Dispute resolution for financial services lawyers

This overview is a guide to the Dispute resolution subtopic within Financial Services with links to appropriate materials.

This sub-topic provides an overview of common causes of action in financial services disputes, in addition to common issues which arise and remedies which are pursued, and highlights relevant practical guidance within Dispute Resolution. It also includes links to practical guidance relevant to challenging financial services regulatory decisions before the Upper Tribunal (Tax and Chancery Chamber), in addition to the powers of the UK financial services regulators’ (Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA)) to apply for injunctions and restitution. It further considers claims under the Financial Services and Markets Act 2000 (FSMA 2000), and hot topics such as litigation relevant to Environmental and Social Governance (ESG) and cryptoassets.

For information on FCA and PRA investigations and enforcement, see: FCA and PRA investigations, enforcement and discipline—overview.

Common causes of action in financial services disputes

Common causes of action in financial services disputes include (but are not limited to): breach of contract, breach of statutory duty; breach of the tortious

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Latest Financial Services News

ESAs issue joint final Guidelines on regulatory classification of cryptoassets under MiCAR

The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority—ESAs) have published joint final Guidelines aimed at promoting consistency in the regulatory classification of crypto-assets pursuant to Article 97(1) of the Markets in Crypto-assets Regulation (MiCAR). The Guidelines will take effect three months after their publication in all the official EU languages on the ESAs’ websites. This development follows the entry into application of MiCAR regimes for asset-referenced tokens and electronic money tokens in June 2024, with remaining provisions on other cryptoassets and service provision set to apply from 30 December 2024.

FOS reports on service improvements and challenges in 2023/2024 annual report

The Financial Ombudsman Service's (FOS) has published its Annual Report and Accounts for 2023/2024 providing an overview of the organisation's activities, financial performance, and strategic priorities. The report outlines the service's operational performance, including the volume of cases handled, the quality of service, and the timeliness of resolutions.

Financial Services—other developments (10/12/2024)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

FSB’s policy recommendations: Enhancing liquidity preparedness for non-bank market participants

The Financial Stability Board (FSB) has published policy recommendations to enhance the liquidity preparedness of non-bank market participants for margin and collateral calls in centrally and non-centrally cleared derivatives and securities markets, including securities financing such as repo. The recommendations aim to address liquidity strains in the non-bank financial intermediation (NBFI) sector arising from spikes in margin and collateral calls during market stress.

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