This Practice Note contains a jurisdiction-specific Q&A guide to financial services litigation in South Korea published as part of the Lexology Getting the Deal Through series by Law Business Research (published: October 2021). Authors: Kim & Chang—Jin Yeong Chung; Cheolhee Park; Sun Yul Lee 1. What are the most common causes of action brought against banks and other financial services providers by their customers? As is the case in many other jurisdictions, banks and financial services providers have a general duty under article 46 of the Financial Investment Services and Capital Markets Act (FSCMA) to protect their customers when selling financial products or managing financial products on their behalf. Actions most commonly brought against banks and other financial services providers by their customers are claims for damages based on allegations of a breach of that duty. Before making sales, financial services providers are required under article 46-2 of the FSCMA to provide questionnaires to their customers to ascertain their investment experience and goals, which they are required to analyse to determine their suitability. Article

This Practice Note contains a jurisdiction-specific Q&A guide to financial services litigation in Switzerland published as part of the Lexology Getting the Deal Through series by Law Business Research (published: October 2021). Authors: Bär & Karrer—Aurélie Conrad Hari 1. What are the most common causes of action brought against banks and other financial services providers by their customers? The most common causes of action between customers and banks (and independent wealth managers) relate to breach of contract, mostly for breach of fiduciary duties. Typical disputes relate to mismanagement of the assets or breach of the duty to inform or a duty of care by the services providers further to losses in investments. The parties will in principle rely on the mandate agreement (article 394 et seq of the Swiss Code of Obligations (SCO)), which applies in most transactions between a financial services provider and its customer. Since the entry into force of the Financial Services Act (FinSA) – a new bill on financial services which was enacted by the Swiss Parliament on 15 June 2018 and entered

This Practice Note examines the outsourcing requirements which apply to firms as set out in the Senior Management Arrangements, Systems and Controls sourcebook in the Financial Conduct Authority (FCA) Handbook (SYSC), and the Prudential Regulation Authority (PRA) Rulebook. In addition, the data protection regime set out in Assimilated Regulation (EU) 2016/679 (UK GDPR) contains provisions which apply to outsourcing. For information, see Practice Note: Outsourcing and data protection. Outsourcing rules applying to UK financial services firms The outsourcing rules which apply to UK financial services firms are set out in: • the general requirement to have effective processes in SYSC 4.1.1R, and • SYSC 8 Dual regulated firms should also take note of the parallel rules in the following Parts of the PRA Rulebook: • Outsourcing (which applies to CRR firms, as defined in the PRA Rulebook Glossary) • Internal governance of third country branches—7 Outsourcing (which applies to third-country CRR firms carrying on business from an establishment in the UK), and • Credit Unions—14 Outsourcing (which applies to credit unions) Dual-regulated firms should

This Agreement is made on [insert date] Parties 1 [Insert name of party] a company incorporated in England and Wales (under number [insert registered number ]) whose registered office is at [insert registered address] (the Service Provider) and 2 [Insert name of party] a company incorporated in England and Wales (under number [insert registered number]) whose registered office is at [insert registered address] (the Firm) (each of the Service Provider and the Firm being a Party and together the Service Provider and the Firm are the Parties) Recitals: (A) The Firm is an [insert, eg investment management and advisory firm] and is authorised and regulated by the Financial Conduct Authority (FCA) (B) The Firm is a wholly owned subsidiary of the Service Provider (C) The Parties have decided to enter into this Agreement to document those operational functions which are being outsourced to the Service Provider and which are, in the opinion of the Firm, important or critical to compliance by the Firm with the conditions and obligations of its authorisation or its other obligations under UK law on markets in financial instruments, or its

This Checklist covers the outsourcing rules applicable to common platform firms in the UK, which are set out in Chapter 8 of the Systems and Controls Sourcebook in the Financial Conduct Authority (FCA) Handbook (SYSC 8), including provisions which replace Commission Delegated Assimilated Regulation (EU) 2017/565 (the UK MiFID II Organisational Regulation) with effect from its revocation on 23 October 2025. For more detailed information on the outsourcing rules which apply to all firms (including common platform firms), see Practice Note: Financial services outsourcing. Firms should also be aware of their obligations under the UK regulatory framework for operational resilience, some of which are directly relevant to their outsourcing arrangements. For information, see Practice Note: Operational resilience—UK regulatory framework. Which financial services firms do the outsourcing rules apply to? The outsourcing rules described in this Checklist apply to common platform firms, including banks, building societies and investment firms. For a detailed definition of common platform firm, see the FCA Handbook Glossary. Dual regulated firms should also refer to the parallel rules contained in the Outsourcing Part

Ireland—Banking & Financial Services analysis: This article, was written by A&L Goodbody LLP and outlines major regulatory changes in February 2025. Key developments include: the restoration of the Financial Services and Pensions Ombudsman (Amendment) Bill 2023 to the Dáil, implementation of Digital Operational Resilience Act (DORA) regulations in Ireland designating the Central Bank of Ireland (CBI) as competent authority, European Securities and Markets Authority (ESMA) guidelines on third-country solicitation under the Markets in Crypto Assets Regulation (MiCAR), and publication of multiple Level two regulations for both DORA and MiCAR in the EU Official Journal. The update also covers the Central Bank of Ireland's 2025 Regulatory Outlook Report and a Financial Action Task Force consultation on anti-money laundering measures.

Lexis+® UK Financial Services FCA/PRA Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 onwards. The Database, available here, may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as referrals to the Upper Tribunal. This Practice Note examines applications to the Upper Tribunal (Tax and Chancery Chamber) under Rules 5, 10, 14 and 37 of the Tribunal Procedure (Upper Tribunal) Rules 2008, SI 2008/2698. Specifically, applications for the suspension of the effect of the regulator’s decision, and applications relating to privacy, time extensions and costs, along with relevant case law. For details on the law and procedure for making a reference to the Upper Tribunal following a disciplinary or non-disciplinary decision of the FCA or the PRA, see Practice Note: Financial services: references to the Upper Tribunal

The Financial Services Enforcement Database incorporates detailed information on all substantive Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) Final Notices and, where available, Decision Notices from 2014 onwards. The Database may be searched and filtered by fields including rule/legislation breach, keyword, sector, date, financial penalty, aspects of financial penalty analysis, outcomes including redress and prohibition orders, and other actions such as referrals to the Upper Tribunal. This Practice Note explains the law and procedure for making a reference to the Upper Tribunal (Tax and Chancery Chamber) following a disciplinary or non-disciplinary decision of the FCA) or the PRA; including decisions relating to restrictions, financial penalties and prohibition orders under the Financial Services and Markets Act 2000 (FSMA 2000) and the FCA’s registration of cryptoasset firms under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs). It considers the role of the Upper Tribunal

Under the Banking Act 2009 (2009 c 1) Pt 7, one of the objectives of the Bank of England shall be to protect and enhance the stability of financial systems of the United Kingdom.

The Bank of England (BoE) has published a speech by Financial Policy Committee (FPC) member Liz Oakes, delivered at the Cross Market Operational Resilience Group (CMORG) conference. Oakes outlines the FPC’s view that operational resilience is integral to financial stability and encourages firms to consider system-wide impacts when managing operational risks. She also emphasises the important role of collective action initiatives in supporting sector-wide resilience.

The Pensions Regulator has the power to direct an employer or a person ‘connected’ or ‘associated’ with it (such as a holding company) to put financial support in place for a scheme providing defined benefits within a specified time.

FORTHCOMING DEVELOPMENT: On 11 February 2019, the Department for Work and Pensions (DWP) published its response to the consultation ‘Protecting Defined Benefit Pension Schemes—A Stronger Pensions Regulator’ which followed the government’s White Paper ‘Protection Defined Benefit Pension Schemes’ (19 March 2018). Among other things, the government announced plans to work with TPR and the PPF to amend the FSD process to a single-stage process, in which the Determinations Panel imposes a particular form/amount of enforceable financial support on a target. Furthermore, the government stated it would change the name of the regime to Financial Support Notice (FSN). The scope of the regime would be extended to capture controlling shareholders of the sponsoring employer (who are individuals). The government would also pursue the proposal to broaden the targets of the FSD enforcement activity to ensure that pension obligations are met. The government also stated its intention to replace the insufficiently resourced test with a new test which would be scheme-focused. The government said it would continue to work with TPR on the details of this test, which would