By Rob Moulton, Nicola Higgs, Anne Mainwaring, and Charlotte Collins

The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q3 2021.

In this edition, we include a summary of the latest sustainable finance developments, and pinpoint areas of post-Brexit regulatory divergence in relation to MiFID, PRIIPs, and the AML regime. We cover the FCA’s new ethos as set out in its Business Plan,

By Rob Moulton, Nicola Higgs, Anne Mainwaring, and Charlotte Collins

The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q2 2021.

In this edition, we cover sustainable finance developments, the regulators’ expectations regarding operational resilience and outsourcing, and the PRA’s plans to develop a new prudential regime for smaller banks. We feature areas of planned reform, including the FCA’s consultation on introducing a Consumer Duty and changes being brought in under the Financial Services Act 2021, as well as other key updates for private banks from the last three months.

By Rob Moulton, Nicola Higgs, Anne Mainwaring, Becky Critchley, and Anna Lewis-Martinez

The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q1 2021.

In this edition, we cover some of the key regulatory announcements relating to MiFID II and the impact of COVID-19, the latest on Brexit, the FCA’s announcement on the dates for cessation of LIBOR benchmark settings, and the FCA’s

The PRA expands its supervisory expectations for firms on managing climate-related financial risk — publishing a Dear CEO guidance letter.

By Nicola Higgs and Anna Lewis-Martinez

On 1 July 2020, the PRA published guidance in the form of a Dear CEO letter to banks, insurers, and other PRA-regulated firms on managing climate-related financial risk. The letter builds on the expectations set out in the PRA’s supervisory statement on enhancing banks’ and insurers’ approaches to managing financial risks from climate change (SS3/19).

By Axel Schiemann, Marco Bonasso, Rob Moulton, Pia Naib

Several countries have announced or have already implemented extensive debt relief measures for consumers and companies. In some instances these measures also include debt moratoria. The following provides a brief overview of key headlines reflecting the current status for such debt moratoria in Germany, Italy, UK, and the US.

In a leading case, the Court examined the extent of the duty of care that a bank owes to its customers when executing their orders.

By Andrea Monks and Nell Perks

On 30 October 2019, the UK Supreme Court dismissed Daiwa’s appeal in the case of Singularis Holdings Ltd (In Official Liquidation) v Daiwa Capital Markets Europe Limited [2019] UKSC 50. The decision marks the first successful claim for breach of the Quincecare duty that banks owe to their customers. Latham & Watkins expects to see further examination of the duty as instances of fraud continue to rise and the courts consider the degree of responsibility that banks should bear for stopping financial crime.

The Quincecare duty, which Justice Steyn set out in 1992, refers to an implied term of the contract between a bank and its customer that the bank will use reasonable skill and care in and about executing the customer’s orders. A bank will be in breach of this duty if it executes an order that it knows to be dishonestly given, shuts its eyes to the obvious fact of the dishonesty, or acts recklessly in failing to make reasonable enquiries.