Archive for the 'banking' Category

British Bankers’ Association v Financial Services Authority and another – WLR Daily

British Bankers’ Association v Financial Services Authority and another [2011] EWHC 999 (Admin); [2011] WLR (D) 144

“The Financial Services Authority was not contrained by the existence of statutory powers in section 404 of the Financial Services and Markets Act 2000 from using other powers to deal with what it perceived as the widespread mis-selling of payment protection insurance (PPI) policies by banks. Neither the language of section 404 itself nor its role as part of the overall regulatory framework could warrant the implication in it of a restriction on all other powers merely because the circumstances warranting the operation of a section 404 scheme were satisfied.”

WLR Daily, 20th April 2011

Source: www.iclr.co.uk

Please note that once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

UK banks lose payment protection insurance challenge – BBC News

“UK banks have lost a judicial review that could have a major impact on whether more compensation has to be paid on mis-sold loan insurance..”

Full story

BBC News, 20th April 2011

Source: www.bbc.co.uk

Ing Bank NV v Ros Roca SA – WLR Daily

Ing Bank NV v Ros Roca SA [2011] EWCA Civ 353; [2011] WLR (D) 122

“A shared assumption on the facts surrounding a disputed fee agreement between a company and a bank acting as financial adviser, which was not reflected in the agreement, that the fees would not be calculated with reference to a particular ratio mentioned in the agreement, was enough to found an estoppel by convention so as to prevent the bank claiming a fee based on the disputed ratio.”

WLR Daily, 31st March 2011

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.

Tchenguiz brothers can sue Iceland’s Kaupthing Bank – BBC News

“A High Court judge has ruled that the Tchenguiz brothers can sue Kaupthing Bank for £1bn ($1.6bn) damages.”

Full story

BBC News, 16th March 2011

Source: www.bbc.co.uk

Court of appeal clears bankers to sue Commerzbank over bonuses – The Guardian

“The court of appeal yesterday cleared the way for more than 100 investment bankers to sue Commerzbank over unpaid bonuses in one of the highest profile cases to emerge from the financial crisis.’

Full story

The Guardian, 8th March 2011

Source: www.guardian.co.uk

Home owners receive compensation after they were sold mortgages they couldn’t afford – Daily Telegraph

“Home owners who were sold mortgages during the property boom that they couldn’t afford are to be given compensation following a ruling by the City watchdog.”

Full story

Daily Telegraph, 22nd February 2011

Source: www.telegraph.co.uk

Financial watchdogs get new powers – The Guardian

“Investors and consumers will be given greater protection by new financial watchdogs which will have the power to ban retail products and reveal pending enforcement actions against banks and brokers.”

Full story

The Guardian, 17th February 2011

Source: www.guardian.co.uk

Credit and debit card surcharges ‘are excessive’ – BBC News

“A super-complaint is to be launched about the ‘murky practice’ of surcharges levied on customers who pay by debit or credit card.”

Full  story

BBC News, 11th February 2011

Source: www.bbc.co.uk

Law firm not liable to loan losses, says appeal court – Law Society’s Gazette

“A law firm that gave negligent advice to a bank before the bank lost £28m in loans advanced to two local authorities does not have to reimburse those losses, the Court of Appeal ruled last week.”

Full story

Law Society’s Gazette, 3rd February 2011

Source: www.lawgazette.co.uk

Haugesund Kommune and another v DEPFA ACS Bank (Wikborg Rein & Co, Part 20 defendants) – WLR Daily

Haugesund Kommune and another v DEPFA ACS Bank (Wikborg Rein & Co, Part 20 defendants) [2011] EWCA Civ 33; [2011] WLR (D) 25

“A firm of solicitors which erroneously advised a bank that municipalities would not be acting ultra vires if they entered into a swap arrangement with the bank was not liable for the losses resulting from the municipalities’ inability to make restitution once the void nature of the swap agreement came to light. Despite their negligence in relation to the vires of the municipalities, the solicitors had taken no responsibility for their creditworthiness or good faith or for the fact that the bank could not lawfully obtain execution against them when they defaulted on the arrangement.”

WLR Daily, 31st January 2011

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.

Banks launch PPI challenge in high court – The Guardian

“High street banks will launch a high court challenge today against rules controlling their handling of complaints about payment protection insurance (PPI).”

Full story

The Guardian, 25th January 2011

Source: www.guardian.co.uk

Goldman Sachs fined £20m by FSA – The Guardian

“The Financial Services Authority has fined Goldman Sachs £20m after the investment bank failed to tell the regulator a member of staff at the centre of fraud charges in the US was working in the UK.”

Full story

The Guardian, 9th September 2010

Source: www.guardian.co.uk

RBS handed FSA’s biggest fine for money laundering lapses – The Guardian

“Royal Bank of Scotland has been fined £5.6m by the Financial Services Authority for failing to adequately screen customers and payments to prevent its banks – RBS, NatWest, Ulster Bank and Coutts – from being used for money laundering or the financing of terrorist activities.”

Full story

The Guardian, 3rd August 2010

Source: www.guardian.co.uk

Mond and another v MBNA Europe Bank Ltd – WLR Daily

Mond and another v MBNA Europe Bank Ltd [2010] EWHC 1710 (Ch); [2010] WLR (D) 190

“Clause 13.2 of the IVA Protocol, as well as clause 13.1, should not be construed as permitting a creditor bound by the Protocol to vote against an individual voluntary arrangement (‘IVA’) proposal only if he has good reason to do so.”

WLR Daily, 16th July 2010

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 to seek exemption for the City from from tough EU rules on bankers’ pay – Daily Telegraph

“The City watchdog is considering whether Britain can claim exemption from European laws that will introduce the toughest pay restrictions in the world.”

Full story

Daily Telegraph, 7th July 2010

Source: www.telegraph.co.uk

Government overhaul of financial regulation creates dangers, say experts – OUT-LAW.com

“Plans for the shake-up of financial services regulation announced by UK Chancellor George Osborne last night raise more questions than answers, according to banking and financial legal experts.”

Full story

OUT-LAW.com, 17th June 2010

Source: www.out-law.com

Bank Mellat v HM Treasury – WLR Daily

Bank Mellat v HM Treasury [2010] EWHC 1332 (QB); [2010] WLR (D) 148

“The powers conferred on HM Treasury by Sch 7 to the Counter-Terrorism Act 2008 to give directions by order to persons operating in the United Kingdom financial sector could be lawfully exercised without allowing persons likely to be adversely affected by the order an opportunity to make prior representations; and the test of proportionality applied by para 9(6) of Sch 7 to the requirements imposed by such a direction was to be interpreted consistently with the jurisprudence of the European Court of Human Rights, according to which the means used did not always have to be limited to the minimum necessary to accomplish the legislative objective.”

WLR Daily, 15th June 2010

Source: www.lawreports.co.uk

Please note that once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Brazzill and others v Willoughby and others – WLR Daily

Brazzill and others v Willoughby and others [2010] EWCA Civ 561; [2010] WLR (D) 140

“A segregated trust account was held on trust for all account holders of a bank in respect of whose deposits should have been made into the account in accordance with a notice served by the Financial Services Authority (‘FSA’) and was not limited to those account holders in respect of whose accounts payments were in fact made into the account. ‘Deposits’ had its regulatory meaning which meant it was limited to regulated depositors only.”

WLR Daily, 28th May 2010

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.

Competition Commission confirms ban on point-of-sale PPI – The Guardian

“Watchdog rejects appeal, saying ruling will bring more choice and cheaper rates to payment protection insurance market.”

Full story

The Guardian, 14th May 2010

Source: www.guardian.co.uk

In re Kaupthing Singer & Friedlander Ltd (in administration) – WLR Daily

In re Kaupthing Singer & Friedlander Ltd (in administration) [2010] EWCA Civ 518; [2010] WLR (D) 119

“After the set-off of cross-claims as between a company in administration and one of its creditors, the balance payable by a creditor to the company under r 2.85(8) of the Insolvency Rules 1986 in respect of a future debt was not to be a sum discounted to present value under r 2.105 but was to be an equivalent undiscounted amount.”
WLR Daily, 11th May 2010
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

FSA set to fine two banks for mishandling customer complaints – Daily Telegraph

“Two banks face a financial penalty for poor complaints handling after the Financial Services Authority (FSA) identified weaknesses in how they handled customer problems.”

Full story

Daily Telegraph, 28th April 2010

Source: www.telegraph.co.uk

Trader wins £1.4m bank bonus case – The Independent

“Three judges today awarded a London trader the £1.4 million bonus he was denied by his Dutch bank employers.”

Full story

The Independent, 23rd April 2010

Source: www.independent.co.uk

Royal Bank of Scotland fined £28.6m for breaching competition law – The Guardian

“Royal Bank of Scotland has been fined £28.6m for breaching competition law after sharing confidential details about the pricing of its commercial loans with rival staff at Barclays.”

Full story

The Guardian, 30th March 2010

Source: www.guardian.co.uk

Former Merrill Lynch trader banned for five years – The Guardian

“A former proprietary trader at  Merrill Lynch, who mispriced trades in a desperate bid to cover up some of the $456m (£300m) of losses he had racked up, was banned from working in the industry for at least five years.”

Full story

The Guardian, 16th March 2010

Source: www.guardian.co.uk

Shah and another v HSBC Private Bank (UK) Ltd – WLR Daily

Shah and another v HSBC Private Bank (UK) Ltd [2010] EWCA Civ 31; [2010] WLR (D) 27

“Where a bank claimed, for the purposes of the Proceeds of Crime Act 2002, to entertain ‘suspicion’ about money-laundering concerning a proposed transaction on a customer’s account, and had failed to carry out instructions promptly, a customer might be entitled to proceed with a claim in breach of contract or duty.”

WLR Daily, 5th February 2010

Source: www.lawreports.co.uk

Please note once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Treasury faces legal bid over RBS handout – BBC News

“Environment and human rights campaigners are suing the Treasury over its injection of capital into the Royal Bank of Scotland last year.”

Full story

BBC News, 3rd February 2010

Source: www.bbc.co.uk

Government to implement Walker reforms on pay and governance – HM Treasury

“The Government will move quickly to implement the reforms of bank pay and governance proposed today by Sir David Walker. Sir David’s review was commissioned by the Government earlier this year to explore failures of corporate governance and management of banks.  His final report suggests a series of reforms to strengthen the role of shareholders, improve the quality of bank boards, and to increase transparency of pay and bonus policies.”

Full press release

HM Treasury, 26th November 2009

Source: www.hm-treasury.gov.uk

Office of Fair Trading v Abbey National plc and others – WLR Daily

Office of Fair Trading v Abbey National plc and others [2009] UKSC 6; [2009] WLR (D) 341

“Charges levied by banks in respect of unauthorised overdrafts were part of a ‘package’ of services and consideration and their fairness was exempt from review under reg 6(2)(b) of the Unfair Terms in Consumer Contracts Regulations 1999.”

WLR Daily, 25th November 2009

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.

 

Bank charges ruling expected – The Guardian

“Millions of current account customers could come a step closer to reclaiming ‘unfair’ charges they paid on unauthorised overdrafts today when the supreme court hands down a long-awaited appeal ruling.”

Full story

The Guardian, 25th November 2009

Source: www.guardian.co.uk

Slaughter may lose its legal stranglehold on banking – The Times

“Slaughter and May could lose its crown as the Government’s preferred legal adviser on the banking crisis. In the biggest legal shake-up since the bank bailouts started two years ago, the Treasury is asking other firms to tender for the business.”

Full story

The Times, 29th October 2009

Source: www.timesonline.co.uk

Bankers sue for £30m in bonuses – The Guardian

“Former and current employees of a German-owned investment bank today lodged a high court claim for £30m in unpaid bonuses.”

Full story

The Guardian, 8th September 2009

Source: www.guardian.co.uk

FSA fines Barclays £2.85m for providing inaccurate trading data – The Guardian

“Barclays has been fined £2.45m by the Financial Services Authority for failures related to the reporting of trades in its investment banking arm, Barclays Capital.”

Full story

The Guardian, 8th September 2009

Source: www.guardian.co.uk

Crunch victims use anti-stalking laws to challenge ‘greedy’ banks – The Independent

“Anti-stalking laws are being successfully used by people hit by the credit crunch to stop demands for payment from their banks, The Independent has learnt.”

Full story

The Independent, 20th August 2009

Source: www.independent.co.uk

More banks told ‘reveal accounts’ – BBC News

“More than 300 UK and foreign banks have been told to hand over details of UK taxpayers who have accounts offshore.”

Full story

BBC News, 13th August 2009

Source: www.bbc.co.uk

SFO adopts aggressive approach on banking fraud – The Times

“The Serious Fraud Office (SFO) has launched a series of investigations into UK-based banks to establish whether they fraudulently mis-sold complex financial products in the run-up to the global banking crisis.”

Full story

The Times, 4th August 2009

Source: www.timesonline.co.uk

R (SRM Global Master Fund LP) v Commisioners of HM Treasury; R (RAB Special Situations (Master) Fund Ltd v Same; R (Grainger and others) v Same – WLR Daily

R (SRM Global Master Fund LP) v Commisioners of HM Treasury; R (RAB Special Situations (Master) Fund Ltd v Same; R (Grainger and others) v Same [2009] EWCA Civ 788; [2009] WLR (D) 267

“The statutory scheme established to compensate shareholders subsequent to the nationalisation of Northern Rock plc, on the basis of the assessment of the valuation of the shares by means of the statutory assumptions provided for in s 5(4) of the Banking (Special Provisions) Act 2008, did not violate the shareholders’ right to the protection of their property guaranteed under art 1 of the First Protocol to the Convention for the Protection of Human Rights and Fundamental Freedoms. Those statutory assumptions struck the balance, required by the Convention, between the demands of the general interest of the community and the requirements of the protection of the individual’s fundamental rights.”

WLR Daily, 30th July 2009

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.

Banking reform ‘largely cosmetic’ – BBC News

“The government’s plans for reforming the regulation of banks are ‘largely cosmetic’ and ‘lack clarity’, MPs in the Treasury Select Committee say.”

Full story

BBC News, 31st July 2009

Source: www.bbc.co.uk

OAP’s payout after bank’s advice – BBC News

“A 91-year-old retired farmer has won nearly £200,000 compensation after he was advised by his bank to invest his savings on the stock market.”

Full story

BBC News, 23rd July 2009

Source: www.bbc.co.uk

Tax avoidance experts may face FSA crackdown – The Guardian

“Bank bosses who allow their firms to devise schemes to help customers avoid paying tax could face sanctions from the Financial Services Authority.”

Full story

The Guardian, 23rd July 2009

Source: www.guardian.co.uk

FSA fines HSBC units £3m for ‘careless’ handling of confidential data – The Times

“HSBC, Europe’s biggest bank, has been fined more than £3 million by the Financial Services Authority (FSA) for the ‘careless’ handling of confidential details of tens of thousands of its customers.”

Full story

The Times, 23rd July 2009

Source: www.timesonline.co.uk

Darling rules out radical changes in City white paper – The Guardian

” Alistair Darling stepped back today from a radical overhaul of Britain’s banks when he ruled out caps on bankers’ pay or breaking up the biggest City institutions.”

Full story

The Guardian, 9th July 2009

Source: www.guardian.co.uk

Saving Gateway Accounts Act 2009 – OPSI

Saving Gateway Accounts Act 2009 published

Full text of Act (PDF)

Source: www.opsi.gov.uk

Treasury faces legal action over ‘dirty’ banking investments – The Guardian

“Campaign groups say bank bailout breaches government’s own policies on reducing carbon emissions by lending money to coal, oil and gas companies.”

Full story

The Guardian, 1st July 2009

Source: www.guardian.co.uk

OFT vows to pursue bank charges – BBC News

“The Office of Fair Trading (OFT) will still pursue bank overdraft charges as unfair, even if it loses the current legal appeal in the House of Lords.”

Full story

BBC News, 25th June 2009

Source: www.bbc.co.uk

Future of ‘free banking’ depends on courts, Law Lords told – Daily Telegraph

“The future of free personal banking depends on the outcome of a renewed legal challenge by major high street banks, the Law Lords have been told.”

Full story

Daily Telegraph, 24th June 2009

Source: www.telegraph.co.uk

Bank worker who raided Sir Victor Blank’s account jailed for three years – Daily Telegraph

“Anthony Webster, 23, acted as the ‘inside man’ in a scam which saw more than £615,000 in total stolen from wealthy clients of Barclays, a court heard.”

Full story

Daily Telegraph, 20th May 2009

Source: www.telegraph.co.uk

Watchdog to examine bank advertising – The Observer

“The Advertising Standards Authority is planning to launch an investigation into banks and building societies which offer accounts that appear to offer good savings rates when in fact they pay little more than zero interest.”

Full story

The Observer, 17th May 2009

Source: http://observer.guardian.co.uk/

National Commercial Bank Jamaica Ltd v Olint Corporation Ltd – Times Law Reports

National Commercial Bank Jamaica Ltd v Olint Corporation Ltd

Privy Council

A bank was entitled to close the accounts of a customer company against which allegations of fraud had been made. The Privy Council so held in giving reasons for having allowed, on January 26, 2009, an appeal by National Commercial Bank Jamaica Ltd against the Court of Appeal of Jamaica which in allowing an appeal by Olint Corp Ltd from Mr Justice Jones, it granted the company injunctions until trial restraining the bank from closing its accounts.

The Times, 6th May 2009

Source: www.timesonline.co.uk

Rich investors sue Queen’s bankers – The Times

“More than 500 of the richest people in Britain are planning legal action against Royal Bank of Scotland (RBS) for losses of more than £200m from investments through Coutts, the Queen’s bankers, which it bought in 2000.”

Full story

The Times, 29th March 2009

Source: www.timesonline.co.uk

Guardian loses legal challenge over Barclays documents gagging order – The Guardian

“The Guardian today lost a high court challenge to lift an emergency gagging order imposed on the publication of Barclays bank documents alleged to detail huge tax avoidance schemes.”

Full story

The Guardian, 19th March 2009

Source: www.guardian.co.uk

High court to deliver ruling on bank’s gag on tax documents – The Guardian

“A high court judge is due to rule today on Barclays’ attempt to ban the Guardian from publishing whistleblower documents about the bank’s tax avoidance schemes.”

Full story

The Guardian, 19th March 2009

Source: www.guardian.co.uk

Lawyers welcome plans for financial shake-up – The Times

“Proposals aimed at shaking up Britain’s banking sector received a cautious welcome from the City’s leading financial services lawyers today.”

Full story

The Times, 18th March 2009

Source: www.timesonline.co.uk

Barclays in court again to halt publication

“Barclays Capital will return to court tomorrow in a bid to prevent the publication of leaked documents that allegedly detail how the bank avoided paying hundreds of millions of pounds in tax.”

Full story

The Times, 17th March 2009

Source: www.timesonline.co.uk

HMRC investigates allegations of tax avoidance schemes at Barclays – The Times

“HM Revenue & Customs (HMRC) is reportedly investigating alleged tax avoidance schemes run by Barclays.”

Full story

The Times, 17th March 2009

Source: www.timesonline.co.uk

Voluntary code to make banks pay taxes could be made law – The Independent

“A new code of conduct for banks to stop them avoiding billions of pounds in taxes is to be introduced, Alistair Darling announced yesterday.”

Full story

The Independent, 17th March 2009

Source: www.independent.co.uk


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