header-logo header-logo

Financial Services Tribunal: for justice, for business confidence (Pt 2)

22 June 2018 / Michel Reznik
Issue: 7798 / Categories: Features , Banking , Commercial
printer mail-detail
nlj_7798_reznik

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

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

CBI South-East Council—Mike Wilson

CBI South-East Council—Mike Wilson

Blake Morgan managing partner appointed chair of CBI South-East Council

Birketts—Phillippa O’Neill

Birketts—Phillippa O’Neill

Commercial dispute resolution team welcomes partner in Cambridge

Charles Russell Speechlys—Matthew Griffin

Charles Russell Speechlys—Matthew Griffin

Firm strengthens international funds capability with senior hire

NEWS
The proposed £11bn redress scheme following the Supreme Court’s motor finance rulings is analysed in this week’s NLJ by Fred Philpott of Gough Square Chambers
In this week's issue, Stephen Gold, NLJ columnist and former district judge, surveys another eclectic fortnight in procedure. With humour and humanity, he reminds readers that beneath the procedural dust, the law still changes lives
Generative AI isn’t the villain of the courtroom—it’s the misunderstanding of it that’s dangerous, argues Dr Alan Ma of Birmingham City University and the Birmingham Law Society in this week's NLJ
James Naylor of Naylor Solicitors dissects the government’s plan to outlaw upward-only rent review (UORR) clauses in new commercial leases under Schedule 31 of the English Devolution and Community Empowerment Bill, in this week's NLJ. The reform, he explains, marks a seismic shift in landlord-tenant power dynamics: rents will no longer rise inexorably, and tenants gain statutory caps and procedural rights
Writing in NLJ this week, James Harrison and Jenna Coad of Penningtons Manches Cooper chart the Privy Council’s demolition of the long-standing ‘shareholder rule’ in Jardine Strategic v Oasis Investments
back-to-top-scroll