LIBOR Developments 3: SFO charges trader

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Published: Wednesday, 19 June 2013 13:55

Written by John Williams

The SFO has charged former UBS and Citigroup trader Tom Hayes with 8 counts of the old common law offence  of conspiracy to defraud. Charges under Section 91 of the new Financial Services Act 2012 were not available to the the SFO as the date of the allegations are before this Act came into force.  It remains to be seen whether any bank officials higher up the chain of command in relation to LIBOR scandals will be charged with any criminal offences.

LIBOR Developments 2: Changing Banking for Good

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Published: Wednesday, 19 June 2013 13:00

Written by John Williams

On the day the Banking Commission publishes its 571 page report Changing Banking for Good  Lib Dem peer Lord Oakeshott asks "Why are there no banged-up bankers?".
Key recommendations

    A new Senior Persons Regime, replacing the Approved Persons Regime, to ensure that the most important responsibilities within banks are assigned to specific, senior individuals so they can be held fully accountable for their decisions and the standards of their banks in these areas;
    A new licensing regime underpinned by Banking Standards Rules to ensure those who can do serious harm are subject to the full range of enforcement powers;
    A new criminal offence for Senior Persons of reckless misconduct in the management of a bank, carrying a custodial sentence;
    A new remuneration code better to align risks taken and rewards received in remuneration, with much more remuneration to be deferred and for much longer;
    A new power for the regulator to cancel all outstanding deferred remuneration, along with unvested pension rights and loss of office or change of control payments, for senior bank employees in the event of their banks needing taxpayer support, creating a major new incentive on bankers to avoid such risks.

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Bankside Law achieve 100% acquittal rate on GCC web site cases

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Published: Wednesday, 19 June 2013 09:17

Written by John Williams

Bankside Law has maintained a 100% acquittal rate successfully representing 17 chiropractors who faced disciplinary proceedings for alleged unacceptable professional conduct in relation to the content of their web sites. John Williams commented:-

"We are very proud of this outcome. The web site cases arose following the litigation between the journalist Simon Singh and the British Chiropractic Association and a mass of complaints which was made to the GCC primarily about web sites belonging to British Chiropractic Association (BCA) members. Our clients were members of the United Chiropractic Association. Unlike the BCA, the UCA extended legal expenses insurance representation to their members who were caught in the cross fire. I am particularly pleased that our clients avoided a disciplinary finding although it is regrettable that they had to face the stress of proceedings and the risk to their professional reputation. I would hope that if such a situation arose in the future the regulator would approach the problem in a different and less costly way."

Legal Expenses Insurance

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Published: Wednesday, 19 June 2013 08:44

Written by John Williams

Legal Expenses Insurance is often provided as an add on to motoring or household building/contents insurance. You should check your policy carefully if you have a problem with your disciplinary body. If the policy covers you in the event you may lose your home or your job both of these may apply to disciplinary proceedings. Please also note that The Insurance Companies (Legal Expenses Insurance) Regulations 1990   ensure that you have freedom of choice in your solicitors for such proceedings. Legal Expenses Insurance companies will sometimes try and suggest you have to use their panel solicitors. However this is incorrect.

If you have a disciplinary problem with your professional body and would like a free initial telephone consultation contact John Williams on 0844 745 4000 or This email address is being protected from spambots. You need JavaScript enabled to view it. and mention this article.