The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
This Practice Note provides an overview of the role and operation of the Financial Services Compensation Scheme (FSCS) and the ranking of deposits protected by it in the waterfall of payments to creditors in the event of the insolvency of a relevant firm.
For further detail on the FSCS, the following Practice Notes can be found in Lexis®PSL Financial Services:
The Financial Services Compensation Scheme
Financial Services Compensation Scheme (FSCS)—the qualifying conditions for compensation
Financial Services Compensation Scheme (FSCS)—automatic assignment or subrogation of rights
Financial Services Compensation Scheme (FSCS)—payment or rejection of compensation, and
Financial Services Compensation Scheme (FSCS)—funding
The FSCS was established by the Financial Services and Markets Act 2000 (FSMA 2000) as an independent body which provides protection to customers in the event of a financial institution or financial services firm becoming unable, or likely to be unable, to pay claims against it (ie it is ‘in default’). It is a statutory fund of last resort and will provide a degree of compensation if claims cannot be paid by anyone else.
The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) are responsible for the rule making and oversight of the FSCS. The FSCS is a non-profit-making body, funded by levies charged on participant firms. The Compensation sourcebook of the FCA Handbook (COMP) and the Depositor
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This Practice Note considers the different categories of contractual damages that may be available for financial loss (pecuniary loss), ie expectation-based damages, reliance-based damages and gains-based damages.For guidance on contractual damages generally, see Practice Note: Contractual
An ad hoc arbitration is any arbitration in which the parties have not selected an institution to administer the arbitration. This offers parties flexibility as to the conduct of the arbitration, but less external support for the process. It can be quicker than institutional arbitration but not if
Source of the doctrine of the separation of powersThe origins of the doctrine are often traced to John Locke’s Second Treatise of Government (1689), in which he identified the 'executive' and 'legislative' powers as needing to be separate.‘… it may be too great a temptation to human frailty, apt to
This Practice Note provides a high-level introduction to diversity and inclusion (D&I) and key reasons why it is important to law firms. Specific aspects of D&I are covered in more detail in Practice Notes:•The growing focus on diversity and inclusion (D&I) in law firms•Unconscious bias—law
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