Posted by Graham Street, Partner
The Government’s proposals for the new financial services arrangements between the UK and the EU post-Brexit, detailed in yesterday’s White Paper, have been roundly criticised by key figures within the industry. Policy chairman of the City of London Corporation Catherine McGuinness has labelled the proposals “a real blow for the UK’s financial and related professional services sector” and warned of the impact on job creation and growth in the wider economy that would result if it forms the basis of the final deal.
The European Banking Authority (“EBA”) has published an opinion in response to the current status of the Brexit negotiations. The opinion cites significant concerns regarding the preparation of financial institutions that will be affected by Brexit, particularly the impact of the potential loss of passporting rights, and highlights the potential for disruption if financial institutions are not adequately prepared for a no-deal Brexit.
The Financial Conduct Authority (“FCA”) has issued a letter to CEOs of UK banks highlighting the potential risks faced when dealing with cryptoassets. The letter sets out good practice for banks when managing the increased risks of financial crime that dealing with cryptoassets present.
There are various reasons why you may think you should have benefited from a Will (but didn’t!). A recent case, which went to the Court of Appeal, looked at the position of a cohabitee of over 20 years. Mr Warner wanted to stay in his deceased partner’s property, even though he was not left the property in the Will and could afford to buy his own house with personal wealth. The case highlights that the courts can look at claimants’ “maintenance needs” from a variety of angles when deciding on inheritance disputes.
Following on from the introduction of the EC ADR (Alternative Dispute Resolution) Directive in 2015 (which in the UK designates the Financial Ombudsman (FOS) as the appropriate mediator for financial services disputes), the European Court of Justice has held that it is possible for national legislation to require a consumer to attempt to mediate a dispute before allowing a court claim to proceed.
The Court of Appeal has handed down judgment in the case of African Export-Import Bank & Ors v Shebah Exploration & Production Company Ltd & Ors  EWCA Civ 845 about whether the standard terms found in the industry standard form syndicated loan documentation are “another’s written standard terms of business” for the purpose of the Unfair Contract Terms Act 1977 (UCTA) and therefore susceptible to a “reasonableness test” for the purposes of considering whether any of the terms are unfair and therefore not enforceable.
The Banking Industry standards organisation, the Wolfsberg Group, made up of 13 leading banks, which aims to develop frameworks and guidance for the management of financial crime risks has issued new guidance on Anti-Bribery and Corruption (ABC) compliance for financial institutions. These form the current measure of best practice for banks and other financial services businesses.