Lenders in the retail market will be familiar with the Etridge protocol, which (in summary) requires them to ensure that the guarantor of a loan must first obtain independent legal advice, in order to minimise the risk that...more
The UK’s Financial Conduct Authority (FCA) has published Policy Statement PS25/5, Our Enforcement Guide and greater transparency of our enforcement investigations, setting out the changes it is making to its Enforcement Guide...more
In the recent case of Dosanjh v Balendran, the High Court granted an order for the winding up of a company on the just and equitable ground following a petition by one of the company’s two shareholders. Winding up has been...more
Ever since the Supreme Court held, in Philipp v Barclays Bank plc1(Philipp), that claims based on the Quincecare duty against the payment services provider (PSP) which paid the funds away were not open to victims of...more
While recent announcements have focussed on the government’s growth agenda, HM Treasury (HMT) has also now pressed ahead with publishing final draft regulations limiting the rights for banks and other payment service...more
Banking fraud of all types is an ever increasing problem in today’s society, and takes a multitude of forms. On a basic level, frauds can be divided into two types. Unauthorised fraud, where the victim does not provide...more
4/18/2025
/ Appellate Courts ,
Banking Sector ,
Banks ,
Financial Crimes ,
Financial Services and Markets Act ,
Fraud ,
Payment Systems ,
Popular ,
Summary Judgment ,
UK ,
UK Supreme Court
Cases on Material Adverse Effect (“MAE”) clauses (also known as Material Adverse Change, or MAC, clauses) rarely come before the English courts, so there are limited English authorities on their construction. The High Court...more
The House of Lords Financial Services Regulation Committee (“FSRC”) has published a report on the Financial Conduct Authority’s (“FCA”) proposals to change its approach to announcing enforcement investigations, from...more
Banks and EMIs will need to consider the impacts of proposed new requirements to comply with information notices and account direct deduction orders on their policies, procedures and controls. For information notices, this...more
Late last month the UK Financial Conduct Authority (FCA) published consultation paper CP24/2 Part 2, through which it is seeking views on “significant” changes to its proposals to announce the opening of an enforcement...more
This month the UK Financial Conduct Authority (FCA) published its Annual Report and Accounts covering the period April 2023 – March 2024, which includes information on its enforcement activity during that period. The FCA has...more
The UK Financial Conduct Authority (FCA) has brought criminal charges against nine individuals in relation to an unauthorised foreign exchange trading scheme promoted on social media....more
The concept of the “shareholder principle” in English law provides that a company cannot assert privilege against its own shareholders, unless the privileged documents in question were created for the dominant purpose of...more
The Economic Crime and Corporate Transparency Act 2023 (ECCTA) introduces two new "pay away" exemptions to the principal money laundering offences in sections 327, 328 and 329 of the Proceeds of Crime Act 2002 (POCA)....more
The UK Financial Conduct Authority (FCA) has reminded firms supporting and facilitating unregistered cryptoasset firms of their obligations under the Proceeds of Crime Act 2002 (POCA), specifically highlighting how they may...more
On 1 August 2023, Ukraine became a Contracting State to the Hague Convention on Choice of Court Agreements 2005 (the “Choice of Court Convention”), joining the EU, Mexico, Montenegro, Singapore and the UK....more
The UK Supreme Court in Philipp (Respondent) v Barclays Bank UK Plc (Appellant) [2023] UKSC 25 has confirmed that the so-called "Quincecare duty" – a duty on a bank to refrain from executing a payment instruction from its...more
In a policy paper published on Monday 27 March, the Department for Business and Trade has announced a review into the current UK whistleblowing framework (“the Review”). The Review will assess how the whistleblowing framework...more
When the UK government pushed the Economic Crime (Transparency and Enforcement) Act through Parliament at breakneck speed earlier this year, it always made clear that it had plans for a second, complimentary piece of...more
With the publication of the final rules there is now only a year to go before firms must comply with their Consumer Duty obligations. The FCA has emphasised that this must be a major cultural shift. While it’s good news that...more
Identifying and reporting instances of potential market abuse is required under the Market Abuse Regulation ('MAR'). A firm must have effective arrangements, systems and procedures in place to detect and report suspicious...more
At our recent global conference we held in partnership with Global Digital Finance, our keynote speaker suggested that the three major drivers for financial institution regulators and policy makers for the next few years...more
In The Civil Aviation Authority v R (on the application of Jet2.com Limited), the Court of Appeal, upholding the High Court decision, has affirmed that legal advice privilege (LAP) is subject to a dominant purpose test. This...more
One year on from Australia's Royal Commission on Banking -
The report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Report), was published one year ago....more
2/6/2020
/ Australia ,
Banking Regulators ,
Consumer Complaint System ,
Corporate Misconduct ,
Duty of Care ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Intermediaries ,
Legislative Agendas ,
Ombudsman ,
Regulatory Agenda ,
Regulatory Oversight ,
Small and Medium-Sized Enterprises (SMEs) ,
UK
At the end of last month, the Supreme Court gave judgment in Singularis Holdings Limited (In Official Liquidation) v Daiwa Capital Markets Europe Ltd.This is the first case in which a bank has been held to have breached its...more