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Banking Sector Corporate Governance United Kingdom

A&O Shearman

Executive directors “knowingly concerned” in bank’s breach of the UK listing rules

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The UK Upper Tribunal (Tax and Chancery) has upheld the Financial Conduct’s Authority’s (FCA) decision to take action against two former executives of a bank for being “knowingly concerned” in the bank’s breach of the listing...more

BCLP

Upper Tribunal Ruling in the Case of Craig Donaldson and David Arden (Metro Bank)

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The Upper Tribunal has upheld the FCA’s decision that the CEO and CFO of Metro Bank were knowingly concerned in the Bank’s breach of the Listing Rules....more

A&O Shearman

PRA consults on updated supervisory expectations to manage climate-related risks

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The Prudential Regulation Authority (PRA) has issued a consultation paper (CP10/25) and draft updates to the supervisory statement 3/19. The consultation aims to enhance supervisory expectations on the management of...more

A&O Shearman

Not just another drop in the ocean: Thames Water and developments in restructuring plans since Adler

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In this alert, we take a look at some of the principal points arising from the Court of Appeal’s judgment in respect of the Thames Water restructuring plan, as well as the broader state of play for restructuring plans in the...more

A&O Shearman

PRA fines former notified non-executive director of Wyelands Bank

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The UK Prudential Regulation Authority (PRA) has fined a former non-executive director of Wyelands Bank GBP72,000 for failing to act with due skill, care and diligence in connection with regulatory failings previously...more

A&O Shearman

UK bankers' remuneration reform: proposed relaxation of deferral and retention rules in focus

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PRA and FCA proposals to simplify bankers’ remuneration rules would relax certain key restrictions on bankers’ variable pay, giving banks more flexibility in remuneration design and improving their recruitment potential....more

A&O Shearman

FCA publishes review of liquidity risk management at wholesale trading firms

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The UK Financial Conduct Authority (FCA) has published observations on good and poor liquidity risk management practices from its multi-firm review of wholesale trading (sell-side) firms in scope of the Investment Firms...more

A&O Shearman

UK bankers' remuneration reform: individual accountability

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The PRA and FCA have proposed new rules to integrate the UK’s remuneration regime and accountability regime under the SMCR more closely, including a requirement for firms to consider adjusting MRTs’ variable pay (using malus...more

A&O Shearman

Silicon Valley Bank UK Limited Compensation Scheme Order 2025 published

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The Silicon Valley Bank UK Limited Compensation Scheme Order 2025 (SI 2025/83) has been published, together with an explanatory memorandum. The order confirms in law that no compensation is due to the persons who held shares...more

A&O Shearman

UK Prudential Regulation Authority response to HM Treasury November 2024 letter on remit and recommendations

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HM Treasury has published a letter (dated December 18, 2024) from Andrew Bailey, BoE Governor, in his role as Chair of the Prudential Regulation Committee. In the letter, Mr Bailey sets out the response of the PRC to HMT's...more

A&O Shearman

UK bankers’ remuneration reform: MRT proposals in focus

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PRA and FCA proposals to revamp bankers’ remuneration rules would reduce the number of in-scope material risk takers (MRTs), while enabling more MRTs to benefit from proportionality exclusions. Banks would have greater...more

A&O Shearman

UK Prudential Regulation Authority responds to Government on enhancing sustainable economic growth

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The Prudential Regulation Authority has published a letter (dated January 15, 2025) from Sam Woods, PRA Deputy Governor and CEO, to the Government setting out the actions the PRA has taken, and will take, with a view to...more

A&O Shearman

UK Prudential Regulation Authority writes to domestic and international banks on its 2025 supervisory priorities

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The Prudential Regulation Authority has published a Dear CEO letter outlining its supervisory priorities for 2025 for domestic banks and international banks and large investment firms. The PRA's key areas of focus for 2025...more

Skadden, Arps, Slate, Meagher & Flom LLP

PRA and FCA Offer New Guidance on How Changes in Control Will Be Assessed

On 1 November 2024, the UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published a joint policy statement (PS 18/24) on the prudential assessment of acquisitions and increases in control. The...more

Skadden, Arps, Slate, Meagher & Flom LLP

The UK and EU Bank Remuneration Regimes Begin To Diverge

In the aftermath of the 2007-09 global financial crisis, the G20 nations committed to reforming bank remuneration frameworks in response to criticism that excessive risk-taking at banks incentivised by poorly structured pay...more

A&O Shearman

Global M&A Insights Q4 2024

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Welcome to the latest edition of M&A Insights, where we bring together partners from across the A&O Shearman network to explore the themes shaping global dealmaking. The election of Donald Trump as President is expected to...more

A&O Shearman

Global M&A Insights Q4 2024 - introduction

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In our biannual M&A trends report we explore the possible impact of the new U.S. administration on dealmaking, the dynamics of transatlantic M&A, private equity exits, and Mario Draghi’s proposals to reshape the European...more

A&O Shearman

UK FCA proposals to publicise enforcement investigations: Unanswered questions remain

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Last week, the UK Financial Conduct Authority (FCA) unveiled a 'Part 2' consultation paper detailing a revised version of its controversial proposals to publicly name firms under enforcement investigation. This development...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Informed Board - Summer 2024

Across industries, companies are facing new and uncertain regulatory pressures and demands in areas including artificial intelligence, sustainability, algorithmic pricing and fintech-bank relations. In this issue of The...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investing in Fintechs – Navigating the UK Regulatory Approval Process

As the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consider feedback to their consultation on guidance regarding the UK change-in-controller regime (consultation paper 25/23), we provide a...more

Conyers

Beyond the Betrayal: Navigating Strategies for Victims of APP Fraud

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Authorised Push Payment (“APP”) fraud, where victims are tricked into authorising payments to fraudsters, resulted in losses of £485.2m in 2022 and is reported to have risen by 22% in 2023. With consumer protection laws...more

A&O Shearman

D&I in FS: how to get a head-start on the FCA and PRA proposals

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This is the last post in our series on the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) proposals to introduce a new regulatory framework on diversity and inclusion (D&I) in the financial...more

Skadden, Arps, Slate, Meagher & Flom LLP

2024 Insights: Corporate Trends

Global M&A Activity Endures Headwinds in 2023 and Displays Resilience Going Into 2024 - Despite market headwinds, dealmakers have looked to carveouts, spin-offs, joint ventures and other creative deal structures to engage...more

A&O Shearman

UK regulators expectations on governance and DI within financial services firms

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The recent proposals from the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on diversity and inclusion (D&I) include proposals in respect of governance and oversight within in-scope firms....more

A&O Shearman

D&I as a non-financial risk: considerations for control functions

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Proposals from the UK financial regulators aimed at improving diversity and inclusion (D&I) in the UK financial services sector include an explicit expectation for all in-scope firms to consider a lack of D&I as a...more

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