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”.’

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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.’

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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.’

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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.’

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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.’

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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.’

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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?’

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5SAH, 13th May 2020

Source: www.5sah.co.uk

FCA warns banks not to put pressure on clients during Covid-19 crisis – The Guardian

‘The City watchdog is cracking down on UK banks that have been preying on corporate clients seeking financial help during the Covid-19 crisis.’

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The Guardian, 28th April 2020

Source: www.theguardian.com

Bitcoin: The Future of Money? – St Paul’s Chambers

Posted April 29th, 2020 in banking, chambers articles, financial regulation, internet, news by sally

‘Cryptocurrency: The Future of Money? Bitcoin is just one of many cryptocurrencies (internet currency). It’s not the first but it’s the first that works and the one that’s caught everyone’s attention. As with any currency comes regulation and in light of the rise of Bitcoin in recent years, it’s important to consult a Bitcoin lawyer if seeking advice in cryptocurrency law, regarding Bitcoin law.’

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St Paul's Chambers, 24th April 2020

Source: www.stpaulschambers.com

Further Consumer Credit Debt Moratorium – Henderson Chambers

Posted April 28th, 2020 in consumer credit, coronavirus, debts, financial regulation, news by sally

‘Following last week’s moratorium imposed by the Financial Conduct Authority in relation to credit card debts, overdrafts and personal loans, the FCA is imposing a similar moratorium on hire-purchase (annoyingly referred to by the trendy term ‘rent-to-own’), high-cost short-term credit (payday loans), buy-nowpay-later deals (BNPL) and pawn agreements.’

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Henderson Chambers, 24th April 2020

Source: 3yf6pp3bqg8c3rycgf1gbn9w-wpengine.netdna-ssl.com

Three Month Moratorium on Consumer Credit Debts – Henderson Chambers

‘The Covid-19 crisis has led the Financial Conduct Authority to issue authoritative guidance to consumer credit lenders which will oblige them to grant a three month moratorium on debts and to reduce interest costs.’

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Henderson Chambers, 9th April 2020

Source: 3yf6pp3bqg8c3rycgf1gbn9w-wpengine.netdna-ssl.com

Corporate failure to prevent abuses – Law Society’s Gazette

‘While debate rumbles on over the extension of ‘failure to prevent’ offences into the broad spectrum of financial crime, including fraud and money laundering, some have called for their introduction into an altogether different sphere: human rights.’

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Law Society's Gazette, 6th April 2020

Source: www.lawgazette.co.uk

An Introduction to Cryptocurrency – New Square Chambers

Posted March 25th, 2020 in chambers articles, duty of care, financial regulation, news, taxation, trusts by sally

‘The first thing to say is that you should learn as much about holding and transacting with cryptocurrencies as you have time for.’

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New Square Chambers, March 2020

Source: www.newsquarechambers.co.uk

Thoughts on financial regulation in the time of Covid-19 – 11 KBW

‘This note sets out some thoughts and information on the current crisis.’

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11 KBW, 19th March 2020

Source: www.11kbw.com

FCA: credit card firms must stop suspending all users in debt spiral – The Guardian

Posted February 4th, 2020 in consumer credit, debts, financial regulation, interest, news by sally

‘Britain’s financial watchdog has warned credit card firms against the blanket suspension of cards of consumers who are stuck in a debt spiral, telling them to reduce or waive interest and other charges instead.’

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The Guardian, 3rd February 2020

Source: www.theguardian.com

Consumer Credit Act must be modernised urgently, says trade body – OUT-LAW.com

‘The next UK government must act urgently to bring consumer credit laws up to date, a trade body has said. The Finance and Leasing Association (FLA) said that lenders were prevented by the Consumer Credit Act (CCA) from stepping in to help customers in financial difficulty quickly enough, while requiring them to send “old fashioned and severely worded letters”.’

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OUT-LAW.com, 13th December 2019

Source: www.pinsentmasons.com

FCA New Approach to Claims Management Regulation – St Pauls Chambers

‘In April 2019, the FCA (Financial Conduct Authority) became the new regulator of Claims Management businesses (CMCs). At the same time, the Financial Ombudsman Service became responsible for resolving customer disputes about CMSs. In June 2018, the FCA issued a consultation paper (CP 18/15) which proposed a new Claims Management: Conduct of Business Sourcebook [CMCOB] and to apply relevant parts of the existing FCA Handbook.’

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St Pauls Chambers, 28th November 2019

Source: www.stpaulschambers.com

Environmental Law Podcast – November 2019 – Six Pump Court

Posted November 26th, 2019 in environmental protection, financial regulation, news, nuisance, pollution by sally

‘The latest monthly environmental law news podcast presented by Christopher Badger and Mark Davies in association with LexisPSL, is now available.’

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Six Pump Court, 22nd November 2019

Source: www.6pumpcourt.co.uk

The CumEx trading scandal: What are the implications for the UK? – 5SAH

Posted November 26th, 2019 in financial regulation, news, shareholders, tax avoidance, taxation by sally

‘“CumEx” is a controversial dividend arbitrage stock trading practice currently under investigation in several European jurisdictions with, to date, limited involvement from the UK authorities. It allegedly caused significant losses to various EU treasuries, which are currently engaged in civil proceedings, regulatory settlements and criminal proceedings, including against two former London traders who are currently on trial for tax fraud in Germany.’

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5SAH, 19th November 2019

Source: www.5sah.co.uk