Tomasz Leśko new partner in the Disputes of Financial Institutions Practice
Recent years have seen a fierce and relentless fight by consumers who have taken out loans indexed and denominated in Swiss francs. In this dispute, we stand on the side of the financial institutions. Working closely with the banks, we have handled thousands of mortgage loan cases.
We are also involved in the evolving debate around WIBOR and are responding to attempts to undermine the credibility of this index. We know how important it is for the stability of the entire economy to ensure that financial contracts and obligations are not undermined and that the rules governing them are reliable and consistent.
To be effective, our work and actions require planning, the development and implementation of comprehensive litigation strategies and their consistent application.
All of this is the responsibility of the Disputes of Financial Institutions Practice. Led by Partner Weronika Magdziak-Śliwa, who works closely with Tomasz Leśko, the second Partner in the practice and head of our Krakow office.
The Swiss franc mortgage borrowers have paved the way for other disgruntled bank customers and have definitely emboldened those who are paying WIBOR-based mortgages. And although in our view there are no real parallels between these cases, we are ready to use our experience also in WIBOR-related disputes, to protect our clients, the banks, as effectively as we can. We have the knowledge, the know-how and the people who have been fighting these battles for years. We are ready – emphasises Tomasz Leśko.
The Swiss franc mortgage cases turned out to be a very serious test for the Polish banking sector and the wider economy. Mass claims and the need to set aside provisions for possible compensation have depressed banks’ results and, consequently, macroeconomic indicators. This situation has reduced the level of available credit, which has led to a decline in investment and consumption and, consequently, to a slowdown in economic growth. Mortgage lawsuits can undermine confidence in the sector as a whole, which is now struggling to overcome the negative trends. We are therefore doing everything in the interest of our banking clients to reduce the regulatory uncertainty and the risks that may ricochet around the Polish economy – stresses Weronika Magdziak-Śliwa.
Close cooperation with financial institutions
The Disputes of Financial Institutions Practice is not just about mortgage cases. Polish and European banks and FinTechs will face many challenges in the coming years as they adapt to increasingly competitive market conditions and a fierce battle for customers, as well as to changing regulations and legislation.
The spectrum of their concerns includes:
- Regulation of cryptocurrencies and digital assets
- Data protection and privacy issues and the increasingly stringent provisions of the GDPR
- Tightening AML regulation and the need to implement more sophisticated monitoring systems to counter money laundering
- Broader cybersecurity requirements
- Sustainability, new reporting obligations and consideration of ESG factors in operations – for both businesses and their partners
- Open Banking and APIs
- Artificial intelligence regulation
We are well prepared to meet these challenges. We have extensive expertise and experience in handling corporate and transactional banking, FinTechs and ESG reporting as well as regulatory issues, cybersecurity and digital operational resilience.
We build our competitive advantages within teams comprising experts from a variety of legal, economic and psychological disciplines with deep knowledge of banking, financial and consumer law and practical business know-how.
We follow the latest jurisprudential trends and adapt our strategies accordingly. We also make use of state-of-the-art technology and advanced analytical tools and work closely with an international network of partner law firms. We have our hand on the financial pulse.
Any questions? Get in touch with us
