Financial Services UK

  • 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.

  • March 04, 2025

    BNY Tries To Escape £93M Nationwide, A&O Negligence Case

    Bank of New York Mellon on Tuesday asked a London court to dismiss Allen Overy Shearman Sterling's claims that the bank negligently caused Nationwide Building Society to face a £93 million ($118 million) tax bill by mishandling the issuance of notes.

  • March 04, 2025

    UK Financial Ombudsman Reports Jump In Complaints

    Complaints to the Financial Ombudsman Service spiked almost 42% in the third quarter of 2024 compared to the same period the previous year, with grievances about bank cards, insurance and automobile hires the most common, a survey published Tuesday said.

  • March 04, 2025

    New Pension Standards Need Improvement, Trade Body Says

    The Financial Reporting Council's proposed changes to the actuarial rules used in the retirement savings sector are welcome but introduce additional requirements that should be avoided, a pensions trade body said Tuesday.

  • March 04, 2025

    FCA Bans Ex-Credit Suisse Execs Linked To 'Tuna Bond' Case

    The City watchdog said Tuesday that it has banned two former Credit Suisse executives from U.K. financial services for lack of integrity after they were convicted in the U.S. for arranging corrupt loans to Mozambique.

  • March 04, 2025

    Verdane Ends £315M Offer Talks For Team Internet

    Swedish investment manager Verdane on Tuesday said it has backed out of talks to make a £315 million ($401 million) offer for British software company Team Internet Group PLC.

  • March 04, 2025

    Socialite Acquitted Over £200M Money Laundering Plot

    Socialite James Stunt was acquitted on Tuesday over his alleged involvement in an operation to launder £200 million ($254 million) of criminal money into gold. Four other men were convicted. 

  • March 03, 2025

    Investor To Pay £2M For 'Unashamed' Software Copying

    An investment firm must pay over £2.1 million ($2.7 million) in damages for "unashamedly misappropriating" a software developer's application designed to help the elderly care industry, a London court ruled Monday.

  • March 03, 2025

    UK Pensions Watchdog Calls For Improved Scheme Data

    The Pensions Regulator said Monday it has launched a strategy to help the retirement savings industry digitalize more data to help inform savers and product designers.

  • March 03, 2025

    Brookfield Launches In UK To Tap Pension Buyout Demand

    North American investment giant Brookfield Corp. said Monday it is poised to enter the U.K. pension transfer market, amid an increasing number of retirement savings plans offloading their liabilities to insurers.

  • March 03, 2025

    Ex-Barclays Trader Loses Fight To Redo Sexism Payout Fight

    A tribunal has tossed a bid by a former Barclays analyst for a review of her £50,000 ($63,500) payout for sex discrimination and a failure to accommodate her disabilities, ruling that it did not botch its original decision.

  • March 03, 2025

    Moving Shares Amid Fraud Claim Was Valid, Ex-Director Says

    A former director of a food products supplier has denied giving shares in a construction company to his wife and associates in the face of allegations of fraud and misrepresentation, saying that it was a "reasonable and commercial" reallocation of assets.

  • March 03, 2025

    AXA Launches €1.2B Share Buyback After Profit Gain

    AXA SA on Monday kick-started a program to repurchase up to €1.2 billion ($1.25 billion) worth of its own shares, after the French insurance giant unveiled a "very strong performance" for its 2024 financial year.

  • March 03, 2025

    Pension Insurer Utmost Appoints Schroders For £400M Book

    Utmost Life and Pensions has appointed Schroders to act as asset manager for its retirement portfolio, after the insurer entered the bulk purchase annuity market last year.

  • March 03, 2025

    Investec Bank Demands Pair Of Businessmen Pay £22M Debt

    Anglo-South African lender Investec Bank PLC has sued two "high net worth" individuals in London, claiming they failed to pay almost £22 million ($28 million) under loan agreements.

  • March 03, 2025

    Ex-Barclays CEO Banned For Lies, Not Epstein Ties, FCA Says

    The finance watchdog said at the start of a trial in London on Monday that it was concerned about James "Jes" Staley's personal relationship with Jeffrey Epstein but that it banned the former Barclays boss for lying — not for his choice of friends.

  • February 28, 2025

    Illegal Crypto ATM Operator Sentenced To 4 Years In Prison

    A London judge sentenced a businessman to four years' imprisonment on Friday for illegally operating a network of crypto ATMs and producing fake documents to hide his involvement, saying his actions were "deliberate, carefully planned and thoroughly dishonest."

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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