Category: financial regulation
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.’
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.’
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.’
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.’
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
‘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.’
The Guardian, 18th March 2021
Source: www.theguardian.com
FCA launches proceedings against NatWest over alleged money laundering – The Guardian
‘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.’
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
‘Helen Brander, barrister of Pump Court Chambers, considers the current treatment by the courts and taxation authorities of crypto-assets.’
Family Law week, 3rd March 2021
Source: www.familylawweek.co.uk
City watchdog halts new business at Buy2LetCars – The Guardian
‘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.’
The Guardian, 21st February 2021
Source: www.theguardian.com
High Court: Law firm was not operating collective investment scheme – Legal Futures
‘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.’
Legal Futures, 2nd February 2021
Source: www.legalfutures.co.uk
City watchdog failed to regulate firm that lost investors’ £236m – The Guardian
‘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.’
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.’
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.’
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
‘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.’
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
‘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.’
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?’
Henderson Chambers, 7th October 2020
Source: www.hendersonchambers.co.uk
Insurers’ decision to appeal Covid insurance test case “disgraceful” – Litigation Futures
‘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”.’
Litigation Futures, 5th October 2020
Source: www.litigationfutures.com
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.’
The Guardian, 20th July 2020
Source: www.theguardian.com
Commerzbank fined £38m by UK watchdog for money-laundering failings – The Guardian
‘The UK’s financial regulator has fined Commerzbank £38m for money-laundering failures, including an “out-of-control” system for checking clients.’
The Guardian, 17th June 2020
Source: www.theguardian.com
