Fraud now accounts for 40% of crime in England and Wales. However, in this era of strained public finances, and the often international dimension to consumer fraud, the Government’s approach has often been to look to the...more
The FCA has today published a further consultation paper (CP24/2 (Part 2)) in relation to its ‘naming and shaming’ proposals (the “Updated Consultation”). The publication follows widespread industry criticism of the FCA’s...more
The controversial new requirement for all in-scope Payment Service Providers (“PSPs”) to reimburse victims of Authorised Push Payment (“APP”) fraud are due to be introduced from 7 October 2024. This is a significant change...more
8/21/2024
/ Compliance ,
Crime Victims ,
Financial Services Industry ,
Fraud ,
HM Treasury ,
New Rules ,
Payment Systems ,
Reimbursements ,
Reporting Requirements ,
UK ,
UK Payment Systems Regulator
Imagine this – a customer submits a payment instruction directing that all their life savings are transferred to a third-party account for the purposes of an investment. What do you do? While the scenario may appear...more
2/15/2024
/ Banking Sector ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Services Industry ,
Fraud ,
Ombudsman ,
Payment Processors ,
Payment Systems ,
Reimbursements ,
Scams ,
UK
We are defending financial institutions from multiple claims for breach of the so called Quincecare duty and have seen claimant law firms increasingly seek to expand the scope of the duty to try to make financial institutions...more
Welcome to Banking Bites! This is our short summary flagging some key developments in your sector that we hope will inform your activities in your market....more
11/10/2022
/ Anti-Fraud Provisions ,
Anti-Money Laundering ,
Banking Sector ,
Business Interruption ,
Commercial Court ,
Coronavirus/COVID-19 ,
Cryptoassets ,
Disparate Impact ,
Economic Sanctions ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
Fraud ,
Greenwashing ,
Imports ,
Liquid Natural Gas ,
NYDFS ,
Russia ,
Trade Restrictions ,
UK ,
UK Parliament ,
Ukraine
Welcome to Banking Bites! This is our short summary flagging some key developments in your sector that we hope will inform your activities in your market....more
10/21/2022
/ Anti-Money Laundering ,
Bank of England ,
Climate Change ,
Economic Sanctions ,
EU ,
FDIC ,
Financial Services Industry ,
Foreign Investment ,
NY Supreme Court ,
Pending Legislation ,
Risk Mitigation ,
Russia ,
UK
Under the Senior Managers and Certification Regime (“SMCR”), firms are required to identify and report to the FCA any instances of disciplinary action taken in relation to conduct that would amount to a breach of one of the...more
2/10/2020
/ Artificial Intelligence ,
Banking Sector ,
Blockchain ,
Bribery ,
Cartels ,
Corporate Governance ,
Corporate Misconduct ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Insurance Industry ,
Payment Systems ,
Risk Management ,
SMCR ,
Technology ,
UK ,
United Arab Emirates (UAE) ,
Whistleblower Protection Policies