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

‘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

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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

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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

‘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

FCA to ban promotion of mini-bonds to small investors – The Guardian

Posted November 26th, 2019 in advertising, financial regulation, internet, news by tracey

‘The City watchdog is to ban the promotion of speculative mini-bonds to small investors after facing severe criticism over its handling of the collapse of London Capital & Finance.’

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The Guardian, 26th November 2019

Source: www.theguardian.com

Hawala: why it is used and what family practitioners should know about it – Family Law Week

‘Byron James, Partner and Head of Expatriate Law in Dubai, explains the challenges presented to family lawyers by the effective method of anonymous international money transfer system used around the world.; why and what family practitioners should know about it.’

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Family Law Week, 20th November 2019

Source: www.familylawweek.co.uk

Recent Changes to the Financial Ombudsman Service – Hardwicke Chambers

Posted November 20th, 2019 in financial regulation, jurisdiction, news, ombudsmen by sally

‘On 1 April 2019, the Financial Conduct Authority (FCA) enacted new rules that substantially expanded the jurisdiction of the Financial Ombudsman Service (FOS). Whereas previously it was limited to awarding complainants redress of £150k, that figure is now £350k. In addition, the categories of eligible complainant will now include not only individuals and ‘micro enterprises’ but also SMEs (small to medium enterprises) whose turnover is below £6.5m and who have either less than 50 employees or a balance sheet total of less than £5m.’

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Hardwicke Chambers, 13th November 2019

Source: hardwicke.co.uk

Cryptoassets and smart contracts valid in English law – Law Society’s Gazette

‘Assets and contracts created with blockchain-type encryption technology have validity under existing English law, a high-powered group of legal experts chaired by a senior member of the judiciary reported today.’

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Law Society's Gazette, 18th Novembe 2019

Source: www.lawgazette.co.uk

FCA announces ‘illiquid’ fund category, among other new rules – OUT-LAW.com

Posted October 3rd, 2019 in disclosure, financial regulation, financial services ombudsman, news by tracey

‘Certain open-ended retail funds that invest primarily in ‘illiquid’ assets, such as property, will be subject to new rules from next year, the Financial Conduct Authority (FCA) has announced.’

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OUT-LAW.com, 1st October 2019

Source: www.pinsentmasons.com

Banking regulation after Brexit – OUP Blog

Posted October 1st, 2019 in banking, brexit, financial regulation, news by sally

‘It is a truism that Brexit will have a significant impact on banks and the wider financial services industry. The loss of passports by UK firms has received some attention from the non-specialist media, and is relatively well-understood. However, the loss of passports, significant as it is, is just one of many issues. Others have received no or little coverage outside the industry. In this blog, we will touch upon some of them. To do so, we need to step back and consider the very legal nature of a bank.’

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OUP Blog, 30th September 2019

Source: blog.oup.com

Parliament to launch inquiry into football finances following Bury’s demise – Daily Telegraph

Posted September 6th, 2019 in financial regulation, inquiries, news, parliament, sport by tracey

‘A parliamentary inquiry has been launched into the Football Association and English Football League’s financial governance of clubs following the expulsion of Bury FC from the Football League.’

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Daily Telegraph, 5th September 2019

Source: www.telegraph.co.uk