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The Financial Conduct Authority (“FCA”) has just published an Industry Insights document (“Insights”) on cyber security. Whilst not containing any formal guidance or rules, the Insights highlight the risks of cyber attacks to FCA regulated firms and confirms industry best practice around the key areas relating to cyber resilience: governance, identification, protection, detection, situational awareness, response and recovery, and testing.…
The Financial Conduct Authority (“FCA”) has published a policy statement detailing that the Financial Ombudsman Service (“FOS”) compensation limit of £150,000 will increase to £350,000 from 1 April 2019. This follows a Consultation on the topic of the FOS award limit, which was open between October and December 2018.   The new limit of £350,000 applies to complaints about actions or omissions of firms, which took place after 1 April 2019. For complaints about actions/omissions occurring…
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 the Court had considered whether or not a bank owed a contractual duty to customers in relation to its conduct of…
Background A recent interim hearing in the Commercial Court in BNP Paribas SA v Trattamento Rifiuti Metropolitani SPA [2018] EWHC 1670 (Comm) concerned the determination of jurisdiction where one party asserts that a dispute falls under the jurisdiction of the English Court under a standard form International Swaps and Derivatives Association (“ISDA“) documentation, and the other party asserts that it is in fact a foreign Court which should deal with the dispute pursuant to a…
The Court of Appeal decision in Mr Nobu Su v Clarksons Platou Futures Limited and another [2018] EWCA Civ 1115 from earlier this month concerns the interpretation and application of s14A of the Limitation Act 1980 (“s14A”) and when a claimant is deemed to have ‘knowledge’ of the negligence in order to extend the limitation period under s14A.…