David Harris (UK)

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The FCA has finalised its review of how firms have implemented its whistleblowing rules, which became effective from September 2016 (the Rules). A copy of the review can be found here. The review, which focused on a range of retail and wholesale banks, found that the Rules had helped to ensure that firms implemented whistleblowing arrangements and were managing concerns raised by employees in a fair and consistent way. However, in addition to outlining…
In a judgment recently handed down by the High Court (available here), it was held that the defendant  insurance companies were liable to pay an insurance claim under a marine insurance contract relating to the theft of certain cargo shipments when in Iran, provided such payment be made before the re-imposition of applicable US secondary sanctions. In brief, the key points at issue were: (1) the proper interpretation of a sanctions clause in the…
In a judgment recently published by the High Court (available here), a claimant has been granted the right to inspect suspicious activity reports (SARs) filed by his bank. The Court made the order in interlocutory proceedings brought in the course of an individual’s claim against his bank for breach of contract, breach of the Data Protection Act 1998 and defamation. The claim arose after the bank froze the individual’s accounts and filed SARs. The…
We have published a briefing analysing the key proposals in the Law Commission’s consultation on the SARs regime. The link can be found here: http://www.nortonrosefulbright.com/knowledge/publications/169657/the-law-commission-consultation-on-reforming-the-sars-regime-key-takeaways-for-the-financial-sector    …
The Upper Tribunal has upheld the FCA’s decision to prohibit Arif Hussein, a former trader, on the basis that he failed to be candid and truthful during the enforcement process. In the decision, the Tribunal was critical of the FCA’s focus on the relatively junior trader, who was put under investigation in relation to a limited number of chats which took place over a short period when there was widespread manipulation of LIBOR within the…