Chris Webber

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Chris Webber specializes in resolving financial services disputes and regulatory investigations. He represents clients including banks, broker dealers, corporate trustees, bondholders, issuers, mortgage servicers, borrowers, insolvency office-holders, regulatory bodies, investment funds, and individuals. He also acts for corporate clients in contractual, investment, and shareholder disputes.

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The FCA Perimeter Report 2020/21 – Key Points for Firms

By Chris Webber and Michael Davar on Posted in Regulation
The scope of the FCA’s powers and remit is not a simple matter, as the FCA readily acknowledges. The FCA’s regulatory “perimeter” derives primarily from from FSMA and the universe of secondary legislation surrounding it, particularly the Regulated Activities Order (“RAO”). However it also derives powers and responsibilities from various UK and on-shored EU-legislation in … Continue Reading

PRA increases pressure on firms to improve regulatory reporting processes

By Chris Webber on Posted in Banking, Regulation
The Prudential Regulation Authority (PRA) recently a Dear CEO letter titled “Thematic Findings on the reliability of the regulatory reporting“, outlining the current inadequacy of finance firms’ regulatory reporting procedures and the importance of comprehensive processes. The letter summarizes the PRA’s findings following its investigations carried out since October 2019, and a number of s.166 … Continue Reading

LCF mini-bond holders withdraw appeal against FSCS

By Chris Webber on Posted in Investment Management, Regulation
The Financial Services Compensation Scheme (FSCS) confirmed on 23 August that London Capital and Finance (LCF) mini-bond holders have withdrawn their appeal against an important March 2021 High Court decision dismissing their judicial review claim.  FSCS confirmed that the litigation had been concluded without any change to any of its earlier decisions on LCF claims.… Continue Reading

FCA Business Plan 2021/22 – transformation, accountability, and regulatory priorities for the coming year

By Chris Webber and Jack Wood on Posted in Regulation
The FCA’s annual business plan is a closely watched indicator of what we can expect from the regulator in the coming year. The recently published Business Plan for 2021/22 indicates the FCA’s focus on continued transformation and greater accountability as a regulator. It also sets out key priorities for the FCA for  the coming years … Continue Reading

Bank did not breach duties in loan renegotiation

By Chris Webber on Posted in Banking
In December 2006, Mr Morley, a commercial property developer, entered into a £75m, three-year loan with Royal Bank of Scotland plc to refinance his property portfolio, add new properties to it and provide him with a “bonus payment” for his personal use. The bank secured the loan over his portfolio of 21 commercial properties in … Continue Reading

Authorised Push Payment Fraud – court rules on scope of banks’ obligations

By Katherine Wakeham and Chris Webber on Posted in Banking
In March 2018, Mrs Philipp transferred two payments to accounts in the UAE, totalling £700,000, representing her and her husband, Dr Philipp’s savings. In doing so, Mrs and Dr Philipp thought they were assisting an investigation by the FCA and National Crime Agency (“NCA”) into fraudulent activities. Unfortunately for the Philipp family, they were, in … Continue Reading

GameStopped? Regulators react to the “short squeeze”

By Chris Webber on Posted in Investment Management, Regulation
While trading frenzies are as old as the markets themselves, the novelty of widespread retail trading in obscure US stocks fueled by Reddit chat forums has prompted recent interventions by regulators on both sides of the Atlantic. Unfortunately the FCA’s terse 29 January statement on “recent share trading issues” gave little insight into how it … Continue Reading

Sustainable Finance Disclosure Regulation – new ESG challenges for asset managers

By Chris Webber and Sara Love on Posted in Investment Management
What is SFDR? The SFDR is part of the European Commission’s package of reforms to implement its sustainable finance strategy. The strategy focuses on three areas: Strengthening the foundations for sustainable investment by creating an enabling framework. The Commission believes many financial (and non-financial) companies still focus excessively on short term financial performance instead of … Continue Reading

Cryptoasset update: FCA report shows increased usage as HM Treasury consults on expanded financial promotions requirements

By Chris Webber and Katherine Wakeham on Posted in Crypto-Assets, Regulation
The FCA has been increasingly interested in cryptoassets as their use in the UK has grown. In October 2018, the FCA published a joint report alongside the Bank of England and the Government as part of the UK Domestic Taskforce on Cryptoassets. In March 2019, the FCA commenced research into consumer attitudes and awareness of … Continue Reading

COVID-19 and the Courts

By Chris Webber and Katherine Wakeham on Posted in Dispute Resolution
Whilst we all try to settle in to our new working from home routines, and maintain social distancing measures, the civil justice system is also having to find ways to adapt. Early messages from Court system that it would be ‘business as usual’ quickly proved impossible; but over the past week there have been procedures … Continue Reading

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

By Chris Webber and Squire Patton Boggs on Posted in Dispute Resolution, Regulation
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

FCA hands out second large fine in as many weeks for transaction reporting failures

By Chris Webber and Squire Patton Boggs on Posted in Regulation
The Financial Conduct Authority has imposed a fine of £34,344,700 on Goldman Sachs International (“GSI”) for breaches of transaction reporting obligations. The fine comes just over a week after the FCA imposed a £27,599,400 fine against UBS (which we considered in an earlier blog post). Both fines result from breaches of obligations imposed by MiFID … Continue Reading

UBS fined £27.6m for transaction reporting failures

By Chris Webber on Posted in Regulation
The Financial Conduct Authority has imposed a fine of £27,599,400 on UBS AG for breaches of transaction reporting obligations imposed by MiFID (the Markets in Financial Instruments Directive (2004/39/EC), as well as a breach of Principle 3 of the FCA’s Principles of Business, which requires regulated firms to take reasonable care to organize and control … Continue Reading

HM Treasury advisory notice on money laundering and terrorist financing controls in high-risk jurisdictions

By Chris Webber on Posted in Banking, Money Laundering
Overview HM Treasury published an updated advisory notice on money laundering and terrorist financing controls on 26 February 2019, identifying risk ratings and measures to be adopted by the UK regulated sector when dealing with high-risk countries. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 require the UK … Continue Reading

FCA Releases Final Brexit Guidance to Financial Sector

By Chris Webber on Posted in Regulation
Overview The Financial Conduct Authority published a policy statement on 28 February 2019 setting out near-final rules and guidance that will apply to financial services firms in the event of a no-deal Brexit. Most notable is the introduction of a 15-month ‘grace period’ for firms to comply with rule changes in the event of a … Continue Reading

Cryptoassets Taskforce: Report Indicates Path Forward for UK’s Cryptoasset and DLT Approach

By Chris Webber on Posted in Money Laundering, Regulation
In light of rapid developments in the market, the substantial potential of applications of distributed ledger technology (DLT), and growing evidence of the risks associated with cryptoassets; the Chancellor of the Exchequer launched the Cryptoassets Taskforce, comprising HM Treasury (HMT), the Financial Conduct Authority (FCA) and the Bank of England (BoE), in March 2018 as … Continue Reading
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