Fraud and Financial Crime

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APP fraud – might banks have a “retrieval duty” ?

Following on from our Blog post and article from November of last year that looked at the potential liabilities of banks and related parties in the context of authorised push payment (“APP”) frauds, the recent decision of Master Brown in CCP Graduate School Ltd v National Westminster Bank PLC & Anor [2024] EWHC 581 (KB) … Continue Reading

Anatomy of a fraud series – Powers afforded by search and imaging orders

Search orders Search orders are a form of interim, mandatory injunction which require a respondent to allow the applicant’s representatives to enter the respondent’s premises and search for, copy and remove documents or material for the purpose of preserving evidence and/or property which is or may be subject to an action.  Search orders are, therefore, … Continue Reading

Push-ed Back – Supreme Court Considers Quincecare Duty for Authorised Push Payment (“APP”) Fraud Victims

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

Is the FCA catching on to its AFrO and AFO powers?

My colleague Ben Ticehurst, a Director in our UK Government Investigations and White Collar team, recently shared a timely insight on increased use by the Financial Conduct Authority of Account Freezing Orders (“AFrOs”) and Account Forfeiture Orders (“AFOs”) on our Anticorruption Blog.  He reports on the recent decision for the FCA to secure its first … Continue Reading

DWP sets out “Stronger Nudge” regime to protect savers and rein in Pension Freedoms

Following successful trials, the Department of Work and Pensions (“DWP”) announced proposals last  Wednesday to introduce a “Stronger Nudge” regime, as part of a package of measures aimed at helping savers make better-informed decisions when it comes to accessing their pension savings, and to further protect them from scams.… Continue Reading

Lack of Data Impacts Efforts to Fight Pensions Scams

The Pensions Policy Institute (“Institute“) has said that a lack of comprehensive data on the number and scale of pensions scams, places limitations on the industry’s ability to effectively protect savers. According to the Institute, “victims of pension scams [are] losing more than £80,000 on average.” There is growing concern from the Institute that during the COVID-19 … Continue Reading

FCA publishes business plan for 2020/21

The FCA yesterday set out its business priorities for the years ahead, focussing in part on the unique challenges presented to the financial services industry by the Covid 19 pandemic. In this blog we look at three issues that the FCA’s Business Plan for 2020/21 pays special attention to, the regulatory response to the Covid-19 … 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

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.… Continue Reading

FCA found partially liable for loss caused by errors in Financial Services Register

The Financial Regulators Complaints Commissioner has recommended that the Financial Conduct Authority makes an ex gratia payment of £6,500 to an individual complainant. The recommended payment represents 50% of the total loss suffered by the Complainant as a result of errors in the Financial Services Register. The Complaints Commissioner acknowledged that the FCA should not … Continue Reading

Breathe easy, the SFO calls it a day in privilege battle

Last month we reported that the Court of Appeal (The Director of the SFO v Eurasian Natural Resources Corporation Limited [2018] EWCA Civ 2006) had reversed the High Court’s controversial and troubling decision from 2017 that concerned the extent to which litigation privilege could apply to documents generated in the context of internal investigations https://www.finance-disputes.co.uk/2018/09/litigation-privilege-sense-prevails-in-the-court-of-appeal/. It was announced … Continue Reading

Litigation privilege: sense prevails in the Court of Appeal

Last week the Court of Appeal (The Director of the SFO v Eurasian Natural Resources Corporation Limited [2018] EWCA Civ 2006) reversed the High Court’s controversial and troubling decision from 2017 that concerned the extent to which litigation privilege could apply to documents generated in the context of internal investigations. ENRC successfully argued that legal professional … Continue Reading

Financial Action Task Force publishes report on professional money launderers

The Financial Task Force (FATF) has recently published a report that looks at the techniques and tools used by professional money launders (PMLs). This is the first time the FATF has undertaken a project which concentrates on PMLs that specialise in enabling criminals to evade anti-money laundering and counter terrorist financing safeguards and sanctions in … Continue Reading

FCA’s Anti-Money Laundering Report highlights focus on firms’ financial crime controls

The Financial Conduct Authority (FCA) published its annual Anti-Money Laundering Report on 19 July 2018, for the year ended 31 March 2018. In the report, the FCA reminded firms that due to the size and global nature of the UK financial industry, financial crime and AML remains a significant risk and is therefore one of … Continue Reading
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