Analysis

FCA May Be Forced To Set Lower Fines After Appeal Setbacks

By Alex Davidson

The Financial Conduct Authority might be forced to rethink how it justifies the size of its fines after being forced to cut penalties after referral to the Upper Tribunal, raising questions about its ability to make enforcement decisions stick, legal experts caution.

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Capita 'Overwhelmed' By Civil Service Pension Case Backlog

By Joel Poultney

Outsourcing giant Capita has admitted to a parliamentary committee that it was "overwhelmed" by the scale of the backlog it inherited after taking over administration of the civil service pension scheme, which is struggling with delays in payments to retirees.

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Roundup

Taxation With Representation: Homburger, Lenz & Staehelin

By Zak Kostro

In this week's Taxation With Representation, offshore drilling contractor Transocean Ltd. acquires rival Valaris Ltd., historic British fund manager Schroders agrees to a cash takeover by U.S. asset manager Nuveen, and a consortium that includes U.S. private equity firm Advent International LP and FedEx Corp. buy Polish parcel locker company InPost.

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Roundup

UK Litigation Roundup: Here's What You Missed In London

By Laura Stewart Liberty

This past week in London has seen a former U.S. defense contractor convicted of tax evasion face legal action, French football club Olympique Lyonnais sued following a $97 million ruling against its owner John Textor, consulting giant Kroll targeted by a South African airline, and H&M hit with a claim alleging it copied protected sunglasses designs. Here, Law360 looks at these and other new claims in the U.K.

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Financial Body Warns AI In Trading Needs Human Oversight

By Alex Davidson

A wholesale financial markets standards setter said Friday in an industry-led review that artificial intelligence would replace humans in trading activity, making human accountability critical.

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Record £7.4B Paid To Pension Annuities In 2025, ABI Says

By Joel Poultney

Savers in the U.K. paid £7.4 billion ($10.1 billion) into individual pension annuities in 2025, marking the highest annual level since legislative changes in 2014, the Association of British Insurers has said.

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EU Foreign Subsidies Guide Brings Clarity And Questions

The European Commission’s long-awaited EU Foreign Subsidies Regulation guidelines provide helpful clarifications for companies, but with many areas remaining broadly framed, uncertainty may continue to deter investments and increase the compliance burden on organizations, say lawyers at Hogan Lovells.

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