Tag Archives: FSMA

Do we need a new duty of care in financial services?

On 17 July 2018, the FCA published a paper on its Approach to Consumers (the Approach), accompanied by a discussion paper DP18/5 (the DP) on the possible introduction of a new duty of care and other alternative approaches (a New Duty). The … Continue reading

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Filed under Announcements, FCA, Regulatory Reform, Sector Updates by Herbert Smith Freehills, UK, UK Government

Supreme Court clarifies what is required for “identification” in respect of third party rights under s393 FSMA

In a judgment highly anticipated by firms and their senior managers as well as the regulators, the Supreme Court has overturned decisions of the Court of Appeal and Upper Tribunal, holding in FCA v Macris [2017] UKSC 19 that Achilles … Continue reading

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Filed under UK

UK: FCA will appeal decision to stay land banking case based on defendants’ inability to secure representation following legal aid cuts

The Court has stayed a trial of a prosecution case, brought by the FCA in respect of a land banking scheme involving an alleged £5m fraud, on the basis that, as a result of legal aid cuts, there was no realistic … Continue reading

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Filed under FCA, UK

The courts’ analysis of firms’ responsibilities under COB and COBS client classification requirements

In the years preceding the financial crisis, more and more private clients began to invest in increasingly complex and riskier financial products in the search for yield. Following the subsequent market turmoil, those investors have sought to recover their losses … Continue reading

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Filed under Commercial Litigation, FSA Rules, JURISDICTIONS, Sector Updates by Herbert Smith Freehills, UK