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Financial Services Tribunal: for justice, for regulatory clarity (Pt 3)

19 July 2018 / Michel Reznik
Issue: 7802 / Categories: Features , Regulatory , Banking , Commercial
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Michel Reznik negotiates the tightrope of financial regulation & concludes with regulatory clarity

  • A Financial Services Tribunal with jurisdiction to produce authoritative decisions on the effect of regulation would help eliminate regulatory uncertainty, reduce compliance costs and maintain the UK’s reputation as one of the best-regulated markets in the world.

Financial regulation, like the politics which underpins it, began a transformation in 2008. Richard Samuel, barrister at 3 Hare Court, in the latest of his trilogy of articles in the Capital Markets Law Journal , characterises the change in this way. Before that date, financial regulators investigated irregularities apparent in the market and penalised transgressions where they found harm. Since 2008, regulators have not waited for irregularities or harm; they now require absolute compliance with their rules and fine firms who fall short. An increasingly burdensome series of regulations and rule-books have therefore become all the more onerous for firms because of the unforgiving way in which they are now policed. Post-2008 politics has sustained

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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

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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
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
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
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