Home / Europe / United Kingdom / Financial Services & Regulation

Financial Services & Regulation

The daily challenges you face in doing business in a highly regulated, cost-pressured environment mean you need advisers who have an unparalleled understanding of the regulators’ expectations and are commercial, practical and industry savvy.

With leading practices in the UK’s two biggest financial services centres, London and Edinburgh, our team combines wholesale and retail, contentious and non-contentious expertise across banking, insurance, asset management and financial intermediation. You can be assured we understand the regulatory context in which you operate and recognise the importance of finding commercial solutions.

Our specialist regulatory lawyers advise retail and wholesale financial services firms on managing regulatory risk and resolving and avoiding regulatory action and disputes.

Having represented firms in over 400 regulatory investigations and enforcement proceedings, our team combines knowledge of regulated businesses with a clear understanding of what the regulators require.

We use that experience to help clients manage and grow their businesses through the development of new products, services and distribution channels.

RegZone is our award winning online guide to financial services and reform. It provides news, expert analysis, research tools, training and access to events. Register for free to receive a personalised service to your inbox.

“The team functions incredibly well as a whole. I feel CMS’s knowledge of what we do, our approach and the wider industry overall is exceptional.”

Chambers UK 2022, Financial Services

“They are a hugely practical and pragmatic team. They're very sensible, get to the heart of the issues efficiently and have a deep understanding of the market.”

Chambers UK 2022, Financial Services
Law-Now: Financial Services & Regulations
Visit Law-Now for legal know-how and commentary
07/11/2023
Future of Finance: preparing for the future of financial services
Finance and the regulation of finance has never been so complex, fast moving or fragmented. While firms are coming to terms with regulatory divergence and the ever increasing pace of reform, the wider context in which they are operating has radically changed. The emergence of generative artificial intelligence has jolted the industry awake to the risks and opportunities of new technologies, while digital assets, CBDCs, tokenisation and blockchain settlement promise to deliver radical change in the coming years. Firms must prepare and ensure that they can keep up with the pace of innovation and regulatory change.  CMS is a trusted adviser to both the world’s leading financial institutions and fast-growing market entrants, providing cutting-edge advice and helping clients to navigate regulatory change. Our Future of Finance hub brings together our latest briefings and thought leadership on the emerging issues that matter. Please contact your usual CMS contact or any member of the team referred to on the hub if you would like to discuss any of these issues further.
Advising the Board

Feed

19/03/2024
HM Treasury launches consultation on improving the effectiveness of the...
HM Treasury (“HMT”) has launched a consultation (the “Con­sulta­tion”) on improving the effectiveness of Money Laundering Regulations 2017 (“MLRs”). The Consultation follows HMT’s 2022 review...
18/03/2024
Financial Services Webinars On Demand
Click here to view recordings of CMS financial services we­binars avail­able on de­mand. We­binars are a convenient way to stay informed and hear from our legal experts. medium
14/03/2024
Next Generation Financial Services networking
 We are hosting our first Next Generation Financial Services networking event from 5pm on Thursday 14 March in our CMS London office. As part of this event, we will be sharing our thoughts and insights on the latest regulatory developments, followed by the opportunity to connect and discuss further over drinks and canapes. The event is aimed at junior/mid-level professionals (i.e. non-partner level) and will provide a great opportunity to connect, share insights and expand professional networks. If you are interested in attending, or you know junior/mid-level professionals who may be interested, the registration link is below.
11/03/2024
UK Cryptoasset Regulation – 2023 developments and what’s to come in 2024...
2023 will be remembered as the year the cogs of the UK legislative and regulatory machine finally began to crank meaningfully into gear in relation to cryptoassets, with a raft of legislation, consultations...
11/03/2024
CMS advises Flagstone on £108m investment from Estancia Capital Partners
International law firm CMS has advised fintech company Flagstone on a £108m investment from US private equity firm Estancia Capital Partners. Launched in 2015, Flagstone has grown to become the UK’s...
07/03/2024
The new UK Private Intermittent Securities and Exchange System or “PISCES”...
On 6 March 2024, the UK Government published a consultation relating to a new type of share trading platform, referred to as a “Private Intermittent Securities and Exchange System” or “PISCES”. ...
06/03/2024
FCA sends Dear CEO letter to firms in warning over money laundering failings
The Financial Conduct Authority (“FCA”) has sent a Dear CEO letter (the “Letter”) to Annex 1 Firms warning them about common failings found in their ability to prevent money laundering, terrorist...
29/02/2024
UK FCA proposals to publicly announce investigations could be detrimental...
With every new director of enforcement and market oversight at the Financial Conduct Authority (FCA), there is a step change in the way the regulator approaches enforcement cases.Under the FCA's former...
29/02/2024
Lexology Masterclass: The future of AI in financial services, where innovation...
On 29 February, our CMS Regulatory team and NextWave hosted a Lexology Masterclass on the future of AI in financial services. The webinar is now available on demand for anyone who wants to learn more or revisit the session. Our special thanks to Tony Clark, CEO of NextWave for joining the CMS team, and sharing his own practical examples of AI use cases in the financial services sector. If you are interested in hearing more from him and staying updated on the latest trends and developments in the sector, please sign up here. In this webinar, we offered practical insights into how financial institutions are navigating the AI landscape, and looked at the challenges to regulating AI, how firms are approaching AI and how they can leverage existing technologies. The masterclass covered specific regulatory concerns for financial institutions, while showcasing noteworthy AI use cases to provide concrete examples of successful integration and innovation. In this masterclass, you will:Explore the UK’s approach to AI regulation, contrasting it with US, EU and China strategies and identify the current challenges from diverse jurisdictional approaches. Delve into regulatory concerns and challenges for financial in­sti­tu­tions. Gain insights into successful AI use cases, providing practical examples of integration and innovation. Understand how financial institutions approach AI, evaluating readiness and discussing potential regulatory governance frameworks. Examine the future of AI in finance, while we analyse trends, advancements, and the evolving regulatory landscape. If there are specific topics you'd like to discuss further, please do feel free to contact any of us. Our details are listed below. For more information on AI and related topics, please visit the CMS or NextWave’s AI dedicated sites. How do you use AI - NextWaveAI in Financial Services - CMS
27/02/2024
Law Commission’s draft Digital Assets Bill – welcome news for the UK
Following an extensive consultation and publication of its final report in June 2023, the Law Commission has now published its draft Digital Assets Bill (the “Bill”). The Bill is designed “to ensure...
21/02/2024
A User's Guide to the EU AI Act
The UK and Israel are both EU-adjacent nations with innovative and tech-savvy businesses that will be keen to understand how artificial intelligence and automation will unlock opportunities and further their ambitious growth plans. This webinar will cover why the EU AI Act exists, what it means and how to practically approach compliance with the Act.
19/02/2024
Financial Services Webinars On Demand
Use the below link to view recordings of CMS financial services we­binars avail­able on de­mand. We­binars are a convenient way to stay informed and hear from our legal ex­perts. me­di­um