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Injustice in financial services disputes (Pt 3)

02 June 2017 / Michel Reznik
Issue: 7748 / Categories: Features , Commercial
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Michel Reznik reviews the principles of effective dispute resolution & endorses the introduction of a Financial Services Tribunal

  • Specialist dispute resolution forums are necessary in markets in which David habitually fights Goliath.
  • The Employment, Intellectual Property and Competition jurisdictions are examples where specialist disputes forums have proved essential to give David a chance at justice.
  • Adopting the specialist Financial Services Tribunal suggested by Richard Samuel would bring justice within the reach of SMEs.

Since the financial crisis, banks and financial services institutions have been exposed by the Financial Conduct Authority (FCA) for mis-conducting themselves, and, in particular, for mis-selling financial products to their SME (small and medium-sized enterprise) clients on an industrial scale. This reputation has been galvanised in the minds of the public by widely-publicised outcomes of investigations into scandals and by enormous fines meted out by regulatory bodies.

Victims of misconduct have rightly expected compensation. The question has been and remains: how and where are they going to get it? The Financial Ombudsman Service (FOS)

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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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The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
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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