Financial Services UK

  • March 07, 2025

    Four Men Imprisoned For 43 Yrs For Money Laundering Plot

    Four men involved in a plot to launder £266 million ($343 million) in criminal cash were on Friday sentenced to a total of more than 43 years in prison, in one of the biggest cases of its kind ever prosecuted in England.

  • March 07, 2025

    EU Regulator Eyes Harmonized AML Enforcement

    Europe's banking regulator wants the European Union's planned anti-money laundering watchdog to harmonize enforcement across member states, penalizing rule breaches against categories of severity.

  • March 07, 2025

    Barclays Asked Andrew Bailey To Speed Up Staley Probe

    Andrew Bailey testified Friday that Barclays asked him to "expedite" an investigation into its chief executive, Jes Staley, while he was head of the U.K. financial regulator amid concerns about the fallout from the probe into the CEO's relationship with Jeffrey Epstein being made public.

  • March 07, 2025

    Xeinadin Settles £1M Claim Against Ex-Director Over Poaching

    Accountancy group and business adviser Xeinadin has settled its over £1 million ($1.3 million) claim against the former director of an accountancy firm it acquired over allegations he had sought to lure clients and employees to a rival practice after he was ousted from the business.

  • March 07, 2025

    Fintech Unable To Hike $28M Claim Against Tanzanian Bank

    A London-based fintech company on Friday lost its bid to add an extra $4.9 million to its $28 million claim against a Tanzanian bank, with a London court ruling that adding to the case would scupper a looming trial.

  • March 07, 2025

    EU Fund Managers Push For More Competitive Regulations

    Europe's fund managers have called for more regulatory consistency across the European Union to help restore competitiveness, removing unnecessary rules as well as making environmental, social and governance data more reliable.

  • March 07, 2025

    FCA Awaits Gov't Answer To City Consumer Duty Pushback

    The Financial Conduct Authority is waiting for the government to clarify how much consumers can be exposed to risk in favor of more growth-focused regulation as the watchdog faces push back from the sector against its flagship consumer protection program.

  • March 06, 2025

    FCA Finds Most Firms Fail To Service Vulnerable Customers

    The Financial Conduct Authority said Friday it has found that most firms are failing to ensure they're adequately serving vulnerable customers, according to a long-awaited review.

  • March 06, 2025

    Ex-Credit Suisse Banker Avoids Prison In 'Tuna Bond' Fraud

    A Brooklyn federal judge spared a former Credit Suisse banker from prison time Thursday, after he pled guilty and became a testifying government cooperator over a plot to defraud investors in a $2 billion state-backed development initiative in Mozambique.

  • March 06, 2025

    Barclays GC Helped Staley Respond To Epstein Controversy

    Former Barclays boss Jes Staley was helped by executives in the bank to draft talking points to "properly reflect" his relationship with Jeffrey Epstein to avoid being sacked as trustee from his alma mater, the bank's former top lawyer told a trial court Thursday.

  • March 06, 2025

    UK Authorities Clear Amex GBT's $570M CWT Buy

    United Kingdom antitrust authorities gave the formal all-clear Thursday to American Express Global Business Travel Inc.'s planned $570 million purchase of CWT Holdings LLC, leaving a Justice Department lawsuit the only hurdle remaining for the corporate travel management services merger.

  • March 06, 2025

    First 3 Firms Connect To UK Gov't Pension 'Dashboard'

    Three pension businesses have successfully plugged into the government's planned new online retirement savings portal, in a major milestone for the troubled project.

  • March 06, 2025

    Visa, Mastercard Face UK Regulatory Action Over Fees

    The U.K.'s Payment Systems Regulator said Thursday it will act against Mastercard and Visa over concerns about the duopoly's sharp price hikes on bank card fees.

  • March 06, 2025

    Slaughter & May-Led L&G Seals £505M Inchcape Pension Deal

    Insurer Legal & General has said it has covered £505 million ($650 million) of liabilities for the Inchcape Motors Pension Scheme, the U.K. retirement fund for the global automobile distributor, to secure the benefits of its members.

  • March 05, 2025

    Russian Billionaire Loses Fight To Lift EU Sanctions

    Russian billionaire Alexander Ponomarenko on Wednesday lost his fight to lift European Union sanctions imposed after Vladimir Putin's invasion of Ukraine, with an EU court ruling that the restrictions should remain in place.

  • March 05, 2025

    Former Crypto Exec Can't Sue Bulgarian Biz In England

    The former director of a Bulgarian cryptocurrency company cannot sue the current owner over an alleged failure to transfer him his stake in the business, after a judge ruled Wednesday that the English courts do not have jurisdiction over the claim.

  • March 05, 2025

    McCann FitzGerald Guides AIB On Planned €1.2B Buyback

    AIB Group PLC said Wednesday it's planning to repurchase €1.2 billion ($1.3 billion) worth of shares from the Irish government, as the lender looks to potentially return to full private ownership this year.

  • March 05, 2025

    BoE Proposes Easier Capital Rules For Smaller Banks

    The Bank of England's regulatory arm proposed Wednesday to allow financial firms to hold significantly more retail deposits before certain capital requirements kick in, helping smaller firms to grow with a potentially lower financial safety net.

  • March 05, 2025

    Quilter PLC Sets Aside £76M For Redress Amid FCA Review

    Wealth manager Quilter PLC said Wednesday that it has set aside £76 million ($98 million) to compensate clients who did not get appropriate financial advice as it finalizes an independent review for the Financial Conduct Authority.

  • March 05, 2025

    FCA Says Private Markets Must Identify Conflicts Better

    The Financial Conduct Authority said Wednesday that private asset markets like venture capital need to identify conflicts of interest better in asset valuations, in a multifirm review covering £3 trillion ($3.86 trillion) of global private assets under management.

  • March 12, 2025

    PCB Byrne Adds Civil Litigation Pro In London

    PCB Byrne LLP has hired Simon Colledge as a new civil litigation partner from Gunnercooke LLP to work in its dispute resolution team in London, as the firm ramps up its offering in its insolvency practice.

  • March 04, 2025

    Cinema Chain Says Landlord Overcharged For Premiums

    Cinema companies who leased part of the landmark Trocadero building in London's well-known Piccadilly Circus accused their landlord of breaching the rental agreement by overcharging them for insurance premiums at the start of a London trial Tuesday.

  • March 04, 2025

    Trader Denies Unlawful 'Team Move' That Energy Co. Alleged

    A trader has hit back against an "oppressive" £2 million ($2.5 million) claim by his former employer, denying that he was part of an unlawful "team move" alongside former colleagues in the energy investing company.

  • March 04, 2025

    Pension Schemes Post Record-Breaking Consolidation

    Britain's retirement savings watchdog said Tuesday the number of defined contribution pension schemes decreased 15% in 2024 to 920 — dropping to fewer than 1,000 plans for the first time.

  • March 04, 2025

    Barclays Official Kept In Dark About Staley's Email To Epstein

    Former Barclays boss Jes Staley told Jeffrey Epstein about forthcoming press coverage detailing their relationship without the bank's knowledge, its former head of communications testified at a trial on Tuesday.

Expert Analysis

  • Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.

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    Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.

  • A Look At UK, EU And US Cartel Enforcement Trends

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    The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.

  • Testing The Limits Of English Courts' Pro-Arbitration Stance

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    Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.

  • What Green Claims Directive Proposal Means For Businesses

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    With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.

  • £43M Legal Bill Case Shows Courts' View On Exchange Rates

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    A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.

  • Examining The EU's New Payments Services Package

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    Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.

  • Examining The State Of Paccar Fixes After General Election

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    Following the U.K. Supreme Court's Paccar decision last year, which made many litigation funding agreements for opt-out collective actions in the Competition Appeal Tribunal unenforceable, the judiciary will likely take charge in implementing any fixes — but the general election has created uncertainty, says Ben Knowles at Clyde & Co.

  • EU Reports Signal Greenwashing Focus For Financial Sector

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    Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.

  • Opinion

    Without Change, Fighting Fraud Is A Losing Battle For The UK

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    To successfully fight fraud cases in the U.K. — like the Russian Coms scam recently shut down by the National Crime Agency — it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country’s intelligence platforms, says Anthony Hanratty at Howard Kennedy.

  • Embedding Consumer Duty: 6 Areas Firms Should Prioritize

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    The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.

  • 2 UK Rulings Highlight Persistent Push Payment Fraud Issues

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    Two recent High Court decisions, Larsson v. Revolut and Terna DOO v. Revolut, demonstrate that authorized push payment fraud continues to cause headaches for consumers and financial institutions alike, and with forthcoming mandatory reimbursement requirements, more APP fraud litigation can be expected, say lawyers at Charles Russell.

  • Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling

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    The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.

  • Key Points From UK Prospectus Regime Reform Consultation

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    The Financial Conduct Authority's current consultation on U.K. prospectus regime reform proposals, including when a prospectus will be required and the requirements concerning content, is designed to enhance the attractiveness of the U.K.'s capital markets, say lawyers at Sullivan & Cromwell.

  • Why NCA's 1st Seizure Of Sanctioned Funds Is Significant

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    The National Crime Agency’s recently secured forfeiture of a Russian oligarch's sanctioned funds was a landmark achievement, and is particularly notable because it was made under the Proceeds of Crime Act, illustrating how U.K. authorities can coordinate their respective powers to confiscate assets, says Lindsey Cullen at WilmerHale.

  • Takeaways From New FCA Rules On Research Payments

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    The Financial Conduct Authority’s recently published final rules on payment optionality for investment research, which involve a client disclosure obligation option, will be welcome news for U.K. managers who buy investment research from U.S. brokers, and for global asset management groups, says Anna Maleva-Otto at Schulte Roth.

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