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PRA increases pressure on firms to improve regulatory reporting processes

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

FOS warns on scam complaints – are banks doing enough?

The Financial Ombudsman Service has noted a “dramatic rise” in complaints by consumers concerning financial scams and fraud. With the hope of embuing safer financial habits and a reduction in these types of complaints, FOS reminds consumers to be careful, but also expects banks to respond fairly and effectively to customers’ complaints.… Continue Reading

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

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

Are internal regulatory compliance reviews relevant to bank misselling claims? Yes, says High Court in first virtual hearing after lockdown

Fine Care Homes Ltd v NatWest Markets plc [2020] EWHC 874 (Ch) concerns a claim for negligence and misrepresentation based on the alleged mis-selling of an interest rate hedging product. The Court recently granted, in part, Fine Care Homes Ltd’s (“Fine Care“) application for specific disclosure against NatWest.… Continue Reading

Cheque please: Law firm sues Barclays over £2.2million PPI cheque bounce back

Payment protection insurance (“PPI“) litigation rumbles on in the continuing matter of Ingenious Legal Ltd v Barclays Bank PLC in the High Court. Manchester-based law firm, Ingenious Legal Ltd (“Ingenious“), which acts for customers in consumer credit cases, is suing Barclays Bank PLC (“Barclays“) for £2.2 million. This is after Barclays cancelled a cheque to … Continue Reading

SFO in the dock again as former Barclays’ executives cleared of Qatari fraud charges

On 28 February, former senior Barclays executives Roger Jenkins, Tom Kalaris, and Richard Boath were all acquitted of conspiracy to commit fraud contrary to section 1(1) of the Criminal Law Act 1997, and fraud by false misrepresentation, contrary to section 1 of the Fraud Act 2006.  The case is the latest in a series of … Continue Reading

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 … Continue Reading

Outsourcing Failures leave Raphaels Bank with £1.89m Fine

Raphael & Sons plc (the “Bank“) has been hit by separate fines from the Financial Conduct Authority and the Prudential Regulation Authority (together, the “Regulators“) of £775,100 and £1,112,152 respectively. An IT issue with one of the Bank’s third party card processor’s left over 3,300 customers unable to use their prepaid cards on Christmas Eve … Continue Reading

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

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

English High Court dismisses US $45 million fraud claim where proceedings already up and runnning in a Court in another jurisdiction

Where a claimant has already issued related Court proceedings in another jurisdiction, the English Court is unlikely to be the appropriate forum for the trial of a claim, according to the recent High Court decision in Punjab National Bank (International) Ltd v Srinivasan and others [2019] UKHC 89 (Ch).… Continue Reading

Can English law insurance policies cover ICO fines imposed on financial institutions under GDPR?

When the General Data Protection Regulation (“GDPR“) passed into English law on 25 May 2018, one of the headlines that heralded the new legislation was the Information Commissioner Office’s (“ICO“) new power to impose fines of up to €20million, or 4% of global turnover (whichever is the higher) on organisations that breach the GDPR. And, … Continue Reading
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