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
Cheating is cheating no matter what differing standards you hold yourself to. Following the Supreme Court’s recent decision in Ivey (Appellant) v Genting Casinos (UK) Ltd t/a Crockfords (Respondent) [2017] a defendant in a fraud case can no longer rely on the argument that he thought what he was doing was acceptable. If you have been dishonest within the … 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
The UK Government appears for the time being at least to have scrapped plans to merge the Serious Fraud Office (“SFO”) with the National Crime Agency (“NCA”). The controversial proposal to abolish the SFO did not feature in the Queen’s Speech, suggesting that it has been put on the back burner following the failure of Prime Minister … Continue Reading
The Financial Ombudsman Service has sent a clear message to financial advisers that they must be vigilant to the risk of fraud when processing transactions on behalf of their clients. In its 23 August newsletter the FOS highlighted a recent case in which an adviser was ordered to pay fraud losses that the Ombudsman considered … Continue Reading
Forex hit the headlines once again in late July, after the arrest of HSBC global head of forex cash trading (Mark Johnson) at JFK airport in New York. The US Department of Justice alleges that Mr Johnson (and Stuart Scott, who was HSBC’s head of forex cash trading for Europe, the Middle East and Africa … Continue Reading
On 22 June 2016 we hosted the first in our planned series of Finance Disputes Roundtable breakfast events here at our offices in Devonshire Square in the heart of the City. SPB UK Head of Litigation Laurence Winston and I enjoyed a very interesting discussion with our guests around the topic of how best to … Continue Reading
The Court of Appeal’s decision in Playboy Club London limited & Ors v Banca Nazionale Del Lavoro Spa will be welcomed by banks that provide financial references in relation to their customers. It provides useful guidance to follow when providing or requesting references: Banks should draft references carefully and consider limiting liability to specific recipients … Continue Reading
On 21 April 2016, HM Treasury and the Home Office published the government’s “Action Plan” on the prevention of money laundering and the funding of terrorism. The Action Plan is designed to help businesses to help the UK in the fight against money laundering and financing terrorism – an issue which is becoming all too … Continue Reading