The following Financial Services practice note produced in partnership with Orrick, Herrington & Sutcliffe provides comprehensive and up to date legal information covering:
STOP PRESS: FCA Policy Statement PS21/16 set out reforms to the FCA’s decision-making process, moving some decision making from the Regulatory Decisions Committee (RDC) to FCA senior managers. The new rules came into force on 26 November 2021. This Practice Note will be updated shortly to reflect this development. For further information, see: FCA says changes to its decision-making processes will speed up decisions on consumer harm, LNB News 26/11/2021 30 and News Analysis: The ups and downs of the FCA’s streamlining plan.
Judicial review is the procedure by which courts in England and Wales examine the decisions of government ministers and departments, industry regulators, local authorities and public bodies to ensure that they act lawfully and fairly. In deciding whether a particular body is a 'public body' for the purposes of judicial review, the court considers the functions that it performs and whether those functions have public law consequences.
The court conducts a review of the process by which a public body has reached a decision to assess whether it was validly made. The court’s authority to do this derives from statute, but the principles of judicial review are based on case law which is continually evolving. The number of judicial review claims increased from 160 cases in 1975 to 11,200 in
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Subrogation in insurance and reinsuranceWhat is the right of subrogation?In the context of insurance and reinsurance, the right of subrogation entitles an insurer or reinsurer, having indemnified the (re)insured, to ‘step into its shoes’ to bring an action in the (re)insured’s name. For the purpose
AML and counter-terrorist financing—source of funds and source of wealthSource of funds and wealth was a key focus of the SRA’s Preventing Money Laundering and Financing of Terrorism thematic review, published in March 2018. Its findings included that:•most firms understood the distinction between
Mortgagee’s consent to grant of leaseIf a property is subject to a mortgage that prohibits leasing without the mortgagee’s consent, then written evidence of consent must be obtained prior to completion of the lease. On the grant of an underlease, mortgagee’s consent in respect of any mortgage over
Pre-trial and case management hearings in the Crown CourtCoronavirus (COVID-19): This Practice Note contains guidance on subjects impacted by the Coronavirus Act 2020 (CA 2020). CA 2020, among other measures, makes provision for the extended use of live links and audio links in criminal proceedings.
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