Lord Chancellor addresses the Cambridge Economic Crime Symposium – Ministry of Justice

‘The Lord Chancellor spoke during the 38th annual Symposium held at Jesus College, University of Cambridge – to give an update on the government’s progress and plans in relation to economic crime.’

Full speech

Ministry of Justice, 10th September 2021

Source: www.gov.uk/government/organisations/ministry-of-justice

A solid investment? – Carmelite Chambers

Posted August 31st, 2021 in consumer protection, duty of care, financial regulation, news by sally

‘Will England and Mark Watson consider the proposed new duty of care, suggested by the Financial Conduct Authority and the issues it could bring in the current climate.’

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Carmelite Chambers, 19th August 2021

Source: www.carmelitechambers.co.uk

High Court backs compensation for Provident customers – BBC News

Posted August 5th, 2021 in compensation, complaints, financial regulation, loans, news, ombudsmen by sally

‘Customers of doorstep lender Provident Financial can claim compensation for mis-sold loans after the High Court backed a partial repayment scheme.’

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BBC News, 4th August 2021

Source: www.bbc.co.uk

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”).’

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Radcliffe Chambers, 22nd July 2021

Source: radcliffechambers.com

UK watchdog will not block Provident’s compensation scheme in court – The Guardian

Posted July 15th, 2021 in compensation, consumer credit, financial regulation, loans, news by tracey

‘The UK’s financial watchdog has announced that it will not formally oppose Provident Financial’s plans for its doorstep lending unit in court, even though it has said it does not support its compensation scheme for customers who were mis-sold loans.’

Full Story

The Guardian, 14th July 2021

Source: www.theguardian.com

Court refuses to block potential claim against solicitors over fees – Legal Futures

‘The High Court has refused to issue an order to prevent a high-profile collapsed company’s investors from trying in the future to reclaim the legal fees paid by its boss in defending him from a civil claim.’

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Legal Futures, 6th July 2021

Source: www.legalfutures.co.uk

Binance: Watchdog clamps down on cryptocurrency exchange – BBC News

Posted June 29th, 2021 in cryptocurrencies, financial regulation, news by sally

‘Binance, the world’s biggest cryptocurrency exchange, has been issued a warning by the UK’s financial regulator.’

Full Story

BBC News, 28th June 2021

Source: www.bbc.co.uk

Financial watchdog bans crypto exchange Binance from UK – The Independent

‘Britain’s Financial Conduct Authority (FCA) has stated that Binance, one of the world’s largest cryptocurrency exchanges, is not permitted to undertake any regulated activity in the UK.’

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The Independent, 27th June 2021

Source: www.independent.co.uk

New Act – legislation.gov.uk

Posted June 16th, 2021 in financial regulation, legislation by tracey

Finance Act 2021

Source: www.legislation.gov.uk

Amigo Loans shares dive as high court rejects compensation cap – The Guardian

Posted May 25th, 2021 in compensation, financial regulation, loans, news, ombudsmen by sally

‘Shares in the UK sub-prime lender Amigo have plummeted on fears that the firm could collapse, after the high court refused to approve a controversial proposal to cap customer compensation claims.’

Full Story

The Guardian, 25th May 2021

Source: www.theguardian.com

New Acts – legislation.gov.uk

Posted April 30th, 2021 in cosmetic surgery, financial regulation, legislation by tracey

Botulinum Toxin and Cosmetic Fillers (Children) Act 2021

Financial Services Act 2021

Source: www.legisaltion.gov.uk

Rapid arbitration at heart of new rules for digital disputes – Litigation Futures

‘Non-court-based digital dispute resolution rules designed for novel technology such as crypto-assets, smart contracts, and blockchain applications have been published today.’

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Litigation Futures, 22nd April 2021

Source: www.litigationfutures.com

Social media sites warned over risky investment offers – The Guardian

‘The City regulator has warned social media sites that it may take action if they continue to promote risky and sometimes fraudulent investments to often inexperienced consumers.’

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The Guardian, 20th April 2021

Source: www.theguardian.com

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.’

Full Story

OUT-LAW.com, 14th April 2021

Source: www.pinsentmasons.com

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.’

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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.’

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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.’

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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