Fraud is on the rise. And as sums defrauded usually disappear, victims search for an alternative source to recover their losses. Unsurprisingly, the search often identifies banks' resources as a potential first call. ...more
Authorised push payment (“APP”) fraud allegations involve a third-party bad actor fraudulently inducing a bank customer to give authorised instructions to their bank to make a payment to the third-party (or someone connected...more
We are defending financial institutions from multiple claims for breach of the so called Quincecare duty and have seen claimant law firms increasingly seek to expand the scope of the duty to try to make financial institutions...more
The Court held that banks do not owe this duty to customers deceived into instructing their banks to transfer money to fraudsters. On 12 July 2023, the UK Supreme Court handed down its highly anticipated judgment in...more
Welcome to Banking Bites! This is our short summary flagging key developments in the UK that we hope will inform your activities in your market....more
This year saw the UK grapple with life after Brexit and, along with the rest of the world, the impact of the continued COVID-19 pandemic. As 2021 draws to a close, we round up the key events and developments from the year in...more
The UK Supreme Court issued a policyholder-friendly decision earlier this year on the Financial Conduct Authority’s business interruption test case. The judgment will apply to policyholders’ claims on a case-by-case basis....more
The Financial Conduct Authority v Arch Insurance (UK) Ltd and others [2021] UKSC 1 - What was it about? ..The Supreme Court gave its view on various business interruption insurance policy clauses. ..The case was...more
On 15 January 2021, the Supreme Court handed down its judgment in The Financial Conduct Authority v Arch and Others. Our alert of 19 January 2021 considered the implications of the judgment for policyholders seeking to claim...more
On 15 February 2021 the FCA released the draft “declarations” that the parties are asking the Supreme Court to make following its judgment in January. The declarations are intended to neatly capture the decisions of the...more
The UK Supreme Court in the Financial Conduct Authority’s business interruption test case has overturned a decade-long standing judgment relating to causation and how the “trends” clauses should be interpreted....more
On 15 January 2021, judgment was handed down in the leapfrog appeal heard by the Supreme Court in the test case brought by the Financial Conduct Authority in relation to the responsiveness of business interruption insurance...more
On 15 January 2021 the UK Supreme Court handed down its highly anticipated judgment in the FCA Test Case. The COVID-19 pandemic has forced the UK Government to introduce public health measures which have resulted in...more
A January 15, 2021, decision from the UK’s highest court spells good news for English policyholders. In The Financial Conduct Authority v. Arch Insurance (UK) Ltd., and others, UKSC 2020/0177, the Court held that 21 insurance...more
The Financial Conduct Authority (“FCA”) has succeeded in its “leapfrog” appeal to the Supreme Court in its test case seeking urgent clarity as to the requirement of insurance companies to pay policyholders for business...more
In a recent opinion, the UK Supreme Court has found coverage for business interruption as a result of business closures incident to the Covid-19 pandemic. While some may see that decision as support for coverage suits in the...more
The Supreme Court has dismissed insurers’ appeals and substantially allowed the FCA’s appeal in the conclusion of the FCA test case litigation. The result means significantly greater coverage of claims and the focus will now...more
The latest ruling by the UK's Supreme Court is a victory for policyholders. Following the High Court's September 2020 Judgment in the COVID-19 Business Interruption Test Case ("Test Case") brought by the UK Financial Conduct...more
BACKGROUND TO THE TEST CASE - Following a four day hearing in November 2020, the UK Supreme Court has handed down the appeal judgment in the test case brought by the Financial Conduct Authority (FCA) on behalf of UK based...more
The Supreme Court has delivered its judgment today in the landmark business interruption insurance test case brought by the Financial Conduct Authority (“FCA”). The ruling is important for business interruption policy...more
The UK Supreme Court in the Test Case on Business Interruption Insurance brought by the FCA on behalf of policyholders has decided that the FCA’s appeal (on behalf of policyholders) should be substantially allowed, with...more
This morning the Supreme Court handed down its judgment in the FCA COVID-19 test case, heard on a leapfrog appeal (bypassing the Court of Appeal) from the first instance decision of Lord Justice Flaux and Mr. Justice Butcher....more
On 16 November all eyes will turn to the Supreme Court as a 4-day hearing commences to determine the appeals of the FCA, the Hiscox Action Group, and six of the original eight insurers who were party to the FCA’s Test Case. ...more
We set out in the attached Newsletter a number of interesting English court decisions and market developments which have taken place in the first half of 2019 and their impact on M&A transactions. This review looks at these...more
Legal & Regulatory - BRRD: FCA publishes modification by consent for Article 55 rules - Article 55 of the EU Bank Recovery and Resolution Directive 2014/59 (BRRD) requires European Economic Area (EEA) firms and...more