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22 June 2018 / Michel Reznik
Issue: 7798 / Categories: Features , Banking , Commercial
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Financial Services Tribunal: for justice, for business confidence (Pt 2)

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Michel Reznik explains why the Financial Services Tribunal will work for the financial services industry & ‘UK plc’

  • SMEs need affordable access to a primary dispute resolution forum to re-establish consumer confidence in credit markets to pre-financial crisis levels.
  • Historical examples establish that the financial industry benefits from offering its customers favourable dispute resolution terms, as they boost the market confidence that underpins economic growth.
  • The financial industry should therefore encourage government to establish a Financial Services Tribunal as a means to stimulate consumer confidence and a return to growth in SME lending.

In previous New Law Journal issues I summarised the ‘access to justice’ case for a Financial Services Tribunal (FST) made by Richard Samuel in three articles he published in the Capital Markets Law Journal . It is now well-understood and widely, if not universally, accepted that SMEs need a more accessible primary dispute resolution forum (PDR) than is afforded by the courts if they are to have a real chance of having their grievances heard in public and according

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MOVERS & SHAKERS

Jurit LLP—Caroline Williams

Jurit LLP—Caroline Williams

Private wealth and tax team welcomes cross-border specialist as consultant

Freeths—Michelle Kirkland Elias

Freeths—Michelle Kirkland Elias

International hospitality and leisure specialist joins corporate team as partner

Flint Bishop—Deborah Niven

Flint Bishop—Deborah Niven

Firm appoints head of intellectual property to drive northern growth

NEWS
Talk of a reserved ‘Welsh seat’ on the Supreme Court is misplaced. In NLJ this week, Professor Graham Zellick KC explains that the Constitutional Reform Act treats ‘England and Wales’ as one jurisdiction, with no statutory Welsh slot
The government’s plan to curb jury trials has sparked ‘jury furore’. Writing in NLJ this week, David Locke, partner at Hill Dickinson, says the rationale is ‘grossly inadequate’
A year after the $1.5bn Bybit heist, crypto fraud is booming—but so is recovery. Writing in NLJ this week, Neil Holloway, founder and CEO of M2 Recovery, warns that scams hit at least $14bn in 2025, fuelled by ‘pig butchering’ cons and AI deepfakes
After Woodcock confirmed no general duty to warn, debate turns to the criminal law. Writing in NLJ this week, Charles Davey of The Barrister Group urges revival of misprision or a modern equivalent
Family courts are tightening control of expert evidence. Writing in NLJ this week, Dr Chris Pamplin says there is ‘no automatic right’ to call experts; attendance must be ‘necessary in the interests of justice’ under FPR Pt 25
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