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