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Banking & Finance Disputes Journal - March 2017

Published 30 marzo 2017

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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Supreme Court rules on test for identification in respect of third party rights under s393 of the Financial Services and Markets Act 2000 ("the Act")

On 22 March 2017, the Supreme Court delivered its long awaited judgment in FCA v Macris [2017] UKSC 19 which determined what it means to be identified in an Enforcement Notice issued by the FCA.

SFO continues crack down on Unregulated Collective Investment Schemes with investigation into Ethical Forestry Limited's alleged fraudulent scheme

The SFO announced this month that it has opened a criminal investigation into an alleged fraudulent investment scheme marketed by Ethical Forestry Limited and its associated companies. The FCA also carried out an investigation into these companies in 2016, and in particular into whether they were operating an Unregulated Collective Investment Scheme ("UCIS"). So, what is a UCIS, what steps can investors take to protect themselves?

FOS jurisdiction in the limelight as High Court Judge considers that the relationship between what is fair and reasonable, and what the law lays down, is not altogether clear

The High Court has confirmed that the Financial Ombudsman Service ("FOS") does have to consider relevant law when considering complaints but does not have to apply it strictly if in the view of the Adjudicator, it would lead to a conclusion contrary to what is fair and reasonable in all the circumstances. However, if the FOS does depart from the law, it must provide detailed reasons.

Ventra Investments Limited v Bank of Scotland

Court strikes out parts of swap claim against bank.

In a recent decision in the Commercial Court, parts of a £81m claim against a bank relating to interest rate swaps have been struck out

The Insolvency Rules 2016 – improved outcome for creditors or debtors' charter?

The Insolvency Rules 2016 ("IR 2016") are due to come into force in England and Wales on 6 April 2017. Its purpose is to modernise and streamline the insolvency process in England and Wales in order to reduce the costs and potentially increase returns to creditors.

Is the FCA softening, or just shifting its approach?

Last year the amount of fines issued by the FCA dropped dramatically. Only £23m was issued in fines against companies and individuals in the financial services sector, compared with nearly £1bn handed down in 2015. In fact, 2016 saw among the lowest amount of fines issued by the regulator in a calendar year for nearly a decade.

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

SFO continues crack down on Unregulated Collective Investment Schemes with investigation into Ethical Forestry Limited's alleged fraudulent scheme

By Laura Berry

The SFO announced this month that it has opened a criminal investigation into an alleged fraudulent investment scheme marketed by Ethical Forestry Limited and its associated companies…