Dr Karen Lynch Shally, Assistant Professor in the School of Law and Criminology. Published an article in Law and Financial Markets Review on the 19th February entitled, The emerging frontier of collective action in Irish law – a change in the status quo of financial services enforcement and redress?
ABSTRACT
In the realm of collective litigation and recovery the Irish legal framework has been slow to evolve, and accordingly, the Representative Actions Act 2023, represents a watershed development. It establishes a collective action for consumer redress for breach of EU regulatory obligations, including those applicable to financial services. This is, however, the opening act rather than the curtain call of developments in this arena, as the Irish government has committed to providing a Multi Party Action (MPA) in Irish law and the existing prohibition on third-party funding is under review. Collectively these developments could be interpreted as signalling an increase in the policy significance of litigation-based enforcement. However, such assessment is misleading as to the role which these mechanisms are likely to play, and of the differing significance of the dual instruments. This commentary seeks to contextualise the various developments from a legal and policy perspective within the current financial services landscape.
Read the article in full here
Dr Karen Lynch Shally joined the School of Law and Criminology as Assistant Professor in September 2019. Karen's research focuses on law, regulation and policy in financial markets and services, with a particular emphasis on regulation and consumer protection in the retail financial services sector. She delivers modules on Banking & Financial Law (LW453), Aspects of Commerical Law (LW296) and Law and Governance (LW480) and created a new module for the LLB programme Financial Services Regulation (LW491). She is also the co lead of the School of Law and Criminology Research Centre for European Law alongside Prof Tobias Lock.