header-logo header-logo

3rd party rights & wrongs

05 June 2015 / Alan Ward
Issue: 7655 / Categories: Opinion
printer mail-detail

Post Macris, Alan Ward predicts a significant change in how regulatory enforcement in the City is conducted & publicised

Anyone with even a passing interest in financial services and the City will be aware of the $5.7bn (£3.7bn) in regulatory and criminal penalties levied against major banks last month, following the global foreign exchange (FX) investigation.

Many newspaper headlines papers asked the question: “Why aren’t these crooked bankers in jail?” But a better question might be: have any of the five UK and US regulators involved in the settlements even thought to ask the traders vilified in the headlines what they think about it all?

The informed observer might assume that the agencies that conducted these high-profile investigations would, at some point, have asked the allegedly culpable individuals for their explanation. However, a Court of Appeal judgment handed down the day before the FX settlements were announced has highlighted (and directed criticism at), the manner in which the Financial Conduct Authority (FCA) attributes blame to identifiable individuals in regulatory notices, without first giving those

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
In this week's NLJ, Steven Ball of Red Lion Chambers unpacks how advances in forensic science finally unmasked Ryland Headley, jailed in 2025 for the 1967 rape and murder of 75-year-old Louisa Dunne. Preserved swabs and palm prints lay dormant for decades until DNA-17 profiling produced a billion-to-one match
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
back-to-top-scroll