Court rules that West Brom tracker rate rise on buy-to-let mortgages was legal – Daily Telegraph

Posted January 30th, 2015 in banking, interest, mortgages, news by sally

‘A judge has rejected claims that the lender illegally increased its tracker rates for buy-to-let customers.’

Full story

Daily Telegraph, 29th January 2015

Source: www.telegraph.co.uk

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P2P lending platforms’ marketing scrutinised by FCA – OUT-LAW.com

Posted January 29th, 2015 in advertising, banking, financial regulation, news by sally

Peer-to-peer (P2P) lending platforms risk being told what terminology they can and cannot use in their marketing material if concerns identified by the UK’s City watchdog go unaddressed, an expert has said.

Full story

OUT-LAW.com, 28th January 2015

Source: www.out-law.com

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‘Bank mistook my sex change for fraud’ – when poor service counts as discrimination – Daily Telegraph

Posted January 27th, 2015 in banking, disabled persons, equality, news, ombudsmen by sally

‘If a firm doesn’t accommodate a customer’s race, religion, disability or sexual orientation they could be ignoring their rights under the Equality Act’

Full story

Daily Telegraph, 27th January 2015

Source: www.telegraph.co.uk

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New rules governing UK banks and investment firms in financial difficulty come into force – OUT-LAW

Posted January 23rd, 2015 in banking, EC law, financial regulation, insolvency, news by sally

‘UK regulators have published final rules governing how they will treat banks and investment firms in financial difficulty, following changes to EU law which will require investors and bondholders to bear the cost of bank failure.’

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OUT-LAW.com, 22nd January 2015

Source: www.out-law.com

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HMRC Dishonesty Allegation “seriously flawed” – RPC Tax Take

Posted January 15th, 2015 in banking, fraud, HM Revenue & Customs, news, taxation, tribunals, VAT by sally

‘The First-tier Tribunal (Tax Chamber) (“FTT”) has ruled, in Citibank NA v Revenue and Customs Commissioners, that HMRC’s pleadings were “seriously flawed”. When alleging fraud against a taxpayer, HMRC must clearly plead that the taxpayer had a dishonest state of mind.’

Full story

RPC Tax Take, 14th January 2015

Source: www.rpc.co.uk

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Neuberger and Dyson to head seven-judge panel for Coventry – Litigation Futures

Posted January 12th, 2015 in appeals, banking, child abuse, costs, fees, fraud, human rights, injunctions, news, Supreme Court by sally

‘The president of the Supreme Court, Lord Neuberger, and Lord Dyson, the Master of the Rolls, will head a seven-judge panel for the eagerly awaited Coventry costs hearing on 9 February, it has been announced.’

Full story

Litigation Futures, 9th January 2015

Source: www.litigationfutures.com

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Fare-dodging banker banned from City – BBC News

‘A London banker who regularly avoided buying a train ticket on his commute to the City has been banned from working in the financial services industry.’

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BBC News, 15th December 2014

Source: www.bbc.co.uk

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Determined deterrence – what next? – White Collar Crime Blog

Posted December 3rd, 2014 in banking, financial regulation, fines, markets, news, sentencing by sally

‘The FCA’s Penalty Notices in the recent Spot FX Trading Investigation totalling £1.1 Bn set out very careful and thorough explanations of how the respective Penalties have been reached, identifying the relevant guidance and breaches of Principle. In the FCA’s Final Notice for Citibank for example, following the principles and guidance in the FCA’s Decision Procedures and Penalties Manual, the FCA expressly referred to five criteria: the need for “credible deterrence”, the nature, seriousness and impact of the breach, failures to respond adequately as regards conduct against the context of the LIBOR enforcement actions, Citibank’s previous disciplinary record and the discount applicable for settling terms “at an early stage of the Authority’s investigation”.’

Full story

White Collar Crime Blog, 28th November 2014

Source: www.2harecourt.com

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Bankers’ bonus cap: UK to get signal in battle with EU – BBC News

Posted November 20th, 2014 in banking, EC law, news, remuneration by tracey

‘The UK government is due to receive an indication on whether its battle to overturn an EU law on bankers’ pay is likely to succeed. A legal adviser at the European Court of Justice will give his opinion of the government’s objections to the law.’

Full story

BBC news, 19th November 2014

Source: www.bbc.co.uk

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RBS fined £56m for IT meltdown – The Guardian

Posted November 20th, 2014 in banking, computer programs, financial regulation, fines, news by tracey

‘Royal Bank of Scotland has been fined £56m for a meltdown in its consumer systems that locked 6.5 million customers out of their bank accounts for days on end in June 2012.’

Full story

The Guardian, 20th November 2014

Source: www.guardian.co.uk

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UK Retail Banking Sector set for In-depth Market Investigation – Zenith Chambers

Posted November 17th, 2014 in banking, competition, consultations, inquiries, news by sally

‘The UK’s retail banking sector is set for in-depth scrutiny after the Competition and Markets Authority (CMA) confirmed on 6 November 2014 that it would conduct a Phase 2 market investigation into the supply of retail banking services to personal current account (PCA) customers and to small and medium-sized enterprises (SMEs).’

Full story (PDF)

Zenith Chambers, 10th November 2014

Source: www.zenithchambers.co.uk

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Barclays may face massive new penalty over currency rigging – The Guardian

Posted November 13th, 2014 in banking, financial regulation, fines, fraud, news by tracey

‘Barclays could face a huge new penalty for rigging currency markets after pulling out at the 11th hour from the settlement talks that led to £2.6bn of fines being slapped on six other big players in the currency markets. Barclays will not be eligible for the 30% discount on the fines handed to its rivals in exchange for settling early after its surprise move not to participate in the settlement with US and UK regulators. The bank, which was the first to be fined for rigging Libor in 2012, is reported not to have agreed to the settlement with the UK’s Financial Conduct Authority and the US commodity futures trading commission because of continuing talks with another US regulator.’

Full story

The Guardian, 13th November 2014

Source: www.guardian.co.uk

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Banks fined record £2bn over foreign exchange rigging – The Guardian

Posted November 12th, 2014 in banking, financial regulation, fines, news by tracey

‘Regulators on both sides of Atlantic impose fines totalling £2bn on HSBC, Royal Bank of Scotland, UBS, JP Morgan and Citigroup.’

Full story

The Guardian, 12th November 2014

Source: www.guardian.co.uk

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Letting in a chink of light to closed material cases : Bank Mellat again – UK Human Rights Blog

Posted November 6th, 2014 in banking, closed material, disclosure, human rights, news, setting aside by sally

‘Fireworks here from Collins J in making sure that Bank Mellat got some disclosure of information in its fight to discharge a financial restriction order against it.’

Full story

UK Human Rights Blog, 5th November 2014

Source: www.ukhumanrightsblog.com

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Standard Chartered Bank v Dorchester LNG (2) Ltd – WLR Daily

Posted October 28th, 2014 in banking, bills, carriage of goods, contracts, documents, law reports, shipping law by sally

Standard Chartered Bank v Dorchester LNG (2) Ltd [2014] EWCA Civ 1382; [2014] WLR (D) 440

‘The expression “completion, by delivery of the bill, of any indorsement of the bill” in section 5(2)(b) of the Carriage of Goods by Sea Act 1992 meant that completion of an indorsement by delivery required the voluntary and unconditional transfer of possession by the holder to the indorsee and an unconditional acceptance by the indorsee.’

WLR Daily, 22nd October 2014

Source: www.iclr.co.uk

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Causes of action in claims against banks for missold swaps: Bailey Trading v Barclays Bank – Hardwicke Chambers

Posted October 15th, 2014 in banking, financial regulation, interest, loans, news by sally

‘Interest Rate Hedging Products (“IRHP”) are financial products that enable the purchaser to limit their exposure to interest rate movements. They are often purchased at the same time as entering into a loan.’

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Hardwicke Chambers, 19th September 2014

Source: www.hardwicke.co.uk

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Broker ‘loses unfair dismissal claim from City traders after abuse complaints’ – The Independent

Posted September 11th, 2014 in banking, employment, news, unfair dismissal by sally

‘A broker has lost a claim that he was bullied into leaving a City trading firm where “homophobic, racist and sexist” abuse was widespread, according to a report.’

Full story

The Independent, 10th September 2014

Source: www.independent.co.uk

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Attorney General’s keynote address to the 32nd Cambridge International Symposium on Economic Crime on Tuesday 2 September 2014 – Attorney General’s Office

Posted September 5th, 2014 in banking, financial regulation, fraud, interest, speeches by tracey

‘A speech given by the Attorney General to the 32nd Cambridge International Symposium on Economic Crime – delivered on 1st September 2014 at Jesus College Cambridge.’

Full speech

Attorney General’s Office, 5th September 2014

Source: www.gov.uk/ago

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IRHPs Mis-selling Claims Update: Consequential Losses – No. 5 Chambers

Posted September 3rd, 2014 in banking, damages, insolvency, interest, news by sally

‘In May 2013 nine banks (“the Banks”) agreed to review their sales to unsophisticated customers in accordance with terms of references agreed with the FCA. At the end of June 2014 the FCA reported that all participating banks had completed their sales reviews in relation to customers who joined the Review before March 2014. By the end of June 2014 the Banks had sent out 16,000 redress letters, 13,500 of which included a cash redress offer and with the balance of 2,500 confirming that the sale had been compliant with the (then) FSA rules or that the customer had suffered no loss. By the end of June 2014 8,000 customers had accepted their redress offers, and the Banks had paid out £1.2 billion.’

Full story

No. 5 Chambers, 19th August 2014

Source: www.no5.com

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You’ve got absoutely nothing out of this – NearlyLegal

Posted September 1st, 2014 in abuse of process, banking, contracts, costs, housing, indemnities, mortgages, news, repossession by sally

‘For most parties that enter into litigation (save for those on CFAs and some who are legally aided) a win isn’t really a win unless the other side is also ordered to pay your costs. I say most, because certain litigants enter into litigation knowing that come what May their costs will be paid on the indemnity basis. They have the foresight (or more accurately the power) to draft contracts which provide that, in the event of litigation, the other side (often a borrower or a long leaseholder) will indemnify them for all their legal costs irrespective of whether they win or lose.’

Full story

NearlyLegal, 31st August 2014

Source: www.nearlylegal.co.uk

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