Sarah Hitchins

Sarah Hitchins

Allen & Overy LLP

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Upper Tribunal Finds That Individual Lacked Integrity Due To Recklessness

In this case report, we consider the decision of the Upper Tribunal (Tax and Chancery Chamber) in Ghanshyam Batra v Financial Conduct Authority [2014] UKUT 214 (TCC), in which the Upper Tribunal upheld the FCA's decision to...more

8/27/2015 - Asset Freeze Breach of Contract Detrimental Reliance Financial Services Authority FSA Misleading Statements Mortgage Brokers Mortgage Lenders Recklessness UK

High Court Confirms Process For Distributing Client Money Held By Firm In Special Administration

In this case report, we consider the High Court judgment in Re Worldspreads Ltd v Re Investment Bank Special Administration Regulations 2011 [2015] EWHC 1719 (Ch) (19 June 2015). Originally published in Practical Law on...more

8/27/2015 - Amended Regulation Client Assets sourcebook (CASS) Customer Funds Protection Declaratory Judgments Distribution Rules FCA Financial Conduct Authority FSCS IBSAR Investment Banks Investment Funds Special Administration Trading Platforms UK UK Insolvency Act

High Court Holds That Liability For Series Of FOS Complaints Did Not Transfer By Way Of Part VII FSMA Business Transfer Scheme

The court considered whether liability for a series of Financial Ombudsman Service (FOS) complaints had been transferred by way of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act...more

7/30/2015 - FSMA Payment Protection Insurance Successor Liability Transfer of Interest

FCA Rules May Inform Standard Of Common Law Duty Of Care Owed By Financial Adviser To Client

In this case, we consider the decision of the County Court in David Anderson v Openwork Ltd [2015] EW Misc B14 (18 June 2015) in which it dismissed an appeal against an earlier decision, finding that where a financial adviser...more

7/20/2015 - Appeals Duty of Care Financial Adviser Financial Conduct Authority UK

The Fair and Effective Markets Review: The Final Report

Overall, the Final Report sets out some important proposed changes for FICC markets, such as creating a new statutory civil and criminal market abuse regime for spot FX, lengthening the maximum sentence for criminal market...more

7/9/2015 - Asset Management Bank of England Broker-Dealer Criminal Prosecution FCA FICC FICC Market Standards Board (FMSB) Hedge Funds HM Treasury IOSCO PRA Trade Market Abuse UK

Upper Tribunal Upholds FCA's Decision To Fine And Prohibit Financial Adviser For Poor Record Keeping And Compliance Failures

We consider here the decision of the Upper Tribunal (Tax and Chancery Chamber) in which the tribunal upheld the FCA's decision to fine and prohibit a financial adviser, Clive Rosier, for poor record keeping and compliance...more

7/6/2015 - Books & Records Compliance Financial Adviser Financial Conduct Authority FSMA Sanctions Tax Tribunal UK

Upper Tribunal Criticises FCA's Approach To Publicising Decision Notices

We consider here the decision of the Upper Tribunal (Tax and Chancery Chamber) in Bayliss & Co (Financial Services) Limited and Clive John Rosier v the Financial Conduct Authority [2015] UKUT 0265 (TCC) in which the tribunal...more

7/6/2015 - Financial Conduct Authority Tax Tribunal UK

FCA Publishes Decision Notices In Respect Of Three Former Members Of Keydata’s Senior Management

In this decision report, we consider the FCA’s decision notices issued to the former chief executive, sales director and compliance officer of Keydata Investment Services Ltd in connection with the sale of structured...more

7/3/2015 - C-Suite Executives Chief Compliance Officers Enforcement Actions Financial Adviser Financial Conduct Authority Sanctions Structured Financial Products UK

Upper Tribunal Expresses "Wholesale Disagreement" With FCA's Assessment Of Level Of Financial Penalty To Be Imposed On...

In December 2014, the tribunal handed down a decision that partly upheld the FCA's findings in respect of Ms Burns in connection with her conduct as a non-executive director (CF2) of two mutual societies. The tribunal found...more

6/9/2015 - Appeals Breach of Duty Civil Monetary Penalty Directors Failure To Disclose FCA Financial Statements FSMA Reversal Sanctions Trade Market Abuse UK

Asset Management Firms And The Risk Of Market Abuse: Key Practical Points From The FCA's Thematic Review Feedback And Recent FCA...

Tackling market abuse continues to be a strategic priority for the FCA. In late 2014, the FCA undertook a thematic review into asset management firms and the risk of market abuse, the results of which were published in...more

5/25/2015 - Asset Management Compliance Enforcement Enforcement Actions Financial Conduct Authority Financial Institutions Fund Managers Insider Trading Risk Management Risk Mitigation Trade Market Abuse

High Court Clarifies Approval Process For ESMA Inspections

In this case report, we consider the High Court’s judgment in European Securities and Markets Authority v DTCC Derivatives Repository Limited [2015] EWHC 1085 (Ch), in which the High Court clarified the process that the...more

5/14/2015 - Derivatives EMIR Equity Markets ESMA EU Financial Markets

FCA Fines Individual For Committing Market Abuse Based On Information Provided By A Third Party

We consider here the FCA's enforcement action against Kenneth Carver for committing market abuse (insider dealing) in breach of section 118(2) of the Financial Services and Markets Act 2000 (FSMA) when purchasing shares on...more

5/5/2015 - Enforcement Actions Financial Conduct Authority FSMA Insider Trading UK

Commercial Court Clarifies Test For Retrospective Alternative Service Of Claim Form

In Michael Norcross v Chrislos Georgallides [2014] EWHC 4530 (Comm), 4 July 2014, the Commercial Court clarified the test that will be applied by a court when determining whether to grant retrospective alternative service of...more

4/2/2015 - Appeals Final Judgment Service of Process Summary Judgment UK

FCA And PRA Senior Managers And Certification Regime –March 2016 Implementation Date Announced

Rules due to come into force in March 2016 Yesterday HM Treasury announced the commencement date for the new FCA and PRA Senior Managers and Certification Regime. Relatively limited information has been released, but...more

3/6/2015 - Certifications Code of Conduct Financial Conduct Authority New Regulations Prudential Regulation Authority Senior Insurance Managers Senior Managers Senior Managers Insurers Regime (SMIR) Treasury UK

Review Of FCA And PRA Enforcement Processes: HM Treasury Findings And Recommendations

On 18 December 2014, HM Treasury published a final report following the review that it has undertaken of enforcement decision-making processes at the FCA and the PRA. Originally published in Practical Law on February...more

2/23/2015 - Enforcement Financial Conduct Authority Public Records Act Treasury UK

Claim Which Was Time-Barred From Continuing In The Employment Tribunal May Still Be Pursued In The High Court

In Nayif v The High Commission of Brunei Darussalam [2014] EWCA Civ 1521 the Court of Appeal allowed a personal injury claim to be pursued in the High Court, even though a discrimination claim based on the same facts was...more

2/17/2015 - Appeals Discrimination Res Judicata Statute of Limitations UK

A&O Decision Report: High Court Provides Guidance As To How Sums Paid Pursuant To A Restitution Order Should Be Distributed To The...

In this report, Sarah Hitchins and Andrew Lee, associates in Allen & Overy LLP's Banking, Finance and Regulatory Litigation Group, consider the High Court's judgment in Financial Conduct Authority v Anderson [2014] EWHC 3630...more

1/28/2015 - Financial Conduct Authority Ponzi Scheme Restitution UK

A&O Decision Report: Upper Tribunal Upholds FCA's Findings That A Non-Executive Director Failed To Act With Integrity Due To Her...

In this report, Sarah Hitchins, an associate in Allen & Overy LLP's Banking, Finance and Regulatory Litigation Group, considers the decision of the Upper Tribunal (Tax and Chancery Chamber) (the Upper Tribunal) in which it...more

1/23/2015 - Conflicts of Interest Corporate Management Financial Conduct Authority Tax Tribunal UK

Former Senior Executives Of Insurance Retailer Fined And Prohibited As A Result Of The Development Of A Sales Strategy That...

In this case report we consider enforcement action taken by the FCA in relation to three former senior executives of a large retail insurance firm (the former Chief Executive, Finance Director and Marketing Director). This...more

1/13/2015 - C-Suite Executives Enforcement Actions Financial Conduct Authority Insurance Industry UK

Commercial Court Refuses To Stay Proceedings Where Arbitration Clause Required Parties To "Endeavour" To Arbitrate A Dispute

In Christian Kruppa v Alessandro Benedetti & anr [2014] EWHC 1887 (Comm), 11 June 2014, the Commercial Court held that a dispute resolution clause that required the parties to "endeavour" to resolve a dispute through...more

9/30/2014 - Arbitration Business Court Division Dispute Resolution Mandatory Arbitration Clauses UK

High Court allows application for permission to bring judicial review proceedings relating to the jurisdiction of the Financial...

In this case report, Sarah Hitchins, an associate in Allen & Overy LLP’s Banking, Finance and Regulatory Litigation Group, considers the High Court’s decision to allow an application for permission to bring judicial review...more

6/30/2014 - Judicial Review Jurisdiction Ombudsman UK

FCA Fines Retail Investment Management Firm for Failings Relating to Fund Management

In this report we consider the FCA’s decision to fine Invesco Asset Management Ltd and Invesco Fund Managers Ltd (together, Invesco Perpetual) £18,643,000 for failings relating to fund management and for exposing investors to...more

6/13/2014 - FCA Fines Fund Managers Investors UK

Government launches review of FCA and PRA enforcement processes

On 6 May 2014, the Chancellor of the Exchequer announced that HM Treasury would undertake a review of the enforcement decision making processes for the Financial Conduct Authority (the FCA) and Prudential Regulation Authority...more

5/16/2014 - Administrative Hearings Decision-Making Process Enforcement Actions FCA FSA HM Treasury Prudential Regulation Authority Settlement

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