Welcome to the March edition of our Banks Briefing, a newsletter produced specifically for lawyers working for banks in the UK.
In this newsletter we cover:-
PCP car finance deals could become a new mis-selling
scandal
Banks and insurers could be exposed to the same risks as the PPI
scandal because of how 'personal contract purchases' are
sold to car buyers.
RBS wins latest round of LIBOR litigation
RBS has defeated claims brought by a customer that wished to exit
from an interest rate swap contract referenced against LIBOR.
CJEU signals the end of intra-EU investment arbitration
EU judgment declares dispute resolution clauses in bilateral
investment treaties which require the parties to arbitrate their
disputes incompatible with EU law.
Carney: UK central bank digital currency not likely in short
term
The Bank of England is not likely to issue a central digital
currency for the UK in the short term, states the Bank's
governor Mark Carney.
EBA cloud paper: when financial institutions must notify
regulators
Banks cannot make assumptions about the steps needed to notify
regulators about their cloud arrangements due to high costs of
getting it wrong.
Banks and businesses warned to be on alert to invoice
hijacking
The ease and growth of so-called 'invoice hijacking' fraud
cases should be seen as a warning for businesses and individuals to
be careful before sending fund transfers.
'Digital bank run' a risk should central banks issue their
own virtual currency
The head of the Deutsche Bundesbank warns of the risks to financial
stability should central banks issue their own virtual
currencies.
EU steps back from major legislative reforms on fintech, for
now
Leaked document shows that the European Commission is set to step
back from introducing a raft of new laws to account for changes in
the fintech market.
Virtual currencies can serve the world's 'unbanked',
says fintech lawyer
Virtual currencies can serve the world's 'unbanked' as
well as minimise fraud and lower the cost of making transactions to
companies.
Open Banking: banks need to rethink product distribution
Banks need to reconsider how best to provide their products to
customers as a result of the changes anticipated in the age of Open
Banking.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.