Charity Commission investigates Carrie Symonds’ employer – The Independent

‘The organisation that employs Boris Johnson’s fiancee Carrie Symonds is set to be investigated by the Charity Commission following “serious concerns” over its governance and financial management.’

Full Story

The Independent, 1st April 2021

Source: www.independent.co.uk

FCA urged to act as sub-prime lender bids to cap compensation payouts – The Guardian

Posted March 18th, 2021 in compensation, consumer protection, financial regulation, loans, news by sally

‘Consumer campaigners are urging the government and the City regulator to intervene in a rescue scheme proposed by the sub-prime lender Amigo, saying it could enrich the firm’s directors while some of Britain’s poorest borrowers miss out on up to £1bn in compensation.’

Full Story

The Guardian, 18th March 2021

Source: www.theguardian.com

FCA launches proceedings against NatWest over alleged money laundering – The Guardian

Posted March 16th, 2021 in banking, financial regulation, money laundering, news, prosecutions by tracey

‘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.’

Full Story

The Guardian, 16th March 2021

Source: www.theguardian.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.’

Full Story

Family Law week, 3rd March 2021

Source: www.familylawweek.co.uk

City watchdog halts new business at Buy2LetCars – The Guardian

Posted February 22nd, 2021 in financial regulation, financial services ombudsman, news by tracey

‘The City regulator has halted new business at a company that promises bumper returns from a car hire scheme aimed at people with poor credit ratings, prompting a backlash from the firm at the “bizarre” decision.’

Full Story

The Guardian, 21st February 2021

Source: www.theguardian.com

High Court: Law firm was not operating collective investment scheme – Legal Futures

Posted February 2nd, 2021 in amendments, conveyancing, financial regulation, fines, law firms, news by sally

‘A law firm which did the conveyancing work on two failed off-plan housing developments was not acting in a role that amounted to operating an unregulated collective investment scheme, the High Court has ruled.’

Full Story

Legal Futures, 2nd February 2021

Source: www.legalfutures.co.uk

City watchdog failed to regulate firm that lost investors’ £236m – The Guardian

Posted December 18th, 2020 in banking, financial regulation, financial services ombudsman, inquiries, news by sally

‘The UK’s financial watchdog failed to properly supervise and regulate London Capital & Finance, a mini-bond provider, before the firm collapsed and wiped out the savings of thousands of people, an independent inquiry has concluded.’

Full Story

The Guardian, 17th December 2020

Source: www.theguardian.com

Collective Actions in the Supreme Court – Competition Bulletin from Blackstone Chambers

‘The big news from today’s UK Supreme Court collective action decision in Mastercard v Merricks [2020] UKSC 51 is not only that Mr Merricks won and defeated the appeal, but that the Supreme Court approached the issues in a far more claimant-friendly way than even the Court of Appeal had done.’

Full Story

Competition Bulletin from Blackstone Chambers, 11th December 2020

Source: competitionbulletin.com

Mastercard judgment ‘lowers bar’ for collective action – Law Society’s Gazette

‘The Supreme Court’s ruling against Mastercard will make it easier for group damages claims to proceed to trial, commentators have said. However, the card issuer’s solicitors have stressed the “very unusual circumstances” of the judgment, in which justices were divided on key issues.’

Full Story

Law Society's Gazette, 11th December 2020

Source: www.lawgazette.co.uk

FCA v Arch and Others [2020] EWHC 2448 (Comm): COVID-19 business interruption insurance – 12 King’s Bench Walk

Posted November 17th, 2020 in causation, contracts, coronavirus, financial regulation, indemnities, insurance, news by sally

‘The coronavirus pandemic has led to ongoing widespread business disruption and closures with a second national lockdown commencing this week. As such, certainty over whether business can bring claims under their business interruption (“BI”) insurance policies could not be more important.’

Full Story

12 King's Bench Walk, 2nd November 2020

Source: www.12kbw.co.uk

UK to make climate risk reports mandatory for large companies – The Guardian

Posted November 10th, 2020 in climate change, company law, financial regulation, news by sally

‘Large companies and financial institutions in the UK will have to come clean about their exposure to climate risks within five years under the terms of a tougher regime announced by the chancellor, Rishi Sunak.’

Full Story

The Guardian, 9th November 2020

Source: www.theguardian.com

SONIA and the ‘Tough Legacy’ of LIBOR – Henderson Chambers

‘At the end of 2021 the London Interbank Offered Rate (LIBOR) will be discontinued. In its place the Financial Conduct Authority is proposing a different rate to become the market standard, the Sterling Overnight Index Average (SONIA). What is the impact of LIBOR’s discontinuance on regulated credit agreements? How might regulated lenders approach a transfer to SONIA? Will the Government legislate to assist with the change?’

Full Story

Henderson Chambers, 7th October 2020

Source: www.hendersonchambers.co.uk

Insurers’ decision to appeal Covid insurance test case “disgraceful” – Litigation Futures

Posted October 6th, 2020 in coronavirus, financial regulation, insurance, law firms, news by tracey

‘A law firm at the forefront of the business interruption insurance test case has described insurers’ decision to appeal the High Court ruling as “disgraceful”.’

Full Story

Litigation Futures, 5th October 2020

Source: www.litigationfutures.com

New Acts – legislation.gov.uk

Posted July 29th, 2020 in financial regulation, legislation by tracey

Finance Act 2020

Source: www.legislation.gov.uk

FCA begins case over insurers’ refusal to pay firms’ Covid-19 claims – The Guardian

‘The City regulator will on Monday begin a test case on behalf of thousands of businesses that claim they should have been paid by insurers to cover closures during the coronavirus pandemic.’

Full Story

The Guardian, 20th July 2020

Source: www.theguardian.com

Commerzbank fined £38m by UK watchdog for money-laundering failings – The Guardian

Posted June 18th, 2020 in banking, financial regulation, fines, money laundering, news by sally

‘The UK’s financial regulator has fined Commerzbank £38m for money-laundering failures, including an “out-of-control” system for checking clients.’

Full Story

The Guardian, 17th June 2020

Source: www.theguardian.com

Regulation in the time of Coronavirus by Nicola Hoskins – Broadway House Chambers

‘At the moment, the phrase “business as usual” means anything but: business unusual, we might say. For some, it means a substantial part of the operation is running remotely; others are subject to extensive furloughs and others still will be seeing a downturn in demand or cashflow from which there may be no easy recovery. This is likely to be the case even as the restrictions begin to ease: social distancing and changes in consumer behaviour may result in remote working and smaller operations for some considerable time to come. Whatever the position, businesses will still be subject to regulatory oversight which may present more challenges than usual. This article will take a brief look at some of the key points, along with some practical considerations arising.’

Full Story

Broadway House Chambers, 8th June 2020

Source: broadwayhouse.co.uk

Corona Crime – 25 Bedford Row

Posted June 4th, 2020 in coronavirus, financial regulation, fraud, news, prosecutions by sally

‘With plans across the world to gradually lift some lockdown restrictions we can expect to uncover a new wave of corporate criminal activity and organised crime at home and abroad. Criminal defence specialists Simon Pentol QC and Duncan Jones of 25 Bedford Row examine the likely trends and the focus of investigation by the authorities.’

Full Story

25 Bedford Row, 27th May 2020

Source: www.25bedfordrow.com

Financial Misconduct, the FCA and Coronavirus – Red Lion Chambers

Posted May 29th, 2020 in computer crime, coronavirus, financial regulation, fraud, news by sally

‘In view of the potential new financial risks posed by the Corona Virus pandemic, Cameron Brown QC and Sam Smart (Pupil Barrister) from Red Lion Chambers review the work of the FCA in tackling financial crime and the new challenges it may face.’

Full Story

Red Lion Chambers, 26th May 2020

Source: www.redlionchambers.co.uk

The implications for UK financial institutions and the FCA resulting from the EBA’s Report on Inquiry into Cum-Ex – 5SAH

‘The European Banking Authority’s long-awaited inquiry into dividend arbitrage trading schemes (“Cum-Ex/Cum-Cum”) and 10-point action plan to enhance the future regulatory framework – what are the implications for UK financial institutions and the Financial Conduct Authority?’

Full Story

5SAH, 13th May 2020

Source: www.5sah.co.uk