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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

Church Court Chambers—Maryam Syed KC

Church Court Chambers—Maryam Syed KC

Church Court Chambers welcomes Maryam Syed KC

Devonshires—Sean Garbutt

Devonshires—Sean Garbutt

Devonshires strengthens construction team with appointment of partner Sean Garbutt

Thackray Williams—Alexandra Hubbard

Thackray Williams—Alexandra Hubbard

Thackray Williams strengthens employment team with dual-qualified solicitor

NEWS
Judges and lawyers reviewing the rules of disclosure have ruled out a return to the old system of CPR Part 31, and will consult on proposals to simplify the Practice Direction (PD) 57AD regime by early next year
A consumer organisation has hit back at the Financial Conduct Authority (FCA) for encouraging motor finance compensation claimants to steer clear of law firms and claims management companies
A fast, free and anonymous piece of software has been launched to help law practices comply with their regulatory duty to guard against an increasing onslaught of cyberattacks
A mood of cautious optimism has enveloped the criminal law sector following indications the prime minister may abandon planned jury reforms
The Court of Appeal has held user damages are recoverable in a competition claim, in Meta Platforms Inc and other companies v Gormsen [2026] EWCA Civ 993
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