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United Kingdom Financial Services Industry Appeals

A&O Shearman

UK FCA issues updated Enforcement Information Guide

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The UK Financial Conduct Authority published an updated Enforcement Information Guide, which reflects changes in the FCA Handbook to its revised Enforcement Guide (ENFG) and the Decision Procedure and Penalties manual (DEPP)....more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Supreme Court Clarifies Rules on Fiduciaries, Bribery and Disclosure

Improper inducement or legitimate distribution fee? The UK Supreme Court’s landmark ruling clarifies the rules on intermediaries that are common to the supply chain of almost all financial services....more

A&O Shearman

UK FOS publishes annual report and accounts for 2024/25

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The Financial Ombudsman Service (FOS) has published its annual report and accounts for 2024/25, accompanied by a press release. The report highlights a 54% year-on-year increase in complaints, with 305,726 new cases received,...more

A&O Shearman

Petrofac restructuring plan overturned by the Court of Appeal

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In this alert, we consider the Court of Appeal’s judgment setting aside Petrofac’s restructuring plan sanction order, which marks the second occasion on which the Court of Appeal has overturned a previously sanctioned plan...more

A&O Shearman

Permission to appeal granted against Financial Ombudsman Service decision concerning motor finance discretionary commission...

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Barclays Partner Finance has been granted permission to appeal against the Administrative Court's judgment in R (Clydesdale Financial Services Ltd) v Financial Ombudsman Service Ltd [2024] EWHC 3237 (Admin)...more

A&O Shearman

UK Financial Conduct Authority Supports Expedition of Appeals of Motor Finance Decisions

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The U.K. Financial Conduct Authority has published a letter addressed to the Supreme Court regarding the applications for permission to appeal to the SC and requests for expedition in the recent motor finance commission...more

A&O Shearman

UK Financial Conduct Authority Consults on Further Temporary Changes to Handling Rules for Motor Finance Complaints

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The U.K. Financial Conduct Authority has published a consultation on further temporary changes to handling rules for motor finance complaints. The FCA explains that following the Court of Appeal's recent judgment on motor...more

Walkers

Jersey-registered Limited Liability Companies LLCs in financing transactions

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Limited Liability Companies ("LLCs") offer flexibility and familiarity to investment fund, corporate and finance industry participants, particularly those in the US market. US federal tax 'check-the-box' treatment is...more

Proskauer Rose LLP

Regulation Round Up - October 2024

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Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

A&O Shearman

Court of Appeal confirms FCA power to impose single-firm redress schemes

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The UK Court of Appeal has confirmed that the UK Financial Conduct Authority (FCA) has the power to impose single-firm schemes of redress where it considers this is desirable to satisfy one of its statutory operational...more

A&O Shearman

An important treatment of modified standard form agreements

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The Court of Appeal has reversed the High Court’s decision that a modified standard form sub-participation agreement was a hybrid arrangement rather than a conventional sub-participation. The judgment is a useful illustration...more

A&O Shearman

Breach it and weep: deemed fulfilment ain’t fictional

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The Court of Appeal has held that a party who prevents a condition precedent to their obligation to pay from being met cannot rely on the unfulfilled condition to escape their liability in debt....more

White & Case LLP

Landmark UK Supreme Court decision clarifies scope of banks’ so-called ‘Quincecare duty’

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In Philipp v Barclays Bank UK PLC, the UK Supreme Court has given unanimous judgment in favour of Barclays Bank, and provided clear guidance on the so-called ‘Quincecare duty’ owed by banks to their customers. White & Case...more

Latham & Watkins LLP

Court of Appeal Takes Expansive View of Regulated “Arranging” Activities

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This decision shines a spotlight on the activities of unregulated introducers. In a recent decision, the Court of Appeal upheld the FCA’s findings that unregulated introducers had been carrying on regulated activities...more

Hogan Lovells

UK Supreme Court upholds first breach of Quincecare duty

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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

Morgan Lewis

Morgan Lewis Scores Interchange Fee Litigation Victory in UK Court of Appeal

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Morgan Lewis has scored a landmark victory in the Court of Appeal for our client Sainsbury’s (a major retail grocer in the United Kingdom) against credit card company Visa in the Court of Appeal....more

Cadwalader, Wickersham & Taft LLP

English Court of Appeal Decision in Significant Test Case: Property Alliance Group v Royal Bank of Scotland

On 2 March 2018, the Court of Appeal handed down its highly-anticipated judgment in Property Alliance Group (“PAG”) v Royal Bank of Scotland (“RBS”), dismissing all of PAG’s grounds of appeal and overturning a finding of...more

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