HMRC Seeks Input On Reworking Bank Levy Definitions

By Kevin Pinner

HM Revenue & Customs is seeking input on changing some of the definitions of terms in the U.K.'s bank levy legislation because of changes to the provisions they reference, according to a consultation launched Thursday.

Read full article » | Save to favorites »

Commissioner Reports Sharp Rise In FCA Complaint Reviews

By Alex Davidson

The Office of the Complaints Commissioner has said in its annual report that it reviewed more than 50% more complaints about the Financial Conduct Authority in 2025-26 than in the previous year, particularly those about the British Steel Pension Scheme.

Read full article » | Save to favorites »

FCA Gets Misleading Car Finance Claims Adverts Removed

By Alex Davidson

The Financial Conduct Authority said Thursday that it had 170 misleading adverts for car finance compensation claims removed or changed by claims management companies in a single month, bringing the total to 1,200 since January 2024.

Read full article » | Save to favorites »

Swedbank To Pay $50M Fine In Panama Papers-Linked Case

By Katryna Perera

Swedbank AB and its New York branch have agreed to pay a $50 million civil penalty to the New York State Department of Financial Services to resolve claims that the bank failed to fully cooperate with department requests for information related to Swedbank's relationships with Mossack Fonseca, the law firm at the center of the 2016 Panama Papers leak.

1 document attached | Read full article » | Save to favorites »

UK Targets Gold Networks Funding Sudan War With Sanctions

By William Janes

The government announced sanctions on Thursday designed to target Sudan's illicit gold trade, procurement networks and the financial facilitators suspected of helping sustain the country's civil war.

Read full article » | Save to favorites »

Capita Seeks To Cut Damages In £5M Data Breach Claim

By Eddie Beaver

Outsourcing giant Capita urged a London court on Thursday to trim the claims of almost 4,000 individuals who say the company owes them up to £5 million ($6.75 million) over a cyberattack, arguing that claims for aggravated and exemplary damages are not supported by evidence. 

Read full article » | Save to favorites »

2nd Circ. Shields Switzerland From Credit Suisse Bond Suit

By Brian Steele

In a published opinion Thursday, the Second Circuit affirmed the dismissal of a $372 million bondholder suit against Switzerland over the 2023 collapse of Credit Suisse AG and the reduction in value of $17.3 billion of debt securities, agreeing with a New York judge that the country is immune from being sued in U.S. district court.

Opinion attached | Read full article » | Save to favorites »

Gov't Urged To Launch Adequate Pension Income Framework

By Joel Poultney

The U.K. government should develop a clearer national framework for measuring retirement adequacy to ensure the pension system is guaranteeing savers have enough money to live well in later life, an influential trade body has said.

Read full article » | Save to favorites »

Frozen Thresholds Drag 10M UK Pensioners Into Paying Tax

By Martin Croucher

The number of U.K. pensioners paying income tax has risen by three million in the five years since earning thresholds were frozen, government figures have revealed.

Read full article » | Save to favorites »

PIC Completes £4.3B Rolls-Royce Pension Plan Buyout

By Joel Poultney

Pension Insurance Corporation PLC has taken on full responsibility for all 36,000 members of the Rolls-Royce UK Pension Fund, just nine months after signing a £4.3 billion ($5.8 billion) deal with the British aerospace and defense giant.

Read full article » | Save to favorites »