In the recent decision of Baines v Dixon Coles and Gill (A Firm) and others [2020] EWHC 2809, the High Court held that claims against a firm of solicitors regarding the theft of client funds by a former partner, could
UK Finance Disputes and Regulatory Investigations Blog
Financial Markets Awareness: Practical Legal Insight
The UK Finance Disputes and Regulatory Investigations Blog, published by Squire Patton Boggs, focuses on legal developments and practical issues in financial disputes and regulatory investigations within the UK. It covers topics such as digital asset property rights, financial crime risk assessments, consumer finance litigation, and cross-border enforcement of judgments. The blog analyzes legislative changes, regulatory reviews, and significant court decisions affecting financial services firms, investors, and consumers. It also addresses compliance challenges, enforcement strategies, and the evolving regulatory landscape impacting finance, capital markets, and fintech sectors.
Latest from UK Finance Disputes and Regulatory Investigations Blog - Page 7
Money transfer for specific purpose – High Court ruling on Quistclose Trusts
In the recent case of Patel v Barlow’s Solicitors and others [2020] 2753 (Ch) the High Court found that a Quistclose Trust arose in a situation where solicitors were forwarded monies by a third party for a specific purpose.…
FCA reminds firms to review value of their insurance products in light of impact of COVID-19
The FCA has just released a statement reminding insurance firms of the guidance that it published back in June, which set out its expectations for insurers and insurance intermediaries to consider the value of their products in light of the…
BI insurance appeal to be heard by Supreme Court on 16 November 2020
Last night the FCA announced that the Supreme Court had granted permission to appeal the High Court’s judgment in the business interruption (“BI”) insurance test case to all those who had applied for that permission.…
DWP sets out “Stronger Nudge” regime to protect savers and rein in Pension Freedoms
Following successful trials, the Department of Work and Pensions (“DWP”) announced proposals last Wednesday to introduce a “Stronger Nudge” regime, as part of a package of measures aimed at helping savers make better-informed decisions when it comes to accessing their…
Latest BI insurance Court ruling – Loss of use because of lockdown does not constitute loss of property
In another ruling on the issue of post-Lockdown claims under business interruption (BI) insurance policies, the High Court last week summarily dismissed an action brought by a London crêperie, holding that its reliance on its policy with Allianz Insurance plc…
FCA highlights risks of market abuse in a time of pandemic
In a recent speech delivered at the City Financial Global event, Julia Hoggett (Director of Market Oversight at the FCA) set out the key risks created by operating in market conditions brought on by COVID-19, and the FCA’s expectation that…
Court decides that litigation privilege does not apply to accountant’s reports
The High Court has decided that a series of reports prepared by the accountants Deloitte LLP (“Deloitte”) for Sports Direct International PLC (“Sports Direct”) (now known as Frasers Group Ltd) in relation to a proposed tax structure were not prepared…
FCA BI test case – what happened at the consequentials hearing
The latest instalment of the Financial Conduct Authority’s (“FCA”) test case on business interruption (BI) insurance took place last Friday, with a “consequentials” hearing that dealt with the effect of the judgment, ‘leapfrog’ certificates and an application from a proposed…
Government confirms its position on insurers deducting grants from COVID-19 BI settlements
HM Treasury has responded to a letter from The Association of British Insurers (ABI), confirming the Government’s firm expectation that “grant funds intended to provide emergency support to businesses at this time of crisis are not to be deducted from…