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.’

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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.’

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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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RBS failed in mortgage business basics and is lucky the fine was just £14.5m – The Guardian

Posted August 29th, 2014 in banking, financial advice, financial regulation, fines, mortgages, news by tracey

‘Bank hit with its sixth penalty in four years, showing it is still far from being in proper shape to return to the private sector.’

Full story

The Guardian, 27th August 2014

Source: www.guardian.co.uk

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British Standards enter the electronic age with new digital Kitemarks – The Independent

Posted August 27th, 2014 in banking, consumer protection, data protection, internet, news by sally

‘For almost a century it has appeared with reassuring mundanity on everything from manhole covers and condoms to fire extinguishers and motorcycle helmets, comforting the consumer that the product they are about to use is safe.’

Full story

The Independent, 27th August 2014

Source: www.independent.co.uk

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Beezadhur v Independent Commission against Corruption and another – WLR Daily

Posted August 22nd, 2014 in banking, constitutional law, law reports, money laundering by tracey

Beezadhur v Independent Commission against Corruption and another; [2014] UKPC 27; [2014] WLR (D) 380

‘Where a statute aimed at the prevention of money-laundering prohibited the depositing of cash sums above a specified limit save where it was “commensurate with the lawful business activities of the customer”, a customer could not claim that cash sums above the limited regularly deposited by him from his pension were deposits from his “business activities”.’

WLR Daily, 7th August 2014

Source: www.iclr.co.uk

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City firms face massive disclosure challenge after privilege ruling – Litigation Futures

‘Three City firms – Clyde & Co, Stephenson Harwood and Addleshaw Goddard – face a combined disclosure exercise which could last for months and cost £2.5m after a High Court ruling on legal professional privilege.’

Full story

Litigation Futures, 18th August 2014

Source: www.litigationfutures.com

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Legal privilege, Articles 6 and 8, and iniquity – UK Human Rights Blog

‘JSC BTA Bank v. Ablyazov et al 8 August 2014, Popplewell J. What you say to your lawyers is truly confidential; no-one, not even a regulator or prosecutor can see it. This is protected by the right to privacy under Article 8, and the right to a fair trial under Article 6 (which includes the right to access to lawyers). Well, that is the general rule. And this case reminds us that there is an exception to this – when the relationship between client and lawyer is affected by “iniquity”.’

Full story

UK Human Rights Blog, 12th August 2014

Source: www.ukhumanrightsblog.com

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Tidal Energy Ltd v Bank of Scotland plc – WLR Daily

Posted August 11th, 2014 in appeals, banking, contracts, law reports, mistaken identity by sally

Tidal Energy Ltd v Bank of Scotland plc [2014] EWCA Civ 1107; [2014] WLR (D) 369

‘Rapid electronic payment between accounts using the CHAPS transfer system was made by reference to the sort code, bank name and account number, not the customer name, in order to process the payment within the maximum time of 1.5 hours. The CHAPS transfer form was to be construed in accordance with that banking practice to give it commercial sense and accordingly a bank was not liable to a customer for a payment made into an account at a different bank by reference to the sort code and account number on the transfer form completed by the customer, but with a different customer name from that on the form.’

WLR Daily, 31st July 2014

Source: www.iclr.co.uk

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UK government to assess whether virtual currencies should be regulated – OUT-LAW.com

‘The UK government is to review the trade in virtual currencies to investigate whether it should regulated.’

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OUT-LAW.com, 6th August 2014

Source: www.out-law.com

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High court throws out ‘incredible’ £6m bonus claim by ex-Investec traders – The Guardian

Posted August 7th, 2014 in banking, employment, news, remuneration by sally

‘Two former Investec traders lost a three-year, £6m battle over their bonuses on Wednesday in a case described by a London high court judge as fanciful and “wholly incredible”.’

Full story

The Guardian, 6th July 2014

Source: www.guardian.co.uk

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