“The banking reform bill announced by Gordon Brown today (14 May) was prompted by the collapse of Northern Rock, which exposed significant problems with the current system.”
The Guardian, 14th May 2008
Source: www.guardian.co.uk
Archive for the 'banking' Category
Rock shareholders begin legal bid - BBC News
Published May 8, 2008 banking , compensation , nationalisation , news 0 Comments“Shareholders in nationalised bank Northern Rock are launching a court challenge over compensation they are due to receive.”
BBC News, 8th May 2008
Source: www.bbc.co.uk
Office of Fair Trading v Abbey National plc and Others - Times Law Reports
Published April 29, 2008 banking , consumer protection , contracts , law reports 0 CommentsOffice of Fair Trading v Abbey National plc and Others
Queen’s Bench Division
“Terms in standard form contracts between bank and customer providing for relevant charges were not exempt from assessment as to fairness.”
The Times, 29th April 2008
Source: www.timesonline.co.uk
Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.
‘Fear keeps you on your toes’ - The Times
Published April 29, 2008 banking , barristers , special report 0 Comments” The commercial court of Mr Justice Andrew Smith was stuffed with barristers last Thursday, but one QC was the main focus of attention. The case was the challenge to bank charges that could affect every bank current account holder in Britain. At the original hearing in February, Laurence Rabinowitz represented the Royal Bank of Scotland, one of eight lenders accused of levying unfair overdraft charges. It also fell to him to put the lead argument to the court for all the banks, saying that the alternative would be to charge on every transaction.”
The Times, 29th April 2008
Source: www.timesonline.co.uk
Office of Fair Trading v Abbey National plc and Others - WLR Daily
Published April 25, 2008 banking , consumer protection , contracts , law reports 0 CommentsOffice of Fair Trading v Abbey National plc and Others [2008] EWHC 875 (Comm); [2008] WLR (D) 128
“Terms in standard form contracts between bank and customer providing for relevant charges were not exempt from assessment as to fairness under reg 6 of the Unfair Terms in Consumer Contracts Regulations 1999.”
WLR Daily, 25th April 2008
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
Banks told to stop stalling and pay up after verdict on charges - The Times
Published April 25, 2008 banking , news , penalties 0 Comments“Banks have been accused of trying to block compensation claims from customers, after they refused to accept the findings of a High Court test case on penalty charges.”
The Times, 25th April 2008
Source: www.timesonline.co.uk
Small shareholders seek judicial review over Northern Rock compensation - The Times
Published April 24, 2008 banking , compensation , judicial review , nationalisation , news 0 Comments“Northern Rock’s small shareholders will take High Court action against the Treasury within weeks after the Government’s lawyers rejected their plea for compensation.”
The Times, 24th April 2008
Source: www.timesonline.co.uk
Bank charges ruling due on Thursday - The Guardian
Published April 21, 2008 banking , news 0 Comments“The long-running controversy over bank charges could come a step closer to being resolved this week after it was announced that the judge hearing the test case would be handing down his judgment on Thursday.”
The Guardian, 21st April 2008
Source: www.guardian.co.uk
Bank details ‘being sold for £5 on the internet’ - Daily Telegraph
Published April 9, 2008 banking , computer crime , internet , news 0 Comments“Bank account details are selling for as little as £5 as part of a thriving trade in stolen information on the internet, according to a report.”
Daily Telegraph, 9th April 2008
Source: www.telegraph.co.uk
Credit crunch fallout could drag on for years, lawyers warn - The Times
Published March 31, 2008 banking , financial regulation , news 0 Comments“Lawyers across the City have been sifting through traders’ e-mails and listening to recordings of their phone conversations in an attempt to piece together thousands of financial transactions.”
The Times, 31st March 2008
Source: www.timesonline.co.uk
Watchdog admits failure over Rock - BBC News
Published March 27, 2008 banking , financial regulation , news 0 Comments“The UK financial watchdog, the Financial Services Authority (FSA) has admitted it failed to regulate Northern Rock adequately.”
BBC News, 26th March 2008
Source: www.bbc.co.uk
Northern Rock shareholders prepare legal challenge for violation of human rights - The Times
Published March 20, 2008 banking , human rights , nationalisation , news 0 Comments“Northern Rock’s army of small shareholders took their campaign for compensation to the courts yesterday as they accused the Government of abusing their human rights by nationalising the stricken mortgage lender.”
The Times, 20th March 2008
Source: www.timesonline.co.uk
Grosvenor Casinos Ltd v National Bank of Abu Dhabi - WLR Daily
Published March 19, 2008 banking , contracts , law reports 0 CommentsGrosvenor Casinos Ltd v National Bank of Abu Dhabi [2008] EWHC 511 (Comm); [2008] WLR (D) 88
“The Uniform Rules for Collections 522 relating to international banking and collection processes did not create privity of contract between the principal and the collecting bank.”
WLR Daily, 18th March 2008
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
FSA drops plan to force banks to inform on clients - The Times
Published March 10, 2008 banking , financial regulation , news 0 Comments” The Financial Services Authority (FSA) has dropped a plan to force investment banks to inform on companies they brought to market long after the initial flotation was completed, the regulator confirmed today.”
The Times, 6th March 2008
Source: www.timesonline.co.uk
Biggest investor ready to sue over Rock - The Guardian
Published March 3, 2008 banking , news 0 Comments“The biggest investor in Northern Rock, SRM Global, is preparing to launch legal action against the government and regulators this week over their role in the collapse of the nationalised bank.”
The Guardian, 3rd March 2008
Source: www.guardian.co.uk
Sisters jailed after spending bank’s error - Daily Telegraph
Published February 29, 2008 banking , news , sentencing , theft 0 Comments“Two sisters have been given custodial sentences for helping to spend nearly £135,000 which was put into one of their bank accounts by mistake.”
Daily Telegraph, 29th February 2008
Source: www.telegraph.co.uk
Socimer International Bank Ltd (in liquidation) v Standard Bank London Ltd - WLR Daily
Published February 26, 2008 banking , contracts , debts , law reports , valuation 0 Comments“Where a commercial agreement obliged a creditor bank to determine the value of the assets of the defaulting debtor bank at the date of termination, the creditor bank’s obligation was to carry out an honest, but otherwise subjective valuation.”
WLR Daily, 25th February 2008
Source: www.lawreports.co.uk
Please note once a case has been fully reported the corresponding WLR Daily summary is removed.
One small legal step and a giant leap for Northern Rock - The Lawyer
Published February 25, 2008 banking , news 0 Comments“Northern Rock passed into public ownership last Friday (22 February) following what was ultimately a very simple legal process.”
The Lawyer, 25th February 2008
Source: www.thelawyer.com
Treasury seeks to head off legal action - The Independent
Published February 19, 2008 banking , news 0 Comments“The Government will try to head off legal challenges to nationalisation from Northern Rock shareholders by appointing an independent arbitrator to value the battered lender.”
The Independent, 18th February 2008
Source: www.independent.co.uk
Law firms get set to sue investment banks - The Times
Published February 18, 2008 banking , law firms , news 0 Comments“An increasing number of City law firms are breaking one of the profession’s greatest unwritten rules by positioning themselves to sue investment banks, confident that the first of an expected wave of lawsuits arising from the credit crunch will emerge in Britain within weeks.”
The Times, 18th February 2008
Source: www.timesonline.co.uk
Demand for legal advice surges amid growing threat of credit-crunch lawsuits - Financial Times
Published February 5, 2008 banking , news 0 Comments“Big banks and their clients are gearing up for possible post-credit crunch lawsuits that may start hitting the courts within six months, leading lawyers said yesterday.”
Financial Times, 5th February 2008
Source: www.ft.com
New laws sought to stop another Northern Rock - Reuters
Published January 30, 2008 banking , news 0 Comments“The government will propose new legislation to give the authorities more power to intervene in the case of a failing bank to prevent another Northern Rock-style crisis, the Treasury said.”
Reuters, 30th January 2008
Source: www.reuters.com
Bank rules written in ‘different language’ - The Times
Published January 30, 2008 banking , consumer protection , news 0 Comments“The Office of Fair Trading (OFT) has accused banks of writing its contracts in a ‘different language’ that consumers do not understand, while giving evidence in the ongoing bank charges case.”
The Times, 29th January 2008
Source: www.timesonline.co.uk
Revenue squeezes banks for offshore accounts - The Times
Published January 26, 2008 HM Revenue & Customs , banking , data protection , news , tax evasion 0 Comments“HM Revenue & Customs has stepped up its campaign to force banks to release the names of thousands of customers with offshore accounts as part of its fight against tax evasion, despite fears that it may be overstepping its legal powers.”
The Times, 25th January 2008
Source: www.timesonline.co.uk
UK banks defend ‘rip-off’ overdraft charges - The Times
Published January 18, 2008 banking , fees , news 0 Comments“A High Court test case that could shape the future of the UK retail banking industry finally got under way today when lawyers for eight of Britain’s leading banks began defending allegations of charging ‘rip-off’ fees.”
The Times, 17th January 2008
Source: www.timesonline.co.uk
Banks hope ‘dream team’ of top QCs will secure victory in overdraft fees test case - The Times
Published January 15, 2008 banking , news 0 Comments“High street banks have assembled a dream team of top-ranked QCs to fight a test case this week that could determine the future of retail bank fees.”
The Times, 14th January 2008
Source: www.timesonline.co.uk
Court to rule if banks overcharged customers with “punitive” fees - The Independent
Published January 14, 2008 banking , news 0 Comments“The long-awaited court case that will determine whether thousands of aggrieved bank customers can pursue overcharging claims against banks begins today.”
The Independent, 14th January 2008
Source: www.independent.co.uk
Banks set to fight back against sub-prime law suits - The Times
Published January 10, 2008 banking , news 0 Comments“Investment banks are facing a wave of litigation bigger than the Enron scandal but are unlikely to roll over this time, lawyers said.”
The Times, 9th January 2008
Source: www.timesonline.co.uk
UK bank charges hearing to kick-start test case - The Guardian
Published January 10, 2008 banking , news 0 Comments“A test case on whether British bank charges are legal and fair begins in earnest next week when the High Court hears evidence on the fees in a key phase of a potentially long legal battle.”
The Guardian, 9th January 2008
Source: www.guardian.co.uk
Bank watchdog “to get more power” - BBC News
Published January 4, 2008 banking , financial regulation , news 0 Comments“The chancellor is planning to give the Financial Services Authority more power to deal with failing banks to avoid another Northern Rock-style crisis.”
BBC News, 4th January 2008
Source: www.bbc.co.uk
HSBC to offer first-ever Bar student loan package - Legal Week
Published December 17, 2007 banking , barristers , legal education , news 0 Comments“HSBC has become the first bank to strike a deal with the Bar Council and offer special loans to Bar Vocational Course (BVC) students, it was announced earlier this week (11 December)”
Legal Week, 13th December 2007
Source: www.legalweek.com
One arm tied behind its back? - The Times
Published December 11, 2007 banking , extradition , fraud , special report 0 Comments“After the NatWest Three decision, what are the ramifications for other British business people?”
The Times, 11th December 2007
Source: www.timesonline.co.uk
Revealed: how UK banks exploit charity tax laws - The Guardian
Published December 5, 2007 banking , charities , news 0 Comments“Britain’s high street banks have raised billions of pounds in funds through complex financial deals that use supposedly charitable trusts which are not donating a penny to good causes, the Guardian has learned.”
The Guardian, 5th December 2007
Source: www.guardian.co.uk
Thousands of Britons’ bank details ‘for sale on the Web’ - The Independent
Published December 3, 2007 banking , computer crime , data protection , internet , news 0 Comments“The Information Commissioner launched an investigation yesterday after it was revealed that thousands of Britons’ bank details are available for sale on the internet.”
The Independent, 3rd December 2007
Source: www.independent.co.uk
A twisty trail: from Northern Rock to Jersey to a tiny charity - The Guardian
Published November 28, 2007 banking , charities , news 0 Comments“Northern Rock is facing a Charity Commission investigation after it emerged that the bank exploited the name of a charity for disabled children while creating an elaborate financial arrangement for maximising profits from home loans.”
The Guardian, 28th November 2007
Source: www.guardian.co.uk
Banks accused of condoning criminality via overdraft limit breaches - The Times
Published November 16, 2007 banking , news 0 Comments“Banks have been accused of condoning criminal behaviour among customers by allowing them to exceed their agreed overdraft limits.”
The Times, 16th November 2007
Source: www.timesonline.co.uk
OFT challenges banks on “misleading” overdraft charges - The Independent
Published November 16, 2007 banking , news 0 Comments“The Office of Fair Trading yesterday warned Britain’s banks it intended to take them to task over unauthorised overdraft charges whatever the outcome of a High Court test case on the fees that is scheduled to begin in January.”
The Independent, 16th November 2007
Source: www.independent.co.uk
Online special: Majority of UK lawyers expect an upsurge in bank-on-bank litigation - Legal Week
Published November 15, 2007 banking , special report 0 Comments“Leading lawyers are united in the belief that the market downturn will lead to an increase in cases between financial institutions, as firms face up to the prospect of taking on the big banks. Claire Ruckin reports on the results of the latest Big Question survey.”
Legal Week, 15th November 2007
Source: www.legalweek.com
MPs to accuse FSA of failing to supervise Northern Rock properly - The Times
Published October 8, 2007 banking , financial regulation , news 0 Comments“The Financial Services Authority (FSA) will be accused tomorrow of failing to supervise Northern Rock when MPs grill officials over the watchdog’s role in the crisis.”
The Times, 8th October 2007
Source: www.timesonline.co.uk
First £35,000 of every savings account given protection from today - The Times
Published October 1, 2007 banking , compensation , guarantees , news 0 Comments“Savers in banks and building societies will have the first £35,000 of their deposits 100 per cent guaranteed from today under reforms to prevent a repeat of the Northern Rock affair.”
The Times, 1st October 2007
Source: www.timesonline.co.uk
Cancer patient sues the Halifax for harassment after 762 calls about loan - The Times
Published September 25, 2007 banking , harassment , news 0 Comments“A lung cancer patient has gone to court to stop his bank contacting him about repayment of a loan after he was called 762 times in ten months.”
The Times, 25th September 2007
Source: www.timesonline.co.uk
Customers still pressing claims against banks despite test case - The Independent
Published August 28, 2007 banking , news 1 Comment“Banks are still facing a mass revolt from customers despite the halting of some claims in the run-up to a test case in the High Court, The Independent has learnt.”
The Independent, 28th August 2007
Source: www.independent.co.uk
“Barclays Bank has been ordered to stop taking penalty overdraft charges from a customer’s account until the test case over the penalty fees has been decided in the High Court.”
The Times, 24th August 2007
Source: www.timesonline.co.uk
“A judge has stopped Barclays bank taking any more penalty charges and interest from a customer who sued for their return.”
BBC News, 24th August 2007
Source: www.bbc.co.uk
