On 12 July 2023, the Supreme Court delivered its widely anticipated judgment in Philipp v Barclays Bank UK PLC. In doing so, the Court has gone back to basics to explain the basis for and scope of a bank’s duty to its customers, and has brought the Quincecare duty back to a narrower footing. By … Continue Reading
Earlier this year, the Financial Conduct Authority published its analysis of its financial promotions data for 2022. That report sheds some interesting light on the FCA’s actions taken against authorised firms, and unauthorised entities and individuals, for breaches of financial promotion rules. The standout message is clear – the FCA has significantly increased its interventionist activity, in … Continue Reading
In what is widely touted as the first of its kind in the UK, a recent order made in D’Aloia v Persons Unknown & Others by the High Court marks an expansion of the potential methods for service of claims permitted for English proceedings, by allowing proceedings to be served via airdrop of Non-Fungible Token … Continue Reading
2022 looks set to be a busy year for regulated firms dealing with retail customers. Following its initial consultation in May 2021, on 7 December 2021 the FCA issued a further consultation (CP21/36), announcing its desire to “fundamentally shift” the mindset of regulated firms, by implementing a new consumer duty later this year.… Continue Reading
Alternative dispute resolution (or “ADR”) has long played an important role in dispute resolution. A recent report by the Civil Justice Council (the “Report”), commissioned to consider the legality and desirability of making ADR compulsory, could see ADR playing an even more prominent role in future.… Continue Reading
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
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
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
The FCA has now published its Final Guidance on Cryptoassets (PS19/22), setting out the FCA’s position on how cryptoassets fit within the current regulatory perimeter. The Guidance does not change the scope of regulation of cryptoassets by the FCA, but does provide useful and practical insight into how the regime applies in the cryptoasset sphere … Continue Reading
When FCA Director of Enforcement and Market Oversight Mark Steward spoke in London last month, his comments could hardly have been more timely. Hot on the heels of his remarks on dual-track (civil and criminal) AML investigations came a significant fine arising out of a firm’s AML systems and controls. It also came as the … Continue Reading
The Basel Committee on Banking Supervision has released a statement setting out its position on crypto-assets, becoming the latest in a line of supervisory and regulatory bodies to consider these assets.… Continue Reading
Think of a fairly common situation; you receive an email from a third party with three colleagues in copy, you forward this email to your colleagues with comments, one responds and you then reply to the third party. Later, a dispute between your company and the third party arises. When you consider that this short … Continue Reading
The FCA’s latest update on its review of pension transfer advice does not make for happy reading. The stats As part of its ongoing review of the pensions transfer industry, the FCA reviewed advice on 154 transfers made by 18 firms (out of a total of 48,248 potential transfers advised on by these firms in … Continue Reading
Last month, the House of Commons Treasury Committee published its report on crypto-assets. The report expresses serious concerns about the risks of consumer harm and financial crime and calls for regulation “as a matter of urgency“.… Continue Reading
It seems it’s difficult to look anywhere right now without an advert staring back at you for cryptocurrency investments or investment products including a crypto-asset feature: they are on the side of taxis, tube platforms, and the pages of the daily papers. After the semi-meteoric rise (and fall) that was Bitcoin at the end of … Continue Reading
Hot on the heels of the FCA’s recent “Dear CEO” letter, the PRA has sent its own reminder to regulated firms considering, or already holding, crypto-assets. Whilst the FCA focussed on mitigating the financial crime risks faced from use of crypto-assets, the PRA focussed on the risk of exposure to these developing assets which (in … Continue Reading
Back in March 2017, the Supreme Court handed down its decision in Financial Conduct Authority v Macris [2017] UKSC 19. We have previously reported on that decision on its way to the Supreme Court and following the judgment. In brief, Section 393 of the Financial Services and Markets Act 2000 (“FSMA”) provides individuals identified in … Continue Reading
The High Court recently considered whether a decision made by the Financial Ombudsman Service is a decision made under an arbitration agreement and so appealable under the Arbitration Act 1996. Background to the application Back in 2011 a Mr Wayne Charlton invested in a self-administered personal pension (a “SIPP”) administered by Berkeley Burke. After one … Continue Reading
