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Banking & Finance Disputes Journal - October 2016

Published 3 October 2016

DAC Beachcroft's Banking & Finance Disputes Update focuses on events occurring within the banking, financial, city business and general regulatory sectors that give rise to or concern contentious matters, civil or regulatory.

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High Court provides guidance on when occasional or one off lenders will be acting "by way of business"

In Newmafruit Farms Ltd v Alan Pither, the High Court has provided some useful guidance on the question of when occasional lending by entities whose primary business is not financial services must be authorised by the FCA in order to be enforceable under the Financial Service and Markets Act 2000 ("FSMA").

The recent Which? super complaint to the Payment Systems Regulator ("PSR") and FCA has put the issue of financial crime firmly under the spotlight

On 26 September Which?, the consumer rights charity, made a so-called super complaint to the PSR and FCA calling for better protection for bank customers who lose money as a result of fraud.

Thinking of obtaining a freezing order? Be aware – applicant ordered to pay tens of millions to the defendant whose assets were frozen, despite the court finding the defendant to be dishonest

Fiona Trust & Holding Corporation v Yuro Privalov & Others

High Court sets new standard of care for financial advisers

O'Hare and another v Coutts & Co [2016] EWHC 2224 (QB)

Three former Tesco directors plead not guilty to charges of fraud and false accounting

Tesco's admission led to it reporting its biggest ever loss of £6.4bn for the year to February 2015.

Corporate criminal responsibility under the spotlight as UK Government moves to change the law

Earlier this year David Cameron hosted a major international anti-corruption summit in London in a coordinated, ambitious global effort to defeat corruption.

Jonathan Brogden

London - Walbrook

+44 (0)20 7894 6290

jbrogden@dacbeachcroft.com

Pippa Ellis

London - Walbrook

+44 (0)20 7894 6252

pellis@dacbeachcroft.com

Laura Berry

London - Walbrook

+44 (0) 20 7894 6343

lberry@dacbeachcroft.com

Key Contacts

Jonathan Brogden

London - Walbrook

+44 (0)20 7894 6290

jbrogden@dacbeachcroft.com