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Financial Services UK
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May 29, 2025
FCA To Update Regulatory Directions For UK Finance Firms
The Financial Conduct Authority said Thursday that it will amend and update approximately 11,000 legal requirements, obligations and restrictions for more than 9,000 financial firms in the U.K.
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May 29, 2025
Mastercard Settlement Shows Court's Active Role In Payouts
The聽final decision by the Competition Appeal Tribunal on who gets what from a 拢200 million ($270 million) Mastercard settlement shows the willingness of the courts to rewrite distribution plans to ensure that the overall objectives of the collective action regime are met, lawyers say.
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May 28, 2025
Online Scams Surge With 拢1B Stolen Through Fraud In 2024
Criminals stole 拢1.17 billion ($1.6 billion) through fraud in 2024, largely through a 22 percent rise in customers being duped into disclosing online login passcodes, banking body UK Finance revealed Wednesday.
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May 28, 2025
UK Firms Plan To Tap Pension Surpluses Amid Rule Changes
Most U.K. businesses with defined benefit pension plans larger than 拢500 million ($673 million) have said they would access their retirement plan surplus once the government allows them to tap into the money, new research shows.
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June 04, 2025
Ex-Credit Karma GC Tapped As Legal Chief At UK Fintech Co.
Financial technology company Liberis Ltd. said Wednesday that it has hired Jane Moon as its new legal chief to help the business navigate regulatory challenges amid an expansion into new international markets.
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May 28, 2025
Ex-Russian Politician Appeals UK's First Sanctions Conviction
A former Russian politician who became the first person to be found guilty of breaching the U.K.'s sanctions regime is challenging his conviction and sentence, his lawyer confirmed Wednesday.
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May 28, 2025
Social Media Giants Urged To Curb Unauthorized Finance Ads
The European Union's financial markets watchdog urged the world's major social media and online companies on Wednesday to stop promoting unauthorized financial services on their platforms.
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May 28, 2025
UniCredit To Double Stake In Greek Bank Alpha To 20%
UniCredit said on Wednesday that it has arranged to more than double its holding in the owner of major Greek lender Alpha to approximately 20%.
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May 28, 2025
New FCA Crypto Rules Focus On Stablecoin Value, Security
The Financial Conduct Authority on Wednesday proposed rules aimed at ensuring stablecoins hold their value and firms keep cryptocurrencies safe, as the U.K. progresses on its plans to oversee regulation of the risky assets.
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May 28, 2025
DLA Piper Steers Aviva's 拢270M Morrisons Pension Deal
Aviva said on Wednesday that it has taken on 拢270 million ($364 million) worth of pension plan liabilities from a retirement fund sponsored by supermarket giant Morrisons.
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May 28, 2025
UK Eyes Cutting Pension Tax Breaks To Boost Revenue
The government could be considering the removal of tax breaks on workplace pensions salary-sacrifice plans, experts have warned, as part of an effort to increase revenue in the next budget.
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May 27, 2025
IMF Issues Warning On UK Gov't Pension Consolidation Plans
U.K. government plans to consolidate smaller pension funds into larger megafunds may reduce competition in the sector and would benefit from enhanced oversight by the retirement savings watchdog, the International Monetary Fund said Tuesday.
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May 27, 2025
Railpen Sells Pension Administration Arm To Broadstone
British pensions adviser and administrator Railpen said it has sold its third-party pension administration business to financial services consultancy Broadstone.
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May 27, 2025
Russian Businessman Loses Bid To Block UK Asset Seizure
A London judge ruled Tuesday that it is "not in the interest of justice" to halt creditors trying to enforce a Russian court's judgment against a Russian businessman while he lives in the U.K.
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May 27, 2025
Picturehouse Wins Insurance Fee Battle With Landlord
A London court has ordered the owner of a property in Piccadilly Circus to repay more than 拢640,000 ($870,000) it overcharged tenant Picturehouse Cinemas by loading insurance premiums for the premises with top-end broker commissions for the landlord to pocket.
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May 27, 2025
DWF Teams Up With Verisk To Provide Services To Insurers
The legal and business services provider DWF LLP announced Tuesday it has teamed up with U.S. risk management company Verisk in a partnership they hope will drive down insurers' costs and increase operational efficiency in the insurance sector.
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June 03, 2025
M&A Rainmaker Returns To A&O Shearman From Skadden
Allen Overy Shearman Sterling has rehired a prominent dealmaker as a partner, as the London-based firm moves to strengthen its transatlantic mergers and acquisitions team.
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May 27, 2025
JPMorgan Unit Fined For Failing To Disclose Key Data
The French electricity and gas markets regulator said Tuesday that it has fined a German subsidiary of JPMorgan Chase & Co. 鈧500,000 ($568,000) because it failed to identify all its clients when energy prices soared in France.
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May 27, 2025
Slaughter And May-Led Bain Invests 拢120M In UK Finance Biz
U.S. investment business Bain Capital has taken a stake worth nearly 30% in The Openwork Partnership for 拢120 million ($163 million) after winning backing from the City watchdog, the British financial adviser said Tuesday.
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May 23, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Nestl茅 hit with an intellectual property claim by a pet insurance company, VTB Capital bring a breach of contract lawsuit against J.P. Morgan Securities, and Soci茅t茅 G茅n茅rale's former chief executive face litigation from an Italian entrepreneur.
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May 23, 2025
Investment Manager Accused Of Hiding 'Disastrous' Losses
A London-based investment manager has been sued for more than 鈧8.1 million ($9.2 million) over its allegedly reckless and high-risk handling of a trust's money and fraudulent covering-up of the resulting "disastrous" losses.
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May 23, 2025
Accounting Firm Says Business Partner Embezzled 拢850K
An accounting firm has accused a business partner of embezzling at least 拢850,000 ($1.1 million), telling a London court that there was a conspiracy to harm the business.
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May 23, 2025
Pension Admin Staff Threaten Strike Over Capita Takeover
A union for public sector workers said Friday that it is balloting members for strike action after it claimed it was locked out of negotiations ahead of a takeover of the administration of civil service pensions by professional services company Capita.
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May 23, 2025
Compensation Program Shaves 拢38M Off Finance Firms' Levy
The Financial Services Compensation Scheme has shaved 拢38 million ($51.3 million) off its levy on regulated firms, because it expects a fall in claims during the 2025/26 financial year.
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May 23, 2025
Nationwide To Merge Virgin Money, Clydesdale Bank Boards
Nationwide Building Society said Friday it has changed course and will now combine the boards of Virgin Money and Clydesdale Bank to simplify the business, nearly nine months after its 拢2.9 billion ($3.9 billion) acquisition of Virgin completed.
Expert Analysis
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Insights From FRC's Report On Good Corporate Governance
Although the Financial Reporting Council鈥檚 recent report on private companies opting to follow the Wates principles has identified improvements, it is important for organizations to provide transparent disclosures and avoid boilerplate, tickbox filings, says Tessa Hastie at BCLP.
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What To Know About The UK Overseas Funds Regime
The U.K.鈥檚 overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
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Takeaways From SRA Consumer Protection Review
While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on 鈥渄istortion鈥 in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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What Updated Guide Means For Jersey's Private Funds
The Jersey Financial Services Commission's recent updates to the Jersey Private Fund Guide clarify existing provisions and introduce new requirements for fund managers, service providers and investors, demonstrating a clear commitment to maintaining Jersey's reputation as an attractive jurisdiction for investment, say lawyers at Walkers Global.
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The Road Ahead For Tokenized Investment Funds In The UK
With an HM Treasury working group expected to release the final phase of a road map for tokenized investment funds by the end of the year, Andrew Tsang and Tom Bacon at BCLP discuss the advantages for investors and fund administrators, the proposed model for implementation, and what the regulatory landscape may look like.
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Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.
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.
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A Look At UK, EU And US Cartel Enforcement Trends
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.
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Testing The Limits Of English Courts' Pro-Arbitration Stance
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鈥 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.
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What Green Claims Directive Proposal Means For Businesses
With the European Union鈥檚 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.
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拢43M Legal Bill Case Shows Courts' View On Exchange Rates
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.
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Examining The EU's New Payments Services Package
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 Krist媒na Tup谩 and Karol铆na Hlavinkov谩 at Schoenherr.
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Examining The State Of Paccar Fixes After General Election
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 鈥 but the general election has created uncertainty, says Ben Knowles at Clyde & Co.
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EU Reports Signal Greenwashing Focus For Financial Sector
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.
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Opinion
Without Change, Fighting Fraud Is A Losing Battle For The UK
To successfully fight fraud cases in the U.K. 鈥 like the Russian Coms scam recently shut down by the National Crime Agency 鈥 it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country鈥檚 intelligence platforms, says Anthony Hanratty at Howard Kennedy.