How the PRA’s new Early Account Scheme impacts individuals

We are defending financial institutions from multiple claims for breach of the so called Quincecare duty and have seen claimant law firms increasingly seek to expand the scope of the duty to try to make financial institutions liable for any frauds taking place through their accounts. Where a bank is unknowingly or innocently “mixed up” in a fraud as a result of duly complying with the customer’s instructions (who are not themselves complicit in or aware of the fraud), the question is in what circumstances should the bank be held liable for any loss suffered on the basis of its purported greater ability to detect fraud. The answer to this question, eagerly awaited by many, has finally come from the Supreme Court in its judgment in Philipp v Barclays Bank UK PLC [2023] UKSC 25.

Welcome to Banking Bites! This is our short summary flagging some key developments in your sector that we hope will inform your activities in your market. This edition covers: US FDIC Chair focuses on risk based mitigation to climate risks UK financial services regulator updates its rulebook Will UK mandate reimbursements for APP scams? Amended guidance to reflect UK’s 2022 Money Laundering Regulations UK’s Economic Crime Bill 2.0 enters legislative process The EU releases its eighth package of sanctions against Russia UK plans further response to Russian activities Bank of England to change stress testing to the UK banking system FCA outlines observations regarding transaction reporting and instrument reference data regimes New York Supreme Court issues decision that newly enacted provision of CPLR 5004 does not apply to foreclosure judgments

Welcome to Banking Bites! This is our short summary flagging key developments in the UK that we hope will inform your activities in your market. This edition covers: UK’s Financial Conduct Authority publishes final rules and guidance on the new Consumer Duty Regulator’s Dear CEO letters addressing the impact of the Consumer Duty on specific markets FCA confirms new rules to make authorised financial firms more responsible for their appointed representatives Legislation designed to improve diversity and inclusiveness in the US banking sector UK’s Supreme Court grants permission to hear appeal against the time limit for lodging PPI Claims AML change in control changes for UK-registered crypto-asset firms New reporting obligations for UK crypto-asset businesses

Welcome to Banking Bites! This is our short summary flagging key developments in the UK that we hope will inform your activities in your market. This edition covers: FCA publishes guidance on regulated firms offering compromises and tells banks to improve treatment of small to medium sized enterprises FSB issues statement on cryptoasset supervision and regulation FCA provides update on ESG strategy Government announces intended implementation date of Overseas Entity register Government introduces amendments to money laundering legislation including implementing the ‘travel rule’ Government provides responses to the independent review into SFO failings Successive amendments to UK sanctions regimes in a short space of time