Uncategorized

Banks’ Quincecare duty in APP fraud Cases potentially extended

By Chris Webber and Maria Shorter on May 4, 2022 Posted in Uncategorized

In March the Court of Appeal overturned an earlier High Court judgment and held that the application of Quincecare duty does not depend on the fact that the bank is instructed by an agent of the customer of the bank. In principle, the Quincecare duty could now arise where a non-corporate customer falls victim to … Continue Reading

Compulsory ADR – Coming soon to a dispute near you?

By Chris Webber and Katherine Wakeham on August 9, 2021 Posted in Uncategorized

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

FOS re-confirms commitment to complaints handling during pandemic

By Sarah Pollitt and Charlotte Farnsworth on November 27, 2020 Posted in Uncategorized

Last week, the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) released correspondence in which the FCA sought reassurance from the FOS in relation to how it intends to handle complaints about financial firms during the COVID-19 pandemic.… Continue Reading

The never ending story? PPI complaints jump 72% at end of 2019

By Sarah Pollitt and Natasha Somi on February 20, 2020 Posted in Uncategorized

The deadline for consumers making complaints to businesses for mis-sold PPI was 29 August 2019. In light of that deadline, the Financial Ombudsman Service (“FOS”) received a 72% rise in complaints in the last quarter months of 2019. Data released last week showed the total number of PPI complaints in that period was more than … Continue Reading

FOS announces fee hike in 2020 because of more complex cases

By Rose Chaudry on December 20, 2019 Posted in Uncategorized

The Financial Ombudsman Service (“FOS”), the body responsible for resolving disputes between consumers, smaller businesses and financial services firms, has announced plans to increase its levies and case fees in 2020.… Continue Reading

Treasury Committee Calls for Expansion of FCA Powers

By Mariyam Harunah on August 8, 2019 Posted in Regulation, Uncategorized

In a report published last week, the House of Commons’ Treasury Select Committee (“Committee“) recommended that the FCA should be given more powers to help it address the consumer harm occurring in the “grey area” that sits just outside the FCA’s perimeter of regulation. … Continue Reading

FCA publishes 2019/20 Business Plan

By Squire Patton Boggs on April 29, 2019 Posted in Regulation, Uncategorized

The Financial Conduct Authority (“FCA”) has just published its Business Plan for 2019/20, setting out its strategic objectives and priorities for the year ahead.… Continue Reading

FCA consults on the regulation of ‘crypto firms’

By Rose Chaudry on January 30, 2019 Posted in Regulation, Uncategorized

The Financial Conduct Authority (“FCA”) has published a consultation paper (“Guidance”) providing guidance on the regulation of cryptoasset activities.… Continue Reading

Happy New Year from the FCA. First fines of 2019 confirm the largest ever for an individual

By Rose Chaudry on January 18, 2019 Posted in Regulation, Uncategorized

After a relatively quiet year for fines in 2018, the Financial Conduct Authority (“FCA“) has already published two Final Notices this week confirming the first fines of 2019 that total over £79 million.… Continue Reading

New Disclosure Pilot Scheme – Now In Force

By Chris Webber and Katherine Wakeham on January 8, 2019 Posted in Uncategorized

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

Courts prepared to scrutinise and limit Norwich Pharmacal Orders

By Squire Patton Boggs on December 4, 2018 Posted in Uncategorized

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

By Squire Patton Boggs on September 19, 2018 Posted in Uncategorized

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

Crypto-fraud: digital currency scams on the rise

By Katherine Wakeham on September 3, 2018 Posted in Uncategorized

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

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

By Mariyam Harunah on August 10, 2018 Posted in Uncategorized

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

FSCS, changes afoot

By Squire Patton Boggs on May 9, 2018 Posted in Uncategorized

It was reported last week that the FCA has confirmed that providers will be required to contribute 25% of the bills of the financial advisers’ Financial Services Compensation Scheme (“FSCS”).… Continue Reading

Court guidance on whether “first past the post” is really a legal principle

By Squire Patton Boggs on May 3, 2018 Posted in Uncategorized

The Commercial Court has recently handed down its judgment in the case of Midtown Acquisitions LP v Essar Global Fund Limited and Others [2018] EWHC 789. The decision provides useful guidance on whther “first past the post” is really a legal principle when it comes to charging orders.… Continue Reading

Court of Appeal decision brings reassuring clarity for judgment creditors

By Squire Patton Boggs on April 27, 2018 Posted in Uncategorized

The Court of Appeal recently heard an appeal from the Central London County Court, in which a judgment debtor (“L”) appealed a decision than an application to pay a judgment debt by instalments had been refused – Diana Loson v Brett Stack, Newlyn Plc [2018] EWCA Civ 803.… Continue Reading

SRA warns against excessive legal fees for PPI claims

By Mariyam Harunah on April 17, 2018 Posted in Uncategorized

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

Financial Ombudsman Service releases plans and budget for 2018/19

By Mariyam Harunah on April 12, 2018 Posted in Uncategorized

On 28 March 2018, the FOS published its plans and budget (“Plan“) for the 2018/2019 financial year. The Plan follows a formal consultation by the FOS with its stakeholders in December 2017.… Continue Reading

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

By Chris Webber on April 11, 2018 Posted in Uncategorized

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

By Squire Patton Boggs on February 12, 2018 Posted in Uncategorized

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

By Squire Patton Boggs on February 5, 2018 Posted in Uncategorized

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

Audit watchdog increases size of enforcement unit

By Chris Webber and Stephen Cole on December 19, 2017 Posted in Uncategorized

It was reported last week that the Financial Reporting Council (the “FRC”), which oversees the UK’s accounting industry, has more than tripled the size of its enforcement team over the past five years. The FRC’s principle role is to regulate auditors, accountants and actuaries with its work aimed at investors and others who rely on … Continue Reading

Overcoming the principle of “reflective loss”

By Chris Webber and Michael Davar on November 1, 2017 Posted in Uncategorized

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