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Wealth Finance Brief - November 2020

03/11/2020

Locations

United Kingdom

After a longer than anticipated hiatus, we are pleased to share with you the first edition of Fieldfisher's revamped quarterly "Wealth Finance Brief".

In this edition, we focus on lending to individuals and the specific considerations and regulations that lenders in the private banking sphere must be aware of.

Sticking with the theme of lending to individuals, another topical subject in the private banking world is the publication of the draft Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations. We look at how these regulations, if adopted, will work and consider the impact on lenders if such a moratorium were to be granted in respect of a borrower.

The impact of COVID-19 is never far from people's thoughts, particularly as those of us in England head back into lockdown. In our next article we look at the impact of the pandemic and, in particular, the requirement to remain socially distanced, on document execution and deal closings as we consider whether virtual closings and E-signatures may now be here to stay as part of our "new normal".

Finally, we look at how the pandemic has potentially had a positive impact on some aspects of the business jet market and key considerations for any prospective business jet buyer.

If you wish to discuss any of the issues raised in the articles, the contact details for Fieldfisher's Private Banking team are below.

Anna Crosby
Senior Associate


Briefing Paper: Lending to Individuals

Lending to individuals is fundamental to any private bank and few areas of business are more heavily regulated. We have updated our briefing paper on the subject to provide an in-depth guide as to relevant legislation, issues and other factors which lenders should consider in financing transactions involving individuals. The briefing paper covers the legislative framework set out in the Consumer Credit Act (together with relevant exemptions), a guide to regulated mortgages, as well as key considerations around taking security and guarantees from individuals. Read more...

Publication of draft Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020

The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 have been published and, if approved, will come into force on 4 May 2021. The Regulations are designed to help individuals in problem debt and individuals suffering from serious mental health issues. If the Regulations are adopted, eligible individuals will be afforded certain legal protections from creditors during a moratorium window. We report on the Regulations and the impact on creditors if implemented. Read more…

Waiting for the ink to dry on electronic execution and virtual closings

The pandemic has forced many firms and banks to look at alternative deal closing procedures to the hitherto staple of putting pen to paper. In this article we look at how English law treats electronic signatures and virtual signings and how COVID-19 has fast-tracked new developments. Read more…

The use of corporate jets is on the rise; but what should you consider before buying one?

While global travel has seen a huge downturn during the course of this year, the business jet world has bounced back with demand for leisure travel as well as normal business needs. We consider the options for business jet travel, and what to look for if you are in the market to purchase your own business jet. Read more…


We will be back in the new year with the next edition of the Wealth Finance Brief. If there is a specific issue or topic within in the private banking sphere that you would like us to report on, please do let us know.


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Related Work Areas

Private Banking