The whistleblowing bankers who were sent to jail – BBC News
‘Two traders jailed for rigging interest rates were the original whistleblowers of the scandal, the BBC has learned.’
BBC News, 1st March 2022
Source: www.bbc.co.uk
Category: banking
Russian oligarchs in UK face new laws tackling ‘dirty money’ – The Guardian
‘Boris Johnson has said that Russian oligarchs will no longer have a hiding place for their “ill-gotten gains” in the UK under legislation being introduced in parliament this week.’
The Guardian, 28th February 2022
Source: www.theguardian.com
Sex Worker Wins Anonymity In Landmark Case – Each Other
‘A member of United Sex Workers (USW), the union for sex workers, has been granted anonymity in her case against SumUp, a major card-payment machines provider. This is a significant win in a landmark case challenging financial discrimination against sex workers.’
Each Other, 4th February 2022
Source: eachother.org.uk
Treasury plans crackdown on ‘misleading’ cryptocurrency ads – The Guardian
‘The government has unveiled plans to crack down on misleading cryptocurrency ads by making them subject to the same regulations as marketing for other financial products such as shares and insurance.’
The Guardian, 18th January 2022
Source: www.theguardian.com
Standard Chartered fined £46.5m by Bank of England for misreporting liquidity – The Independent
‘The Bank of England has fined banking giant Standard Chartered £46.55 million for misreporting its liquidity position and controls failures.’
The Independent, 20th December 2021
Source: www.independent.co.uk
National Lottery scratch card fraud: Men jailed over £4m jackpot claim – BBC News
‘Two men who bought a National Lottery scratch card using stolen debit card details and then tried to claim the £4m jackpot they revealed have been jailed.’
BBC News, 14th December 2021
Source: www.bbc.co.uk
Natwest fined £264m after taking deposits of laundered cash in bin bags – The Guardian
‘NatWest has been fined more than £264m for anti-money-laundering failures that involved black bin liners stuffed full of cash being deposited, and sums so large that one branch’s two floor-to-ceiling safes proved “inadequate” for storing it all.’
The Guardian, 13th December 2021
Source: www.theguardian.com
Banks forced to refund fraud victims – Daily Telegraph
‘Banks will be forced to refund fraud victims who transfer money to scammers under Government-backed plans to make repayments compulsory.’
Daily Telegraph, 19th November 2021
Source: www.telegraph.co.uk
Mishcon fined £25,000 over football transfer payments – Law Society’s Gazette
‘London firm Mishcon de Reya has been fined £25,000 by the Solicitors Disciplinary Tribunal for failing to prevent payments being made into and from the client account to pay third parties involved in football transfers.’
Law Society's Gazette, 29th October 2021
Source: www.lawgazette.co.uk
City giant to face trial over alleged conflicts of interest – Legal Futures
‘City giant Hogan Lovells only achieved partial success in a bid for summary judgment over complaints that it had multiple conflicts of interest while acting for a Ukrainian tycoon.’
Legal Futures, 25th October 2021
Source: www.legalfutures.co.uk
Banks must treat victims of scams more fairly, says UK complaints body – The Guardian
‘Banks need to do more to treat people fairly when they are the victim of scams, according to the UK financial sector’s official complaints body, which is finding in the customer’s favour in three-quarters of such cases.’
The Guardian, 24th September 2021
Source: www.theguardian.com
E-money and online payment institutions: when it all goes wrong – Radcliffe Chambers
‘The 2007-2008 financial crisis and the devastating reminder that banks were not immune from failure, brought about a raft of regulatory changes designed to protect customers and the wider economy. These included, if all else failed, bespoke administration procedures for banks, building societies and investment banks contained within the Banking Act 2009 (“BA 2009”).’
Radcliffe Chambers, 22nd July 2021
Source: radcliffechambers.com
‘Time to buy’ bitcoin adverts banned in UK for being irresponsible – The Guardian
‘An ad campaign telling the public that “it’s time to buy” bitcoin has been banned after the advertising watchdog ruled that it was irresponsible and misleading.’
The Guardian, 26th May 2021
Source: www.theguardian.com
Appeal dismissed despite ‘inexcusable’ 34-month wait for ruling – Law Society’s Gazette
‘The Court of Appeal has dismissed an appeal made on the basis that the ruling in question was handed down 34 months after the conclusion of the trial.’
Law Society's Gazette, 21st May 2021
Source: www.lawgazette.co.uk
Freshfields report into bank rape allegations not covered by privilege – Law Society’s Gazette
‘A report prepared by magic circle firm Freshfields into the alleged rape of a bank employee was not covered by legal privilege, according to an employment tribunal ruling that has now been made public.’
Law Society's Gazette, 21st April 2021
Source: www.lawgazette.co.uk
The challenges with data and AI in UK financial services – OUT-LAW.com
‘Financial services businesses should review the way they procure, manage and use data, and consider whether specific new processes need to be developed, to implement artificial intelligence (AI) systems in a way that customers trust, is effective and meets legal and regulatory standards.’
OUT-LAW.com, 14th April 2021
Source: www.pinsentmasons.com
FCA launches proceedings against NatWest over alleged money laundering – The Guardian
‘The City watchdog has begun criminal proceedings against the taxpayer-owned lender NatWest for allegedly failing to prevent money laundering, the first prosecution brought under money laundering regulations introduced in 2007.’
The Guardian, 16th March 2021
Source: www.theguardian.com
High Court: restructuring plans are ‘insolvency proceedings’ – OUT-LAW.com
‘A recent High Court decision on the legal status of a UK statutory restructuring plan may impact on the way in which these proceedings are viewed by European courts post-Brexit.’
OUT-LAW.com, 12th March 2021
Source: www.pinsentmasons.com
Money for Nothing? Crypto-assets and their Implications in Matrimonial and Private Client Work – Family Law Week
‘Helen Brander, barrister of Pump Court Chambers, considers the current treatment by the courts and taxation authorities of crypto-assets.’
Family Law week, 3rd March 2021
Source: www.familylawweek.co.uk
Women earn two-thirds less than men in top finance roles – report – The Guardian
‘Female directors at the UK’s largest financial services firms earn on average two-thirds less than their male counterparts, new research shows, underlining the pay gap that still exists between men and women at the highest levels in the financial sector.’
The Guardian, 1st March 2021
Source: www.theguardian.com
