Archives: Fraud

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SFO appears safe for now after proposed merger with the National Crime Agency omitted from Queen’s Speech

The UK Government appears for the time being at least to have scrapped plans to merge the Serious Fraud Office (“SFO”) with the National Crime Agency (“NCA”). The controversial proposal to abolish the SFO did not feature in the Queen’s Speech, suggesting that it has been put on the back burner following the failure of Prime Minister … Continue Reading

Financial Ombudsman makes adviser pay for failing to stop £250,000 fraud on client

The Financial Ombudsman Service has sent a clear message to financial advisers that they must be vigilant to the risk of fraud when processing transactions on behalf of their clients. In its 23 August newsletter the FOS highlighted a recent case in which an adviser was ordered to pay fraud losses that the Ombudsman considered … Continue Reading

Bankers’ references – Court of Appeal clarifies when a duty of care exists

The Court of Appeal’s decision in Playboy Club London limited & Ors v Banca Nazionale Del Lavoro Spa will be welcomed by banks that provide financial references in relation to their customers. It provides useful guidance to follow when providing or requesting references: Banks should draft references carefully and consider limiting liability to specific recipients … Continue Reading

A call for views – responses to the Government’s Action plan on money laundering and terrorist funding due by 2 June 2016

On 21 April 2016, HM Treasury and the Home Office published the government’s “Action Plan” on the prevention of money laundering and the funding of terrorism.   The Action Plan is designed to help businesses to help the UK in the fight against money laundering and financing terrorism – an issue which is becoming all too … Continue Reading

The dangers of short selling in secondary market debt trades

A recent case in the English High Court has provided a timely reminder to broker dealers and investment funds trading high yield bond and loan tranches on the secondary market of the problems that can arise if a chain of trades breaks down. Molton Street Capital LLP v Shooters Hill Capital Partners and Odeon Capital … Continue Reading
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