Managing risk: a disputes perspective (2017)

Herbert Smith Freehills recently held its annual disputes client conference exploring some key legal and compliance risks facing major corporates. Following opening remarks by Mark Shillito, head of dispute resolution for the UK and US, there were presentations on cyber security, Brexit, insurance, class actions, decision analysis, privilege and internal investigations. A summary of the … Read more

Hong Kong strides towards a cashless society

The Hong Kong Payment Systems and Stored Value Facilities Ordinance (the Ordinance) came into effect on 13 November 2015. The Ordinance aims to minimise and manage the risks associated with payments through stored value facilities (SVFs). It does this by ensuring the safety and soundness of these emerging technologies insofar as they relate to financial stability. Following … Read more

UK: One month to deadline for implementing FCA and PRA whistleblowing rules

Given the distractions of the summer holiday season and the aftermath of the Brexit referendum, it would be understandable if other developments slipped off the radar. However, there is one particular deadline for regulated firms that demands urgent attention.  Under the whistleblowing rules published by the FCA and PRA back in October 2015, relevant firms … Read more

UK FCA past business reviews: what duties, if any, do financial institutions owe directly to customers? High Court finds no contractual obligations, but tortious duties are arguable

The recent and somewhat surprising decision of the High Court in Suremime Limited v Barclays Bank plc [2015] EWHC 2277 (QB) is important to any financial institution that has agreed to conduct an FCA past business review or redress exercise. In particular, the court has held that it is arguable that such institutions owe duties … Read more

Problems with unit-linked products

Unit-linked insurance products have recently given rise to a number of regulatory issues. These cover: mis-selling; the responsibility of the insurer on the one hand and the intermediary on the other; the impact of Solvency II on the calculation of technical provisions; the liberalisation of the classes of asset which these policies may link to; in … Read more

Assessing and enhancing the legal and contractual aspects of CASS compliance

In the years since the Lehmann collapse there is no doubt that firms have been heavily focussed on CASS compliance, particularly on operational detail and accuracy. But last week’s record CASS fine is a reminder of the critical need to understand, assess and verify the legal and contractual architecture underpinning those processes; and to develop and … Read more

Financial System Inquiry – Final Report

The Financial System Inquiry (FSI), chaired by David Murray AO, yesterday released its Final Report, which has proposed some significant changes for the financial system in Australia, including in relation to capital adequacy, the regulatory system, consumer outcomes, general advice, superannuation and life insurance, and innovation and technology. Read more