The FCA publishes proposals to ban sale of crypto-derivatives to retail consumers

The Financial Conduct Authority (“FCA“) has published proposals to ban the sale of derivatives or exchange traded notes (“ETNs“) which reference certain types of cryptoassets (“crypto-derivatives“), to address harm posed to retail consumers. The scope of the ban would extend to the sale, marketing and distribution of all derivatives (ie. options, futures and contracts for … Read more

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 Financial Advice Market Review recommendations published

The Financial Advice Market Review (FAMR) has today published its report and recommendations.  FAMR was launched in August 2015 to explore what steps the Government, industry and regulators might individually and collectively take to stimulate the development of a market which delivers affordable and accessible financial advice and guidance to everyone, at all stages of … 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