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Civil Law

FICA sanctions for financial services providers

This blog was co-authored by Michael McCarthy, trainee associate, litigation insurance.

On 20 March 2024 the Financial Sector Conduct Authority published a number of administrative sanctions for financial services providers who had failed to comply with the Financial Intelligence Centre Act (FICA). The FSCA, the supervisory body responsible for financial services providers under FICA, issued the sanctions following inspections it conducted during the course of 2023. Each FSP was found to have contravened section 42(1) and (2) of FICA for … Read the rest

Civil Law

5 Trends to Watch: 2024 UK Financial Services Regulation

1. Final rules expected on non-financial misconduct: The genesis of the UK Financial Conduct Authority’s (FCA) interest in “non-financial misconduct” was a letter from the FCA to the Parliamentary Women and Equalities Committee in September 2018 concerning sexual harassment in the workplace. Since that time, the FCA’s intentions and views on the topic have only been ascertainable through its Final Notices and Upper Tribunal decisions. Usually relating to serious misconduct, including criminal offences, those decisions have not always … Read the rest

Circuit Courts

Judges Bring Financial Literacy to Florida Veterans

Florida bankruptcy judges are on a mission to empower military veterans with financial literacy. During a series of events scheduled statewide, the judges have partnered with local legal and veterans service organizations to teach valuable skills for making educated financial decisions and avoiding deceptive credit traps.
Judiciary News – United States Courts… Read the rest

Supreme Court

Thomas and Alito file 2022 financial disclosures

Justice Clarence Thomas took three trips in 2022 hosted in part or in full by Dallas billionaire Harlan Crow, according to a financial disclosure form made public on Thursday morning. The form also revealed that on at least two of those trips, Thomas traveled by private jet – according to Thomas, at the recommendation of his security detail in the wake of the leaked draft opinion overturning the constitutional right to an abortion.

Each justice is required to file … Read the rest

Supreme Court

Israeli citizen challenges U.S. wire-fraud conviction for foreign financial scheme

The Petitions of the Week column highlights a selection of cert petitions recently filed in the Supreme Court. A list of all petitions we’re watching is available here.

The Supreme Court has issued a number of decisions in recent years limiting the reach of the federal wire-fraud statute, which outlaws the use of “the wires” – including internet and phone lines – to commit fraud. This week, we highlight cert petitions that ask the court to consider, among … Read the rest

Civil Law

Financial Ombudsman Service compensation limit increased again – by more than 10%

The Financial Conduct Authority confirmed last month that the limit for compensation that can be awarded by the Financial Ombudsman Service (“FOS”) will be raised from £375,000 to £415,000, for complaints made after 1 April 2023 relating to acts or omissions on or after 1 April 2019 – an increase of over 10%.

A lower limit of £190,000 applies to any complaints made from 1 April 2023 relating to events that occurred prior to 1 April 2019 – again an … Read the rest

Supreme Court

Government appeals decision against Consumer Financial Protection Bureau

The Petitions of the Week column highlights a selection of cert petitions recently filed in the Supreme Court. A list of all petitions we’re watching is available here.

For the second time in just over three years, the Supreme Court may determine the future of the federal watchdog agency that seeks to protect consumers in the financial sector.

Three terms ago in Seila Law v. Consumer Financial Protection Bureau, the justices ruled by a vote of 5-4 … Read the rest

Supreme Court

Jackson’s financial disclosure reveals additional income in previous years

The court’s newest justice, Ketanji Brown Jackson, omitted information regarding reimbursements and teaching income when she filed her 2014 and 2016 financial disclosures as a federal district court judge. On a newly released disclosure form, Jackson wrote that she “inadvertently omitted” the information from the previous years’ forms.

Jackson’s new disclosure form, known as a “nomination filing,” was first revealed by the watchdog group Fix the Court on Wednesday. On it, Jackson noted that she did not report $ … Read the rest