recovery is not providing a taxable service to its debtor under European value-added tax law, the European Union's top court ruled Thursday.
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.

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.