Financial services litigation

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Santander UK has been fined £107m for ‘serious and persistent’ gaps in its anti-money laundering (AML) controls on business banking customers.

The UK is the ‘leading Western centre for Islamic finance’, according to a TheCityUK report, ‘Islamic finance: global trends and the UK market 2022’, published last week.

The SRA has announced the publication of a range of new guidance covering the financial sanctions regime, immigration work and effective supervision. It has also issued a warning notice on involvement in strategic lawsuits against public participation (SLAPPs).

With the war in Ukraine ongoing and the after-effects of the pandemic ‘only slowly subsiding, global markets are in turmoil’, writes Cadwalader special counsel Simon Walsh, in this week’s NLJ. And what always increases during times of turmoil? Disputes.

Arbitration is becoming an increasingly attractive prospect for financial institutions dealing with disputes: Simon Walsh explains its appeal

You are the victim of fraud—how likely are you to succeed in a claim against your fraudster’s bank? In this week’s NLJ, David McIlroy, barrister at Forum Chambers, and Jon Felce, partner, and Rosie Wild, senior associate, at Cooke, Young & Keidan, address this question.

The Financial Conduct Authority (FCA), Prudential Regulation Authority and Bank of England published a discussion paper last week on diversity monitoring and reporting at financial services firms, ‘Diversity and inclusion in the financial sector’

The Solicitors Regulation Authority (SRA) has invited solicitors and law firm representatives to give their views on fee restrictions for financial product and services mis-selling compensation cases

The Ministry of Justice has updated its civil appeals case tracker to reflect that an application for permission to appeal the decision of the High Court in Financial Conduct Authority v 24hr Trading Academy Ltd and another [2021] EWHC 648 has been made.

The Equity Release Council has launched a Legal Forum which advocates the role of legal advice that supports customers in the later life lending sector.

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MOVERS & SHAKERS

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Bell Yard Kysen—Liz Giles

Bell Yard Kysen appoints senior legal PR and ex-government communications adviser, Liz Giles

Clarke Willmott—Lee Edwards

Clarke Willmott boosts Southampton commercial property team with addition of partner Lee Edwards

Lime Solicitors—four promotions

Lime Solicitors announces four promotions

NEWS

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Law Officers mark 25 years of Pro Bono Week

The Attorney General, Ellie Reeves KC MP, and Solicitor General, Andy Slaughter KC MP, marked the 25th anniversary of Pro Bono Week by joining lawyers, charities, students and parliamentarians at events celebrating voluntary legal work

NLJ this week: Debts, disputes & digital bluster

A polished legal defence may owe more to artificial intelligence than legal merit—and creditors risk paying the price in delay and expense

NLJ this week: Who shaped the witness’s story?

Witness evidence can be compromised by AI before a solicitor sees the draft, leaving safeguards focused on authorship incomplete

NLJ this week: New law, old convictions

Should a conviction stand when a later ruling reveals that the law underpinning it was wrong? The answer exposes a clash between finality and justice

NLJ this week: Possession’s digital pitfalls

Possession claims are entering a new digital era, with procedural traps awaiting practitioners who assume familiar rules still govern every step

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Financial services litigation

MOVERS & SHAKERS

Bell Yard Kysen—Liz Giles

Clarke Willmott—Lee Edwards

Lime Solicitors—four promotions