Duty of Care – countdown to the much anticipated FCA consultation

Our Financial Services Regulatory colleagues have published a blog post considering the latest developments in the possible introduction of a new “duty of care” owed by authorised persons to consumers in carrying out regulated activities under FSMA. In particular, the article considers the legislative and regulatory developments since the FCA first published a Feedback Statement in … Read more

Redemption periods and liquidity mismatch in authorised open-ended property funds: regulatory update and litigation risks

The FCA has recently published a feedback statement to its consultation into liquidity mismatch in authorised open-ended property funds (CP20/15) (considered in our previous banking litigation blog post). The FCA consultation considered whether property funds should be required to have notice periods before an investment can be redeemed, suggesting a notice period of between 90 and … Read more

High Court strikes out time-barred claims holding that banks did not deliberately conceal facts so as to extend the limitation period

The High Court has granted applications by two banks to strike out claims brought against them after the primary limitation period for the claims had expired. This decision provides a helpful summary of the case law surrounding the operation of section 32(1)(b) Limitation Act 1980 (LA 1980), a provision that we are increasingly seeing claimants … Read more

Court of Appeal decision in Adams v Options: the meaning of “advice” and potential implications for financial product mis-selling claims

In the context of an investor’s claim against the provider of his self-invested personal pension (SIPP) under s.27 of the Financial Services and Markets Act 2000 (FSMA), the Court of Appeal has provided guidance on the question of what constitutes “advice” on investments for the purpose of article 53 of the Financial Services and Markets Act … Read more

BANKING LITIGATION PODCAST EPISODE 26: MONTHLY UPDATE – MARCH/APRIL 2021

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 Mannat Sabhikhi. You can also listen … Read more

Biannual Banking Litigation Update (Spring 2021)

Welcome to the Spring 2021 edition of our biannual Banking Litigation Update, in which we highlight a number of the most important cases and developments affecting UK financial institutions over the past six months. Read the full Banking Litigation Update here. We have also recorded a short video to provide a high level overview of developments during … Read more

Intermediated securities in a securities class action context

Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on intermediated securities in a securities class action context. The majority of investors in the UK hold their interests through an intermediated chain of securities. The relationships between the investors in the chain are governed by the contracts they … Read more