On October 9, 2017, the City of London announced a plan to build a new centralized court that will hear a range of criminal and civil cases, but will be primarily focused on fraud, economic crime, and cyber-crime.
The proposal comes as the Financial Conduct Authority increases its focus on cyberattacks on U.K. financial institutions, which have increased rapidly from five (5) in 2014 to eighty-nine (89) in 2016. The proposal also signals that, post-Brexit, London will seek to maintain its status as a hub for doing business and resolving commercial disputes. According to Catherine McGuinness, Policy Chairman for the City of London, the proposal will allow London to continue to “set the highest legal standards domestically and internationally.”
The City of London’s announcement can be accessed here.