Published on: 24 October 2024
Published by a Law360 reporter
In mid-October 2024, the FCA flagged 38 concerns about social media profiles run by UK finfluencers that may feature illegal promotions, and it is questioning 20 of them under caution.
Back in May 2024, the regulator stated it had brought charges against nine people linked to an unauthorised foreign exchange trading programme advertised online.
According to Andrew Northage, a partner in the regulatory and compliance team at Walker Morris LLP, the FCA likely believed that the public attention from a case involving seven high-profile, UK-based defendants would serve as a warning; however, he added, such a warning is less likely to dissuade promoters and operators of illicit schemes located outside the UK, who know how hard it is for the FCA to pursue them.
The FCA’s guidance confirms that its social media financial promotion rules extend to overseas firms. These businesses must ensure that any promotion reaching investors in Britain is approved by an authorised person, mirroring the UK regime. Yet jurisdictional constraints may blunt the FCA’s attempts to police online platforms. In practice, cross-border reach and platform governance gaps can frustrate supervision, leaving loopholes that bad actors abroad may exploit despite FCA’s stance and approval requirement...
When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
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