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Banks have new duties to protect consumers – so why can’t consumers sue for breach?
Posted: 18/06/2024
Fairness to consumers, and the integrity of the financial markets, underpin the new duties being imposed on financial institutions in 2024. But is it fair that a consumer can only seek redress for breach from an ombudsman, and not the court? And why do consumers not have a private right of action for breach of these duties, when such a right......>>
Representations, reverse engineering, and Russian dolls: a case study in complexity in Loreley v Credit Suisse
Posted: 22/02/2024
Most businesses presume that their counterparts are honest. But can you claim for misrepresentation if that presumption proves wrong? In Loreley Financing (Jersey) No 30 Ltd v Credit Suisse Securities (Europe) Ltd & Ors [2023] EWHC 2759 (Comm), the court confirmed that the answer, generally, is no. Rejecting the fraudulent......>>
High Court grants injunctions and summary judgment against unknown fraudsters (Boonyaem v Persons Unknown)
Posted: 02/02/2024
Crypto claims before the courts of England and Wales have almost exclusively been fraud cases. The anonymity which digital currencies and online trading platforms offer makes the digital space very attractive to preying fraudsters. The recent case of Tippawan Boonyaem v Persons Unknown Category (A) & Ors [2023] EWCH 3180 (Comm)......>>
FCA unveils proposals for improving diversity and inclusion in the financial services sector
Posted: 17/10/2023
In September this year, the Financial Conduct Authority (FCA) published its long-awaited consultation paper, Diversity and inclusion in the financial sector - working together to drive change. The FCA’s consultation paper was published alongside one from the Prudential Regulation Authority (PRA). The regulators consider that greater levels......>>
The FCA’s policy statement on financial promotion rules for cryptoassets
Posted: 22/08/2023
In June 2023, the Financial Conduct Authority (FCA) published the catchily titled PS23/6: Financial promotion rules for cryptoassets, which include a set of near final rules that are expected to be brought into force by the FCA through a statutory instrument later this year, known as the Financial Promotion Order (FPO). This article discusses......>>

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Finance Focus - August 2023
Welcome to the latest edition of our Finance Focus, looking at some of the legal issues our financial services sector clients have been experiencing over the last few months. For trade financiers, the key security role of the bill of lading is facing a further challenge following the Unicredit Bank AG v Euronav NV case while for those in the world.

Finance Focus - May 2023
Welcome to the latest edition of Finance Focus. In this issue, we continue to cover a range of topics of relevance to clients operating in the financial services sector. For almost as long as I have been involved with the law of trade finance the digitalisation of international trade has been an objective tantalisingly out of reach.

Finance Focus - November 2022
No doubt clients and colleagues outside the UK have observed with interest how the UK political landscape has recently been buffeted and overturned by market forces.

Finance Focus - May 2022
In our February Finance Focus we highlighted the likely sanctions that would result from a Russian invasion or incursion into Ukraine. The devastating military action that followed has meant that many of those sanctions predictions are now in place and likely to remain so for some time ahead.

Financial services regulatory alert - 8 April 2022
JP Morgan trader unfairly dismissed: how do employment tribunals align with FCA compliance considerations? Jones v JP Morgan Securities Plc (No.1) [2021] 6 WLUK 722. This case serves as a useful reminder that natural justice and an assessment of fitness and propriety go hand in hand in financial services firms and, if they do not, the penalties for a firm can be significant. JP Morgan was ordered to pay Mr Jones £1.5 million in lost earnings and to re-engage him in its Hong Kong office.

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