Category: financial services ombudsman

SONIA and the ‘Tough Legacy’ of LIBOR – Henderson Chambers

Posted October 30th, 2020 in banking, chambers articles, financial regulation, financial services ombudsman, interest, news, rates by sally

‘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?’

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Henderson Chambers, 7th October 2020

Source: www.hendersonchambers.co.uk

FCA begins case over insurers’ refusal to pay firms’ Covid-19 claims – The Guardian

Posted July 20th, 2020 in company law, coronavirus, financial regulation, financial services ombudsman, insurance, news by sally

‘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

Lloyds fined £64m for unfair treatment of mortgage customers – The Guardian

Posted June 12th, 2020 in banking, financial services ombudsman, fines, housing, mortgages, news by sally

‘Lloyds Banking Group has been fined £64m by the City watchdog for failing to treat mortgage customers fairly after they fell into financial difficulty.’

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The Guardian, 11th June 2020

Source: www.theguardian.com

FCA instructs City giant to run BI insurance test cases – Litigation Futures

Posted May 20th, 2020 in coronavirus, financial services ombudsman, insurance, news by sally

‘The Financial Conduct Authority (FCA) has instructed City giant Herbert Smith Freehills for the test cases it intends to run on whether business interruption (BI) insurance covers the coronavirus pandemic.’

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Litigation Futures, 18th May 2020

Source: www.litigationfutures.com

The implications for UK financial institutions and the FCA resulting from the EBA’s Report on Inquiry into Cum-Ex – 5SAH

Posted May 18th, 2020 in banking, chambers articles, financial regulation, financial services ombudsman, inquiries, news by sally

‘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

Financial watchdog asks courts to clarify coronavirus business insurance – The Guardian

Posted May 4th, 2020 in company law, coronavirus, financial services ombudsman, insurance, news by sally

‘Britain’s financial watchdog is urgently seeking clarity from the courts over the insurance rights of companies whose business has been disrupted by the Covid-19 pandemic.’

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The Guardian, 1st May 2020

Source: www.theguardian.com

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

Posted April 29th, 2020 in banking, coronavirus, debts, financial regulation, financial services ombudsman, loans, news by sally

‘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

Three Month Moratorium on Consumer Credit Debts – Henderson Chambers

Posted April 17th, 2020 in chambers articles, consumer credit, coronavirus, debts, delay, financial regulation, financial services ombudsman, interest, news by sally

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

Posted March 20th, 2020 in chambers articles, coronavirus, financial regulation, financial services ombudsman, news by sally

‘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

City watchdog slams own staff’s ‘shameful’ toilet habits – BBC News

Posted November 13th, 2019 in financial services ombudsman, news, ombudsmen, professional conduct, standards by sally

‘City of London regulators tasked with mucking out the financial stables have been making a “shameful” mess of their own, it has emerged.’

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BBC News, 13th November 2019

Source: www.bbc.co.uk

Regulator acts after ‘illegal’ airport parking scheme collapses – The Guardian

Posted October 21st, 2019 in airports, compensation, financial services ombudsman, news, parking by sally

‘Investors who put their money into an airport parking scheme that went into liquidation earlier this year are hoping for compensation after the Financial Conduct Authority announced it was taking legal action against those behind the scheme.’

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The Guardian, 20th October 2019

Source: www.theguardian.com

Merricks v Mastercard: £14bn appeal to be heard by Supreme Court – Law Society’s Gazette

Posted October 7th, 2019 in appeals, banking, class actions, competition, financial services ombudsman, news, standards, Supreme Court by sally

‘The Supreme Court will rule on a landmark case that will test the standards applied to a Collective Proceedings Order in a major competition claim. Permission has been granted for the defendant in Merricks v Mastercard Incorporated & Anor to bring its appeal against a Court of Appeal ruling from April this year.’

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Law Society's Gazette, 4th October 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 sally

‘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

City regulator bans high overdraft fees to reform ‘dysfunctional’ market – The Guardian

Posted June 7th, 2019 in banking, consumer protection, debts, fees, financial services ombudsman, news, penalties by sally

‘The City regulator has accused UK banks of causing “significant harm” to their most vulnerable customers as it pushes ahead with a ban on excessive overdraft fees.’

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The Guardian, 7th June 2019

Source: www.theguardian.com

High court judge leads inquiry into London Capital & Finance scandal – The Guardian

Posted May 24th, 2019 in banking, bankruptcy, debts, financial regulation, financial services ombudsman, inquiries, news by sally

‘The government has launched an independent inquiry into the collapse of London Capital & Finance, the investment firm at the centre of a mounting £236m financial scandal in which thousands of investors lost money. Dame Elizabeth Gloster, a leading high court judge specialising in corporate failures, finance and fraud, will lead the investigation into the company and the oversight of the City watchdog ahead of its collapse.’

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The Guardian, 23rd May 2019

Source: www.theguardian.com

Payday loan complaints reach five year high – BBC News

Posted May 15th, 2019 in claims management, compensation, complaints, debts, financial services ombudsman, fraud, interest, loans, news, statistics by sally

‘Complaints against payday lenders have soared to a five year high, the industry watchdog has said.’

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BBC News, 15th May 2019

Source: www.bbc.co.uk

£14bn group action kicked out of court – Law Society’s Gazette

Posted July 24th, 2017 in class actions, competition, consumer credit, damages, fees, financial services ombudsman, news by sally

‘A record-breaking collective claim against MasterCard was thrown out by the Competition Appeal Tribunal today in a major blow to the growth of funded class actions in the UK. The case, brought by former financial services ombudsman Walter Merricks on behalf of 46 million consumers who were alleged to be victims of excess ‘interchange fees’ charged by card companies, claimed £14bn in damages. It was the largest sum claimed in English legal history.’

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Law Society's Gazette, 21st July 2017

Source: www.lawgazette.co.uk

Financial Ombudsman still receiving thousands of PPI complaints – The Guardian

Posted September 6th, 2016 in complaints, financial regulation, financial services ombudsman, news by sally

‘The £37bn bill for payment protection insurance mis-selling by Britain’s banks is likely to escalate further after the Financial Ombudsman revealed that it continues to be inundated with complaints.’

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The Guardian, 6th September 2016

Source: www.guardian.co.uk

Regulator widens inquiry into UK firms’ links with Panama Papers tax havens – The Guardian

Posted April 27th, 2016 in disclosure, financial services ombudsman, inquiries, news, tax avoidance, tax evasion, taxation, whistleblowers by sally

‘The City regulator has widened its inquiries into potential links between UK financial firms and the law company at the centre of the Panama Papers revelations, it said on Tuesday.’

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The Guardian, 26th April 2016

Source: www.guardian.co.uk

Supreme Court: ‘land bank’ was unauthorised collective investment scheme – OUT-LAW.com

Posted April 25th, 2016 in appeals, banking, financial services ombudsman, news, Supreme Court by sally

‘A ‘land bank’ arrangement which sold small plots of land to investors at “hugely inflated prices” was an unauthorised collective investment scheme (CIS) which ought to have been regulated by the Financial Conduct Authority (FCA), the UK’s highest court has confirmed.’

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OUT-LAW.com, 25th April 2016

Source: www.out-law.com