LEXLAW Solicitors & Barristers
Payoneer, an Israeli electronic money institution, has de-banked and frozen customer funds without explanation, thereby preventing tens of millions of charity funds being raised via online advertising for humanitarian aid – some of which may have gone to help refugees in Gaza. Payoneer’s customer is left having to launch litigation in England to recover its money.
UK financial institutions have been selling interest rate swaps and fixed-rate loans without fully disclosing the risks and contingent liabilities involved, leading to substantial liabilities for customers. Lexlaw, a law firm specialising in hidden derivatives litigation, advises on legal action for SMEs and individuals affected by mis-selling. They guide clients through obtaining redress, often achieving out-of-court settlements with banks and insurers eager to avoid precedent-setting judgments. Lexlaw provides a step-by-step guide for those suspecting they’ve been mis-sold financial products, encouraging prompt legal advice to meet claim deadlines.
The All Party Parliamentary Group on Fair Business Banking (APPG) has sought judicial review against the FCA’s decision to not take any further action following the results of the Swift Review.
The Court of Appeal recently analysed a swap mis-selling complaint submitted by the Claimant under the FCA Dispute Resolution scheme (“DISP”), which complaint would stop time running for the purposes of a making a complaint to the Financial Ombudsman Service (“FOS”).
The Supreme Court Business Interruption Insurance (BII) test case has brought clarity to policyholders who have been affected by COVID-19 and have previously been denied BII cover by their insurers. This is causing insurers to reassess policyholders’ disputes on a case by case basis. If you are an affected business, you should seek legal advice as soon as possible and our specialist financial services litigation team can be instructed to assist.
Given the complexity of business interruption claims and the legal uncertainty surrounding their enforcement, it is is essential that you seek expert legal advice early in order to prepare your Business Interruption Insurance claim.
Policyholders with affected claims can expect to hear from their insurers within the next 7 days. Given the complexity of business interruption claims and the legal uncertainty surrounding their enforcement, it is is essential that you seek expert legal advice early in order to prepare your Business Interruption Insurance claim.
The FCA’s test case is likely to be the quickest route to clarity on whether losses caused by Covid-19 are covered by Business Interruption insurance. Most SME insurance policies are focused on property damage (and only have basic cover for BI as a consequence of property damage) so, at least in the majority of cases, insurers are not obliged to pay out in relation to the coronavirus pandemic. This case is focused on the remainder of policies that could be argued to include cover.
Given the complexity of business interruption claims and the legal uncertainty surrounding their enforcement (the FCA have issued a test case recently in the High Court), it is advisable that you seek expert legal advice early in order to prepare your Business Interruption Insurance claim.
On 9 June 2020, the Financial Conduct Authority (FCA) filed its Claim Form and Particulars of Claim in its High Court test case on business interruption (BI) insurance policies. The court action is aimed at providing clarity and certainty for everyone involved in Business Interruption insurance disputes, policyholder and insurer alike.