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Banking & Finance Disputes Journal - August 2016

Published 3 agosto 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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Further fines imposed by the FCA for insider trading

On 15 July 2016, the FCA imposed a fine of £59,557.00 on Gavin Breeze ("Mr Breeze"), a Jersey resident, in respect of shares which he sold in September 2014 in MoPowered Group plc ("MoPowered"), an AIM listed company which designs mobile payment software applications.

Preliminary decision against FCA opens way for further action: Grout v FCA

In a recent decision of the Upper Tribunal, a preliminary issue has been decided against the FCA in an ancillary claim arising out of mis-trading perpetrated by JP Morgan Chase Bank in 2012.

Interest rates on non-contractual damages depend on the currency the loss was suffered in: Krajbanki v. Antonov

The claimant, AS Latvijas Krajbanki, a Latvian bank, was given judgment at a previous hearing.

FCA thematic review puts dark pool trading in the spotlight

On 21 July 2016, the FCA published a report on its thematic review of the UK equity marketplace, focusing on dark pools and broker crossing networks ("BCNs").

FCA fines Towergate £2.6m for hole in client and insurer accounts

Towergate Underwriting Group Limited ("Towergate") is an insurance intermediary which holds both client and insurer money. This month the FCA fined Towergate £2,632,000 for failings in relation to its protection of client and insurer money.

Jonathan Brogden

London - Walbrook

+44 (0)20 7894 6290

jbrogden@dacbeachcroft.com

Pippa Ellis

London - Walbrook

+44 (0)20 7894 6252

pellis@dacbeachcroft.com

Key Contacts

Jonathan Brogden

London - Walbrook

+44 (0)20 7894 6290

jbrogden@dacbeachcroft.com

Further fines imposed by the FCA for insider trading

By Pippa Ellis

On 15 July 2016, the FCA imposed a fine of £59,557…