The Significance of Judicial Review in the Financial Sector
Explore the impact and relevance of Judicial Review in financial matters, including denied claims, regulatory dynamics, potential interventions, and upcoming investigations. Learn about recent developments, key individuals, and future implications for both regulators and consumers in the banking industry. Stay informed about ongoing discussions, potential outcomes, and the significance of legal processes in addressing past grievances and shaping future practices.
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Presentation Transcript
IRHPGate: why the JR matters so much, and to so many 1 March, 2022 Mark Bishop
8-10bn of valid claims wrongly denied, a decade ago Interest, consequential losses etc mean at least double that now Banks will be butt-hurt. Good: they'll learn the hard way that it doesn't pay to evade liabilities For IRHP victims
We may find there was HMT/bank influence in 2021, as there was in 2012/13 We may learn more about the dynamics within the FCA (Sean Martin, General Legal Counsel, and Charles Randell, Chair, both announced departures in 2021) Non-execs looking like useful idiots - governance changes needed For the balance of power
Past decisions in SME cases (GRG, HBoS Reading etc) and consumer ones (Connaught and others) now out of time for JR BUT civil claims against FCA might become possible if regulatory capture or similar evidences Grounds may exist for police investigation or private criminal prosecutions - could reset the clock For other FCA victims
HMT may well intervene to protect regulator, banks Opportunity to negotiate redress for legacy cases and waiver of broad exemption from civil liability going forward, and consumer oversight of FCA May fit with FCA response to Complaints Commissioner s LCF decision (due 15 March - significant date?) How things might play out
John Swift QC to give evidence to Treasury Committee (7 March) Question ideas welcomed Will others be interviewed on different dates? MONEY!!!!!!!!! Next steps
IRHPGate: why the JR matters so much, and to so many 1 March, 2022 Mark Bishop
