Business Banking Resolution Service launches new dispute resolution pilot for larger SMEs: a new Financial Ombudsman Service?

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.

Judge holding gavel in courtroom

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PRA updates its policy on settlement of enforcement action

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.

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Lessons in ensuring suitability of advice from the FCA

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).

FCA

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FCA voices concerns about “epidemic” levels of fraud in the UK

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.

FCA

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English Court of Appeal judgment recognises the importance of industry standard ISDA Master Agreement terms when challenged by a competing jurisdiction clause in a financing agreement

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

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