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New legislation laid out in the King's Speech on Wednesday included the government's plans for a bill to strengthen trading ties with the European Union alongside an Enhancing Financial Services Bill in the next 12 months, but lawyers warn that the scope remains limited with potential unexpected consequences.
New powers that put companies on the chopping block for crimes committed by their executives dramatically expand corporate liability to include a wider array of offenses, which businesses already struggling with "compliance fatigue" have barely begun to grapple with, lawyers say.
Legal challenges to the Financial Conduct Authority's motor finance redress scheme fired off this week to the Upper Tribunal will lead to long delays, with some legal experts already doubting whether the cases can be argued successfully.
A recent court ruling that expands legal advice privilege to cover some internal corporate communications gives companies greater scope for withholding sensitive material but is likely to prompt challenges over whether those documents meet the test for protection, lawyers say.
A Danish financier and his company can't appeal a decision over a tax bill of over £866,000 ($1.2 million) despite his claim that they face a 200% tax rate, a London tribunal ruled, saying he had no good reason for missing a previous appeal deadline.
A Lloyd's unit fought Wednesday to overturn a decision that it should pay $3.7 million under a mortgagee policy to cover losses when a cargo ship struck a mine in Ukrainian waters, arguing that the lender's losses actually stemmed from the vessel's fake war risks coverage.
Sweden's financial services regulator said Wednesday that it had hit Ikano Bank AB with a 140 million Swedish kronor ($14.9 million) fine for violating anti-money laundering regulations.
More than 30 major businesses and institutions including H&M, Heineken and a university have sued Visa at a London court, alleging that the payment card company's fees and rules restricted competition and drove up prices.
Defined contribution pension assets could exceed £1 trillion ($1.34 trillion) by 2031 and overtake defined benefit plans as the dominant form of private-sector retirement wealth by the end of the decade, an insurance technology company said Wednesday.
The government has said it will carry out a review of legislation following a £1.2 billion ($1.6 billion) transaction in which asset manager Aberdeen PLC took over a pension plan from Stagecoach, a transport operator.
The former director of a media company told Britain's top court Wednesday that he should not be forced to buy out a minority shareholder after he obstructed the sale of the business, claiming he believed delaying a sale was in its best interests.
Wealth manager Rathbones said Wednesday it has launched a share buyback worth up to £20 million ($26.8 million) after the completion in February of its first-ever £50 million stock repurchase program.
Britain's top court ruled on Wednesday that deferred pay distributed to individual partners at a foreign exchange trading firm must be taxed as income, giving a win to HM Revenue and Customs in its challenge to the company's remuneration structure.
The accounting regulator said on Wednesday that it will go ahead with proposals to improve its approach to enforcement, setting out new options such as publishing cases it has pursued, which it said would offer it a "broad and more flexible range of routes to resolution."
Wealth manager Rathbones Group PLC said Tuesday that it has paused onboarding new clients that require enhanced due diligence after a regulatory review identified areas of improvement for its consumer duty implementation and certain compliance, oversight and assurance arrangements.
Fitch Ratings secretly adjusted its credit rating models in the run-up to the 2008 financial crisis to generate artificially high credit ratings for complex debt investments, motivated by a desire to grow its revenues, an investment firm said in its latest claim against a major rating agency.
The government said Tuesday that it will review whether legislation that forces employers to test the quality of their workplace pension programs is still providing the appropriate safeguards to retirement savers.
The Bank of England acknowledged on Tuesday that the success of Britain's new captive insurance regime will depend on it being transparent and cost-effective as it draws up long-awaited regulations for the emerging sector.
The financial regulator has said it plans to hike the fines it imposes on individuals for misconduct following a series of legal setbacks that slashed its sanctions against senior executives.
Germany said Tuesday that it formally rejects "the aggressive approach" taken by Italy's UniCredit SpA as it pushes to increase its stake in domestic lender Commerzbank AG.
Italian lender UniCredit SpA on Monday rejected statements by Commerzbank AG raising doubts about the response of its shareholders to UniCredit's merger proposal, saying it has contacted Germany's Federal Financial Supervisory Authority, or BaFin, over what it called a "relentless dissemination of inaccurate and misleading information" by its German takeover target.
Real estate investment giant CBRE has hit back at allegations that it had wrongly withheld rental income from the owner of the Finance Tower in Belgium on the basis of a "biased" valuation of the skyscraper obtained by lenders who pressured surveyors.
A company director has been sentenced to four years in prison for diverting more than £3 million ($4 million) through an insolvency fraud and money laundering scheme, the Insolvency Service said.
The company at the center of the ongoing public sector pensions crisis will miss a government-imposed deadline to restore service by the end of June, a union said Monday.
Technology and telecoms companies should be forced to join banks in compensating consumers for payment fraud, the body representing financial institutions in the U.K. said on Monday, as it revealed that criminals stole £1.28 billion ($1.72 billion) in 2025.
Britain's audit watchdog has said it wants new financial reporting experts to join its working group designed to shape accounting standards in the U.K. and Ireland.
The government said Monday that it has appointed three new members to the board of the pensions watchdog in a move to bolster its leadership ahead of sweeping reforms that are set to reshape the retirement sector.
More than three-quarters of savers stop putting money into a pension when they become self-employed, the Institute for Fiscal Studies has said, amid continued concern over the "urgent challenge" of retirement savings inadequacy in the U.K.
A Chinese businessman suspected of financial crime linked to his U.K. property interests lost a bid on Friday to force a London Stock Exchange Group unit to explain how his name appeared on a database of high-risk individuals.
The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies early on during regulatory probes.
The government's new draft legislation, which will give banks longer to investigate suspicions of fraud before they send payments instructed by customers, will create a wave of new legal liabilities and lead to regulatory hurdles, according to lawyers.
The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.
While the nonequity partner model may offer law firms' management flexibility and be a genuine stepping stone for lawyers in some organizations, at others the tier functions more as an extended holding pattern whose uncertainty can cause frustration for ambitious lawyers, say Filippo Falchi and Portia White at Major Lindsey.
Series
David Berman, Covington's head of EMEA financial services, discusses how he perceived a gap in the market for practical financial regulatory advice, the challenges of advising Egypt on its new banking law, and how firms that neglect artificial intelligence governance do so at their peril.
The European Union’s forthcoming review of the Foreign Subsidies Regulation, revealing reassuringly low intervention rates but a burdensome prenotification process, offers the European Commission a timely opportunity to address genuine distortions and be more proportionate in its demands on market participants, say lawyers at Dechert.
The European Union's recently adopted anti-corruption directive does not transform compliance requirements overnight, but it will establish a minimum harmonization framework addressing substantive offenses, corporate liability and sanction levels across member states once national legislation is in place, say Katharina Humphrey, Karla Böltz and Maximilian Schach at Gibson Dunn.
The Bank of England’s recent decision to relax parts of its proposed framework for sterling-backed stablecoins balances innovation with financial stability, and will help the U.K. remain competitive with crypto markets across the globe, says Thomas Cattee at Gherson.
The European Parliament’s recent adoption of the new foreign direct investment regulation represents a major shift from the European Union's current regime, replacing a voluntary fragmented system with a mandatory baseline for screening and introducing procedural requirements that will bring greater consistency across member states, say lawyers at Covington.
Although the European Union is progressing with newly implemented regulations for alternative investment fund managers, the U.K. is leveraging post-Brexit flexibility to review its regulatory framework, marking a potential divergence between the two regimes, say lawyers at Skadden.
The recent U.K. Supreme Court judgment in Kession Capital v. KVB Consultants, turning on the construction of Section 39 of the Financial Services and Markets Act 2000, sets an important precedent in elucidating a Financial Conduct Authority-authorized person's responsibility for its appointed representative's activities, say lawyers at Signature Litigation.
Recent fraud allegations involving private credit borrowers raise compliance red flags for lenders, who must recognize that financial and collateral verification is an essential safeguard as failures in underwriting and monitoring infect the broader market, say Michael Bresnick at Venable and Brian Mich at Control Risks Group.
The recent High Court ruling in Aabar Holdings v. Glencore PLC confirms that legal privilege can extend to intraclient communications, materially improving the position of companies that design investigations carefully, define legal channels properly and maintain discipline in their internal communications, says Nicolas Groffman at Harligan.
Series
Studying Italian and Japanese has shown me that learning a new language can benefit a legal career in several ways, including by demonstrating the importance of approaching problems from a fresh perspective and the value of practicing patience with colleagues and clients, says Anna King at Genworth Financial.
While the ongoing changes to the senior managers and certification regime to streamline processes and remove certain restrictions are welcome, the scheme has worked well overall since its 2016 inauguration, and firms’ compliance and risk management-thinking have shown a marked improvement, say lawyers at Faegre Drinker.
A recent Institute of Chartered Accountants' article highlights a growing trend of requests to extend going concern assessment periods to 15 months or more, potentially leading to auditors assuming a duty of care to third parties, say lawyers at RPC.
Two draft delegated regulations recently published by the European Commission give effect to the Omnibus I simplification, highlighting a consistent policy direction: fewer companies in scope, later and lighter obligations, and explicit protections for smaller value chain counterparties, say lawyers at MoFo.
Anthropic’s recent announcement that Claude Mythos, an AI general-purpose language model, could soon enable virtually anyone to exploit vulnerabilities in major web browsers and operating systems marks an imminent increase in threat levels that current defense cybersecurity regulations were not designed to navigate, say attorneys at Fluet.
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