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

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

New Square Chambers, March 2020

Source: www.newsquarechambers.co.uk