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FCA Proposes Major Overhaul Of Redress System

By Alex Davidson

The Financial Conduct Authority and the Financial Ombudsman Service set out landmark reforms to the U.K. financial services redress system on Monday, in line with a government commitment to introduce new legislation.


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Top Stories
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    The U.K.'s tax authority has reduced the length of its tax investigations into large businesses, according to data released Monday, though the backlog of open cases has continued to grow.

  • Reinsurers Bid To Prune Chubb, Fidelis Russia Aircraft Claims

    By Ronan Barnard

    Reinsurers including AIG and AXA asked a London judge on Monday to trim Chubb and Fidelis' claims to cover their liability to aircraft lessors for planes stranded in Russia after the invasion of Ukraine, saying they should have brought their claims via subrogation.

  • Chelsea Fined Record £10.75M For Abramovich-Era Payments

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    The Premier League fined Chelsea Football Club a record £10.75 million ($14 million) on Monday for breaching financial rules on payments to players and football agents during Roman Abramovich's tenure as owner of the team.

  • Employment Tribunal Backlog Rises Again To 523,000

    By Adele Redmond

    The U.K.'s backlog of employment tribunal cases hit a new high of 523,000 at the end of 2025, as 11,000 more workers pursued litigation than in the previous quarter.

  • Insurers Beat AmTrust's £59M Claim Over Legal Funding Fail

    By Lucia Osborne-Crowley

    AmTrust failed in its bid to hold an insurer of two defunct law firms liable for £59 million ($78 million) in defaulted loans after a court ruled Monday that the losses incurred in claimant cases were not covered by the firms' insurance policies.

  • UniCredit To Push Commerzbank Stake To Over Crucial 30%

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    UniCredit SpA launched a takeover offer for Commerzbank AT on Monday to push its holding in the German rival above a 30% bar, in a move that would allow it to continue to increase its stake.

  • Witness Was Being Coached Via Smart Glasses, Judge Says

    By Ronan Barnard

    A London judge has rejected a witness's testimony as "unreliable and untruthful" after concluding that he answered questions during cross-examination while he was being coached through his smart glasses.

  • Sony Says £2B PlayStation Suit 'Misconceived'

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    Sony hit back at a £2 billion ($2.6 billion) proposed class action claim that it raised prices and suppressed competition by keeping PlayStation console owners "captive" with software and PlayStation Store restrictions, saying Friday that the case was "fundamentally misconceived."

  • 5 Questions For New UPC Appeals Judge Paolo Catallozzi

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    Veteran judge Paolo Catallozzi is used to dealing with intellectual property cases at the Supreme Court of Italy, but his role at the Unified Patent Court poses a completely different challenge. Here, the newly promoted appellate judge talks to Law360 about those cross-jurisdictional tensions along with the other challenges facing Europe's patent court.

  • Actor Dropped Over Anti-LGBT Views Can't Reopen Bias Case

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    A London appeals court refused on Friday to reopen a Christian actor's discrimination claim against a theater company that dropped her from a musical production of "The Color Purple" over an anti-gay social media post.

  • Lords Defy Gov't In Vote To Raise Salary Sacrifice Cap To £5K

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    A team leader has been ordered to pay compensation to a Nigerian agency worker for racial harassment after she compared the worker's hairstyle to COVID-19.

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From The Courtroom

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  • Illegal Sale-And-Rent-Back Scheme Boss Sentenced To Prison
  • Joey Barton Must Pay Eni Aluko £339K In Libel Settlement
  • Investor Goes Back For Thirds In VietJet Lease Dispute
  • 'Which' Fights To Keep Free ICloud Users In £3B Apple Claim
  • Funeral Scheme Directors Deny Fraud Over £70M Collapse
 
 
 

Expert Analysis

  • Gregg Beechey
    FCA's Investment Regime May Prove A Double-Edged Sword
    The Financial Conduct Authority’s final rules on consumer composite investments intend to support retail investors in making more in... (read more)
  • Sebastian Barling
    How FCA's Client Reforms May Boost Investment Access
    The Financial Conduct Authority’s recent proposals to reform the professional client categorization regime and simplify conflicts of... (read more)
  • Kate McKenna
    Irish Consumer Law Proposals Expose Concerns Over Privacy
    The Irish government’s recent proposals to amend and clarify competition and consumer law would allow new investigative powers and g... (read more)
  • Daniel Natoff
    Digital Assets Act Allows Courts To Cater For New Tech
    The recently enforced Property (Digital Assets etc) Act confirms in law that digital assets can be recognized as personal property, ... (read more)
  • Harriet Holmes
    How Gov't AML Supervision Reform Will Affect Law Firms
    In confirming that the Financial Conduct Authority will become the single supervisor for professional services, HM Treasury’s planne... (read more)
  • Read More Expert Analysis

 
 
 

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Latest News

  • HMRC Speeds Up Investigations Into Large Businesses
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  • Chelsea Fined Record £10.75M For Abramovich-Era Payments
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