Banking, Allen & Overy LLP updates

United Kingdom

Contributed by Allen & Overy LLP
Redressing the balance: banks owe no contractual duty to customers in respect of regulator-mandated reviews
  • United Kingdom
  • 19 October 2018

A recent decision gave Court of Appeal endorsement to a raft of similar first-instance decisions regarding banks' contractual duties to customers in respect of regulator-mandated reviews. The decision provides helpful comfort for banks when agreeing remedial action with the Financial Conduct Authority that they ought not to be exposing themselves to private actions from customers in respect of their review, provided that third-party rights are excluded.


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