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Financial Services UK
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October 08, 2025
Senior Managers At Risk In FCA's £8B Motor Finance Plan
The Financial Conduct Authority's proposed £8.2 billion ($11 billion) car finance redress scheme would force senior managers of lenders to put their heads on the block by attesting that they have adequate systems to identify customers for compensation, with wrong decisions risking enforcement action by the regulator, lawyers have warned.
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October 08, 2025
Tobacco Co. Made Timely Tax Refund Claims, UK Court Rules
A British tobacco company didn't wait too long to seek repayment of taxes it mistakenly paid on foreign dividends, a U.K. appeals court ruled Wednesday, rejecting HM Revenue & Customs' contention that the claims were time-barred.
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October 08, 2025
Proxy Votes Suggest WH Ireland Deal May Fall Flat
WH Ireland said Wednesday that shareholders might not vote in favor of selling the business and some of its wealth management division assets for £1 million ($1.3 million) in cash.
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October 08, 2025
Tech Biz Says Former Exec Lied About CEO's Links To Russia
A technology company has accused a former executive in a London court of targeting its CEO with a smear campaign about his alleged ties to Russian special services and organized crime networks.
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October 08, 2025
Insurance Brokers Could Face FCA Scrutiny Over Commissions
Insurance brokers could be next to come under the regulator's microscope over how commission arrangements are structured, an expert has warned. Â
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October 08, 2025
'Finfluencers' Have To Wait Until 2027 For Trial
Three men charged with advertising unauthorized investment opportunities in foreign exchange markets on social media will have to wait at least until late 2027 for their trials, a London judge said Wednesday.
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October 08, 2025
Aegon Backs Financial Ombudsman Redress Reform
Aegon said Wednesday it "broadly" supports HM Treasury's proposed overhaul of the Financial Ombudsman Service, adding that reforms — if "carefully" implemented — could bring much-needed clarity and consistency to rulings on complaints in the U.K.
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October 08, 2025
Ex-Yellow Pages CFO Wins Costs In Baseless £1B Fraud Case
A London court has ruled that the former finance chief of Yellow Pages should have his costs covered in both criminal and review proceedings stemming from a private prosecutor's unfounded allegations that the boss oversaw a £1 billion ($1.3 billion) fraud.
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October 08, 2025
Brown & Brown Expands UK Reach With Medical Broker Buy
The European arm of Brown & Brown Inc. has bought British medical insurance broker All Medical Professionals Ltd. — its latest in a line of acquisitions of a U.K. insurer.
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October 08, 2025
Charity Gifts In Wills Hit £1B As Estates Swerve Tax Bills
The value of charitable gifts left in people's wills climbed to £980 million ($1.3 billion) in the last financial year to April, as more Britons used philanthropy to reduce inheritance tax bills, London law firm TWM Solicitors LLP said Wednesday.
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October 07, 2025
FCA Says Lenders Will Pay Out £8B For Motor Finance Scandal
The Financial Conduct Authority released a proposed industry-wide program under consultation on Tuesday to compensate motor finance customers treated unfairly between 2007 and 2024, which it estimates will pay out £8.2 billion ($11 billion) in redress.
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October 07, 2025
Nick Candy Admits Looking Stupid Over Alleged €5M Fraud
Property entrepreneur Nick Candy admitted that he "looks stupid" after being allegedly deceived by a dotcom-era investor into putting money in a failed social media startup, as he gave evidence on the first day of a €5 million ($5.8 million) trial.
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October 07, 2025
Dubai Financial Adviser Can't Get 'Citizen By Invitation' TM
European officials have rejected financial consultancy Arton Advisors Management Consultancy LLC's trademark application for the phrase "Citizenship by Invitation," ruling the mark is descriptive and lacks distinctiveness.
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October 07, 2025
EU Financial Firms Call For More Competitive Share Clearing
Europe's cash equities clearing system is ripe for further reform even as the region gears up for faster settlement cycles and greater capital-market integration, the trade body for financial institutions in the region warned on Tuesday.
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October 07, 2025
Quinn Client Fights To Shield Firm From Ex-Staffer's Abuse
A client of Quinn Emanuel asked a London appeals court on Tuesday to prevent a former employee from sending abusive messages to the firm's lawyers in a case that was set to test a novel area of law.Â
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October 07, 2025
US Consolidator Acquires London-Based Insurance Co.
Bishop Street Underwriters said Tuesday it has bought London-based managing general agent Avid Insurance Services Ltd., marking the American insurance company's second acquisition of a U.K. insurance business in 2025.
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October 07, 2025
KPMG Fined By FRC For 'Serious' Failings In Audit Of Retailer
The accounting watchdog said Tuesday that it has hit KPMG and one of its partners with a £711,000 ($952,000) fine for "serious" failings in an audit of an online retailer — the latest in a series of penalties imposed by the regulator.
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October 07, 2025
BoE Governor Backs Pension Plans To Boost UK Biz Growth
The governor of the Bank of England has said he is a "strong advocate" for plans by the Labour government to direct pension scheme capital toward British business, despite having warned against proposals that would mandate specific investments.
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October 06, 2025
SFO Stands By Ex-Deutsche Bank Trader's Fraud Conviction
The Serious Fraud Office said Monday that the conviction of a former Deutsche Bank AG trader for conspiring to rig a benchmark interest rate remains safe even after the U.K.'s highest court overturned similar cases of two former bankers earlier this year.
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October 06, 2025
Lending Platform Ordered To Pay Laid-Off Staffers £100K
An employment tribunal has ordered a lending platform to pay a total of £100,617 ($135,566) to four claimants it had made redundant, ruling in four separate cases that the staffers were dismissed in breach of their contracts.
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October 06, 2025
Regulators Crack Down On Misleading Motor Finance Ads
The Financial Services Authority said Monday it has joined forces with the Solicitors Regulation Authority and other watchdogs to stop misleading advertising by claims management companies and law firms working on motor finance claims.
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October 06, 2025
Lloyds Pushes To Slash £1.3B Arena TV Fraud Claims To £50M
Lloyds Bank PLC and its Bank of Scotland PLC subsidiary sought at a London court hearing on Monday to slash "extravagant" claims worth a combined £1.3 billion ($1.7 billion), brought by failed broadcast equipment companies at the center of fraud allegations.
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October 06, 2025
Linklaters Fails To Toss Fintech Investor's Negligence Case
Linklaters lost an attempt on Monday to strike out a claim brought by a financial technology investor that the Magic Circle firm had negligently failed to spot a "large-scale fraud" against a company that the investor had acquired.
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October 06, 2025
Former Petrobras Exec's $7.7M Asset Fight Delayed To 2026
The challenge brought by a former Petrobras executive to the seizure from him by the Serious Fraud Office of $7.7 million will continue in 2026 to allow additional information about related Brazilian proceedings to be gathered, a London court ordered on Monday.
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October 06, 2025
FCA Survey Highlights Firms' Frustration With Data Demands
The Financial Conduct Authority has revealed some rising industry concerns about its performance, including excessive supervisory correspondence and unnecessary data requests, as it published its latest annual Practitioner Panel survey.
Expert Analysis
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What New UK Listing Rules Mean For Distressed Companies
The Financial Conduct Authority’s recently published overhaul of U.K. listing rules makes it easier for advisers to restructure distressed listed companies, and in moving to a more disclosure-based approach, simplifies timelines and increases opportunities for investors, say Kate Stephenson and Sarah Ullathorne at Kirkland & Ellis.
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AI Reforms Prompt Fintech Compliance Considerations
With the EU Artificial Intelligence Act's Aug. 1 enforcement, and the U.K.'s new plans to introduce AI reforms, fintech companies should consider how to best focus limited resources as they balance innovation and compliance, says Nicola Kerr-Shaw at Skadden.
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Irish Businesses Should Act Now To Prepare For EU AI Act
Artificial intelligence is increasingly transforming the Irish job market, and proactive engagement with the forthcoming European Union AI Act, a significant shift in the regulatory landscape for Irish businesses, will be essential for Irish businesses to responsibly harness AI’s advantages and to maintain legal compliance, say lawyers at Pinsent Masons.
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EU Investment Fund Standards Offer Welcome Clarity
The European Commission’s recently published regulatory technical standards for long-term investments, which granted managers greater flexibility with respect to open-ended European long-term investment funds, should help managers active in the space navigate the mandatory liquidity requirements for long-term investment funds, say Zac Mellor-Clark and Nishkaam Paul at Fried Frank.
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Unpacking The New Concept Of 'Trading Misfeasance'
In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.
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Key Takeaways From Proposed EU Anticorruption Directive
The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.
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How Regulation Of Tech Providers Is Breaking New Ground
The forthcoming EU regulation on digital operational resilience and the U.K. critical third-party regime, by expanding the direct application of financial services regulation to designated technology providers, represent a significant development that is not to be underestimated, say David Berman and Emily Lemaire at Covington.
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What EU Net-Zero Act Will Mean For Tech Manufacturers
Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.
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Complying With EU Commission's Joint Purchasing Rules
One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.
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Tips For Implementing EU Sustainability Reporting Guidance
Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
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Why Ukraine Aircraft Insurance Case Failed To Take Off In UK
In Aercap v. PJSC Insurance, the High Court decided the claimants could not avoid an exclusive jurisdiction clause and advance their case in England rather than Ukraine, and the reasoning is likely to be of relevance in future jurisdiction disputes, say Abigail Healey and Genevieve Douglas at Quillon Law.
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Labour's 'Fresh Approach' To Tackling Financial Crime
Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.
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Unpacking Pressures, Trends Affecting Global Supply Chains
A recent HSBC report reveals a number of trends and challenges for global supply chains in the current uncertain geopolitical landscape, and with constant emerging opportunities, companies that can stay informed, be proactive and adapt to change will be well positioned to succeed, says Michelle Craven-Faulkner at Shoosmiths.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.
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What New UK Labour Gov't Is Planning For Financial Services
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.