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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

Birketts—trainee cohort

Birketts—trainee cohort

Firm welcomes new cohort of 29 trainee solicitors for 2025

Keoghs—four appointments

Keoghs—four appointments

Four partner hires expand legal expertise in Scotland and Northern Ireland

Brabners—Ben Lamb

Brabners—Ben Lamb

Real estate team in Yorkshire welcomes new partner

NEWS
Robert Taylor of 360 Law Services warns in this week's NLJ that adoption of artificial intelligence (AI) risks entrenching disadvantage for SME law firms, unless tools are tailored to their needs
From oligarchs to cosmetic clinics, strategic lawsuits against public participation (SLAPPs) target journalists, activists and ordinary citizens with intimidating legal tactics. Writing in NLJ this week, Sadie Whittam of Lancaster University explores the weaponisation of litigation to silence critics
Delays and dysfunction continue to mount in the county court, as revealed in a scathing Justice Committee report and under discussion this week by NLJ columnist Professor Dominic Regan of City Law School. Bulk claims—especially from private parking firms—are overwhelming the system, with 8,000 cases filed weekly
Writing in NLJ this week, Thomas Rothwell and Kavish Shah of Falcon Chambers unpack the surprise inclusion of a ban on upwards-only rent reviews in the English Devolution and Community Empowerment Bill
Charles Pigott of Mills & Reeve charts the turbulent progress of the Employment Rights Bill through the House of Lords, in this week's NLJ
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