Tighten your seatbelts because the City Regulator is starring in the most dramatic legal showdowns of the decade. We are talking about three major court cases that are set to keep legal eagles and finance watchers on the edge of their seats for years to come.
The Players: Wealthy, Vengeful, and Ready to Rumble. Picture this: three heavyweight contestants, all with deep pockets and even deeper grudges against the FCA. First up, Jes Staley, the former Barclays CEO, ready to spill all the tea from the witness stand. Then we’ve got Crispin Odey, a hedge fund titan with a score to settle. And let’s not forget the Woodford case – another wealthy gent who’s more than happy to go toe-to-toe with the regulator. All three of these people have one key thing in common. They are wealthy, have time on their hands, and are looking for revenge.
The Financial Times Showdown: David vs. Goliath?
The most intriguing battle? Crispin Odey’s libel case against the Financial Times. Here’s the drama: the FT published some serious allegations that apparently tanked Odey’s business. Prime brokers suddenly went cold, the business failed and his reputation took a massive hit. Now, he’s looking for payback – and he’s got the time, money, and determination to see this through. Facts matter less than presentation- will the FT provide sufficient evidence? Will the ladies stand up in court and submit to cross examination? Think of it like a high-stakes poker game. Odey’s all in, and the FT is looking pretty nervous. If he wins, the damages could be astronomical – potentially big enough to make the Financial Times insolvent. Odey AM was a big firm. Noticeably the FT did not even report Crispin Odey’s proposed FCA ban published in March, whereas it made headlines in The Times.
Compliance directors must read the tea leaves. It’s like navigating a ship through foggy waters – one wrong move could sink the entire vessel. With changing regulations (hello, Trump’s recent changes to AML rules and recent abolition of the US FOS service) and mixed messages from the regulator and government, it is a high-wire act of risk management.
Compliance involves risk management, and unless you have a risk committee to help you as compliance director, you will be reading the tea leaves and the winds of change to see where your future risks lie. With changing regulations (hello, Trump’s recent changes to AML rules and recent abolition of the US FOS service) and mixed messages from the regulator and government, it is a high-wire act of risk management.
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