Category: financial regulation

E-money and online payment institutions: when it all goes wrong – Radcliffe Chambers

Posted July 28th, 2021 in administrators, banking, chambers articles, computer programs, financial regulation, insolvency, news by sally

‘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.’

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The Guardian, 14th July 2021

Source: www.theguardian.com

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

Posted July 6th, 2021 in fees, financial regulation, financial services ombudsman, fraud, news, solicitors by sally

‘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.’

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BBC News, 28th June 2021

Source: www.bbc.co.uk

Financial watchdog bans crypto exchange Binance from UK – The Independent

Posted June 28th, 2021 in cryptocurrencies, financial regulation, financial services ombudsman, news by tracey

‘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.’

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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.legislation.gov.uk

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

Posted April 23rd, 2021 in arbitration, computer programs, consultations, cryptocurrencies, financial dispute resolution, financial regulation, news by sally

‘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

Posted April 21st, 2021 in advertising, consumer protection, financial regulation, financial services ombudsman, fraud, internet, news by tracey

‘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

Posted April 15th, 2021 in artificial intelligence, banking, data protection, financial regulation, news, standards by sally

‘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.’

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OUT-LAW.com, 14th April 2021

Source: www.pinsentmasons.com

Charity Commission investigates Carrie Symonds’ employer – The Independent

Posted April 1st, 2021 in charities, Charity Commission, conflict of interest, financial regulation, inquiries, news by tracey

‘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.’

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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.’

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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

Posted March 5th, 2021 in banking, cryptocurrencies, divorce, families, financial dispute resolution, financial regulation, news, taxation by tracey

‘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.’

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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.’

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The Guardian, 17th December 2020

Source: www.theguardian.com

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

Posted December 14th, 2020 in appeals, banking, chambers articles, class actions, compensation, competition, consumer protection, damages, financial regulation, financial services ombudsman, news, Supreme Court by tracey

‘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.’

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Competition Bulletin from Blackstone Chambers, 11th December 2020

Source: competitionbulletin.com

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

Posted December 14th, 2020 in appeals, banking, class actions, compensation, competition, consumer protection, damages, financial regulation, financial services ombudsman, news, Supreme Court by tracey

‘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.’

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Law Society's Gazette, 11th December 2020

Source: www.lawgazette.co.uk