SFO asks for private hearing in unfair dismissal claim by ex-Barclays banker – The Guardian

Posted November 21st, 2016 in banking, employment, fraud, news, private hearings, unfair dismissal by sally

‘The Serious Fraud Office will on Monday ask a London employment tribunal to hear an unfair dismissal claim by a former senior banker at Barclays in private.’

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The Guardian, 20th November 2016

Source: www.guardian.co.uk

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Moving on from Bolam – the High Court applies the Montgomery v Larnarkshire test in a financial professionals – Hailsham Chambers

Posted November 9th, 2016 in banking, duty of care, financial regulation, negligence, news by sally

‘The High Court has for the first time outside a medical context declined to apply the traditional Bolam v Friern Barnet Hospital Management Committee [1957] 1 WLR 582 test for the standard of care in favour of the new test in Montgomery v Larnarkshire Health Board [2015] AC 1430. Coutts, the private bank, was found to owe a duty to take reasonable care to ensure that their clients were aware of the risks of suggested investments. This is an important development in professional negligence law and one that may have far-reaching consequences.’

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Hailsham Chambers, 3rd November 2016

Source: www.hailshamchambers.com

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FCA to investigate banks’ high-cost credit including overdrafts – The Guardian

Posted November 3rd, 2016 in banking, competition, fees, financial regulation, loans, news by tracey

‘The City regulator is to launch an investigation into loans that charge high interest rates in a move that will also wade into the controversy over fees on overdrafts. The decision by the Financial Conduct Authority (FCA) to look at overdraft charges comes after the Competitition and Markets Authority stepped back from imposing a limit on these fees after a two-year investigation into high-street banking.’

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The Guardian, 3rd November 2016

Source: www.guardian.co.uk

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Competition watchdog criticised by MPs over bank reform – The Guardian

Posted November 2nd, 2016 in banking, competition, news, reports, select committees by tracey

‘The competition watchdog has been accused of complacency and missing an opportunity to overhaul high street banking, including capping overdraft charges, despite a two-year long investigation.’

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The Guardian, 1st November 2016

Source: www.guardian.co.uk

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Decades-old legal test not suitable for assessing if investment advice met professional standards, says High Court – OUT-LAW.com

Posted September 21st, 2016 in banking, duty of care, financial advice, financial regulation, insurance, negligence, news by tracey

‘A long-standing legal test, that helps to determine whether professionals meet their duty of care to clients is not appropriate for determining whether UK investment advisers have sufficiently communicated with investors to be said to have provided suitable advice, the UK High Court has said.’

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OUT-LAW.com, 20th September 2016

Source: www.out-law.com

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Cashpoint merger subject to in-depth UK investigation – OUT-LAW.com

Posted August 31st, 2016 in banking, compensation, financial regulation, news by sally

‘The planned merger between Diebold and Wincor Nixdorf will be subject to an in-depth competition investigation, the UK’s Competition and Markets Authority (CMA) has said.’

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OUT-LAW.com, 30th August 2016

Source: www.out-law.com

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Blockchain debate is helping spur interest in how technology can support compliance, says expert – OUT-LAW.com

Posted August 23rd, 2016 in banking, computer programs, financial regulation, news by sally

‘Continued debate over the extent to which blockchain might be used within financial services is helping to spur a broader discussion over the way technology could be used to reduce regulatory compliance burdens in the sector, an expert has said.’

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OUT-LAW.com, 23rd August 2016

Source: www.out-law.com

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Proposal to fine tax avoidance enablers lacks teeth, campaigners say – The Guardian

Posted August 18th, 2016 in banking, consultations, fines, law firms, news, tax avoidance by tracey

‘Government proposals to impose heavy fines on banks, accountants and lawyers who market tax avoidance schemes will fail without more resources for HM Revenue & Customs to pursue offenders, campaigners have said.’

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The Guardian, 17th August 2016

Source: www.guardian.co.uk

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Pensioner who wrote bizarre note threatening to blow up bank convicted of blackmail – The Independent

Posted August 15th, 2016 in banking, blackmail, bomb hoaxing, news by sally

‘A pensioner who sparked a bomb scare with a handwritten note threatening to blow up a bank has been found guilty of blackmail.’

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The Independent, 12th August 2016

Source: www.independent.co.uk

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Regulator seeks reform of UK payments infrastructure – OUT-LAW.com

Posted August 9th, 2016 in banking, competition, news by sally

‘Plans to reform UK payments infrastructure have been outlined by the industry’s regulator after it found that current competition in the market is lacking and serving as a barrier to innovation.’

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OUT-LAW.com, 8th August 2016

Source: www.out-law.com

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Watchdog demands banking overhaul to save customers money – The Guardian

Posted August 9th, 2016 in banking, competition, consumer protection, news by sally

‘A package of measures intended to help customers save £92 a year by switching their bank accounts has been unveiled by the competition watchdog after a two-year investigation into the sector.’

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The Guardian, 9th August 2016

Source: www.guardian.co.uk

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Banking watchdog to announce measures to boost competition – The Guardian

Posted August 8th, 2016 in banking, competition, consumer credit, fees, news, ombudsmen, statistics by sally

‘Overdraft fees and an easier system of moving personal and small business accounts are expected to be at the centre of measures intended to bolster competition in the banking sector.’

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The Guardian, 8th August 2016

Source: www.guardian.co.uk

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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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