Back in May 2018, the European Parliament and Council of the European Union published Directive (EU) 2018/843, otherwise known as the Fifth Money Laundering Directive (“5MLD”). Following HM Treasury’s consultation exercise on how to transpose this into UK legislation, the awaited implementing instrument was published on 20 December 2019 in the form of the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (the “Amending Regulations”). With the Amending Regulations largely having come into force on…

The Financial Conduct Authority (“FCA”) has issued its first fine to a claims management company since it took over the regulation of the claims management sector eight months ago.…

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.…

Last week, the High Court found Genworth Financial Inc. (“Genworth“), liable to pay losses to AXA in the potential sum of £265 million, in respect of compensation that AXA had paid to settle payment protection insurance (“PPI“) misselling claims against two Genworth subsidiaries that were acquired by AXA.…

In BGC Brokers LP & others v Tradition (UK) Ltd & others, the Court of Appeal dismissed BGC Brokers LP’s (“Claimant“) appeal against an order allowing inspection by several other defendants of an unredacted settlement agreement between the Claimant and Simon Cuddihy (“Third Defendant“).  …

The Investment Association (IA) published the Final Report on its Responsible Investment Framework on 18 November 2019 (the Report). The Report was created following an industry-wide consultation led by the IA at the beginning of 2019 regarding the Responsible Investment Framework (the Framework); the proposal for a UK retail product label; and the use of disclosure frameworks. Responsible Investment The IA developed the Report in response to a noted increase in interest among investors about…

In Howard and another v Bank of Scotland plc [2019] a claim by borrowers alleging that their lender negligently overvalued their property, was struck out by the High Court last month, the Court deciding that the claim was time-barred under the Limitation Act 1980 (“Act”).…