High Court says bank need not comply with numerous and repetitive DSARs which were being used for a collateral purpose

The High Court has dismissed a Part 8 claim against a bank for allegedly failing to provide an adequate response to the claimant’s Data Subject Access Requests (DSARs). This is a noteworthy decision for financial institutions, particularly those with a strong retail customer base, as it highlights the robust approach that the court is willing to take where it suspects the tactical deployment of DSARs against the institution: Lees v Lloyds Bank plc [2020] EWHC 2249 (Ch). Read more

Corporate Crime & Investigations Podcast Episode 3: Recent Activity in Deferred Prosecution Agreements

In our Corporate Crime & Investigations podcast we look to bring you timely and incisive commentary on key developments in the CC&I space. In this third episode we discuss recent activity regarding Deferred Prosecution Agreements (DPAs). We focus specifically on three DPAs secured by the Serious Fraud Office (SFO) involving Guralp Systems, Airbus and G4S Care and Justice Services. Read more

“Tone from within” – shining the spotlight for conduct risk identification onto individuals – latest FCA feedback on the 5CQ

The FCA recently published its Industry Feedback for 2019/20 on its 5 Conduct Questions (5CQ) Programme. This year the FCA’s focus was on individuals, and instead of annual conduct meetings (which typically involve top management executives and global heads) it hosted roundtable sessions with individuals at vice president level (or equivalent) – which it refers to as ‘the Engine Room’ – across a number of wholesale banks. Read more

Judgment handed down in FCA’s COVID-19 business interruption insurance test case

The High Court has today handed down judgment in the COVID-19 Business Interruption insurance test case of The Financial Conduct Authority v Arch and Others. Herbert Smith Freehills represented the FCA (who was advancing the claim for policyholders) in the case, which considered 21 lead sample wordings from eight insurers. Following expedited proceedings, the judgment brings highly-anticipated guidance on the proper operation of cover under certain non-damage business interruption insurance extensions.
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FMSB Spotlight Review on measuring FICC execution quality

The FICC Market Standards Board (FMSB) recently published a spotlight review on the ability of FICC (fixed income, currencies and commodities) market participants to measure trade execution quality. The Review comes amid increasing market interest in best execution and transaction cost analysis from both regulators and clients particularly in the wake of MiFID II. Read more

FCA: Market Watch 65

The FCA recently published the latest edition of Market Watch, which covers three topics – information handling requirements, legal privilege, and transaction reporting. Read more