UK Finance Disputes and Regulatory Investigations Blog

Financial Markets Awareness: Practical Legal Insight

Latest from UK Finance Disputes and Regulatory Investigations Blog

UK Finance Disputes and Regulatory Investigations Blog

FCA voices concerns about “epidemic” levels of fraud in the UK

By Garon Anthony on September 17, 2019

In a recent speech given at the Cambridge Economic Crime Symposium, the Chairman of the Financial Conduct Authority (FCA), Charles Randell, discussed the growing “epidemic” of fraud across the UK, and the need for collaboration in both the public and private sectors to fight more effectively against investment fraud.…

UK Finance Disputes and Regulatory Investigations Blog

English Court of Appeal judgment recognises the importance of industry standard ISDA Master Agreement terms when challenged by a competing jurisdiction clause in a financing agreement

By Jeremy Ladyman, Thomas Bowie & Chris Webber on September 12, 2019

The Court of Appeal has confirmed that a jurisdiction clause that elects the English courts in an ISDA Master Agreement prevails when the underlying swap transaction forms part of a wider financing arrangement that is subject to the jurisdiction of the Turin courts: BNP Paribas SA v Trattamento Rifiuti Metropolitani SPA [2019] EWCA Civ 768.…

UK Finance Disputes and Regulatory Investigations Blog

Money-laundering prison sentences reach record high

By Garon Anthony & Rose Chaudry on September 9, 2019

The average prison sentence for money-laundering has increased by 8% in the last year, according to new research. The research by Thomson Reuters revealed that average jail time increased to 27 months in 2018, up from 25 months in 2017.…

UK Finance Disputes and Regulatory Investigations Blog

Cryptoasset Regulation: FCA Final Guidance Published

By Katherine Wakeham on August 19, 2019

The FCA has now published its Final Guidance on Cryptoassets (PS19/22), setting out the FCA’s position on how cryptoassets fit within the current regulatory perimeter. The Guidance does not change the scope of regulation of cryptoassets by the FCA, but does provide useful and practical insight into how the regime applies in the cryptoasset sphere which should assist market participants in determining the extent of their regulatory obligations where different cryptoassets are concerned. The…

UK Finance Disputes and Regulatory Investigations Blog

Treasury Committee Calls for Expansion of FCA Powers

By Garon Anthony & Mariyam Harunah on August 8, 2019

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. …

UK Finance Disputes and Regulatory Investigations Blog

Forgoing an Unmeritorious Defence held to be Good Consideration by Court of Appeal

By Garon Anthony on July 31, 2019

The Court of Appeal in Simantob v Shavleyan [2019] EWCA Civ 1105 has held that an unmeritorious defence was good consideration for the variation of a settlement agreement, which resulted in payment to the creditor of a lesser sum than the debt due.…

UK Finance Disputes and Regulatory Investigations Blog

PRA explains its approach to enforcement

By Garon Anthony on July 23, 2019

At the Financial Services Lawyers’ Association meeting last week, Miles Bake, Head of Legal at the Enforcement & Litigation Division of the Prudential Regulatory Authority (PRA) discussed the PRA’s approach to enforcement, gave an overview of recent PRA enforcement actions/investigations and explained the Enforcement Division’s (ED) future agenda.…

UK Finance Disputes and Regulatory Investigations Blog

Senior compliance officer and trader at UBS imprisoned for insider dealing following FCA investigation

By Garon Anthony on July 8, 2019

At the end of last month a senior compliance officer at UBS AG (“UBS“) and her financial securities trader associate were each sentenced to three years imprisonment for five offences of insider dealing, following successful criminal proceedings brought by the Financial Conduct Authority (“FCA“). Confiscation proceeding are also being pursued against both defendants.…

UK Finance Disputes and Regulatory Investigations Blog

Outsourcing Failures leave Raphaels Bank with £1.89m Fine

By Garon Anthony & Rose Chaudry on June 7, 2019

Raphael & Sons plc (the “Bank“) has been hit by separate fines from the Financial Conduct Authority and the Prudential Regulation Authority (together, the “Regulators“) of £775,100 and £1,112,152 respectively. An IT issue with one of the Bank’s third party card processor’s left over 3,300 customers unable to use their prepaid cards on Christmas Eve in 2015. This event crystallised the risks that the Bank had failed to manage, but the Bank’s failings went deeper…

UK Finance Disputes and Regulatory Investigations Blog

FCA found partially liable for loss caused by errors in Financial Services Register

By Thomas Bowie on May 24, 2019

The Financial Regulators Complaints Commissioner has recommended that the Financial Conduct Authority makes an ex gratia payment of £6,500 to an individual complainant. The recommended payment represents 50% of the total loss suffered by the Complainant as a result of errors in the Financial Services Register. The Complaints Commissioner acknowledged that the FCA should not be deemed to generally warrant the accuracy of the Register. However, this was “not an ordinary case”, as the Register…

UK Finance Disputes and Regulatory Investigations Blog

Financial Markets Awareness: Practical Legal Insight

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FCA voices concerns about “epidemic” levels of fraud in the UK

English Court of Appeal judgment recognises the importance of industry standard ISDA Master Agreement terms when challenged by a competing jurisdiction clause in a financing agreement

Money-laundering prison sentences reach record high

Cryptoasset Regulation: FCA Final Guidance Published

Treasury Committee Calls for Expansion of FCA Powers

Forgoing an Unmeritorious Defence held to be Good Consideration by Court of Appeal

PRA explains its approach to enforcement

Senior compliance officer and trader at UBS imprisoned for insider dealing following FCA investigation

Outsourcing Failures leave Raphaels Bank with £1.89m Fine

FCA found partially liable for loss caused by errors in Financial Services Register

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