Guaranty Trust Bank (UK) Ltd (GTB) has been fined £525,000 (discounted by 30% for settlement at an early stage of the investigation) by the FCA for failures in its anti-money laundering controls. The Final Notice, which can be found here, stated that, between 19 May 2008 and 19 July 2010, GTB had breached FCA Principle 3 by failing to have in place effective anti-money laundering systems and controls for high risk customers.
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United Kingdom
UK: FCA Fines Broker, Compliance Officer and Asset Manager in Relation to Market Abuse
By Troutman Pepper Locke on
Posted in United Kingdom
The FCA issued decision notices last week for three individuals in connection with market abuse by Rameshkumar Goenka (which earned Goenka a fine of over $6.5 million and restitution of $3.1 million in 2011). The individuals concerned were David Davis, a senior partner and the compliance officer of Paul E Schweder Miller & Co, Vandana Parikh, a broker at the same firm, and Tariq Carimjee of Somerset Asset Management. …
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UK: Supreme Court Confirms that Order of Attachment Follows Ascertainment of Insured’s Liability
By Troutman Pepper Locke on
Posted in United Kingdom
The Supreme Court has confirmed that a tower of liability insurance is exhausted in the order in which the insured’s liability is ascertained by agreement, judgment or award. …
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UK: Court of Appeal: Approach to costs where Part 20 Defendant insurer found not liable
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In United Marine Aggregates v GM Welding & Engineering Ltd and Novae Syndicates, the Court of Appeal overturned a costs award of a first instance judge which had unfairly penalised the Part 20 Defendant insurer in costs, despite it ultimately not being liable.
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UK: Court Admits Air Accident Report as Evidence in Civil Negligence Proceedings
By Troutman Pepper Locke on
Posted in Aviation and Aerospace, United Kingdom
The High Court has ruled that a report into a fatal plane crash produced by the Air Accident Investigation Branch (AAIB) is admissible as evidence in civil proceedings seeking damages for alleged negligence by the pilot.
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UK: Approach to Fraudulent Devices Criticised
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Versloot Dredging v HDI [2013] EWHC 1666, Popplewell J has criticised the Privy Council decision in Stemson v AMP [2006] UKPC 30 and the Court of Appeal decision in Agapitos v Agnew [2003] QB 556 concerning the circumstances in which the Court should reject a policyholder’s claim that is supported by a fraudulent device.
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UK: Martin Wheatley and Tracey McDermott address FCA Financial Crime Conference
By Troutman Pepper Locke on
Posted in United Kingdom
In speeches which set the tone for both the day and the FCA’s new approach to financial crime, the FCA’s Chief Executive and its Director of Enforcement and Financial Crime opened the Financial Crime Conference in London on Monday 1 July 2013. …
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UK: Duty of Disclosure: Fair Presentation of the Risk
By Troutman Pepper Locke on
Posted in Coverage & Claims, United Kingdom
In Alan Bate v Aviva Insurance UK Ltd [2013] EWHC 1687 (Comm), the Commercial Court held that there had been material misrepresentation and non-disclosure as the insurer was not given a fair presentation of the risk. …
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UK: FCA Publishes Thematic Review of Mobile Phone Insurance
By Troutman Pepper Locke on
Posted in United Kingdom
The FCA published the report on its thematic review of mobile phone insurance (MPI) yesterday. The second thematic review carried out by the regulator, it followed the example set by the recent review of motor legal expenses insurance (see our earlier blog post here), and condemned opt-out selling practices. …
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UK: Supreme Court Rules on Non-European Anti-Suit Injunctions
By Troutman Pepper Locke on
Posted in Arbitration, United Kingdom
The Supreme Court has confirmed in Ust-Kamenogorsk Hydropower Plant JSC (JSC) v AES Ust-Kamenogorsk Hydropower Plant LLP [2013] UKSC 35 that English courts may order an injunction to stay foreign proceedings which have been started in breach of an arbitration agreement, even where no arbitration proceedings are proposed or underway. …
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