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Financial Services UK
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August 21, 2025
UK Hits Crypto Exchanges That Help Russia Evade Sanctions
The U.K. is cracking down on financial networks used by Russia to soften the blow of sanctions, including cryptocurrency exchanges, just a week after the U.S. took the same action.
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August 21, 2025
BoE Says No Urgent Need To Raise £85K APP Fraud Limit
The Bank of England called Thursday to keep the £85,000 ($114,000) limit for compulsory reimbursement of victims of authorized push payment fraud in payments made through the CHAPS settlements system at a time it is under review.
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August 21, 2025
Mediobanca Shareholders Reject €6.3B Banca Generali Deal
Italian investment bank Mediobanca SpA said Thursday that its shareholders rejected its planned €6.3 billion ($7.3 billion) bid for wealth manager Banca Generali SpA, a move that now opens it up to a hostile takeover from rival Monte dei Paschi.
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August 21, 2025
FCA Warns Firms Of Failings In Algorithmic Trading Controls
The Financial Conduct Authority said Thursday that trading companies need to address deficiencies in algorithmic trading controls, noting poor record keeping with compliance staff lacking oversight of controls.
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August 21, 2025
Aegon Boosts Buyback To €400M, Weighs Moving Base To US
Aegon NV said Thursday it is doubling its current €200 million ($233 million) share repurchase program to €400 million as the pensions and insurance specialist begins a review of plans to shift its head office to the U.S.
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August 21, 2025
Casino Biz Handed £1M Fine For Money Laundering Failures
The Gambling Commission said on Thursday that it has fined an online casino £1 million ($1.35 million) for failing to carry out appropriate assessments of money laundering and terrorist financing risk
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August 21, 2025
Appointed Reps Reform Gives FCA Bigger Enforcement Hook
The U.K. government's plans to tighten the rules for appointed representatives will give the Financial Conduct Authority a far greater enforcement hook, making the regime costlier and harder to access by the companies it is designed to support, lawyers have warned.
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August 20, 2025
Ex-Chelsea Soccer Player Ordered To Pay £466K To HMRC
A former soccer player turned ESPN pundit must pay back nearly £466,000 ($628,300) in taxes on film company investments to HM Revenue & Customs, a London tribunal ruled.
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August 20, 2025
E-Commerce Platform Accuses Nuvei Of Withholding $1.6M
An e-commerce platform has alleged that a Canadian financial technology company is wrongly withholding €1.3 million ($1.5 million) and 20.9 million Japanese Yen ($140,000) it is owed from customer purchases.
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August 20, 2025
Fewer Pension Plans Granting Inflation-Driven Increases
Fewer U.K. pension plans are giving their members discretionary increases in retirement payments, with inflation lower and changes anticipated in how surpluses will be used, Aon PLC said Wednesday.
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August 20, 2025
EU Finance Watchdog, EEA Sign Sustainability Agreement
The financial markets watchdog of the European Union said Wednesday that it has entered into an agreement with the European Environment Agency to strengthen cooperation in sustainable finance and enhance regulation across member states.
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August 20, 2025
Eversheds, LCP Guide £700M Pension Deal For Engineer ABB
The British subsidiary of global electrical engineering giant ABB Group has agreed a full-scheme pension program buy-in worth £700 million ($945 million) with Aviva PLC, the insurer said Wednesday.
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August 19, 2025
Fund Sues Trader For £10M Over Sold Shipping Investments
A Cayman Islands investment fund has alleged that a trading platform owes it at least £10 million ($14 million) for selling off its investments in shipping industry contracts.
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August 19, 2025
Athora, Brookfield Deals May Spur UK Pension Risk Appetite
A wave of consolidation among life insurers may mean deeper pockets to meet demand in the pension risk transfer market, a broker said Tuesday.
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August 19, 2025
Aviva Backs AI Broker's Bid To Tackle Underinsurance
A company that says it is Britain's first artificial intelligence-based insurance broker has said it has raised almost £1 million ($1.28 million) from investors including Aviva and a venture capital firm in a preliminary funding round.
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August 19, 2025
Bridgehaven Pens Deal To Support Solicitor Indemnity Market
British specialty insurer Bridgehaven has said it will support managing general agent Pen Underwriting and its solicitors' professional indemnity portfolio under a new partnership.
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August 19, 2025
Pensions Watchdog Says £80M Returned To Scam Victims
More than £80 million ($108 million) has been paid out to pension savers who fell victim to scams, after a landmark court victory paved the way for compensation, the U.K. retirement savings watchdog said Tuesday.
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August 19, 2025
Georgian Biz Kicks Off $50M Buyback To Reward Investors
Investment business Georgia Capital PLC launched a $50 million buyback on Tuesday to reduce its share capital and return 700 million Georgian lari ($260 million) to investors.
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August 18, 2025
Deutsche Bank, NCUA Net Partial Wins In Crisis-Era RMBS Suit
A New York federal judge has granted partial early wins to both the National Credit Union Administration board and Deutsche Bank in a long-running suit stemming from the 2008 financial crisis and concerning allegations that Deutsche Bank failed to fulfill its duties to certificate holders in several residential mortgage-backed securities trusts.
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August 18, 2025
Gov't Group Drafts Rules For Funding Transition To Net-Zero
A government-backed body proposed a series of guidelines on Monday for lenders to provide credible transition finance to companies that plan to reduce a heavy reliance on fossil fuels to meet net-zero emissions goals.
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August 18, 2025
3 Debt Collectors Shut Down For Keeping Client Funds
Three connected debt collection agencies that "systematically deceived" their clients and wrongly kept back more than £54,000 ($73,000) of client funds have been shut down, the Insolvency Service said Monday.
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August 18, 2025
Companies Told To Prepare For New Fraud Prevention Law
Large organizations must gear up for the new "failure to prevent fraud" offense that will come into force in a fortnight or prepare for an investigation, the Serious Fraud Office warned Monday.
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August 18, 2025
Investor Sells 7 Assets To Dutch Pension Biz APG For £225M
Infrastructure Investment company HICL said Monday that it has offloaded a portfolio of mostly healthcare properties in the U.K. for approximately £225 million ($305 million) to Dutch pension services giant APG.
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August 18, 2025
JB Drax Sues Exec Over Resignation In £400K Loan Dispute
A derivatives broker has accused a sales executive of resigning in breach of a £400,000 ($542,000) loan agreement and exposing it to unfair competition because he had access to sensitive information.
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August 18, 2025
UK Launches State Pension Review Amid Aging Population
The government launched its third review into the state pension age on Monday to determine how lawmakers should go about setting the age at which Britons receive retirement payments in the future.
Expert Analysis
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What To Know About The Russia-Stranded Plane Ruling
The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
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3 Notable Pensions Reforms In Spring Budget
The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Focus On Private Funds Will Boost Ireland's Global Standing
As the market increasingly pivots to private funds, Ireland's recent introduction of particular products — such as an updated, flexible European long-term investment fund — provides more structuring opportunities and paves the way for a brighter outlook in the country, say lawyers at Dechert.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
FCA Greenwashing Rules Need To Be Stronger To Be Effective
The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.
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EU Ruling Exposes Sovereignty Fissures In Int'l Arbitration
The European Court of Justice's recent ruling that the U.K. had breached EU law by allowing an arbitral award to proceed underscores the diminished influence of EU jurisprudence in the U.K., hinting at the EU courts' increasingly nominal sway in international arbitration within jurisdictions that prize legal autonomy, says Josep Galvez at 4-5 Gray’s Inn.
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Companies House False Filings Raise Issues Of Integrity
A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.
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UK Courts Continue To Struggle With Crypto-Asset Cases
Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.
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Comparing The UK And EU Approaches To AI Regulation
While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.
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Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases
The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.
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A Look At The Latest EU Alternative Investment Regulation
Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.
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Unpacking The Law Commission's Digital Assets Consultation
The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.