Co-op Bank escapes regulatory fine – BBC News

Posted August 11th, 2015 in banking, financial regulation, fines, news by sally

‘The Co-operative Bank has escaped a fine from regulators investigating the “failings” throughout 2009-13 that led to its bailout.’

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BBC News, 11th August 2015

Source: www.bbc.co.uk

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14 years in jail for Libor rigging? The judge makes a persuasive case – The Guardian

Posted August 5th, 2015 in banking, extradition, fraud, interest, news, plea bargaining, sentencing by sally

‘Yes, Tom Hayes was given a bigger sentence than a rapist might get – but it seems to be in keeping with sentencing guidelines and the principle of deterrence.’

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The Guardian, 4th August 2015

Source: www.guardian.co.uk

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Former City trader Tom Hayes given 14-year sentence for Libor rigging – The Guardian

Posted August 4th, 2015 in banking, conspiracy, fraud, interest, news, sentencing by sally

‘Former City trader Tom Hayes has been sentenced to 14 years in jail after becoming the first person to be convicted by a jury of rigging the Libor interest rate.’

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The Guardian, 3rd August 2015

Source: www.guardian.co.uk

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Libor trial: jury considers verdict in Tom Hayes case – The Guardian

Posted July 28th, 2015 in banking, conspiracy, fraud, news by sally

‘The jury in the trial of former trader Tom Hayes, who is charged with eight counts of conspiracy to defraud by manipulating global Libor interest rates, has retired to consider its verdict.’

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The Guardian, 27th July 2015

Source: www.guardian.co.uk

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Uncertain times for insurance NEDs – Hardwicke Chambers

Posted July 28th, 2015 in banking, crime, news by sally

‘Amongst the mass of regulatory measures introduced in recent times to prevent a repeat of the 2008 financial crisis, perhaps the most potent is that provided by section 36 of the Financial Services (Banking Reform) Act 2013, headed “Offence relating to a decision causing a financial institution to fail”. It comes into force on 7 March 2016.’

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Hardwicke Chambers, 1st June 2015

Source: www.hardwicke.co.uk

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First Libor, then Forex… the future of banking litigation – 11 Stone Buildings

Posted July 25th, 2015 in banking, contracts, estoppel, interest, news by sally

‘For the immediate future, it is not difficult to identify likely, and plentiful, areas for banking litigation, especially with the ever growing presence of litigation funding making its mark. We identify a few below.’

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11 Stone Buildings, June 2015

Source: www.11sb.com

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Co-operative Bank could face fines from regulators – The Guardian

Posted June 24th, 2015 in banking, financial regulation, fines, news by sally

‘The scandal which enveloped the Co-operative Bank was reawakened on Tuesday when the bank revealed it was facing fines from City regulators over the events that led to its near collapse two years ago.’

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The Guardian, 23rd June 2015

Source: www.guardian.co.uk

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Record PPI fine for Lloyds knocks 12% off Horta-Osório’s bonus – The Guardian

‘Lloyds Banking Group has docked £350,000 from the bonus of its boss António Horta-Osório after being hit with a £117m fine for unacceptable handling of compensation claims for payment protection insurance.’

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The Guardian, 5th June 2015

Source: www.guardian.co.uk

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UK Immigration: illegal working and EU reform – Halsbury’s Law Exchange

Posted June 4th, 2015 in appeals, banking, bills, deportation, employment, immigration, landlord & tenant, news by sally

‘The Queen’s speech, which announces the Government’s agenda for the next five years, would not be the same without some proposals on immigration reform. We were not let down and the plan of attack will be a new Immigration Bill which will focus on illegal workers, overstayers and rogue employers.’

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Halsbury’s Law Exchange, 3rd June 2015

Source: www.halsburyslawexchange.co.uk

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Bank of Beirut SAL and another v HRH Prince Adel El-Hashemite and another – WLR Daily

Posted June 3rd, 2015 in banking, fraud, law reports, partnerships, registrars by sally

Bank of Beirut SAL and another v HRH Prince Adel El-Hashemite and another[2015] EWHC 1451 (Ch); [2015] WLR (D) 230

‘In circumstances where the Registrar of Companies of England and Wales had acted entirely bona fide, although mistakenly, in registering partnerships and giving certificates, the plain wording of section 8C of the Limited Partnerships Act 1907 required those certificates to have conclusive effect even though the mistake was procured by the fraud of the applicant.’

WLR Daily, 22nd May 2015

Source: www.iclr.co.uk

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Macris v Financial Conduct Authority – WLR Daily

Macris v Financial Conduct Authority [2015] EWCA Civ 490; [2015] WLR (D) 219

‘When determining whether, for the purposes of section 393 of the Financial Services and Markets Act 2000, “matters” in a notice issued by the Financial Conduct Authority as against a bank had “identified” a person who was not directly named, a simple objective test was to be applied.’

WLR Daily, 19th May 2015

Source: www.iclr.co.uk

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Solicitor jailed for role in £4.3m land-banking scam – Legal Futures

‘A solicitor has been jailed for five and a half years for his role in a £4.3m land-banking scam.’

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Legal Futures, 3rd June 2015

Source: www.legalfutures.co.uk

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Banks face bigger PPI mis-selling bill as regulator considers compensation rules – The Guardian

‘Banks could face a bigger bill for mis-selling payment protection insurance after the City regulator said it was considering new rules on how customers should be compensated.’

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The Guardian, 27th May 2015

Source: www.guardian.co.uk

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In re Lehman Bros International (Europe) (in administration) (No 4) – WLR Daily

Posted May 21st, 2015 in appeals, banking, insolvency, law reports by sally

In re Lehman Bros International (Europe) (in administration) (No 4) [2015] EWCA Civ 485; [2015] WLR (D) 218

‘The Court of Appeal made rulings following determination of issues raised in the administration of three companies as to the potential liability of two members in the group for the liabilities of the principal trading company, an unlimited company, and in particular its subordinated liabilities, and the relationship between their liability, if any, as members and their claims as creditors.’

WLR Daily, 14th May 2015

Source: www.iclr.co.uk

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Bank Mellat’s $4bn A1P1 claim gathers pace – UK Human Rights Blog

Posted May 11th, 2015 in banking, damages, human rights, news, proportionality, terrorism by sally

‘Two recent judgments underscoring the potential high cost of the UK getting it wrong in its dealing with businesses and hence being liable to pay damages under the Human Rights Act for breach of its A1P1 obligations. Regular readers will know that A1P1 is the ECHR right to peaceful enjoyment of property.’
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UK Human Rights Blog, 9th May 2015

Source: www.ukhumanrightsblog.com

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Late applications to amend come a cropper in High Court – Litigation Futures

Posted April 30th, 2015 in amendments, banking, case management, delay, evidence, litigants in person, news by sally

‘The High Court has condemned as “utterly inappropriate” a bid by one of the big banks to amend its defence and serve a new witness statement on a litigant in person on the eve of trial.’
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Litigation Futures, 29th April 2015

Source: www.litigationfutures.com

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New Payment Systems Regulator issues Policy Statement – Zenith Chambers

Posted April 2nd, 2015 in banking, competition, financial regulation, news by sally

‘On 25 March 2015, and a week before its operational launch on 1 April 2015 the Payment Systems Regulator (PSR) issued a policy statement (PSR PS15/1). This sets out the new regulatory framework for payment systems in the UK. The PSR is an authority without peers domestically and internationally.Businesses who have not previously been subject to regulatory scrutiny including interbank operators, payment service providers and infrastructure providers will now be subject to industry-wide economic regulation.’

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Zenith Chambers, 27th March 2015

Source: www.zenithchambers.co.uk

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Deutsche Bank AG London Branch v Petromena ASA (in bankruptcy) – WLR Daily

Deutsche Bank AG London Branch v Petromena ASA (in bankruptcy) [2015] EWCA Civ 226; [2015] WLR (D) 133

‘Where a party, which entered an acknowledgment of service to proceedings and made an unsuccessful challenge against the jurisdiction of the English court to hear the proceedings, had entered a further acknowledgment of service in its application for permission to appeal against the court’s decision to refuse its challenge, that party would have submitted to the jurisdiction of the English court, within article 24 of the Lugano Convention on Jurisdiction and the Recognition and Enforcement of Judgments in Civil and Commercial Matters (2007), because of the provisions of CPR r 11(8), unless it had first applied to the court for an extension of time to file the further acknowledgment of service sufficient to enable the application for permission to appeal, or the appeal if permission was granted, to be determined.’

WLR Daily, 18th March 2015

Source: www.iclr.co.uk

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Companies aiding tax evaders will be criminally liable – The Guardian

Posted March 20th, 2015 in accountants, banking, news, strict liability, tax evasion by tracey

‘Banks and accountants that aid tax evasion will face criminal penalties under plans unveiled by the government. A new offence of corporate failure to prevent evasion is being created to address those who assist dodging. Such offenders could also be “named and shamed” alongside the evaders themselves.’

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The Guardian, 19th March 2015

Source: www.guardian.co.uk

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Bitcoin: Government to regulate cryptocurrency to avoid money laundering, says Treasury – The Independent

Posted March 19th, 2015 in banking, consultations, money laundering, news, reports by sally

‘The Government is to regulate bitcoin exchanges to stop their use as money laundering hubs, the Treasury said today.’

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The Independent, 18th March 2015

Source: www.independent.co.uk

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