Financial services litigation

The rules and regulations on debanking (where a bank terminates its relationship with a customer) are due to change next year. In this week’s NLJ, David Hamilton, partner at Howard Kennedy, sets out the likely changes and explores the implications for payment services firms

David Hamilton on how the UK’s new debanking rules reshape financial services risk management

Ceri Morgan analyses the response to lender liability in motor finance broker commission cases

FirstRand, a hotly-anticipated Supreme Court judgment likely to arrive in July, could have far-reaching implications for the motor finance and wider financial services industries. In this week’s NLJ, Ceri Morgan, membership secretary of the London Solicitors Litigation Association, and knowledge counsel at Herbert Smith Freehills, explores the fiduciary duties involved, the key questions that will need to be answered by the Supreme Court, and the impact on the motor finance market

The Johnson v FirstRand Bank case on ‘secret’ commissions for motor finance is causing quite a stir, but should it have been brought at all? In this week’s NLJ, Fred Philpott, Gough Square Chambers, writes: ‘The whole premise of the case is false; there were no real “commissions”, let alone fiduciary relationships.’

Johnson v FirstRand sent ‘shockwaves through the financial services industry’, write Eddie Flanagan, partner and specialist in asset and debt recovery, and Harpreet Sandhu, Chartered Legal Executive at Shakespeare Martineau, in this week’s NLJ. They discuss the case and its astonishing implications. For example, Santander UK revealed in November that it has set aside £295m for potential compensation.

With shockwaves from the motor finance commissions case continuing to reverberate, Eddie Flanagan & Harpreet Sandhu explain why it is time for the financial services sector to reflect on compliance & customer trust

The Financial Conduct Authority (FCA) has said it will consult on an industry-wide redress scheme if consumers have lost out due to secret commissions on motor finance.

The EU Digital Operational Resilience Act (DORA) is due to be implemented this month. Writing in this week’s NLJ, Charles Maurice, partner, and Brigitte Simpson, associate, Stevens & Bolton, look at the implications for the financial services sector.

Charles Maurice & Brigitte Simpson explore the UK impact of DORA—the incoming EU Digital Operational Resilience Act—in the financial services sector