Hostile environment – Counsel

‘As the nation grapples with the impact of Brexit on migration, Ronan Toal briefs readers on the major revisions already introduced by the Immigration Act 2016.’

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Counsel, August 2016

Source: www.counselmagazine.co.uk

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FCA branded ‘inadequate’ as MPs call for new bank watchdog – The Independent

Posted July 26th, 2016 in banking, financial regulation, news, parliament, select committees by sally

‘Britain needs a new financial watchdog to punish wrongdoing in order to win public confidence, further reshaping a regulatory structure that was overhauled just three years ago, the Treasury Select Committee has said.’

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The Independent, 26th July 2016

Source: www.independent.co.uk

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Financial Conduct Authority orders banks to shine light on dark pool stock exchanges and clean up operations – The Independent

Posted July 22nd, 2016 in banking, financial regulation, fines, news by sally

‘Barclays and Credit Suisse paid huge fines in the US to settle misconduct allegations over the operation of their dark pool share trading exchanges. The City watchdog says the UK market is different, but it still wants banks to do better.’

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The Independent, 21st July 2016

Source: www.independent.co.uk

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High Court: part 36 offer meant party could not accept earlier ‘without prejudice’ offer – Litigation Futures

‘The High Court has ruled that a claimant’s part 36 offer was a counter-offer, meaning that an earlier common law offer by the defendants no longer remained open for acceptance.’

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Litigation futures, 15th July 2016

Source: www.litigationfutures.com

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DB UK Bank Ltd (trading as DB Mortgages) v Jacobs Solicitors – WLR Daily

DB UK Bank Ltd (trading as DB Mortgages) v Jacobs Solicitors [2016 [EWHC] 1614 (Ch)

‘The claimant bank brought a claim for professional negligence against the defendant firm of solicitors. The claimant’s solicitors sent a letter to the defendant’s solicitors stating that they were accepting the defendant’s offer to settle contained in a “ without prejudice save as to costs” letter (“WPSAC letter”) and enclosing a draft Tomlin order. A series of without prejudice letters and conversations followed. The defendant’s solicitors wrote reiterating the terms of their offer of settlement. Subsequently, the claimant’s solicitors sent a without prejudice letter containing a CPR Pt 36 offer. The parties differed as to the effect of the claimant’s Part 36 offer on the defendant’s WPSAC letter. The defendant contended that the claimant’s Part 36 offer was a counteroffer and, in law, had the effect of rejecting its WPSAC letter so that thereafter, it was not open for acceptance.’

WLR Daily, 4th July 2016

Source: www.iclr.co.uk

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Court of Appeal: lender entitled to recover full refinancing loan in negligent property valuation case – OUT-LAW.com

Posted July 8th, 2016 in appeals, banking, insurance, loans, negligence, news, surveyors, valuation by sally

‘A lender was entitled to recover the full amount of a refinancing loan it granted after relying on a negligent property valuation, and not just the ‘top-up’ funding, the Court of Appeal has ruled.’

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OUT-LAW.com, 6th July 2016

Source: www.out-law.com

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Ex-Barclays Libor traders jailed for more than 6 years – The Independent

Posted July 8th, 2016 in banking, conspiracy, fraud, interest, news, sentencing by sally

‘Four former Barclays traders were sentenced to as long as 6 1/2 years in prison for manipulating Libor as judges continued meting out tough punishments for white-collar crime.’

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The Independent, 7th July 2016

Source: www.independent.co.uk

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MasterCard faces £19bn lawsuit over claims it ripped off shoppers – The Independent

‘MasterCard is facing a claim of up to £19 billion in damages in a UK collective action over card charges that were passed on to shoppers.’

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The Independent, 6th July 2016

Source: www.independent.co.uk

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Libor-rigging scandal: three former Barclays traders found guilty – The Guardian

Posted July 4th, 2016 in banking, conspiracy, fraud, interest, news by michael

‘Three former Barclays traders have been found guilty of conspiring to fraudulently manipulate global benchmark interest rates in a success for the UK’s Serious Fraud Office.’

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The Guardian, 4th July 2016

Source: www.guardian.co.uk

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City regulator’s fines drop from £819m to £7m in a year – The Guardian

Posted July 4th, 2016 in banking, financial regulation, fines, interest, news, statistics by michael

‘Fines imposed by the Financial Conduct Authority (FCA) in the first half of 2016 have fallen to £7.2m – less than 1% of the figure of a year before.’

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The Guardian, 3rd July 2016

Source: www.guardian.co.uk

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BNY Mellon Corporate Trustee Services Ltd v LBG Capital No 1 plc and another – WLR Daily

Posted June 17th, 2016 in banking, contracts, interpretation, law reports, trusts by tracey

BNY Mellon Corporate Trustee Services Ltd v LBG Capital No 1 plc and another [2016] UKSC 29

‘In March 2009, the financial services regulatory authority conducted a stress test of a banking group against the then applicable benchmark of a ratio of core tier 1 (“CT1”) capital to risk-weighted assets. The test demonstrated a shortage of capital. As a result, the defendants, two wholly-owned subsidiaries of the group, issued contingent convertible securities, described as enhanced capital notes. The notes, which carried a relatively high rate of interest, were not redeemable until specified maturity dates between 2019 and 2032 unless they were converted into shares on the occurrence of a conversion trigger, being any time when the group’s CT1 ratio fell below 5%, or they were redeemed early by the group on the occurrence of a capital disqualification event. Under clause 19 of the notes’ terms and conditions, contained in the trust deed, a capital disqualification event was deemed to have occurred if the notes ceased to be taken into account for the purposes of any stress test applied by the regulatory authority in respect of the group’s “consolidated CT1 ratio”. In 2013 regulatory changes replaced CT1 capital with a more restrictive category, common equity tier 1 (“CET1”) capital. The regulatory authority announced that the notes would now need to have a trigger for conversion higher than 5.125% CET1 in order to count as core capital but, under the terms of the notes, conversion would only be triggered if the group’s CET1 ratio fell to 1%. In December 2014 the regulatory authority carried out a stress test which did not take into account the notes and, as a result, the group announced that a capital disqualification event had occurred and that it was entitled to redeem the notes. The claimant trustee, on behalf of the note holders, sought a declaration that a capital disqualification event had not occurred, contending that the December 2014 stress test was not relevant for the purposes of clause 19 because it had been conducted by reference to a CET1 ratio rather than a consolidated CT1 ratio and that, alternatively, the fact that the notes had not been taken into account in the December 2014 stress test was not enough to trigger a capital disqualification event, rather the notes had to have been disallowed in principle from being taken into account for the purposes of the tier 1 ratio. The judge rejected the trustee’s first argument but accepted the second argument and declared that a capital disqualification event had not occurred. On the defendants’ appeal, the Court of Appeal, in construing the trust deed, took into account statements in the exchange offer memorandum, a letter from the group’s chairman and documents issued by the regulatory authority at and before the time at which the notes had been issued, and it allowed the appeal, holding that a capital disqualification event had occurred and that, therefore, the defendants were entitled to redeem the notes.’

WLR daily, 16th June 2016

Source: www.iclr.co.uk

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Financial watchdogs need more bite to bring shadow banking to heel – The Guardian

Posted June 6th, 2016 in banking, financial regulation, news by sally

‘Bank of England boss Mark Carney should listen to those who fear regulators need to do more to stop continued bad practice in the financial sector.’

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The Guardian, 5th June 2016

Source: www.guardian.co.uk

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Court of Appeal: SDLT not payable by company using Shari’a finance scheme – OUT-LAW.com

‘Project Blue Limited (PBL) was not liable for stamp duty land tax (SDLT) in respect of its acquisition of the former Chelsea Barracks by means of a Shari’a finance scheme, the Court of Appeal has ruled.’

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OUT-LAW.com, 31st May 2016

Source: www.out-law.com

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FCA warns banks on use of anti-money laundering rules to close accounts – The Guardian

Posted May 25th, 2016 in banking, charities, competition, EC law, fines, money laundering, news by sally

‘UK banks have been told by the City regulator they should not use anti-money laundering rules as an excuse to close accounts for charities, politicians and other clients just because they perceive them as risky.’

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The Guardian, 24th May 2016

Source: www.guardian.co.uk

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Holocaust survivor was not a tax cheat, judge rules – Daily Telegraph

Posted May 17th, 2016 in banking, news, tax evasion, wills by sally

‘A holocaust survivor, who overcame the horror of his entire family’s murder by the Nazis to make millions in Britain, has been posthumously cleared of tax evasion by a judge.’

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Daily Telegraph, 16th May 2016

Source: www.telegraph.co.uk

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Bank Mellat’s $4bn claim: CA rules out one element, but the rest to play for – UK Human Rights Blog

Posted May 12th, 2016 in appeals, banking, damages, human rights, news, terrorism by sally

‘Bank Mellat’s challenge to the Treasury’s direction under the Counter-Terrorism Act 2008 has been before the courts on a number of occasions. In 2009, the Treasury had concluded that the Bank had connections with Iran’s nuclear and ballistic missile programme. In 2013, the Supreme Court quashed the direction, which had stopped any institution in London from dealing with the Bank.’

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UK Human Rights Blog, 11th May 2016

Source: www.ukhumanrightsblog.com

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New Acts – legislation.gov.uk

Posted May 6th, 2016 in banking, financial regulation, legislation, trade unions by tracey

Trade Union Act 2016

Bank of England and Financial Services Act 2016

Source: www.legislation.gov.uk

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Don’t Overlook Overeaching – Tanfield Chambers

Posted April 26th, 2016 in banking, constructive trusts, conveyancing, interest, mortgages, news by sally

‘The case of AIB Group (UK) plc v Turner [2015] EWHC 2994 (Ch), heard over a number of days in the Birmingham District Registry towards the end of 2015, is something of a puzzle.’

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Tanfield Chambers, 22nd April 2016

Source: www.tanfieldchambers.co.uk

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Saving the bank’s security after it is too late… – Tanfield Chambers

Posted April 26th, 2016 in banking, forfeiture, landlord & tenant, leases, news, setting aside by sally

‘It is a requirement of the court rules that when a landlord seeks to forfeit a residential lease by issuing a claim in court, that claim must be served on a mortgagee. The purpose of this provision is to make sure that the bank is able to apply for relief from forfeiture (and hence reinstate its security) before it is too late. But what happens if the bank is served with the claim, the tenant and the bank do not attend the hearing, the lease is forfeited and the possession order subsequently enforced with the result that title is closed and the bank loses its security?’

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Tanfield Chambers, 21st April 2016

Source: www.tanfieldchambers.co.uk

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Can lenders avoid cost budgeting? – Tanfield Chambers

Posted April 26th, 2016 in banking, costs, landlord & tenant, news by sally

‘Is it possible for lenders to avoid the courts’ enthusiasm for managing costs of litigation?’

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Tanfield Chambers, 20th April 2016

Source: www.tanfieldchambers.co.uk

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