On 29 June 2012, the FSA (as it was then; it became the FCA on 1 April 2013) announced the findings of its initial 2 month long review into widespread complaints that UK banks had mis-sold complex interest rate hedging products such as Swaps and Structured Collars to small and medium sized businesses (SMEs) in the U.K. [30,000 of these products were sold, with the vast majority entered into in between 2005 – 2008.] Continue reading
BBC Political Editor Nick Robinson is reported as saying that receipt of a Carter-Ruck letter is one of two marks of honour in modern British journalism – the other is a menacing exchange with Peter Mandelson. For the full politics.co.uk … Continue reading
In a ground-breaking development, Carter-Ruck can now offer ATE insurance for cases on which the firm is acting on a fee paying basis as well those conducted under a partial or full Conditional Fee Agreement. The new delegated authority scheme is with Temple Legal Protection Limited, with whom Carter-Ruck has enjoyed a successful relationship that is now in its tenth year. Continue reading
On 18 July the Grand Chamber of the European Court of Justice (ECJ) handed down judgment in favour of the Saudi businessman and philanthropist Sheikh Yassin Abdullah Kadi in a case known as Kadi II. The decision is the second decision in Mr Kadi’s favour by the ECJ and follows the ECJ’s annulment in September 2008 of the European Regulation under which Mr Kadi was originally listed in 2001 (Kadi I). Continue reading
UN Special Rapporteur says government officials involved in CIA programme of torture and abduction must be “brought to justice”
The UN Special Rapporteur on Human Rights has been pressing the US, UK and other UN Member States to investigate if officials took part in human rights violations when combatting terrorism following the 9/11 attacks on the World Trade Centre.
Speaking at a public debate last week the UN Special Rapporteur on Human Rights and Fundamental Freedoms while countering terrorism, Ben Emmerson QC, said there is credible evidence that officials from 49 Member States assisted the Bush-era CIA with its programme of “extraordinary rendition” and “enhanced interrogation” of terrorist suspects. That programme has since been prohibited by President Obama’s administration.
As a consequence of the Financial Services Act 2012, on 1 April 2013 the Financial Services Authority ceased to exist and its functions were replaced by two new authorities.
The Prudential Regulation Authority is a wholly-owned subsidiary of the Bank of England. It is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. Continue reading
For a brief period it seemed as if the much discussed Defamation Bill was in line to be cast into the legislative scrapheap of history as it emerged the Bill had become a party political battleground about how to best implement the Leveson Report’s recommendations on press regulation.
The legislative fault line concerned the new clause 2 of the “Putnam amendments”, named after the Labour Peer Lord Putnam, who along with Baroness Boothroyd, Lord Mackay and Baroness Scotland had tabled the amendments. Clause 2 proposed to create a statute based press regulator which, in principle, echoed the recommendations of the Leveson Report. The Conservative party, while agreeing with the need for a new and beefed up press regulator, had opposed any statutory underpinning for such a body. The result was a standoff which saw David Cameron indicating that unless there was cross-party agreement the amendment would be dropped, and the Bill could be scrapped altogether. Continue reading
A radical overhaul of litigation funding comes into force on 1 April 2013, by virtue of provisions in the Legal Aid Sentencing and Punishment of Offenders Act 2012 (LASPO). The legislation gives effect to many of the proposals of Lord Justice Jackson in his report of January 2010, the purpose of which was to review the costs of civil litigation. Of particular significance to “no win no fee” funding is the fact that, where the reforms apply, it is no longer possible to recover from a losing opponent a success fee or After The Event [ATE] insurance premium Continue reading
According to news reports, since 2011 up to 60 people have been arrested as part of the Metropolitan Police’s Operation Elveden. The Metropolitan Police are investigating alleged corrupt payments by journalists to public officials, including police officers and senior civil servants, in exchange for information between 2004 and 2011 that was then published in news articles.
Operation Elveden is running alongside Operation Weeting, the Metropolitan Police’s investigation into phone hacking, and Operation Tuleta, which is an investigation into computer hacking. Continue reading
Since the uprisings known as the “Arab Spring” gained momentum in 2011, arbitration lawyers and risk analysts have asked how these events will affect foreign investment in the Middle East and North Africa (“MENA”) region.
Many MENA states encourage foreign investment into their economies. Investors in the MENA region typically invest in tourism, energy, construction, electricity, shipping and telecommunications sectors. Continue reading