Crypto specialists cautiously welcome regulation plans – Law Society’s Gazette

‘Specialist lawyers have cautiously welcomed the chancellor of the exchequer’s announcement that so-called stablecoins – cryptoassets with a value pegged to that of a conventional fiat currency – are to “be brought within the scope of regulation”. The announcement is part of a package of measures, including the promise of a Royal Mint “non fungible token” (NFT), to make the UK “a global hub for cryptoasset technology and investment”.’

Full Story

Law Society's Gazette, 7th April 2022

Source: www.lawgazette.co.uk

Three million dead can be part of Mastercard action – Law Society’s Gazette

Posted March 10th, 2022 in class actions, consumer credit, domicile, fees, financial regulation, news, ombudsmen by tracey

‘Around three million now-dead people can continue to be part of a mammoth group action against Mastercard after the Competition Appeal Tribunal today ruled that anyone living in the UK when the claim form was filed should be part of the class.’

Full Story

Law Society's Gazette, 9th March 2022

Source: www.lawgazette.co.uk

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.’

Full Story

The Guardian, 28th February 2022

Source: www.theguardian.com

New Acts – legislation.gov.uk

2021 c. 34 – Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021

2021 c. 33 – Critical Benchmarks (References and Administrators’ Liability) Act 2021

2021 c. 35 – Armed Forces Act 2021

Source: www.legislation.gov.uk

Banks forced to refund fraud victims – Daily Telegraph

Posted November 19th, 2021 in banking, compensation, consumer protection, financial regulation, fraud, news by tracey

‘Banks will be forced to refund fraud victims who transfer money to scammers under Government-backed plans to make repayments compulsory.’

Full Story

Daily Telegraph, 19th November 2021

Source: www.telegraph.co.uk

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.’

Full Story

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.’

Full Story

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”).’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

The Independent, 1st April 2021

Source: www.independent.co.uk