On 1 November 2019, the Business Banking Resolution Service (“BBRS”) launched a new dispute resolution pilot in preparation for the introduction of its new service, which was originally announced in November 2018 by UK Finance, a trade body for British lenders.
The service aims to provide alternative dispute resolution services for “larger” eligible small and medium sized enterprises (“SMEs”) and participating banks, in order to deliver what is said to be stronger and fairer outcomes.
A spate of final notices issued by the FCA over the last month highlights the volume of breaches by firms failing to deal with the regulator in an “open and cooperative” manner.
The Court of Appeal’s recent decision in Addlesee & Ors v Dentons Europe LLP has confirmed that the documents of a dissolved company remain subject to legal advice privilege (“LAP“) even if there is no longer a benefitting client entitled to assert LAP.
The FCA has fined Tullet Prebon (Europe) Limited (“Tullet”) £15.4 million for a series of serious conduct failures and lapses in management control around its broker division.
Back in the Summer we reported on the Prudential Regulation Authority’s (“PRA”) explanation of its approach to enforcment action against those who the PRA think have broken the rules. In a further development last week the PRA updated its policy on settlement of enforcement action (“Updated Policy”), which consolidates proposals in its April 2019 consultation report (CP10/19). It aims to simplify and clarify the settlement procedure and discount scheme.
In previous blogs, we have commented on the threat posed to the financial services sector by cyber risk and the potentially drastic consequences for all participants of a cyber-attack.
Debbie Gupta, FCA Director of Life Insurance and Financial Advice Supervision, spoke at a conference last week about how financial advisers might improve the suitability of their advice to clients and at the same time reduce the risk of client complaints (or at least improve the chances of successfully defending them).
In a recent speech given at the Cambridge Economic Crime Symposium, the Chairman of the Financial Conduct Authority (FCA), Charles Randell, discussed the growing “epidemic” of fraud across the UK, and the need for collaboration in both the public and private sectors to fight more effectively against investment fraud.
The Court of Appeal has confirmed that a jurisdiction clause that elects the English courts in an ISDA Master Agreement prevails when the underlying swap transaction forms part of a wider financing arrangement that is subject to the jurisdiction of the Turin courts: BNP Paribas SA v Trattamento Rifiuti Metropolitani SPA [2019] EWCA Civ 768. Continue Reading
The average prison sentence for money-laundering has increased by 8% in the last year, according to new research. The research by Thomson Reuters revealed that average jail time increased to 27 months in 2018, up from 25 months in 2017.
