Legal advice privilege applied in the context of regulatory investigations

In Property Alliance Group Ltd v The Royal Bank of Scotland plc, the High Court held that legal advice privilege can attach to documents prepared by lawyers for their clients in connection with regulatory investigations.

Supreme Court decision: Bank of Cyprus Ltd entitled to a subrogation remedy

In Bank of Cyprus UK Ltd v Menelaou [2015] UKSC 66, the Supreme Court held that in circumstances where the Defendant had been unjustly enriched, the bank was entitled to be subrogated to an unpaid vendor's lien over a property where it had facilitated its purchase by releasing a charge on a prior property and agreed there would be a charge on the new property; this was despite the fact that the bank did not provide the purchase monies for the property in question.

Regulatory Decisions

FCA fines and bans former Investment Analyst at Aviva Investors Global Services Ltd

The FCA has fined Mothahir Miah £139,000 and banned him from performing any function in relation to any regulated activity for failing to act with honesty and integrity.

Mr Miah had authority to trade on behalf of hedge and long-only funds. The FCA found that between January 2010 and October 2012, Mr Miah exploited weaknesses in the trading systems and controls at Aviva in order to delay the booking and allocation of trades.

General

Culture and governance: Speech by Mark Steward

Mark Steward, Director of Enforcement and Market Oversight at the FCA, delivered a speech on culture and governance at the MetricStream Governance, Research and Compliance Summit.