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Courts prepared to scrutinise and limit Norwich Pharmacal Orders

A Norwich Pharmacal Order (“NPO“) forces a third party to disclose documents or information to an applicant. These Court orders are typically used to identify a proper defendant to a claim or to get information to enable someone to set out their case in Court documents. The respondent to an NPO application is generally not the defendant to … Continue Reading

FCA to crack down on conduct in the payment services and e-money sectors

The FCA published a consultation paper on 1 August 2018 to revamp its rules and guidance for payment service providers (“PSPs”) and e-money institutions, alongside proposing a crack down on the marketing and promotion of currency conversion services. The proposals are designed to tackle recent concerns over confusing and misleading marketing material and exchange rates … Continue Reading

No Contractual Duty Owed to Customers by Banks when Conducting FCA Review into IRHPs

The Court of Appeal in Elite Property Holdings Limited, Decolace Properties Limited v Barclays Bank Plc [2018] EWCA Civ 1688 considered the appellants’ Application for permission to appeal against the Mercantile Court Judge’s decision to strike out part of the Appellants claims against the Respondent Bank. Whilst the application concerned permission to appeal, this was the first occassion on which … Continue Reading

SRA warns against excessive legal fees for PPI claims

The Solicitors Regulation Authority (“SRA“), the regulatory body of solicitors in England and Wales, has conducted a thematic review of law firms acting on claims alleging “mis-sold” PPI. The review highlighted what the SRA regards as two significant shortcomings of such firms: (i) overcharging clients, and (ii) the use of standardised letters.… Continue Reading

Squire Patton Boggs to host financial services conference on 18 April in London

Squire Patton Boggs’ London office will be welcoming over 100 legal and compliance professionals from a range of banks and financial institutions next week for a major financial crime and regulatory risk conference. We are hosting the event for the leading industry forum, MLROs.com. There will be a full programme of speakers covering a wide range of topics including: … Continue Reading

Mastercard, the next instalment. The retailer strikes back

The previous four episodes of the Mastercard saga (as detailed in our previous blog posts) focussed on a number of legal battles between Mastercard and both consumers and retailers. These disputes have centred on Mastercard’s alleged “uncompetitive” interchange fees and restrictive rules on cross-border acquiring. The latest claim by retailers follows a class action brought on … Continue Reading

The FCA speaks on building cyber resilience

The FCA’s Business Plan for 2017/18 identified cyber risk as a cross sector priority for the FCA.  In keeping with the FCA’s drive to encourage firms to acknowledge, confront and manage cyber risk,  at the PIMFA Financial Crime Conference  on 25 January 2018, Robin Jones (Head of Technology, Resilience & Cyber, FCA) delivered a warning that along … Continue Reading

Overcoming the principle of “reflective loss”

In an important recent decision the Commercial Court confirmed the availability of specific performance of a shareholder’s rights under shareholder agreements as a means to dodge the difficulties created for shareholders by the principle of ‘reflective loss’. Background Facts Oceanic Trans Shipping Est was one of three shareholders in two joint venture companies, who owned … Continue Reading
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