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In John Foster Emmott (Emmott) v. Michael Wilson & Partners Limited (MWP) [2009] EWHC 1 (Comm) the Court had to consider two applications brought by Emmott pursuant to the Arbitration Act 1996 (AA): (1) for an order requiring MWP to comply with a peremptory order (an order to do something within a particular time period) made by an arbitration tribunal (section 42 AA); (2) for a freezing order (section 44 AA). 

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Read More UK: Court Considers its Supervisory Powers Over Arbitration

Tackling poor sales practices in respect of payment protection insurance is a continuing priority for the FSA, as is evident from the its ongoing work and the regulatory action taken against 20 PPI providers in 2008 (see our most recent post here). The FSA has welcomed the decision by Alliance & Leicester, Barclays, The Co-Operative Bank, Lloyds Banking Group (including Lloyds TSB, Halifax and the Bank of Scotland), and RBS/Natwest to stop selling single premium PPI with unsecured personal loans by the end of January 2009. 

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Read More UK: FSA Issues Update on the Sale of Payment Protection Insurance (PPI)

We have reported previously on the progress of the Lloyd’s Legislative Reform Order (LRO) through the UK Parliament and on the consultation by Lloyd’s in relation to the proposed amendments to the Lloyd’s Byelaws (you can see our most recent post by clicking here). 

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Read More UK: Lloyd’s Legislative Reform Order: Amendments to Lloyd’s Byelaws

We reported last year on the SEC’s and FSA’s bans on short selling in financial companies (see the post by clicking here). The FSA has now published a consultation paper reviewing the short selling measures that it implemented last year, which are due to expire on 16 January 2009. Those measures required disclosure to the market of significant (greater than 0.25% of the issued share capital) short positions in UK financial sector companies and banned the creation of, or increase of existing, short positions in those companies. 

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Read More UK: FSA Consults on Changes to Short Selling Rules

Springwell, the unsuccessful party in JP Morgan v Springwell, failed to establish a case that the investment bank was liable for Springwell’s investment losses, and the High Court awarded costs on an indemnity basis against it. …
Read More UK: JP Morgan v Springwell: Costs Awarded on Indemnity Basis After Unsuccessful Investment Losses Claim

The Statement issued by the FSA sets out its continued interest in improving transparency in the mediation of commercial general insurance and the management of conflicts of interest  (click here to see the full statement). 

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Read More UK: FSA Releases Feedback Statement 08/7 on Transparency, Disclosure and Conflicts of Interest in the Commercial Insurance Market (Statement)