Saima Hanif KC
Call: 2002 | Silk: 2021
Practice Overview
“A fantastic litigator” (Chambers) who is “persuasive before any forum” (Legal 500), Saima is “brilliant - absolutely unshakeable” and “her power and ability can affect the foundations of principles in any case” (Chambers). Listed across all of banking and finance, commercial law, financial services, insurance and professional discipline, she has “the versatility to do anything she turns her hand to”. She is recognised for “excellent judgement”, “piercing legal insight” and being “technically brilliant” (Legal 500). She has “great knowledge of the FS industry” and is a “go-to silk for financial services and sanctions work”. Moreover she is “very user-friendly”, with “excellent client skills” and she “inspire[s] confidence for both instructing solicitors and clients” (Legal 500).
Saima was commended for Barrister of the Year at the Lawyer Awards 2021 and listed as one of The Lawyer’s Hot 100 for 2022, which noted that her “practice has moved… into the super leagues”. She has a “stellar” claimant practice representing financial institutions, HNWs and senior individuals facing regulatory action and is a “go-to for the top-tier firms” (Legal 500). She sits part-time as a Justice in the Astana International Financial Court and as a Senior Decision Maker in Guernsey, where she hears contested FS enforcement cases.
Her work spans banking and finance, financial services, commercial judicial review, commercial litigation, sanctions, insurance, and arbitration. She is currently representing a bank in a Commercial Court dispute concerning the Iranian sanctions regime, the PRA in a complex regulatory matter, and an applicant in the Upper Tribunal in a high-profile FCA non-financial misconduct case. She is also instructed by regulators, having acted several times for the PRA, and as retained counsel for the Guernsey Financial Services Commission.
“Unbelievably clever”, with “an absolute mastery of the crossover between… financial regulation and banking”, Saima is able to “creatively argue against accepted legal principles” (Legal 500). Her landmark victories include: T v FCA (a Judicial Review ordering the FCA to stay an investigation pending the outcome of a trial in the SKAT litigation), Rollet v DFSA (a rare successful privacy application preventing publication of the Decision until the hearing), Tinney v FCA (where she “set a new precedent” representing a Barclays COO in the Upper Tribunal in the only reported case where a P1 breach did not result in a ban or a fine), and Sogexia v Raphaels Bank (where she obtained a rarely-granted short notice mandatory injunction preventing the termination of a banking relationship). Saima has uniquely acted in both of the only successful Judicial Reviews of the FCA since FSMA 2000 and scored multiple wins against other regulators including the FOS, against whom she partially succeeded on a rare jurisdictional challenge in the Court of Appeal. (Assurant v FOS). Ultimately, she seeks the best result for her clients (she is “commercial and outstanding,” Chambers).
Saima’s practice is global and she is listed in the legal directories across three regions (UK, EMEA and Asia Pacific). “Saima is quickly becoming the dominant force in FS [Regulatory work], both domestically and abroad…” (Chambers) and acts in jurisdictions including Dubai (where “she has a strong DFSA regulatory practice”), Hong Kong (where she has “great technical knowledge” and “experience of… matters surrounding Hong Kong Stock Exchange listings”, Legal 500) Guernsey, where she was previously standing counsel to the regulator and the British Overseas Territories. Her international cases include the 1MDB investigation in Singapore, the forex manipulation scandal and the Abraaj litigation. She has also been instructed in foreign proceedings as an expert witness on UK financial services law.
Banking & Finance
“She has an absolute mastery of the crossover between the financial regulation and banking and finance areas.” (Legal 500)
“Saima Hanif KC has an established practice acting for financial institutions and individuals around banking and finance regulation.” (Legal 500)
“Saima is outstanding and very user-friendly, which is a rare combination.” (Chambers & Partners)
“She offers very clear guidance on the law and isn’t scared to give her opinion… She exudes confidence.” (Chambers & Partners)
“She’s very… commercial and incredibly knowledgeable at what she does” (Chambers & Partners)
“She has great knowledge of the FS industry” (Chambers & Partners)
Saima has acted extensively in banking and finance disputes, for corporations and individuals, across retail, business and investment banking. She has also acted for brokers, fund managers and custodians. She has cross-border experience and is active in jurisdictions including Dubai, Hong Kong, Singapore, the Cayman Islands and Guernsey.
Notable cases include:
- Currently acting for a custodian in the high-profile SKAT ‘dividend arbitrage’ litigation in the Commercial Court;
- Advised a lender on the interpretation of the contract in the Covid-19 BBLS.
- Represented the PRA in enforcement proceedings against Wyelands Bank.
- Represented the PRA in enforcement proceedings against Mr Hunter, the former CEO of Wyelands Bank.
- Represented the PRA in enforcement proceedings against a credit union.
- Represented the PRA in enforcement proceedings against Sonali Bank.
- Represented a major bank in defending Court of Protection proceedings relating to the management of an account held in the name of a vulnerable individual.
- Acted for Soxegia (a French payment provider) in a dispute against Raphaels Bank, where she obtained a mandatory short notice injunction [2019] EWHC 2577 (Ch);
- Represented a borrower, suing Lombard for misstating the outstanding arrears under a loan facility. Default judgment obtained by Lombard was successfully set aside, nearly 4 years after it had been obtained: Lombard North Central Plc v European Skyjets Ltd [2020] EWHC 679 (QB) (20 March 2020).
- Represented RBS in defending a claim alleging a breach of a freezing injunction;
- Acted for a private individual in proceedings arising out of the collapse of Abraaj, the largest private equity fund collapse;
- Acted for a bank in the Middle East in a dispute arising from the collapse of Banco Espirito Santo;
- Acted for a borrower against a major bank that was seeking to assign a loan in contravention of the loan agreement;
- Assisted in the restructuring of Northern Rock;
- Represented a group of depositors following the collapse of Kaupthing, Singer & Friedlander; Advising various SMEs in respect of IRHP mis-selling claims;
- Acting for an investor disputing the validity of an OTC derivative transaction;
- Represented an individual in the 1MDB banking scandal in Singapore;
- Acted for a leading payday lender facing potential enforcement action from the FCA;
- Drafted the law of partnership for Qatar.
Financial Services UK: FCA, PRA, FRC, FOS & FSCS
“Saima is a go-to silk for financial services and sanctions work.” (Legal 500)
“She is a go-to for the top-tier firms, representing high-profile individuals.” (Chambers & Partners)
“A stellar Claimant practice” (Legal 500)
“Saima is a real expert in complex financial services cases. She knows the regulatory environment inside out, yet is still practical and commercial in applying it.” (Chambers & Partners)
“Saima is quickly becoming the dominant force in FSR, both domestically and abroad“ (Legal 500)
“She has an absolute mastery of the crossover between the financial regulation and banking and finance” (Legal 500)
“Really understands how FCA enforcement investigations work” (Chambers & Partners)
“She has a good appreciation of the inner workings of the regulatory authority” (Chambers & Partners)
“Her stand-out characteristic is her performance on her feet” (Legal 500)
Saima is a leading specialist in financial services, recognised for her “high profile in the field” (Chambers & Partners). She is one of the few barristers who has experience in disputes in all of the following FS regulators: the FCA, PRA, FOS, FSCS and FRC.
She has acted in some of the leading cases in the area (see below) and has represented clients before the RDC, Upper Tribunal and regulatory bodies in Dubai, Guernsey and the Isle of Man. She acted for Mr Tinney in the landmark Upper Tribunal case [2019] UKUT 0227 (TCC) which is the first reported decision where, despite a lack of integrity finding, no ban or fine was imposed, and she successfully represented the PRA in its first enforcement action against the former directors of a failed credit union. In addition to this she has undertaken expert witness work, providing expert evidence on the FS regulatory framework in both domestic and foreign proceedings.
She is a rare advocate with experience of all the domestic FS regulators and has deep understanding of the legal and policy issues that arise in this sector. In the past, she has undertaken secondments at the FCA (GCD), FSA (Enforcement) and the Bank of England, and to the Financial Services department of Clifford Chance during the credit crunch, where she worked on high-profile matters including the collapse of Northern Rock. At the Bank of England, she was the Legal Assistant to the Financial Markets Law Committee and assisted with the drafting of 8 papers on esoteric legal issues in financial markets (see http://www.fmlc.org/), including the problems created by the s235 FSMA definition of a collective investment scheme.
FCA & PRA Investigations
Saima has a particular expertise in contentious regulatory investigations, acting frequently for the party under investigation. She has attended compelled interviews, drafted responses to investigation reports and assisted with the s166 FSMA process. She is regarded as “a very smart advocate who really understands how FCA enforcement investigations work” (Chambers & Partners). She has represented individuals who are dual regulated by the FCA and the ICAEW.
Her cases include:
- Stephen v FCA [2023]: acted for Mr Stephen, a former Compliance Officer of SVS Securities Plc, a DFM.
- Y v FCA (confidential, ongoing): currently acting for a senior manager in a high profile FCA investigation relating to non-professional misconduct.
- A v FCA (confidential, ongoing): acting for a former CEO of a financial institution in an investigation arising out of a cum-ex trading scheme.
- X v FCA (confidential): acted for a senior manager in one the FCA’s few investigations alleging a breach of the SMR. The investigation was successfully closed.
- Y v FCA (confidential): acted for the CEO of a DFM. Investigation successfully closed.
- P v FCA (confidential): acted for a senior manager in a SIPP administration company. Investigation successfully closed.
- X v FCA (confidential): acted for a financial institution in the FCA forex manipulation investigation.
- X v FCA (confidential): acted for a major payday lender. Successfully avoided being subjected to an FCA formal redress scheme.
- Acted for a high profile DFM, being investigated by the FCA and the SEC in the USA.
- Ford v FCA: acted for the CEO in the FCA’s investigation into the bond distributer Keydata.
- Roberts v FCA: acted for the CEO in the FCA investigation into the life settlement bond provider, Catalyst.
- PRA v Wyelands Bank: acted for the PRA in high-profile enforcement proceedings against the Bank.
- PRA v Hunter: acted for the PRA in enforcement proceedings against the former CEO of Wyelands Bank.
- PRA v Enterprise the Business Credit Union: acted for the PRA in its first enforcement action against a credit union.
- PRA v Sonali Bank: acted for the PRA in supervisory action against Sonali Bank which resulted in the removal of the Bank’s deposit-taking permission.
- Z v PRA (confidential): acted for the PRA in supervisory action against a bank.
- X v PRA (confidential): advised the PRA on limitation and disclosure issues in respect of enforcement action against a senior individual
- X v PRA (confidential): acting for the PRA in a confidential investigation.
RDC/Upper Tribunal Appearances
Saima is “a very smart advocate” who “packs a punch” (Chambers & Partners) and has represented clients at all stages, from the compelled interview stage, right through to the Court of Appeal. She appears regularly before the RDC and the Upper Tribunal. Appearances include:
- Teraiya v FCA: representing the former CEO of a Custodian in the Upper Tribunal. The case raises a novel point about the application of the Equality Act 2010 to the enforcement function of the FCA.
- Stayley v FCA: part of the legal team acting for Mr Stayley in his referral to the Upper Tribunal.
- Tinney v FCA [2019] UKUT 0227 (TCC): acted for Mr Tinney a former COO of Barclays. Successfully argued that no ban or fine should be imposed, despite a finding of a lack of integrity.
- Representing the CEO of an IFA Firm: successfully persuaded the FCA not to revoke Part IV Permission.
- Paivi Grigg: successfully persuaded the RDC not to prohibit Ms Grigg from working in the industry.
- Acting for a senior banker before the RDC, accused of recklessly permitting misuse of client funds.
- Roberts v FCA [2015] UKUT 0408: acted for the former CEO of the bond-distribution company Catalyst, in the widely reported Upper Tribunal decision.
- Amir Khan v FCA [2014] UKUT B6: acted for Mr Khan before the Upper Tribunal. Permission was given to appeal to the Scottish Court of Appeal, whereupon the matter was settled, as the FCA agreed not to impose a financial penalty on Mr Khan.
- Karan v FSA & UBS [2012] UKUT, Upper Tribunal: representing Ms Karan, a former UBS employee, in respect of unauthorised use of client funds on the India Desk in UBS.
FOS, FSCS and FRC
Saima has extensive experience of investigations and disputes involving these regulators. Examples of her work include:
- Assurant v FOS [2023] EWCA Civ 1049: represented the appellant in a rare Court of Appeal challenge to a jurisdiction decision of the FOS. The Court accepted that where the interpretation of a contract is in issue, it is for the Court to determine the meaning itself, and the Court does not defer to the FOS’s interpretation.
- Representing the FRC in a confidential investigation.
- Advised the FSCS as to the effect of an insurance policy and whether it enabled claims to be aggregated.
- Successfully challenged an FSCS determination that a customer was not eligible for compensation.
- Advised a DFM undergoing a s166 review as to the interaction between the FSCS, the FOS and the FCA.
- X v FOS (ongoing, confidential): acting for a high-profile mortgage lender in respect of the alleged ‘mortgage prisoner cases’ seeking to challenge the FOS’s jurisdiction.
- Y v FOS (ongoing, confidential): acting for an investment manager in relation to the high-profile collapse of a mini-bond issuer.
- A v FOS (confidential, 2022): acted for an online broker and successfully challenged the FOS’s Provisional Decision on both merits and jurisdiction.
- X v FOS (confidential, 2021): acted for a finance provider disputing the jurisdiction of the FOS.
- X v FOS [2019-2020]: acted for a major pay-day lender seeking to challenge the FOS’s consideration of bulk complaints. Raised issues of time limitation, the interpretation of CONC, evidential burden and the point at which case fees became payable.
- Pitts v FOS [2018] successful JR of a FOS jurisdiction decision, which purported to decline jurisdiction on the basis that the claimant was neither a consumer nor a micro-enterprise, and that the activity was not regulated.
- Timur v FOS [2018]: JR of a FOS decision, which sought to rely on allegedly confidential information that was not disclosed to the Claimant.
- Stone v FOS [2017]: JR of a FOS decision relating to alleged negligent pension transfer advice.
- Chancery v FOS [2015]: JR of a FOS jurisdiction decision relating to tax avoidance advice given in respect of a film partnership scheme. Permission was granted to go to the Court of Appeal.
Financial Services International: Asia Pacific, Middle East, Overseas Territories, Guernsey
“Saima is quickly becoming the dominant force in FSR, both domestically and abroad. She is highly sought after because of her intelligence, her commitment to her clients, her tenacity and her superb advice on all matters relation to financial services regulation.” (Legal 500)
Saima is a global FS expert. She has acted for clients facing enforcement action in Dubai (“she is well-versed in… the DFSA’s rules and their application”, Legal 500), Hong Kong (“she has experience of dealing with regulatory matters surrounding Hong Kong Stock Exchange listings”, Legal 500), Singapore, Guernsey (where she was retained counsel for the Guernsey Financial Services Commission), the Isle of Man, Jamaica and the Cayman Islands. She has also acted as a legal expert on English FS law, in overseas proceedings.
Cases include:
- Y v Cayman Islands Monetary Authority: representing a financial instutiton in enforcement proceedings brought by CIMA.
- X v Bank of Jamaica: represented a financial institution facing enforcement proceedings instituted by the BoJ.
- X v Caymans Islands General Registry: successfully acted for company X in potential enforcement action arising out of the duties of a corporate services.
- Fund X in the BVI: acted for a fund seeking a licence for various activities, pursuant to the BVI sanctions regime.
- Siddique v DFSA, 2022: represented Mr Siddique in DFSA enforcement action arising out of the collapse of Abraaj.
- Rollet v DFSA, FMT 2021 successfully obtained a privacy order preventing publication of the Decision Notice until commencement of the hearing.
- Acting in DFSA proceedings relating to the collapse of Abraaj, the largest-ever private equity fund collapse.
- X v GFSC, 2019: acting for the regulator in enforcement proceedings against a company and its directors concerning allegations of KYC and AML failings.
- Vida v Guernsey Financial Services Commission, 2019: acting for the regulator in successful enforcement proceedings against an insurance company and its CEO.
- X v DFSA 2017, acting for a Dubai institution following the Banco Espirito collapse.
- X v DFSA, 2017: acting for the CEO of a financial advisory company, under investigation by the DFSA. The investigation was ultimately dismissed by the RAC and no further action was taken.
- Al-Ansari v DFSA 2015: enforcement proceedings before the RAC of the DFSA, alleging, inter alia, misleading the regulator.
- X v Guernsey Financial Services Commission: acting for the regulator in proceedings against an insurance company potentially involved in a global re-insurance fraud;
- X v Hong Kong Stock Exchange: acting for a large corporate institution facing proceedings by the HKSE for, potentially, breaching the listing rules;
- X Ltd v Hong Kong Stock Exchange: acting for a Caymans incorporated company and successfully challenged the refusal of the HKSE to list the company on the Main Board;
- X Ltd v Hong Kong Stock Exchange: acted for a company facing an enquiry from the HKSE relating to alleged dishonest statements in the prospectus;
- Y v Monetary Authority of Singapore: acting for a senior banker facing enforcement action from MAS;
- Acting for a private wealth management company facing enforcement action by the Isle of Man regulator.
Commercial Judicial Review
Saima represented the claimant in Ford v FSA, in “one of the few successful JRs of the FCA” (Chambers & Partners) and successfully judicially reviewed the FCA again in the landmark decision of T & I v FCA [2021]. She has extensive experience in challenging FS regulators, including the FOS where she has acted for multiple claimants seeking to challenge jurisdictional and substantive decisions of the FOS.
With a strong grounding in public law, regulatory law and FS, Saima is particularly well-placed to advise on claimant judicial reviews of FS regulatory decisions.
Financial Services Judicial Reviews
Cases include:
- Assurant v FOS [2023] EWCA Civ 1049: represented the appellant in a rare Court of Appeal challenge to a jurisdiction decision of the FOS.
- X v FCA [2024]: acted for a regulated entity, seeking to judicially review the FCA’s imposition of a s166 appointment. Upon service of a letter before action, the FCA ageed to quash the appointment.
- X v FCA [2024]: advised a regulated entity as to the merits of successfully judicially reviewing the FCA’s imposition of a CHECK.
- T & I v FCA [2021]: a landmark JR of the FCA, leading to a stay of the RDC proceedings pending the outcome of the parallel Commercial Court SKAT dividend arbitrage proceedings.
- Ford v FSA [2012] (“one of the few successful JRs of the FCA”, Chambers & Partners) successful challenge to the FSA’s reliance on privileged material in the course of an enforcement investigation.
- X v FCA [2017]: successful challenge to the FCA’s jurisdiction over X’s activities. Settled at the pre-action stage.
- Pitts v FOS [2018] successful JR of a FOS jurisdiction decision, which purported to decline jurisdiction on the basis that the claimant was neither a consumer nor a micro-enterprise, and that the activity was not regulated.
- Stone v FOS [2017]: JR of a FOS decision relating to alleged negligent pension transfer advice.
- Timur v FOS [2018]: JR of a FOS decision, which sought to rely on allegedly confidential information that was not disclosed to the Claimant.
- Chancery v FOS [2015]: JR of a FOS jurisdiction decision relating to tax avoidance advice given in respect of a film partnership scheme. Permission was granted to go to the Court of Appeal.
She has also advised on a number of potential JR challenges:
- Advising a financial institution on a potential JR of a FOS jurisdiction decision, as to whether certain unregulated activities that formed the subject of a customer complaint, were ‘ancillary’ to the regulated banking activity.
- Currently advising a group of claimants in respect of a potential FOS complaint arising out of the alleged fraud and/or negligence of an insurance broker.
- Acting for a SIPP operator facing multiple FOS complaints relating to, inter alia, the alleged inadequate due diligence in respect of the products on the platform.
- Acted for a financial institution seeking to argue that the FOS should decline jurisdiction over the complaints under DISP 3.3, on the grounds that as, inter alia, fraud was alleged, the complaints were better determined by the Court.
- Advised a major pay day lender on the merits of challenging a FOS jurisdiction on the grounds that the complaints were time-barred.
- Advised a major financial institution in respect of complaints relating to allegedly unfair in respect of a SVR mortgage product (the so called ‘mortgage prisoner’ cases.)
- Advising insurers as to the merits of judicially reviewing an FCA redress scheme.
- Advising an insurance group in respect of a FOS decision in which the FOS sought to hold the insurer liable for the acts of an independent intermediary. (The FOS capitulated upon receipt of a pre-action protocol letter).
- Advising a group of IFAs on a challenge to the appointment of a skilled person under s166 FSMA, on the basis that the business could not sustain the cost.
- Application of the FOS micro-enterprise test to an SME.
- Advising an interest group on the merits of a judicial review of the FCA’s conduct of the IRHP mis-selling redress scheme.
- Challenge over a warning on the FCA’s website relating to a party who was not carrying on a regulated activity and therefore did not fall within the FCA’s jurisdiction.
- Advising on the application of the Freedom of Information Act 2000 to information provided to the FCA by a regulated entity pursuant to its regulatory duties.
Judicial Reviews of Other Regulatory Decisions
Cases of note include:
- Uglow v TRA [2022]: judicial review of the TRA’s refusal to investigate the conduct of two teachers, in the context of a school trip which led to the death of a student;
- PSNC v Secretary of State for Health: Court of Appeal [2018]: landmark challenge by the industry trade body for pharmacies to the widespread funding cuts made by the SoS;
- Pepe Hart v TRA [2018]: successful judicial review of a TRA case management decision that certain witnesses were vulnerable and therefore could give evidence via video-link;
- Sports Direct v HMRC [2018]: challenge to a decision of HMRC to issue a C18 Post Clearance Note, relating to the alleged non-payment of anti-dumping duty;
- F v HMRC [2017]: successfully judicial review of HMRC’s erroneous application of an ESC;
- Lifeways v HMRC [2017] permission granted to judicially review HMRC in respect of a decision relating to an alleged failure to pay national minimum wage;
- AML v HMRC [2016]: successful challenge to the decision of HMRC to issue a conduct notice pursuant to the Finance Act 2014;
- Challenge to a decision of the Property Ombudsman.
Commercial Litigation
“Excellent on her feet” (Legal 500)
“She has piercing legal insight” (Legal 500)
“…top quality commercial barrister…” (Legal 500)
“Outstanding and very user-friendly.” (Chambers & Partners)
“Saima is a strategic thinker, pragmatic and very efficient.” (Chambers & Partners)
Saima has an established litigation practice, across a range of commercial disputes. Examples of notable cases include:
- Represented a director in the FCA Qualia Care Home civil proceedings, whereby the FCA sought a restitutionary order on the basis that the business constituted the operation of an unauthorised CIS contrary to s19 FSMA.
- Currently acting for a custodian in the high-profile SKAT ‘dividend arbitrage’ litigation in the Commercial Court.
- Acted for a FX provider, Monex, in a multi-million pound High Court civil fraud claim, defending allegations of bribery, breach of fiduciary duty and breach of constructive trust.
- Acted for Soxegia (a French payment provider) in a dispute against Raphaels Bank, where she obtained a mandatory short notice injunction [2019] EWHC 2577 (Ch).
- Lombard North Central Plc v European Skyjets Ltd [2020] EWHC 679 (QB) (20 March 2020): represented a borrower, suing Lombard for misstating the outstanding arrears under a loan facility. Default judgment obtained by Lombard was successfully set aside, nearly 4 years after it had been obtained:
- Apollo Ventures v Manchanda and ors [2018] EWHC 58 (Comm): represented defendants in Commercial Court proceedings, issued by a Thai incorporated company against defendants in Thailand, India and the UK. As part of those proceedings: she successfully set aside default judgment.
- Represented RBS in defending a claim alleging a breach of a freezing injunction.
- Acted for a private individual in proceedings arising out of the collapse of Abraaj, the largest private equity fund collapse.
- Successfully represented defendants in a multi-million-pound dispute arising out of a SPA relating to the sale of a accountancy company.
- Acted for a bank in respect of an LMA trade.
- Assisted in the restructuring of Northern Rock.
- Represented a group of depositors following the collapse of Kaupthing, Singer & Friedlander.
- Advised various SMEs in respect of IRHP mis-selling claims.
Sanctions
“Saima is a go-to silk for financial services and sanctions work.” (Legal 500)
“She is a go-to for the top-tier firms…” (Chambers & Partners)
“She is a standout – she is one to watch and will make waves.” (Legal 500)
“Saima Hanif has … a lot of experience across different regulatory fields and can draw across those and bring to financial services cases which is useful” (Legal 500)
With her expertise in financial services, regulatory and commercial law, Saima frequently advises individuals and financial institutions in respect of sanction issues. She has acted in matters concerning the EU Blocking Regulation, the Libyan, Iranian and Russian sanction regimes, as well as the US secondary sanctions regime. She has a particular expertise with sanctions as they apply to the FS sector. She has also given expert legal evidence on the application of the UK sanctions regime in foreign Court proceedings and arbitration proceedings.
Examples of recent matters in which she has acted include:
- Currently acting for a financial institution in the High Court, in proceedings alleging a breach of the EU Blocking Regulation.
- Acted for a party in a US$2 billion ad hoc arbitration arising out of the non-performance of an oil and gas contract, where the defaulting party relied on the sanctions regime.
- Acted as an expert witness on UK sanctions law, in proceedings in the Dutch Court of Appeal, in a dispute arising out of the non-performance of a contract for the construction of a LNG terminal.
- Acted as an expert for a major financial institution, in LCIA arbitration proceedings, on the impact of the UK sanctions regime on a party’s ability to access justice;
- Acted for a major bank as an expert witness on UK sanctions law, in LCIA arbitration proceedings, which considered the application of the UK Russia regulations in the context of article 248 of the Arbitrazh Procedure code.
- Advised a bank in respect of a potentjal claim arising out of purported breaches of the US sanctions regime.
- Advised a major accounting firm as to whether certain activities were prohibited under the Russian Regulations;
- Advised a law firm on the application of the legal services advisory ban;
- Advised a party as to a potential OFSI notification.
- Advised on the legality of OFSI’s annual frozen asset review and reporting form.
- Advised a law firm as to whether it could accept a mandate in respect of a corporate client, which had a sanctioned party as one of it’s investors.
- Advised a fund manager as to whether it could unilaterally redeem the holding of a sanctioned investor.
- Advised whether a sanctioned individual ‘owned or controlled’ a related corporate entity.
- Advised a party whether it could argue that the performance of a contract was frustrated by virtue of the application of the UK Russian sanctions regime.
- Advised a party whether it could accept a cargo of fruit without breaching the applicable EU sanctions regime.
- Acted for an insurance company accused of being in breach of the EU Blocking regulation.
- A large part of her FS regulatory work involves reviewing the systems and controls of financial institutions to see if they are equipped to detect and prevent sanctions breaches.
- She has acted for numerous individuals and SMEs facing bank account closures as a result of sanction-related issues.
Insurance and Reinsurance
“She is technically brilliant” (Legal 500)
“Provided us with excellent advice” (Chambers & Partners)
“Saima Hanif has … a lot of experience across different regulatory fields and can draw across those and bring to financial services cases which is useful” (Legal 500)
“She delivers advice quickly, on the knottiest of issues, with precision and clarity.” (Legal 500)
“Always approachable and positive and has a high level of ability when dealing with complex and wide-scale regulatory investigations.” (Legal 500)
Saima has a particular expertise in insurance regulation and FCA/PRA/FOS insurance disputes.
Examples of recent cases include:
- Adivisng an insurer as to the merits of a judicially reviewing a FOS decision.
- Advising an insurance group as to the merits of a judicial review of the FCA relating to a redress scheme.
- Advising an insurer following on from a s166 FMSA review.
- Advising an insurer on a dispute with the PRA concerning a run-off permission.
- Acting for a lender with regard to FOS complaints arising out of the lawfulness of SVR terms (the so-called ‘mortgage prisoner’ cases).
- Advising a high-profile insurance group as to whether, in relation to the sale of PPI products, the appointed intermediary was acting as it’s agent or as an independent intermediary.
- Advising an insurance group as to the prospects of successfully judicially reviewing a decision of the FOS relating to the alleged mis selling of insurance policies. (Following service of a PAP letter the FOS capitulated).
- Advising on the legality of ‘advance payments’ to insurance intermediaries.
- Acting in regulatory proceedings involving an insurance company and its CEO.
- Acted in regulatory proceedings involving a re-insurer where it was alleged that it had breached the minimum licensing criteria.
- Advised a DFM on coverage issues and the aggregation of claims under the insurance policy.
In addition, as a junior barrister, Saima completed a secondment to the FSA (as it was then) where she worked on insurance regulation.
International Arbitration
“…her advocacy exudes confidence..” (Legal 500)
“Bright, effective, eloquent and persuasive advocate. Excellent client skills. A good team player.” (Legal 500)
Saima has experience of arbitrations under all the major arbitral rules and across various industries. Recent examples include:
- A dispute arising out of alleged negligent advice relating to the regulation of digital assets;
- Acted for a beneficiary in an arbitration under the ICC rules, concerning a US$65 million disputed indemnity claim under a insurance policy.
- Acted for a party in a US$2 billion ad hoc arbitration arising out of the non-performance of an oil and gas contract, where the defaulting party relied on the sanctions regime.
- Acted for a major bank as an expert witness on UK sanctions law, in LCIA arbitration proceedings, which considered the application of the Russia regulations in the context of article 248 of the Arbitrazh Procedure code.
- Acted in a US$26 million LCIA arbitration subject to English law, arising out of a failed investment proposal.
She has a particular expertise in disputes arising out of the financial services sector.
Cyber Fraud and Cryptocurrency
Saima has a specific expertise in the use of digital assets in financial services. She has advised crypto-businesses seeking FCA registration under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, both in the context of providing services and also communicating financial promotions in the UK. Other examples including advising a payments company seeking an SPI licence, whose business model was based on the use of DLT.
Saima also has an established sanctions law practice, and has advised on the application of various sanction regulations to crypto-assets.
Due to her FS regulatory expertise, she has spoken at numerous panels on the Treasury’s proposed regulatory regime for crypto-assets.
Recommendations
Saima is recommended in the legal directories in Banking and Finance, Financial Services, Insurance and Reinsurance, Professional Discipline and Commercial Law.
Chambers and Partners
“Outstanding and very user-friendly, which is a rare combination.”
“Saima is a strategic thinker, pragmatic and very efficient.”
“Saima is a real expert in complex financial services cases. She knows the regulatory environment inside out, yet is still practical and commercial in applying it.”
“She is a go-to for the top-tier firms, representing high-profile individuals.”
“Saima is outstanding and very user-friendly, which is a rare combination.”
“Saima impressed with her quick grip of the facts, very quick turnaround and thorough analysis.”
“She delivers advice quickly, on the knottiest of issues, with precision and clarity.”
“Always approachable and positive and has a high level of ability when dealing with complex and wide-scale regulatory investigations.”
“She is fantastic. Her power and ability can affect the foundations of principles in any case. She’s fantastic in her regulatory work and fantastic with leading cases and successful judicial reviews.”
“”She is a standout – she is one to watch and will make waves.”
“Saima Hanif has … a lot of experience across different regulatory fields and can draw across those and bring to financial services cases which is useful”
“She is incredibly user-friendly and inspires confidence for both instructing solicitors and clients on technical financial services matters that they may not be particularly familiar with.”
“A fantastic lawyer. She is technically very gifted, very responsive and commercially savvy.”
“Incredibly thorough, intelligent, quick to respond and someone with incredible analysis.”
“A pleasure to work with, she is a very smart advocate who really understands how FCA enforcement investigations work.”
“She packs a punch as an advocate”
“On any case that has a financial regulatory element, she is brilliant – absolutely unshakeable.”
“She has a good appreciation of the inner workings of the regulatory authority and, accordingly, provided us with excellent advice.”
“Fast, accurate, commercial and outstanding. She saved us a great deal of time.”
“She offers very clear guidance on the law and isn’t scared to give her opinion… She exudes confidence.”
“She’s very practical, commercial and incredibly knowledgeable at what she does.”
“…assertive and highly knowledgeable on the regulatory sector, making it easy for her to defuse arguments from the other side.”
“…extremely intelligent but also very good with clients as she’s not intimidating to them.”
“Her advice is detailed, thorough, commercially focused and client-friendly. She has great knowledge of the FS industry and is very approachable and responsive.”
“She’s very hard-working, and pays great attention to detail.”
“She offers very clear guidance on the law and isn’t scared to give her opinion and points clients in the right direction. She exudes confidence.”
“She’s very user-friendly and very switched on to the issues at hand. She looks at instructions from the viewpoint of the client and gives a tailored work product.”
[Saima acted for the successful claimant in] “one of the most headline-grabbing cases of its kind for many years.”
“Hanif [acted]…in one of the few successful judicial reviews of a decision by the FSA.”
“…She handles clients very well and has a lovely manner.”
Legal 500 UK, Asia Pacific & EMEA
‘Saima is a go-to silk for financial services and sanctions work.’
‘Saima is quickly becoming the dominant force in FSR, both domestically and abroad. She is highly sought after because of her intelligence, her commitment to her clients, her tenacity and her superb advice on all matters in relation to financial services regulation.’
‘Saima is a shrewd operator who provides clear and concise legal advice combined with strategic nous – her wealth of experience in the area shines through in the advice she gives and helpfully informs her opinions.’
‘Saima has a deep knowledge of the financial services industry. She is technically strong and inspires confidence in the people she interacts with.’
‘Saima Hanif KC has a stellar reputation for acting against financial regulators.’
‘Saima Hanif KC is very energetic and responsive’ and ‘her advocacy exudes confidence..’ ‘…she is a key name for financial regulatory matters.’
‘She has an absolute mastery of the crossover between the financial regulation and banking and finance areas.’
‘Bright, effective, eloquent and persuasive advocate. Excellent client skills. A good team player.’
‘Her stand-out characteristic is her performance on her feet.’
‘Saima works extremely hard and in doing so, thoroughly thinks through and works out all the difficult issues.’
‘She provides clarity of advice and straight talking.’
‘Saima has a very diligent approach to her cases.’
‘Client friendly and highly responsive. Technically excellent and is able to breakdown complex issues clearly and concisely.’
‘She is immensely hardworking, very bright, produces excellent and elegantly argued documents, and is a terrific team player. She is a top quality commercial barrister…’
‘She has piercing legal insight and understanding of all the issues within any case.’
‘She is technically brilliant and extremely accessible to solicitors and lay clients alike.’
‘Very bright, she tends to specialise in cases in the DIFC and has a good knowledge of financial services and the relevant regulatory framework.’
‘She is well-versed in the intricacies of the DFSA’s rules and their application.’
‘Saima Hanif KC has a strong DFSA regulatory practice.’
‘Saima has expertise in financial services regulation.’
‘Very approachable and excellent on her feet.’
‘Very energetic and enthusiastic, easy to deal with and approachable but robust when needed.’
‘…technically strong, highly responsive and commercially focused.’
‘Able to grasp concepts and creatively argue against accepted legal principles.’
‘Saima Hanif is extremely user friendly, fast, efficient and extremely bright.’
‘Saima Hanif recently acted in the high-profile Court of Appeal case Albert Hall v Westminster CC and another.’