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Financial Services UK
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July 14, 2025
Wealth Manager Sues For £4.5M Over Failed Investment Deal
A Swiss wealth manager has sued a U.K. company for 5 million Swiss francs ($6.3 million), saying that it failed to return its investment after a share purchase deal went sideways.
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July 14, 2025
HSBC Becomes Latest Bank To Quit Net Zero Finance Group
HSBC has become the latest bank to quit a global banking coalition focused on mitigating climate change in alignment with the Paris Agreement, following multiple recent departures by lenders.
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July 14, 2025
Investment Association Urges Better Support For UK Retirees
The Investment Association has said Britain can do more to help its savers use their money more wisely once they retire, mapping out a string of proposals it said would support better outcomes in later life.
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July 14, 2025
Gov't Reforms Needed To Unlock FCA's Targeted Support Plan
The financial watchdog's planned "targeted support" program for consumers requires government legislation or guidance to remove legal obstacles to direct marketing — and regulatory experts expect the first step to come at the Mansion House address by Chancellor Rachel Reeves late on Tuesday.
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July 14, 2025
Crédit Agricole Seeks ECB Approval To Buy 20% BPM Stake
French lender Crédit Agricole said Monday that it is seeking approval from the European Central Bank to increase its stake in Italian rival Banco BPM to more than 20%.
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July 11, 2025
Deceased Financiers' Assets Tapped To Cover Thai Bank Debt
The liquidators of a collapsed Thai lender can be paid from the English assets of two deceased financiers convicted over an embezzlement scheme, after a judge held Friday the funds can go to partially cover a judgment debt totaling £60 million ($81 million).
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July 11, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen HS2 hit with a defamation claim by two ex-employees who blew the whistle on alleged under-reporting of costs, Craig Wright and nChain face legal action brought by its former chief financial officer over a fraud scheme, and pro-footballer Axel Tuanzebe bring a clinical negligence claim against his former club Manchester United F.C. Here, Law360 looks at these and other new claims in the U.K.
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July 11, 2025
City Group Asks Gov't For Light-Touch Carbon Market Regs
A financial services trade body said Friday it has asked the government for light-touch regulation of voluntary carbon and nature markets in the U.K., using existing watchdogs.
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July 11, 2025
ESMA Warns Crypto Firms To Clarify Unregulated Products
The European Union's financial markets watchdog said Friday that regulated crypto-asset service providers must make it clear to consumers which of the products and services they offer are unregulated.Â
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July 11, 2025
Ex-Insurance CEO's Wife Can't Ax £15M Asset Freeze
A London appeals court upheld a £15 million ($20.3 million) asset freeze on Friday against the wife of a former insurance company executive who is accused of cashing in on money her husband siphoned off from the business.
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July 11, 2025
Staley Tribunal Decision Could Fuel Challenges To FCA Fines
A landmark tribunal ruling that upheld the Financial Conduct Authority's ban of ex-Barclays CEO James "Jes" Staley from banking — but slashed his fine — could ultimately lead other executives with back-loaded pay packages to fight the watchdog's decisions, lawyers say.
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July 10, 2025
Rusal Can Serve Claim On Abramovich Via Oligarch's Lawyers
A London judge on Thursday approved Russian aluminum giant Rusal to serve a claim on Russian oligarch Roman Abramovich via his lawyers over alleged breaches of an agreement setting out the governance of a Russian mining company.
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July 10, 2025
UK Watchdog Investigating Deloitte, Azets Over Stenn Audits
The U.K. accounting watchdog said Thursday it has started investigations into accounting firms Azets Audit Services Ltd. and Deloitte LLP over their audit of U.K. invoice financing firm Stenn Assets, which collapsed in 2024 after a lender found suspicious transactions.
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July 10, 2025
Swiss PE Group To Buy Stake In Indian Lender For $228M
Swiss private equity shop Partners Group said Thursday that it has agreed to acquire a "significant majority stake" in Infinity Fincorp Solutions, a non-bank lender in India, for 19.5 billion Indian rupees ($228 million).
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July 10, 2025
Aegon Urges Bold Pension Reforms In Anticipated UK Review
The U.K. government should launch its pensions adequacy review as part of its annual financial services strategy announcement next week, an insurer said Thursday.
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July 10, 2025
FCA Plans Investor Rule Overhaul To Boost Capital Markets
The Financial Conduct Authority said Thursday that it will amend its client categorization rules in a bid to encourage wealthy and experienced investors to plow more cash into London's ailing equity capital markets.
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July 10, 2025
BoE Head Bailey Opposes Gov't Pension Investment Mandate
The governor of the Bank of England has said he disagrees with the idea of requiring pension funds by law to invest in U.K. assets, in an intervention that experts say could have a knock-on effect for flagship legislation for the sector.
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July 10, 2025
Clifford Chance Guides Jupiter's £100M CCLA Deal
London-listed Jupiter Fund Management PLC said Thursday that it will buy ethical investment company CCLA for £100 million ($136 million) in a bid to break into managing assets in the non-profit sector.
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July 09, 2025
Sweden Wins €60M Pension Fraud Case Against Financier
A London court has ruled that a financier defrauded the Swedish government by setting up an illegitimate investment fund that took €60.7 million ($71.1 million) from savers' pension accounts.
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July 09, 2025
British Airways Pensions Biz Unfairly Sacked Investment Exec
An employment tribunal has ruled that British Airways' pensions unit botched an investigation into a senior investment specialist over a confidential email he sent to himself during a workplace restructuring dispute, even though the employee was partly responsible for his ultimate dismissal.
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July 09, 2025
Authorities Urged To Stagger Local Gov't Pension Fixes
The U.K. government should stagger the raft of proposed fixes to the Local Government Pension Scheme so as not to overwhelm administrators, Hymans Robertson has warned, calling for expectations to be realistic.
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July 09, 2025
BoE Flags Cyber Risk Blind Spots In Stress Test
The Bank of England's regulatory arm has warned companies that financial firms are ill-prepared for a cyberattack that threatens timely settlements.
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July 09, 2025
Crédit Agricole Nets €183M In Exit From Loto Owner
French insurer Crédit Agricole said Wednesday that it has sold its remaining stake in FDJ United for approximately €183.3 million ($215 million), marking its exit from the international lottery gaming operator.
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July 09, 2025
Mastercard Unit Fined £12M Over Compliance Failures
The Bank of England said Wednesday that it has slapped an £11.9 million ($16.2 million) fine on Mastercard's U.K. payment systems operator Vocalink, in what the central bank called a first for a financial infrastructure company.
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July 16, 2025
Forsters Debuts Real Estate Funds Practice With New Hire
Forsters LLP has recruited an investment funds partner from Shoosmiths LLP to establish a new real estate funds practice in the U.K. to tap into rising client demand.
Expert Analysis
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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.
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Companies Trading In The EU Should Heed Mondelēz Ruling
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.
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Why Reperforming Loan Securitization In UK And EU May Rise
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.
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What French Watchdog Ruling Means For M&A Landscape
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.
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New Directors' Code Of Conduct May Serve As Useful Guide
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.
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Exploring The EU's Draft Standards On Crypto Authorization
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.