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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Tougher standards for UK senior bankers will come into force from March 2016 – OUT-LAW.com

‘A new regulatory regime, designed to make it easier for senior managers of UK banks and building societies to be held accountable for failings in their area of responsibility will come into force in one year’s time, the government has confirmed.’

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OUT-LAW.com, 6th March 2015

Source: www.out-law.com

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JSC Mezhdunarodniy Promyshlenniy Bank and another v Pugachev – WLR Daily

JSC Mezhdunarodniy Promyshlenniy Bank and another v Pugachev [2015] EWCA Civ 139; [2015] WLR (D) 94

‘Under the terms of a freezing order the court had jurisdiction to order a member of a class of beneficiaries under a discretionary trust to make disclosure of the details of the trust and the trust assets.’

WLR Daily, 27th February 2015

Source: www.iclr.co.uk

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Bank of England to boost watchdog role after failing to spot forex rigging – The Guardian

Posted February 27th, 2015 in banking, financial regulation, news by tracey

‘The Bank of England plans to beef up its watchdog role after it failed to spot one of the biggest scandals in the City’s recent history. The central bank said a “root-and-branch” review of its market intelligence operations had found that some staff were unfamiliar with the way City firms operated.’

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The Guardian, 26th February 2015

Source: www.guardian.co.uk

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JSC Bank of Moscow v Kekhman and others – WLR Daily

Posted February 26th, 2015 in banking, bankruptcy, domicile, insolvency, law reports by sally

JSC Bank of Moscow v Kekhman and others [2015] EWHC 396 (Ch); [2015] WLR (D) 82

‘When considering whether to exercise its discretion to make a bankruptcy order on a debtor’s petition, the court was to have regard to whether the petitioner could show (1) that he had a sufficiently close connection with England and Wales; (2) that there was a reasonable possibility of benefit resulting from the making of a bankruptcy order; and (3) that one or more persons interested in the distribution of assets were persons over whom the English court could exercise jurisdiction.’

WLR Daily, 20th February 2015

Source: www.iclr.co.uk

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FCA to conduct first review of competition in UK investment and corporate banking – OUT-LAW.com

Posted February 24th, 2015 in banking, competition, conflict of interest, financial regulation, news by sally

‘The UK’s Financial Conduct Authority (FCA) is to formally review competition between banks that provide investment and corporate banking services after finding “unanswered questions about potential conflicts of interest and value for money”, it has announced.’

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OUT-LAW.com, 23rd February 2015

Source: www.out-law.com

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PPI problems still the cause of most complaints to financial ombudsman – The Guardian

Posted February 24th, 2015 in banking, complaints, financial regulation, insurance, news, reports by sally

‘Complaints about payment protection insurance (PPI) are still making up two-thirds of all the cases being dealt with by the financial ombudsman, which named Lloyds and Barclays as Britain’s two “most complained-about” financial firms.’

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The Guardian, 24th February 2016

Source: www.guardian.co.uk

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HSBC should face UK criminal charges, says former public prosecutor – The Guardian

‘HSBC’s Swiss arm is potentially open to a range of criminal charges in Britain because there is “credible evidence” that it has had a role in enabling tax evasion, according to a former director of public prosecutions.’

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The Guardian, 22nd February 2015

Source: www.guardian.co.uk

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Tax authorities should prosecute evaders, says Keir Starmer – The Guardian

Posted February 16th, 2015 in banking, fraud, news, select committees, sentencing, tax evasion, taxation, whistleblowers by sally

‘Criminal prosecution for tax evasion should become the default position of the tax authorities, Keir Starmer, the former director of public prosecutions, has said, as HM Revenue and Customs came under further scrutiny over whether it responded to an email from a French whistleblower setting out details of the scale of tax evasion by HSBC.’

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The Guardian, 13th February 2015

Source: www.guardian.co.uk

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City fraudster who scammed £5.5m out of 100 investors is jailed for seven years – The Guardian

Posted February 2nd, 2015 in banking, financial services ombudsman, fraud, news, sentencing by sally

‘A fraudster who scammed more than 100 investors out of £5.5m and spent nearly half to fund his lavish lifestyle has been jailed.’

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The Guardian, 30th January 2015

Source: www.guardian.co.uk

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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.’

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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.

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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’

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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.’

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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.’

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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”.’

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White Collar Crime Blog, 28th November 2014

Source: www.2harecourt.com

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