13 results
25 Sep 2019 13:58
European General Court upholds Commission’s finding that HSBC violated competition law – Commission represented by Ben LaskOn a day of important judgements, the EU General Court delivered another one in the first of three appeals concerning the manipulation of the “Euribor” inter-bank lending rate. Back in 2007, HSBC had colluded with a number of other banks to fix the Euribor – a benchmark rate on which the prices of more...
4 Jul 2019 10:37
FCA v Abdel-Malek & ChoucairOn Thursday 27th June, former UBS compliance officer, Fabiana Abdel-Malek, and trader Walid Choucair, were both sentenced to three years for insider trading after a trial lasting eight weeks. Tom Broomfield was junior counsel for the FCA, and was led by Sarah Clarke QC and John McGuinness QC. This more...
4 Jul 2019 09:57
FCA launches credit information market studyThe Financial Conduct Authority (FCA) has launched its keenly anticipated review of the credit information market, as Walker Morris consumer finance expert Jeanette Burgess explains. On 27 June 2019, the FCA published the terms of reference of its Credit Information Market Study, following more...
9 Apr 2019 23:11
Andrew Left v Securities & Futures Commission & Market Misconduct Tribunal (Hong Kong) - A Tale of Expansive Interpretation & Criminal Law in Financial MarketsAndrew Left v Securities & Futures Commission & Market Misconduct Tribunal (Hong Kong) - A Tale of Expansive Interpretation & Criminal Law in Financial Market Misconduct Summary In Andrew Left v Securities & Futures Commission & Market Misconduct Tribunal [2019] HKCA 224[2], the Hong Kong Court of more...
14 Mar 2019 13:52
Commercial update - Rebecca Farrell: Substituted service of bankruptcy petitionsThe High Court has ruled that permission to serve a bankruptcy petition by a substituted means cannot be given retrospectively. Rebecca Farrell analyses the decision Ardawa v. Uppal and Jordan [2019] EWHC 456 (Ch) and considers how it changes the law. Click here to read Rebecca's analysis. more...
7 Mar 2019 10:54
FCA confirms introduction of rent-to-own price capThe Financial Conduct Authority (FCA) has confirmed that it will introduce a price cap for the rent-to-own (RTO) sector. This price cap will be introduced from 1 April 2019 and the FCA estimates that it will save consumers up to £22.7 million a year. Summary The FCA consulted on an RTO price cap in more...
25 Feb 2019 15:24
FCA issues its first decision under competition lawOn 21 February 2019, the FCA issued a decision which finds that 3 asset management firms breached competition law. This is the FCA’s first formal decision under its competition enforcement powers. The infringements found by the FCA consisted of the sharing of strategic information, on a bilateral more...
28 Jan 2019 14:10
Kingman Review – The Future Regulation of Financial ReportingBen Hubble QC and Miles Harris of 4 New Square look at the potential impact of reforms suggested by the Kingman Review and the Competition & Market Authority’s Update Paper on the audit sector. Introduction The days before Christmas 2018 saw the publication of two very important documents for the more...
10 Jan 2019 12:02
Loyalty penalty super-complaint – An updateThe Competition and Markets Authority and the Financial Conduct Authority have responded to the Citizens Advice super-complaint about the so-called ‘loyalty penalty’ affecting long-term existing customers in the mobile, broadband, cash savings, home insurance and mortgages markets. Walker Morris’ more...
6 Dec 2018 14:10
Permission to Challenge a Trustee in Bankruptcy’s RemunerationJames Davies analyses the case of Singh v Hicken [2018] EWHC 3277 (Ch); an appeal against the decision of a County Court judge refusing permission to Mr Singh, a discharged bankrupt, to challenge his trustee’s remuneration. Under Insolvency Rule 2016 18.35 the permission of the court is required more...
10 Oct 2018 10:12
Scotland to adopt Standard Financial StatementWalker Morris Banking & Finance Litigation partner Rob Aberdein provides an update on Scotland’s proposed adoption of the Standard Financial Statement. Common Financial Statement à Standard Financial Statement The Standard Financial Statement (SFS) – a tool for assessing income and expenditure and more...
14 May 2018 11:15
Third Party Rights in FCA Supervisory Notices: room for more?Shail Patel of 4 New Square considers the decision of the Upper Tribunal in UK Innovative TI Limited v Financial Conduct Authority [2018] UT 0136 (TCC), confirming that third parties have no statutory rights in relation to supervisory notices issued by the FCA. However, with evident dissatisfaction more...
End Of The Road for LIBOR Rigging Claims; or Just a Detour?
The Court of Appeal's decision in Property Alliance Group v RBS [2018] EWCA Civ 355 is a decisive victory for RBS over PAG. However, the door has undoubtedly been opened for other potential claimants. While the CA also made some significant findings on the bank's advisory duties and implied more...
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