Financial Services UK

  • June 26, 2025

    Audit Watchdog Sets New Guidance For 'Black Box' AI

    Britain's accounting watchdog warned Thursday in new guidance on using artificial intelligence in audits that the opacity of AI models makes it crucial for firms to document how they are controlled.

  • June 26, 2025

    Gov't Mulls Mandating Climate Plans From Banks, Insurers

    Large banks and insurance companies in Britain could be forced to develop and publish a strategy for how they plan to align their business with global climate targets under proposals floated by the U.K. government.

  • June 26, 2025

    PIC Inks £900M Pension Deals For Energy Tech Biz

    Pension Insurance Corp. PLC said Thursday that it has completed buy-ins with three plans sponsored by Baker Hughes Co., a global energy technology business, covering liabilities worth £900 million ($1.2 billion).

  • June 26, 2025

    Staley Fails To Overturn FCA Ban Over Epstein Ties

    Former Barclays boss James "Jes" Staley lost his bid to overturn the Financial Conduct Authority's ban for allegedly lying about his ties to Jeffrey Epstein on Thursday as a London tribunal found he intentionally misled the watchdog's inquiry into their relationship.

  • June 25, 2025

    Class Certified In Suit Over Oil Market's Historic Price Crash

    A Chicago federal judge has certified a class of futures traders who claim Vega Capital London Ltd. and 12 of its traders caused a historic oil crash with an aggressive price manipulation scheme that resulted in oil futures going negative for the first time, saying the plaintiffs have met all the requirements for certification.

  • June 25, 2025

    Sanctioned Co. Director Convicted Of Failing To Give Info

    A sanctioned company director was convicted in a criminal court in London on Wednesday of failing to adequately respond to a request for information by the U.K.'s sanctions agency.

  • June 25, 2025

    EU Watchdog Pushes To Expand Digital Asset Program

    The European Union's market watchdog advised lawmakers Wednesday to make a pilot scheme for tokenizing securities on digital ledger technology more flexible for investors and permanent.

  • June 25, 2025

    EU Insurers Push For Simplified Cybersecurity Regulation

    A trade body for European insurers urged the European Commission on Tuesday to streamline the bloc's potentially counter-productive rule book on cybersecurity and digital resilience to help reduce duplication as the compliance burdens on the sector increase.

  • June 25, 2025

    EFG Unit To Buy 75% Stake In NZ Investment Firm For $41M

    Global private banking group EFG International AG said Wednesday that its Australian subsidiary Shaw and Partners Financial Services has agreed to acquire 75% of New Zealand-based investment firm Investment Services Group for 67.5 million New Zealand dollars ($40.6 million).

  • June 25, 2025

    FCA Floats Mortgage Rule Changes To Aid Homebuyers

    The Financial Conduct Authority suggested changes to its mortgage rules on Wednesday to make it easier to lend to first-time homebuyers and others, in a drive to boost property ownership.

  • June 25, 2025

    Adviser Wren Sterling Expands In Scotland With Acquisition

    Financial and pensions advisory business Wren Sterling said Wednesday that it has acquired City Financial (Aberdeen) Ltd., expanding its presence in Scotland.

  • June 25, 2025

    Sweden Fines Diagnostics Co. $1.25M For Market Abuse

    Sweden's financial watchdog has fined a medical diagnostics company 12 million Swedish kronor ($1.25 million) for breaching European Union regulations on market abuse following an investigation into its handling of insider information, the company revealed on Wednesday.

  • June 25, 2025

    ECB Clears Monte Dei Paschi's €13.3B Mediobanca Deal

    Italian lender Monte dei Paschi said Wednesday that the European Central Bank has waved through its €13.3 billion ($15.4 billion) proposed takeover of rival Mediobanca SpA, ramping up consolidation in the country's banking sector.

  • June 24, 2025

    Irwin Mitchell Can't Ax Pension Fraud Negligence Claim

    A London court on Tuesday denied Irwin Mitchell's bid to scrap a professional negligence suit against a firm it merged with in 2015, but ruled Irwin Mitchell itself is not liable for the advice given to a pensioner in the wake of alleged fraud.

  • June 24, 2025

    Solicitor Denies Inducing Trust To Invest £5.8M In His Firm

    A solicitor has denied fraudulently inducing a family trust into investing £5.75 million ($7.84 million) into a company he part owned that became insolvent, arguing the trust made its own assessment to become involved in the "low risk" project.

  • June 24, 2025

    VietJet Air Loses Bid To Ax $181M Plane Lease Dispute Ruling

    A Vietnamese budget airline lost its fight to overturn a decision that it is liable to pay an investment company $181 million for failing to make aircraft leasing payments when a London court ruled Tuesday that the notices served to terminate the leasing deals were valid.

  • June 24, 2025

    Fintech Accuses JP Morgan Of Waging 'Proxy War' In Greece

    Fintech company WeRealize accused J.P. Morgan on Tuesday of waging a legal "proxy war" against its directors in Greece to prevent it from purchasing the investment bank's stake in a payments startup joint venture.

  • June 24, 2025

    Broker's Costs Cut By £3M Over 'Vague' Trade Secrets Case

    A London court has slashed an investment broker's recoverable costs by half to £3.3 million ($4.5 million) despite previously upholding its claim that a hedge fund and consultant took its trade secrets, ruling that the firm increased costs "at every turn."

  • June 24, 2025

    Groups Urge EU To Trim Sustainable Finance Reporting Rules

    Top global financial services industry trade bodies have urged European lawmakers in its review of the Sustainable Finance Disclosure Regulation to cut duplication with other sustainability reporting rules and reflect derivatives more clearly.

  • June 24, 2025

    Treasury Official Tapped As Interim Pensions Regulator Chair

    The government has revealed Civil Service veteran Kirstin Baker as the next interim chair of Britain's retirement savings watchdog.

  • June 24, 2025

    Danish Pensions Fintech Biz Expands Into UK Market

    Festina Finance, a Danish financial technology company, said it has begun fully operating its retirement savings platform for administrators of British pension plans.

  • June 23, 2025

    Trafigura Beats Dubai Bank Unit's 'Cynical' $21M Fraud Case

    Trafigura on Monday defeated a claim by a subsidiary of Dubai's Rasmala Investment Bank alleging that the commodities trader tricked it into providing $21 million to pay off another company's debts, with a London court ruling the trader was not part of the deception.

  • June 23, 2025

    Luxembourg Lender Sues Urbas For €189M Over Unpaid Debt

    A credit provider has alleged that a Spanish real estate development group owes it more than €189 million ($218 million) over an unpaid loan, and said the group's companies have deliberately misrepresented their payment and debt obligations.

  • June 23, 2025

    EU Fund Managers Could See Simplified Data Reporting

    The European Union's financial watchdog on Monday released proposals to simplify how asset managers report data to regulators.

  • June 23, 2025

    Investors Say Hargreaves Ignored Woodford Fund's Problems

    Thousands of investors who lost out when Neil Woodford's fund collapsed in 2019 have sued asset manager Hargeaves Lansdown, saying the firm kept the fund on its prestigious Wealth List long after it should have known it was headed for administration.

Expert Analysis

  • What New UK Labour Gov't Is Planning For Financial Services

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    Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.

  • Companies Trading In The EU Should Heed Mondelēz Ruling

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    The European Commission’s recent €337.5 million fine of Mondelēz is the latest decision targeting restrictions on EU cross-border trade, and serves as a warning to companies active in the region to check their contracts and practices for illegal restraints, and to perform audits to ensure compliance, says Matthew Hall at McGuireWoods.

  • Why Reperforming Loan Securitization In UK And EU May Rise

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    The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.

  • What French Watchdog Ruling Means For M&A Landscape

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    Although ultimately dismissed due to lack of evidence, the French competition authority’s recent post-closing review of several nonreportable mergers is a landmark case that highlights the increased complexity of such transactions, and is further testament to the European competition authorities’ willingness to expand their toolkit to address below-threshold M&As, say lawyers at Cleary.

  • New Directors' Code Of Conduct May Serve As Useful Guide

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    Although the Institute of Directors’ current proposal for a voluntary code of conduct is strongly supported by its members, it must be balanced against the statutory requirement for directors to promote their company’s success, and the risk of claims by shareholders if their decisions are influenced by wider social considerations, says Matthew Watson at RPC.

  • Exploring The EU's Draft Standards On Crypto Authorization

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    The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.

  • How FCA Guidance Aligns With Global Cyberattack Measures

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    The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.

  • Takeaways From Regulators' £61.6M Citigroup Trading Fine

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    Following the Financial Conduct Authority and Prudential Regulation Authority’s recent significant fining of Citigroup for its catastrophic trading error, and with more enforcement likely, institutions should update their controls and ensure system warnings do not become routine and therefore disregarded, says Abdulali Jiwaji at Signature Litigation.

  • Factors For London Cos. To Consider If Adding US Listings

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    Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.

  • Assessing The Energy Act 2023, Eight Months On

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    Although much of the detail required to fully implement the Energy Act 2023 remains to be finalized, the scale of change in the energy sector is unprecedented, and with the U.K. prioritizing achieving net-zero, it is likely that developments will continue at pace, say lawyers at Paul Hastings.

  • Opinion

    Why Timing Makes UK Libor Judgments Controversial

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    The recent U.K. Court of Appeal decision in the R v. Hayes and Palombo appeal against Libor convictions demonstrates that had U.K. regulators probed with the facts known today, civil claims in all jurisdictions would be dismissed and a decadelong wasted investigation should be put to rest, says Charles Kuhn at Clyde & Co.

  • Tips For Orgs Using NDAs In Light Of New UK Legislation

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    The recent passage of the Victims and Prisoners Act follows a crackdown on the misuse of nondisclosure agreements, but although NDAs are not prohibited and regulators recognize their legitimate justification, organizations relying on them must be able to clearly explain that justification if challenged, say attorneys at Macfarlanes.

  • What Alternative Fuel Proposals Mean For EU Infrastructure

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    The European Union’s proposed Alternative Fuels Infrastructure Facility, covering activities in the transport sectors supporting the decarbonization process, sets ambitious standards regarding the deployment of adequate supply infrastructure and offers new funding opportunities for port operators and shipowners, says Christian Bauer at Watson Farley.

  • Continuation Funds: What You Need To Know

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    As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.

  • EU Anti-Greenwashing Guide Analyzed For Fund Managers

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    Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.

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