New financial court to be established

New financial court to be established

The Lord Chief Justice, Sir John Thomas, has announced that a financial court will be established which will deal with the UK and international markets and specialise in claims of more than £50 million.

According to the Guardian, Thomas said top concerns for the financial list would be foreign exchange, commodity markets and equity. The financial list intends to create a test case procedure so that patterns in areas with no legal authority could be established. “The new financial list will not only encourage international litigants to continue to use our courts, the principles they embody and their jurisprudence, but in doing so they will help to raise standards,” Thomas said at the annual judges’ dinner at the Mansion House in London.

Thomas continued to explain that resolving any problems would help economic markets to grow and in turn, raise standards by encouraging international litigants to continue using UK courts. Alongside this, he hopes that a greater use of technology would help make the court system more affordable and efficient, according to The Guardian.

It is necessary to ensure that courts and tribunals, through the use of modern technology, move out of the paper age. Improved, more cost-effective and accessible processes will seek to bring the justice system within the reach of everyone. It will also help secure access to justice as a right for all, and not a privilege of the wealthy,” Thomas said.

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