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28 April 2017 / Michel Reznik
Issue: 7743 / Categories: Features , Banking , Commercial
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Injustice in financial services disputes (Pt 1)

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Justice in financial services disputes is to be found in the common law, says Michel Reznik, as he presents the case for a Financial Services Tribunal

  • There is a gap in financial services dispute resolution.
  • Courts are too expensive for small businesses.
  • Jurisdiction of the Financial Ombudsman Service is too restrictive.

The All Party Parliamentary Groups (APPG) on Fair Business Banking and Alternative Dispute Resolution joined forces in January 2017 to announce a joint three-stage inquiry with a view to ‘produce a set of solid proposals upon which we can address the current imbalance and build a solid foundation for effective dispute resolution’ according to George Kerevan MP, the incumbent Chair of the APPG on Fair Business Banking.

The intellectual foundation for this inquiry was laid by Richard Samuel, barrister at 3 Hare Court, who published two seminal articles in the Capital Markets Law Journal, ‘Tools for changing the banking culture: FCA are you listening?’: April 2016 Volume 11 Issue 2: 129-144 and ‘Tools

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MOVERS & SHAKERS

HFW—Nelson Wang

HFW—Nelson Wang

HFW strengthens global insurance practice and Greater China offering with London Partner hire

Burges Salmon—David McEwing

Burges Salmon—David McEwing

Burges Salmon boosts Energy and Utilities practice with appointment of David McEwing

Browne Jacobson—Alexander Studholme

Browne Jacobson—Alexander Studholme

Browne Jacobson adds international construction arbitration partner in London push

NEWS
Law firm trainees are choosing US firms over their UK comparators, according to Chambers’ annual report on UK trainee satisfaction
A former senior judge has warned peers against scrapping juries for fraud and financial crimes, ahead of the Courts and Tribunals Bill’s second reading in the House of Lords this week
Civil practitioners face changes spanning debt recovery, workplace harassment and possession claims, alongside guidance on insolvency challenges and children proceedings

Finding matrimonial wealth is as challenging as dividing it, as family disputes draw practitioners into asset tracing, offshore structures and insolvency

Agreement between opponents offers no guarantee that a court will approve a retrospective increase to a costs budget
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