The UK Supreme Court’s judgment in Philipp v Barclays: key takeaways for financial institutions executing customer payments

The UK Supreme Court has handed down its seminal judgment in Philipp v Barclays Bank UK plc [2023] UKSC 25, considering the application of the so-called Quincecare duty to the victim of an “authorised push payment” (APP) fraud. In an APP fraud, the victim is induced by fraudulent means to deliberately authorise their bank to send a payment to a bank account controlled by the fraudster. Read more

APP fraud and vulnerable customers – lost in implementation?

In its June 2023 Policy Statement on authorised push payment (APP) fraud (PS23/3), the Payment Systems Regulator (PSR) said that payment service providers (PSPs) would not be required to reimburse customers who had failed to exercise the 'customer standard of caution' (on which guidance is awaited) for APP fraud claims.  This makes sense and is consistent with the regulatory principle that 'consumers should take responsibility for their decisions'. Read more

The cost of ‘doing the right thing’

The UK Financial Ombudsman Service (FOS) reports that its uphold rate for complaints from customers of firms who are signatories to the Contingent Reimbursement Model (CRM) Code is higher than those from non-signatories. Read more

Failure to prevent fraud – an introduction to the proposed new offence

This week saw the government's long-awaited introduction of a proposed new offence of failure to prevent fraud. There has been a long-standing debate in the UK regarding the desirability of reform to corporate criminal liability which culminated in an assurance by  Security Minister Tom Tugendhat MP earlier this year that the Government would introduce a proposed "failure to prevent" offence during the progress through the House of Lords of the existing Economic Crime and Corporate Transparency Bill. Read more

Corporate Crime update – Winter 2021

Welcome to the Winter 2021 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. Read more

Corporate Crime update – Summer 2021

Welcome to the Summer 2021 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. Read more