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Littleton Disciplinary & Regulatory Group Financial Services Seminar

Littleton’s Disciplinary and Regulatory Group held its inaugural Financial Services seminar on 17 September 2013 

Littleton has long had significant expertise in financial services regulatory matters, with many practitioners handling regulatory issues both in a commercial litigation context and in an employment context. The Disciplinary and Regulatory Group brings that expertise together and shares it with clients by way of seminars and briefings/publications. It reflects also the significant upturn in instructions in this area following increased regulatory activity and change in this sector.

A well-attended breakfast seminar heard an introduction from Richard Perkoff summarising the current regulatory structures and offering a salutary historical perspective on regulatory development and failures since the 1980s. Richard then discussed how Littleton is assisting clients grappling with key issues thrown up by current regulatory developments.

Two presentations followed:

James Bickford Smith spoke on the topical issue of the relationship between claims brought under FSMA, or relying on breach of FCA regulations, and common law claims against financial institutions and advisors. Particular attention was paid to FSMA s. 138 (D) and the approach taken in the recent cases of Brown and others v InnovatorOne Plc and others [2012] EWHC 1321 (Comm) and Rubenstein v HSBC Bank Plc [2012] EWCA Civ 1184. The talk concluded with a number of practical tips for those litigating in this area.

Niran De Silva spoke on the relationship between the FCA’s regulation of Fit and Proper Persons and employment claims, a notoriously difficult area for practitioners. After a detailed exposition of the law Niran offered a number of practical tips for those handling cases raising FCA issues in which subsequent employment claims were considered likely, and also considered the potential impact on the continued FCA approval of individuals of findings by courts in employee competition claims.

An Insight Bulletin including other material relating to the above talks was circulated at the event, with articles also from Marc Delehanty  on a significant recent decision on interveners’ costs in regulatory proceedings and Mark Humphreys on conflicting decisions on whether “follow-on” claims can be pursued before the High Court following a FOS determination.

The Disciplinary and Regulatory Group will be running a further seminar programme throughout 2014. Members of the Group are also happy to undertake in-house talks and training. Please contact Nigel McEwen or the clerks if you would like to arrange such an event.

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