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22 June 2018 / Michel Reznik
Issue: 7798 / Categories: Features , Banking , Commercial
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Financial Services Tribunal: for justice, for business confidence (Pt 2)

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Michel Reznik explains why the Financial Services Tribunal will work for the financial services industry & ‘UK plc’

  • SMEs need affordable access to a primary dispute resolution forum to re-establish consumer confidence in credit markets to pre-financial crisis levels.
  • Historical examples establish that the financial industry benefits from offering its customers favourable dispute resolution terms, as they boost the market confidence that underpins economic growth.
  • The financial industry should therefore encourage government to establish a Financial Services Tribunal as a means to stimulate consumer confidence and a return to growth in SME lending.

In previous New Law Journal issues I summarised the ‘access to justice’ case for a Financial Services Tribunal (FST) made by Richard Samuel in three articles he published in the Capital Markets Law Journal . It is now well-understood and widely, if not universally, accepted that SMEs need a more accessible primary dispute resolution forum (PDR) than is afforded by the courts if they are to have a real chance

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MOVERS & SHAKERS

Constantine Law—Anita Vadgama

Constantine Law—Anita Vadgama

New senior partner hire at consultant-led employment / regulatory law firm

Ward Hadaway—Emma Swann & Jill Donabie

Ward Hadaway—Emma Swann & Jill Donabie

Firm adds two partners to growing education practice

mfg Solicitors—Lauren Collins, Emily Stancer & Sara Southall

mfg Solicitors—Lauren Collins, Emily Stancer & Sara Southall

Trio of newly qualified solicitors strengthens Worcester office law firm

NEWS
NLJ's latest Charities Appeals Supplement has been published in this week’s issue
The treasury has sought to reassure the legal profession over concerns about cost, bureaucracy and independence when the Financial Conduct Authority (FCA) takes over regulation of anti-money laundering compliance
One out of two barristers has come under pressure from clients to act unethically, according to the results of this year’s Barristers’ Working Lives survey
The Court of Appeal has held the Competition Appeal Tribunal (CAT) was wrong to set aside a Competition and Markets Authority (CMA) decision on unfair pricing of phenytoin, an epilepsy drug
A flagship employment law reform is due to come into effect on 1 July, extending unfair dismissal rights to employees after six months in their job instead of two years
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