FCA confirms final rules for new Consumer Duty

The FCA has published the final rules and guidance and accompanying non-Handbook guidance relating to the new Consumer Duty (the Duty). While the nature and scope of the Duty remains largely unchanged in most areas, the final rules and guidance contain some significant changes and clarifications relating to how the Duty will apply in relation to distribution chains, closed books, wholesale markets and … Read more

Global LIBOR Legislative Solutions

Herbert Smith Freehills LLP have published an article in Bloomberg Law detailing the key legislative and/or regulatory solutions that jurisdictions have adopted to mitigate the risks raised by so-called “tough legacy” contracts following the discontinuation of the London Inter-Bank Offered Rate (LIBOR) on 31 December 2021 in nearly all currencies and tenors (with an extension … Read more

Latest split trial decision in securities class action under s.90A FSMA

At a recent Case Management Conference (CMC), where a split trial was proposed by the claimants in a claim brought pursuant to Section 90A and Schedule 10A of the Financial Services and Markets Act (FSMA), the High Court has held that reliance issues should be heard at the second trial, with defendant liability issues to … Read more

BANKING LITIGATION PODCAST EPISODE 34: MONTHLY UPDATE – MAY/JUNE 2022

We have just released our monthly update podcast, in which we discuss and debate the key recent judgments likely to be of interest to financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guest Tom Wyer. You can also listen … Read more

High Court considers receiving bank’s liability in context of APP fraud

The High Court has dismissed a claim brought by a company against a bank for knowing receipt and unjust enrichment in relation to funds received by the bank in the context of an authorised push payment fraud (APP): Tecnimont Arabia Ltd v National Westminster Bank plc [2022] EWHC 1172 (Comm). This decision will be of … Read more