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  • Landmark decision in Shah v HSBC Private Bank brings welcome relief for firms - After four and half years, six reported decisions, three trips to the Court of Appeal and 27 days of trial, the High Court of Justice has today dismissed in its entirety Mr Shah and his wife’s claim for over US$300m against HSBC Private Bank (UK) Limited.  This is a landmark decision that confirms a bank's right to delay execution of a customer's payment instructions and refuse to provide information in circumstances where the bank has a suspicion of money laundering that has been notified to the Serious Organised Crime Agency ("SOCA").  Read more >
  • Solvency II - further delay to the legislative timetable - According to the European Commission, the “likely” date for implementation of Solvency II by firms remains 1 January 2014. However, the final Directive is not expected to be published until September 2012 (at the earliest) with a view to implementing measures being adopted in November 2012 and transposition by member states into domestic law by 30 June 2013. The statement by Lloyd's of London that "few will welcome the additional uncertainty brought by Omnibus II, which means that there are substantial doubts about the eventual form of Solvency II legislation at all levels" has unfortunately proven correct. Read more>
  • Lessons from Pottage: the expanding role of senior management in managing risk - In a key judgment handed down on 20 April 2012, the Upper Tribunal has completely exonerated the former Chief Executive of UBS’ Wealth Management Division, John Pottage, in relation to allegations by the FSA that he had failed to meet his personal regulatory duties during his first 11 months in the role. Read more >
  • Card, internet and mobile payments - On 11 January 2012 the European Commission (the Commission) published a Green Paper regarding the proposed movement towards an integrated European market for card, internet and mobile payments (the Green Paper).  The Green Paper sets out the vision of the Commission to create a single market for euro and non-euro markets for payments made both domestically and cross-border as well as discussing potential issues with this development.  Read more>
  • Execution requirements under the Payment Services Regulations - FSA’s approach to non-compliance - In January 2012, the Payments Council published the minutes of a meeting held in November 2011, at which the FSA outlined its proposed supervisory approach to the Payment Services Directive (“PSD”) and to ensuring compliance with execution requirements under the Payment Services Regulations 2009 (“PSRs”). Read more> 
  • Open-Ended Investment Companies (Amendment) Regulations 2011 - On 21 December 2011, the Open-Ended Investment Companies (Amendment) Regulations 2011 came into force with immediate effect.  BLP Funds & Financial Services Partner Jacob Ghanty explains the background and the implications for UK umbrella OEICs. Read more >
  • Protecting employees' identities from disclosure - The Court of Appeal's decision in Shah v HSBC provides helpful guidance as to when such redactions may be permissable, and should encourage litigants take a more robust approach to redacting irrelevant material.  In the specific context of bank staff reporting money laundering suspicions, the judgment provides comfort that a their identity is unlikely to be considered relevant so as to justify disclosure, and/or such disclosure would not be in the public interest.  Read more > 
  • MF Global UK enters Special Administration Regime. What happens next?
    Early on 31 October 2011, MF Global filed for bankruptcy in New York and the UK arm, MF Global UK Limited (“MF Global UK”), has entered the Special Administration Regime (“SAR”).  Richard Fleming, Richard Heis and Mike Pink from KPMG have been appointed as joint special administrators. This briefing covers some of the key legal issues that arise when a company enters the SAR. Read more >
  • FSA presses for wider powers of redress in cases of misconduct and mis-selling
    The FSA has asked Parliament to consider adopting a radically different approach to consumer redress under the new regulatory system.  This could require firms to pay compensation even where a breach of regulatory duties by the firm has not caused consumers to suffer any loss.  Read more >

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Sidney Myers

Sidney Myers

BLP
Partner, Head of Financial Services

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