Article published on collective assurance activities and the risk management of outsourcing arrangements

Our Financial Services Regulatory team have published an article in the September 2021 edition of Butterworths Journal of International Banking and Financial Law, making the case for more guidance from sectoral regulators and competition authorities to allow banks and their service providers to get comfortable with the option to participate in collective assurance activities, as part of their outsourcing arrangements.

The risk management of outsourcing and third party arrangements is a challenge facing financial services firms, and therefore accommodations in regulatory policies on the assurance or audit mechanisms which can be used, will likely be of interest and welcomed by firms and their service providers. However, the article emphasises that it is important for regulators to take a further step and provide specific guidance for firms.

To read the article in full, see our FSR blog post.

BANKING LITIGATION PODCAST EPISODE 28: MONTHLY UPDATE – JULY/AUGUST 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 Amel Fenghour.

You can also listen on Apple or Spotify  and find links to our blog posts on the cases covered in this podcast below:

Please subscribe to the podcast channel here to listen to our regular bite-sized broadcasts covering both litigation and regulatory developments for banks and other financial institutions.

John Corrie
John Corrie
Partner
+44 20 7466 2763
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948
Amel Fenghour
Amel Fenghour
Senior Associate
+44 20 7466 2389

Know your limits: the increasingly high bar for claims to extend the limitation period

Herbert Smith Freehills LLP have published an article in the New Law Journal on recent authorities clarifying the application of the Limitation Act 1980 and the high threshold for claimants to postpone the limitation period under s.32 or s.14A of that Act.

The litigation market is well known to be counter-cyclical – an uptick in disputes usually follows market turmoil. The 2008 global financial crisis was no exception, and disputes with their factual roots in this period are still heard by the English courts today. As an inexorable consequence, the court must grapple with complicated limitation arguments, and recent decisions fleshing out the law demonstrate the judiciary’s willingness to consider time-barred claims on a summary basis, in circumstances where, traditionally, such cases have been less amenable to a strike out or summary determination.

In our article, we examine recent authorities focusing on the operation of the deliberate concealment extension under section 32(1)(b) of the Act and the alternative 3-year extension mechanism for negligence actions under section 14A(4)(b).

The article can be found here: Know your limits. This article first appeared in the 9 July 2021 edition of the New Law Journal.

Chris Bushell
Chris Bushell
Partner
+44 20 7466 2187
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948

Herbert Smith Freehills contributes chapter to The Securities Litigation Review (7th Edition)

Herbert Smith Freehills have contributed the England and Wales chapter of The Securities Litigation Review. Now in its seventh edition, The Securities Litigation Review is a guided introduction to the class action regimes for securities claims in the key jurisdictions across the globe, providing a valuable resource for corporates and financial institutions who might face such claims.

Download chapter

Reproduced with permission from Law Business Research Ltd. This article was first published in June 2021. For further information please contact Nick.Barette@thelawreviews.co.uk.

Previous Editions:

6th edition 2020

5th edition, 2019

4th edition, 2018

3rd edition, 2017

Harry Edwards
Harry Edwards
Partner
+61 3 9288 1821
Jon Ford
Jon Ford
Senior Associate
+44 20 7466 2539

BANKING LITIGATION PODCAST EPISODE 27: MONTHLY UPDATE – MAY/JUNE 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 Annabel Davis.

You can also listen on Apple or Spotify and find links to our blog posts on the cases covered in this podcast below:

Please subscribe to the podcast channel here to listen to our regular bite-sized broadcasts covering both litigation and regulatory developments for banks and other financial institutions.

John Corrie
John Corrie
Partner
+44 20 7466 2763
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948

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 on Apple or Spotify and find links to our blog posts on the cases covered in this podcast below:

Please subscribe to the podcast channel here to listen to our regular bite-sized broadcasts covering both litigation and regulatory developments for banks and other financial institutions.

John Corrie
John Corrie
Partner
+44 20 7466 2763
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948
Mannat Sabhikhi
Mannat Sabhikhi
Associate
+44 20 7466 2859

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 this period, which you can access here:

 

We hope you find our update useful and, as ever, please feel free to contact your usual Herbert Smith Freehills contact if there are any topics which you would like to discuss further.

Rupert Lewis
Rupert Lewis
Partner
+44 20 7466 2517
Chris Bushell
Chris Bushell
Partner
+44 20 7466 2187
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948
Nihar Lovell
Nihar Lovell
Professional Support Lawyer
+44 20 7374 8000

BANKING LITIGATION PODCAST EPISODE 25: SPECIAL EDITION – THE QUINCECARE DUTY OF CARE

In this special edition of our banking litigation podcast, we consider a key risk area for financial institutions handling client payments – the Quincecare duty of care. This episode is hosted by Ceri Morgan, a professional support consultant in our banking litigation team, who is joined by Mark Tanner and Scott Warin. 

Quincecare duty claims typically arise where a bank or deposit holding financial institution has received a payment mandate from an authorised signatory of its customer, and executed the order, in circumstances where (allegedly) there were red flags to suggest that the order was an attempt to misappropriate the funds of the customer. The past few years have witnessed an uptick in such claims, with a proliferation of judgments being handed down in quick succession since the Supreme Court’s decision in Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd [2019] UKSC 50. In our podcast, we discuss how these judgments have defined both the scope of the duty, and the potential tools in the armoury of banks to defend these claims.

You can also listen on Apple or Spotify and find links to our blog posts on the cases covered in this podcast below:

Please subscribe to the podcast channel here to listen to our regular bite-sized broadcasts covering both litigation and regulatory developments for banks and other financial institutions.

Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948
Mark Tanner
Mark Tanner
Senior Associate
+44 20 7466 2412
Scott Warin
Scott Warin
Associate
+44 20 7466 2479

BANKING LITIGATION PODCAST EPISODE 24: MONTHLY UPDATE – JANUARY/FEBRUARY 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 Harriet Tolkien.

You can also listen on Apple or Spotify and find links to our blog posts on the cases covered in this podcast below:

Please subscribe to the podcast channel here to listen to our regular bite-sized broadcasts covering both litigation and regulatory developments for banks and other financial institutions.

John Corrie
John Corrie
Partner
+44 20 7466 2763
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948
Harriet Tolkien
Harriet Tolkien
Associate
+44 20 7466 6328

BANKING LITIGATION PODCAST EPISODE 23: MONTHLY UPDATE – DECEMBER 2020 (CHRISTMAS SPECIAL!)

We have just released the CHRISTMAS SPECIAL edition of our monthly update podcast, in which we discuss and debate the key recent judgments likely to be of interest to financial institutions, combined with some festive cheer and a few surprises. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan, Mark Tanner and some very special guests.

You can also listen on Apple or Spotify and find links to our blog posts on the cases covered in this podcast below:

Please subscribe to the podcast channel here to listen to our regular bite-sized broadcasts covering both litigation and regulatory developments for banks and other financial institutions.

John Corrie
John Corrie
Partner
+44 20 7466 2763
Ceri Morgan
Ceri Morgan
Professional Support Consultant
+44 20 7466 2948
Mark Tanner
Mark Tanner
Senior Associate
+44 20 7466 2412