Archives: Regulatory

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Supreme Court to decide if London Whale notices identified Achilles Macris

In a previous blog we described how the FCA is facing a number of challenges from individuals arguing that they are identifiable from regulatory notices addressed to their employers. Individuals are granted third party rights under section 393 of the Financial Services and Markets Act 2000 (“FSMA“), which essentially provides that, if an FCA notice identifies someone … Continue Reading

Upper Tribunal refuses to stay regulatory proceedings pending a criminal trial

Background The Upper Tribunal (Tax and Chancery Chamber) hears references from decisions and supervisory notices issued by the Financial Conduct Authority (“FCA”) and other specified regulators. In this case three references were made by two former employees of Deutsche Bank (Messrs Bittar and Vogt) and a former Barclays Bank employee (Mr Moryoussef). The references related … Continue Reading

Balance of power check for the role of FCA Chief Executive

On 19 April 2016, it was announced that the UK’s Treasury select committee (“TSC“) had won an extra power – the power to hold a hearing with potential Chief Executives of the Financial Conduct Authority (“FCA“), ahead of their formal appointment.  TSC  The TSC is appointed by the House of Commons to “examine the expenditure, … Continue Reading

Government Increases the Regulation of Claims Management Companies

Claims Management Companies (“CMCs”) are businesses that offer legal claims management services to the public. Many CMCs typically process large numbers of complaints against financial services companies. PPI and interest rate hedging product complaints are of particular focus at present. In 2015, there were approximately 1,752 CMCs in the industry (down from a peak of … Continue Reading

Are banks’ internal investigations still privileged?

Financial institutions have developed a trusted template for responding to recent major regulatory controversies. Faced with a regulatory investigation, banks today will usually form an internal working group to take ownership of the issue. That working group will in turn hire a law firm to carry out an internal investigation and report back. The bank … Continue Reading
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