Financial Services Disputes and Regulation

In this Christmas Special edition of our banking litigation podcast, we consider some recent cases that will be most relevant to in-house lawyers at banks and financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guests Elena Kormosh, Scott Warin, Tom Wyer and Catherine Bagge.

You can find links to our blogs on the cases covered in this podcast below:

• High Court confirms interest rate swaps entered into with Italian municipal authority were valid, lawful and binding on the parties
• High Court finds that bank's notice of event of default under section 5(a)(i) of the 2002 ISDA Master Agreement is valid
• Court of Appeal finds party was required to accept non-contractual performance in exercising reasonable endeavours to "overcome" force majeure event
• High Court considers contractual construction of irrevocable letter of credit incorporating UCP 600
• Interpreting ICC standardised rules in trade finance disputes: courts take an international perspective
• No privilege for original version of document simply because comparison to final version would reveal legal advice
• Court of Appeal confirms identity of those instructing lawyers not generally protected by litigation privilege

Don't forget to subscribe to the banking litigation blog.

In this edition of our banking litigation podcast, we consider some recent cases that will be most relevant to in-house lawyers at banks and financial institutions. This episode is hosted by John Corrie, a partner in our banking litigation team, who is joined by Ceri Morgan and special guest Wilkie Hollens.

You can find links to our blogs on the cases covered in this podcast below:

• High Court finds developers did not owe duty to cryptoasset owners to enable access to lost cryptoassets
• Court of Appeal finds Quincecare duty is not limited to corporate customers and can (in principle) extend to protecting individuals
• Privy Council confirms that the so-called “reflective loss” principle applies to ex-shareholders
• High Court orders witness statements to be redrafted due to serious non-compliance with PD 57AC
• High Court orders banks to disclose documents under the Evidence (Proceedings in other Jurisdictions) Act 1975
• Privy Council restatement of the law on freezing and other interim injunctions
• UK: EAT orders party to disclose tribunal documents to the Press months after hearing
• Biannual Banking Litigation Update (Spring 2022)

Don't forget to subscribe to the banking litigation blog.

Please also find the Herbert Smith Freehills legal privilege web app.

The latest edition of our Regulation in Focus podcast series features two former regulators in conversation about operational resilience – Andrew Procter from Herbert Smith Freehills and Michael Sicsic from Sicsic Advisory. The discussion focuses on implementation of operational resilience requirements for the upcoming UK regulatory deadline of 31 March 2022.
In conversation with...
Michael is the Managing Director of Sicsic Advisory, a boutique consultancy focusing on financial services risk and regulation. He is a senior executive in the field of risk and regulation and former head of supervision for the UK general insurance retail sector at the FCA.
Andrew is a partner in the (contentious) financial services regulatory team in London. He advises multinational clients on their most important strategic regulatory and risk issues, bringing uniquely strategic judgement drawn from senior leadership roles at regulators, in-house and in private practice.

In this special edition of our banking litigation podcast, we consider a key risk area for financial institutions handling client payments - the Quincecare duty of care. This episode is hosted by Ceri Morgan, a professional support consultant in our banking litigation team, who is joined by Mark Tanner and Scott Warin.

Quincecare duty claims typically arise where a bank or deposit holding financial institution has received a payment mandate from an authorised signatory of its customer, and executed the order, in circumstances where (allegedly) there were red flags to suggest that the order was an attempt to misappropriate the funds of the customer. The past few years have witnessed an uptick in such claims, with a proliferation of judgments being handed down in quick succession since the Supreme Court’s decision in Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd [2019] UKSC 50. In our podcast, we discuss how these judgments have defined both the scope of the duty, and the potential tools in the armoury of banks to defend these claims.

You can find links to our blog posts on the cases covered in this podcast below:

• Court of Appeal judgment on scope and exclusion of “Quincecare ” duty of care
• Supreme Court upholds first successful claim for breach of the so-called “Quincecare ” duty of care
• High Court refuses to strike out Quincecare duty claim against a PSP where its customer was hijacked by fraudsters
• High Court provides further insights on the risks of Quincecare claims against banks
• High Court confirms current scope of Quincecare duty is limited to protecting corporate customers and does not extend to individuals
• Hong Kong court refuses to expand scope of Quincecare duty

Don't forget to subscribe to the banking litigation blog.

This podcast is a deep dive into an issue that impacts you, and all FCA regulated firms – treating vulnerable customers fairly.
It features Karen Anderson, Cat Dankos and Ben Goodman from our contentious financial services regulatory practice in London, discussing the FCA’s aim of ensuring that vulnerable consumers experience outcomes as good as other consumers and receive consistently fair treatment across all FCA-regulated firms and sectors.
Speakers: Karen Anderson (Partner), Cat Dankos (Regulatory Consultant) and Ben Goodman (Of Counsel)