On 2 July 2025, the FCA published its long-awaited proposed next steps on addressing non-financial misconduct (NFM) in financial services. In a joint Consultation Paper and Policy Statement (CP25/18), the regulator is...more
7/3/2025
/ Code of Conduct ,
Corporate Misconduct ,
Employee Misconduct ,
Employees ,
Employment Policies ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Guidance Update ,
Joint Policy Statements ,
Joint Statements ,
Policy Statement ,
Professional Misconduct ,
Proposed Rules ,
Regulatory Reform ,
Regulatory Requirements ,
UK
The regulator has dropped its proposed “public interest” test, but will take certain aspects of its proposals forwards.
On 3 June 2025, the FCA published its final policy (PS25/5) on announcing enforcement...more
Welcome to our Litigation 2024 Year in Review and 2025 Outlook. In this report, we examine the legal trends that have shaped the commercial landscape in Europe and the UK and explore how these developments are likely to...more
2/11/2025
/ Arbitration ,
Class Action ,
Competition ,
Contract Disputes ,
Corporate Governance ,
Cryptocurrency ,
Data Privacy ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
Financial Institutions ,
Insolvency ,
Litigation Strategies ,
Mergers ,
Regulatory Reform ,
UK ,
Whistleblower Protection Policies ,
Whistleblowers
The regulator has significantly rowed back on aspects of the proposals following industry and government feedback.
On 28 November 2024, the FCA published revised proposals for announcing enforcement investigations....more
The data provides important insights to assist firms with their ongoing work in this area.
On 25 October 2024, the FCA published the results of a survey on non-financial misconduct it undertook earlier in the year...more
10/28/2024
/ Corporate Misconduct ,
Data Collection ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Harassment ,
Insurance Industry ,
Remuneration ,
Sexual Harassment ,
Surveys ,
UK ,
Whistleblowers ,
Workplace Violence
Proposed rule would be implemented by statute and would give primacy to parties’ choice of governing law and jurisdiction.
There is at least a tentative consensus in English law that cryptocurrencies and other digital...more
The Sexism in the City report highlights key issues affecting women in financial services and sets out a number of recommendations to address them.
On 8 March 2024, the House of Commons Treasury Committee published its...more
3/15/2024
/ Banking Sector ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employment Policies ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Information Reports ,
Pay Equity Laws ,
Pay Gap ,
Prudential Regulation Authority (PRA) ,
Sexual Harassment ,
UK
The FCA plans to streamline its approach to enforcement and publicise investigations at an early stage.
On 27 February 2024, the FCA published a Consultation Paper (CP24/2) on its proposed new approach to publicising...more
For parties to securities claims, a recent ruling clarifies that representative actions under CPR 19.8 do not oust the High Court’s jurisdiction to case manage such claims.
The Commercial Court has struck out the first...more
A recent ruling confirms judicial discretion to stay proceedings and instruct parties to seek non-court-based alternatives to litigation.
The UK Court of Appeal has ruled that the court has the authority to stay...more
The FCA’s long-awaited regime seeks to raise standards, increase consumer understanding, and reduce instances of greenwashing.
On 28 November 2023, the FCA published its Policy Statement (PS23/16) containing final rules on...more
The FCA and the PRA have published their long-awaited consultations which aim to formalise how firms approach diversity and inclusion.
On 25 September 2023, the FCA and the PRA published separate but related consultation...more
10/2/2023
/ Compliance ,
Compliance Monitoring ,
Consultation ,
Corporate Governance ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Proposed Regulation ,
Prudential Regulation Authority (PRA) ,
UK ,
Willful Misconduct
The Court held that banks do not owe this duty to customers deceived into instructing their banks to transfer money to fraudsters.
On 12 July 2023, the UK Supreme Court handed down its highly anticipated judgment in...more
The US decision reminds UK companies and their officers to identify and report red flags about misconduct in the workplace.
Certain shareholders of McDonald’s Corporation (the Company) sued David Fairhurst, the Company’s...more
3/7/2023
/ Corporate Culture ,
Corporate Officers ,
Delaware General Corporation Law ,
Fiduciary Duty ,
McDonalds ,
Oversight Duties ,
Responsible Person Liability ,
Shareholder Litigation ,
Shareholders ,
UK ,
Willful Misconduct
Many sectors, including financial services, have encountered a discernible increase in whistleblows in recent times — a trend that shows no signs of abating. Indeed, some whistleblowers have seen fit to publicise their...more
PE firms face growing regulatory and litigation risks from greenwashing claims as they navigate a fragmented anti-greenwashing landscape.
Amid concerns of exaggerated or misleading sustainability claims, the UK Financial...more
1/30/2023
/ Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Greenwashing ,
Investors ,
OECD ,
Portfolio Companies ,
Private Equity ,
Private Equity Firms ,
Reputation Management ,
Risk Alert ,
Sponsors ,
Sustainability ,
Sustainable Business Practices ,
UK
The FCA stated that the perpetrator’s character is key to non-financial misconduct investigations, which suggests a mismatch with recent case law.
In last year’s Frensham case, the Upper Tribunal considered how relevant...more
The FCA’s latest report into D&I highlights the need for additional metrics, social mobility, firm culture, staff development, data quality, and systematic strategies.
In 2021 and 2022, the FCA carried out a survey of...more
The FCA has long since regarded non-financial misconduct as potentially relevant to the integrity and reputation elements of a regulated individual’s fitness and propriety. While not formally defined, non-financial misconduct...more
The Court of Appeal decision, which considered standard form wording and the “mandatory” nature of US sanctions laws, upholds a High Court ruling exempting a borrower’s non-payment of interest, albeit on different...more
Buyout firms planning an acquisition or preparing a portfolio company for exit must consider the impact of poor corporate culture, particularly on a potential IPO.
No institution, whatever its geography, industry, sector,...more
In a leading case, the Court examined the extent of the duty of care that a bank owes to its customers when executing their orders.
On 30 October 2019, the UK Supreme Court dismissed Daiwa’s appeal in the case of...more
11/4/2019
/ Appeals ,
Banking Sector ,
Breach of Duty ,
Dismissals ,
Duty of Care ,
Fiduciary Duty ,
Financial Crimes ,
Fraud ,
Public Policy ,
UK ,
UK Supreme Court
High Court ruling acknowledges the extraterritorial effect of US secondary sanctions.
In the recent case of Lamesa Investments Ltd v. Cynergy Bank Ltd [2019] EWHC 1877 (Comm), the High Court found that US secondary...more
The new code aims to avoid customers being penalised for fraudsters’ actions.
Estimates indicate that fraudsters stole £1.2 billion from UK bank accounts in 2018 — a 16% increase on the previous year....more