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


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