MPs to debate whether Financial Conduct Authority is up to job of regulating City – The Guardian

Posted February 1st, 2016 in banking, financial regulation, financial services ombudsman, news, parliament by tracey

‘The Financial Conduct Authority is expected to face criticism on Monday when MPs debate a motion on whether it is up to the job of regulating behaviour in the City.’

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The Guardian, 31st January 2016

Source: www.guardian.co.uk

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Financial list for cases over £50m working well, Mr Justice Blair says – Litigation Futures

Posted January 28th, 2016 in banking, budgets, costs, financial regulation, judges, news, pilot schemes, speeches, trials by sally

‘The ‘financial list’ launched by the High Court in October last year for claims linked to the financial markets and worth over £50m is “operating well”, Mr Justice Blair has said.’

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Litigation Futures, 27th January 2016

Source: www.litigationfutures.com

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Libor trial: Five brokers found not guilty of helping to rig rates – The Independent

Posted January 28th, 2016 in banking, conspiracy, fraud, interest, news by sally

‘Five former brokers, who were accused of helping the convicted trader Tom Hayes to rig benchmark interest rates, have walked free after a jury acquitted them.’

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The Independent, 28th January 2016

Source: www.independent.co.uk

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Court of Appeal permits early redemption of Lloyds Banking Group’s Enhanced Capital Notes – Commercial Disputes Blog

Posted January 13th, 2016 in appeals, banking, contracts, financial regulation, interpretation, news, time limits by sally

‘In BNY Mellon Corporate Trustee Services Ltd v LBG Capital No.1 and No. 2 Plc, the Court of Appeal reversed the first instance decision of the High Court, by allowing early redemption of certain convertible securities (known as Enhanced Capital Notes, or ECNs).’

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Commercial Disputes Blog, 4th January 2016

Source: www.rpc.co.uk

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City watchdog denies going soft on banks after dropping inquiry – The Guardian

Posted January 11th, 2016 in banking, financial regulation, inquiries, news, ombudsmen, tax avoidance by tracey

‘The acting chief executive of the City watchdog has denied claims it has gone soft on banks following the decision to drop its inquiry into banking culture.’

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The Guardian, 9th January 2016

Source: www.guardian.co.uk

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Bank fined after outsourcing faults led to improper money transfers and exposure to financial risk – OUT-LAW.com

Posted December 3rd, 2015 in banking, financial regulation, fines, news by tracey

‘The Prudential Regulatory Authority (PRA) has fined a bank more than £1 million after finding that faults with its outsourcing arrangements helped rogue employees at a third party service provider to move money out of its bank accounts without its knowledge or consent and put the bank’s own financial health at risk.’

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OUT-LAW.com, 2nd December 2015

Source: www.out-law.com

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Jailed Libor trader Tom Hayes denied fair trial, says lawyer – The Guardian

Posted December 2nd, 2015 in appeals, banking, codes of practice, conspiracy, fines, fraud, juries, news, standards by sally

‘Th judge who sentenced a former trader to 14 years in jail for conspiracy to rig Libor blocked the defence from presenting key evidence about a banking industry that routinely flouted rules, the court of appeal has heard.’

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The Guardian, 1st December 2015

Source: www.guardian.co.uk

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Menelaou v Bank of Cyprus plc – WLR Daily

Posted November 26th, 2015 in appeals, banking, law reports, restitution, Supreme Court by tracey

Menelaou v Bank of Cyprus plc: [2015] UKSC 66; [2015] WLR (D) 438

‘Where a person was given a property by her parents bought with money from the sale of the family home, made possible by a bank having agreed to release its charges over the family home (securing the parents’ borrowing) to allow it to be sold, in return for receiving a lump sum payment out of the proceeds of sale to reduce the borrowing and a fresh charge over the new property to secure the remaining indebtedness, but— because the person had not been told of the fresh charge and it had been defectively executed— the new charge was void, the bank had an equitable interest in the new property to the extent of the value of the purported charge, which it could enforce by means of subrogation to an unpaid vendor’s lien.’

WLR Daily 4th November 2015

Source: www.iclr.co.uk

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HBOS collapse: report recommends formal investigation into executives – The Guardian

Posted November 20th, 2015 in banking, financial regulation, news, reports by tracey

‘Regulators will conduct a review into whether enforcement action against management team should be taken “as early as possible next year.” ’

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The Guardian, 19th November 2015

Source: www.guardian.co.uk

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Regulators to report on HBOS failings – BBC News

Posted November 19th, 2015 in banking, financial regulation, news, reports by tracey

‘A report into the collapse of HBOS is due later and is expected to be critical of its former bosses.’

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BBC News, 19th November 2015

Source: www.bbc.co.uk

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Hundreds to seek compensation for bank mis-selling – Law Society’s Gazette

Posted October 29th, 2015 in banking, compensation, consumer protection, news by sally

‘Hundreds of firms are set to pursue claims against banks for mis-selling interest rate hedging products before the financial crash, in an area which could generate thousands of claims for compensation.’

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Law Society’s Gazette, 27th October 2015

Source: www.lawgazette.co.uk

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Bank Mellat and disclosure in closed material proceedings

‘Bank Mellat is an Iranian bank, initially subjected to a 2009 order which prohibited anybody in the UK from dealing with it – until the Supreme Court quashed it: here, and my posts here and here. ‘

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UK Human Rights Blog, 28th October 2015

Source: www.ukhumanrightsblog.com

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Unfair (banking/credit) Relationships – Relief under Sections 140A–140D of the Consumer Credit Act 1974 – No. 5 Chambers

Posted September 7th, 2015 in banking, consumer credit, judiciary, loans, news, unfair contract terms by sally

‘Under sections 140A-140D of the Consumer Credit Act 1974 credit transactions may be re-opened as a matter of judicial discretion. These wide judicial powers were added to the Act in 2006 (and came into force on 6 April 2007) in substitution of the previous, more limited, “extortionate credit bargains” regime which had routinely failed to provide an effective remedy to borrowers and guarantors seeking to challenge the terms of their agreement with the lender.’

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No. 5 Chambers, 3rd September 2015

Source: www.no5.com

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Payment Systems Regulator Publishes Guidance on Concurrent Competition Powers – Zenith Chambers

Posted September 4th, 2015 in banking, competition, financial regulation, news by sally

‘On 13 August 2015 the Payment Systems Regulator (PSR) issued guidance on how it will apply its concurrent competition law powers in relation to participation in payment systems.’

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Zenith Chambers, 26th September 2015

Source: www.zenithchambers.co.uk

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Competition watchdog postpones publication of banking inquiry – The Guardian

Posted September 4th, 2015 in banking, competition, news, reports by sally

‘The Competition and Markets Authority has backtracked on its pledge to publish the provisional findings of its investigation into the banking sector this month.’
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The Guardian, 3rd September 2015

Source: www.guardian.co.uk

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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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