New Acts – legislation.gov.uk

Posted May 6th, 2016 in banking, financial regulation, legislation, trade unions by tracey

Trade Union Act 2016

Bank of England and Financial Services Act 2016

Source: www.legislation.gov.uk

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Don’t Overlook Overeaching – Tanfield Chambers

Posted April 26th, 2016 in banking, constructive trusts, conveyancing, interest, mortgages, news by sally

‘The case of AIB Group (UK) plc v Turner [2015] EWHC 2994 (Ch), heard over a number of days in the Birmingham District Registry towards the end of 2015, is something of a puzzle.’

Full story

Tanfield Chambers, 22nd April 2016

Source: www.tanfieldchambers.co.uk

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Saving the bank’s security after it is too late… – Tanfield Chambers

Posted April 26th, 2016 in banking, forfeiture, landlord & tenant, leases, news, setting aside by sally

‘It is a requirement of the court rules that when a landlord seeks to forfeit a residential lease by issuing a claim in court, that claim must be served on a mortgagee. The purpose of this provision is to make sure that the bank is able to apply for relief from forfeiture (and hence reinstate its security) before it is too late. But what happens if the bank is served with the claim, the tenant and the bank do not attend the hearing, the lease is forfeited and the possession order subsequently enforced with the result that title is closed and the bank loses its security?’

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Tanfield Chambers, 21st April 2016

Source: www.tanfieldchambers.co.uk

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Can lenders avoid cost budgeting? – Tanfield Chambers

Posted April 26th, 2016 in banking, costs, landlord & tenant, news by sally

‘Is it possible for lenders to avoid the courts’ enthusiasm for managing costs of litigation?’

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Tanfield Chambers, 20th April 2016

Source: www.tanfieldchambers.co.uk

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Supreme Court: ‘land bank’ was unauthorised collective investment scheme – OUT-LAW.com

Posted April 25th, 2016 in appeals, banking, financial services ombudsman, news, Supreme Court by sally

‘A ‘land bank’ arrangement which sold small plots of land to investors at “hugely inflated prices” was an unauthorised collective investment scheme (CIS) which ought to have been regulated by the Financial Conduct Authority (FCA), the UK’s highest court has confirmed.’

Full story

OUT-LAW.com, 25th April 2016

Source: www.out-law.com

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Opportunity doesn’t knock twice: recovering damages for consequential loss – Hardwicke Chambers

‘Today’s banks are in receipt of the largest fines ever imposed by the Financial Conduct Authority (FCA), or its predecessor the Financial Services Authority (FSA), and although they are taking responsibility for a number of failings (eg PPI, Derivatives, LIBOR and FOREX), restrictions on recovering loss, in particular where consequential loss is concerned, have come under significant scrutiny. This article examines the measure of loss in tort and contract, and particularly explores investors’ difficulties when making claims for loss of profit caused by mis selling.’

Full story

Hardwicke Chambers, 31st March 2016

Source: www.hardwicke.co.uk

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Libor trial: former Barclays bankers were ‘driven by money’ – The Guardian

Posted April 7th, 2016 in banking, conspiracy, fraud, interest, news by sally

‘Five former Barclays bankers accused of conspiring to rig Libor interest rates were “driven by money” and their offence “is no different from stealing,” a court has been told.’

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The Guardian, 5th April 2016

Source: www.guardian.co.uk

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Five new laws coming in today and how they will affect you – The Independent

Posted April 7th, 2016 in banking, capital gains tax, dogs, interest, news, pensions, visas by sally

‘Following the introduction of the National Living Wage and unwelcome increases to council tax, today sees another wave of new laws come into force in the UK.’

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The Independent, 6th April 2016

Source: www.independent.co.uk

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Why you might not be warned of an online security breach – The Guardian

Posted March 30th, 2016 in banking, consumer protection, data protection, internet, news, notification by sally

‘Surprisingly, under the Data Protection Act companies have no obligation to tell customers there could be a problem.’

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The Guardian, 30th March 2016

Source: www.guardian.co.uk

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Sir Bernard Hogan-Howe online fraud refund claim provokes anger – BBC News

Posted March 24th, 2016 in banking, consumer protection, fraud, internet, news, police, victims by tracey

‘A police chief’s suggestion that banks should consider no longer refunding some online fraud victims has been branded as “astonishingly misjudged” by a consumer group.’

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BBC News, 24th March 2016

Source: www.bbc.co.uk

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Jailed Libor trader Tom Hayes must pay more than £878,000 – The Guardian

Posted March 24th, 2016 in banking, confiscation, fraud, interest, legal aid, news, proceeds of crime by tracey

‘Tom Hayes, the former star trader serving an 11-year jail sentence for manipulating Libor interest rates, has been ordered to pay £878,806 after a court ruled the money was the proceeds of crime.’

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The Guardian, 23rd March 2016

Source: www.guardian.co.uk

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Four guilty of hijacking migrant workers’ bank accounts – The Guardian

‘Three men and a woman convicted of laundering criminally acquired money in Cambridgeshire after trial over offences relating to exploitation of workers.’

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The Guardian, 22nd March 2016

Source: www.guardian.co.uk

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Holmcroft: Skilled person not amenable to judicial review – Henderson Chambers

Posted March 22nd, 2016 in banking, financial regulation, fraud, judicial review, negligence, news by sally

‘On 24 February 2016, in R (Holmcroft Properties Limited) -v- KPMG LLP and others, the Divisional Court dismissed Holmcroft’s judicial review challenge to the skilled person’s role in a mis-selling redress scheme. The skilled person, KPMG, had approved Barclays’ rejection of Holmcroft’s claims for consequential losses it claimed to have suffered as a result of the mis-sale. The court found that the skilled person was not amenable to judicial review and that, in any event, it had acted fairly.’

Full story

Henderson Chambers, 3rd March 2016

Source: www.hendersonchambers.co.uk

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Speech by the Lord Chief Justice: The Bailii Lecture 2016 – Courts and Tribunals Judiciary

Posted March 21st, 2016 in arbitration, banking, Commercial Court, courts, judges, rule of law, speeches by tracey

‘As is well known, the development of the law in England and Wales was effected not only through cases where the claims were brought in the courts, but through claims that were brought in arbitrations. In 1979 (by statute) and 1981 (by Lords Denning and Diplock through an interpretation of that statute), the relationship between the courts and arbitration was changed on the perceived basis that it was damaging the attractiveness of London as a centre for dispute resolution through arbitration.’

Full speech

Courts and Tribunals Judiciary, 18th March 2016

Source: www.judiciary.gov.uk

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UK competition authority to review the way it conducts market investigations – OUT-LAW.com

Posted March 18th, 2016 in banking, competition, energy, enforcement, news, ombudsmen by tracey

‘The Competition and Markets Authority (CMA) in the UK is to review the way it conducts market investigations, it has announced.’

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OUT-LAW.com, 16th March 2016

Source: www.out-law.com

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UBS AG v Revenue and Customs Comrs; DB Group Services (UK) Ltd v Revenue and Customs Comrs – WLR Daily

Posted March 15th, 2016 in appeals, banking, employment, forfeiture, income tax, law reports by sally

UBS AG v Revenue and Customs Comrs; DB Group Services (UK) Ltd v Revenue and Customs Comrs [2016] UKSC 13

‘In 2004 two banks entered into arrangements designed to take advantage of the provisions of Chapter 2 of Part 7 of the lncome Tax (Earnings and Pensions) Act 2003, as substituted, which created a special regime for employment-related securities whereby “restricted securities” (including, by section 423(2), shares which were subject to a condition providing for their forfeiture in certain circumstances so as to render their market value less than it otherwise would be but for that condition) were, by section 425(2) and 429, exempt from income tax. Each bank invoked a scheme whereby (i) it set up a company merely for the purposes of the scheme, which undertook no activities beyond its participation in the scheme, was to be liquidated upon the termination of the scheme, and the memorandum and articles of which contained conditions designed to comply with Chapter 2, and (ii) the shares of the company were to be allocated to specified employees in lieu of a cash bonus. In the first case there was a condition for an immediate and automatic sale of the shares if, on any date during a specified three week period, the closing value of the FTSE 100 Index exceeded a defined “trigger level”, the probability of which was unlikely but in any event was hedged against so that in the event of a forced sale the employees would not be materially worse off. In the second case there was a provision which, in effect, provided that an employee would forfeit his shares if he voluntarily resigned or was dismissed for misconduct during the first eight weeks after the company was set up. In both cases, once the exemptions from income tax conferred by sections 425(2) and 429 had accrued, the shares were redeemable by the employees for cash. The revenue took the view that the banks were to be treated as having paid the relevant employees cash sums equal to their share allocation and issued PAYE determinations and NIC decisions against each bank, as the body liable to deduct such sums. Each bank appealed. The First-tier Tribunal, in separate decisions, held that Parliament could not have intended that the exemption should apply to arrangements contrived purely in order to obtain the exemption but having no other business or commercial purpose. On appeals heard together the Upper Tribunal held that the scheme in the first case met the requirements of the legislation and so allowed that bank’s appeal, but held that the scheme in the second case did not fully comply with the terms of Chapter 2 in that, on the facts, the company had been set up in a way which did not comply with section 429. On appeal by the revenue in the first case and by the bank in the second case, the Court of Appeal upheld the Upper Tribunal’s decision in the first case on like ground and, having reversed the factual finding in the second case, allowed that bank’s appeal on the ground that its scheme also met the requirements of Chapter 2.’

WLR Daily, 9th March 2016

Source: www.iclr.co.uk

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Jailed Libor trader blocked from supreme court appeal – The Guardian

Posted March 10th, 2016 in appeals, banking, conspiracy, crime, fraud, interest, news, Supreme Court by sally

‘Tom Hayes, a former UBS and Citigroup trader serving an 11-year jail sentence for conspiring to rig Libor global interest rates, has been blocked from appealing to the supreme court against his conviction.’

Full story

The Guardian, 8th March 2016

Source: www.guardian.co.uk

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LIBOR case transferred to Financial List despite need for new judge – Litigation Futures

Posted March 1st, 2016 in banking, case management, courts, damages, financial regulation, interest, judges, news by sally

‘A claim against Royal Bank of Scotland (RBS), including allegations of rigging the LIBOR rate, has been transferred to the new Financial List even though the move means bringing in a new judge.’

Full story

Litigation Futures, 1st March 2016

Source: www.litigationfutures.com

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Illegal counterfactuals: bringing in new claims by the backdoor? – Competition Bulletin from Blackstone Chambers

Posted February 24th, 2016 in banking, competition, damages, illegality, news, utilities by sally

‘It is fairly well-established in competition cases that the hypothetical counterfactual – which, for the purposes of causation, posits what the situation would have been absent any breach of competition law – cannot contain unlawful elements: see e.g. Albion Water Ltd v Dwr Cymru [2013] CAT 6. In a normal case, C will claim damages, arguing – let’s say – that D abused a dominant position by imposing discriminatory prices. D defends the claim on the basis that, absent any abuse, it would have set prices at a certain (high) level. C replies that those prices too would have been discriminatory – i.e. the counterfactual is inappropriate.’

Full story

Competition Bulletin from Blackstone Chambers, 24th February 2016

Source: www.competitionbulletin.com

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‘Disproportionate’ disclosure application denied in swaps mis-selling claim – Commercial Disputes Blog

‘In Claverton Holdings Ltd v Barclays Bank plc, the Commercial Court rejected an application by the claimant for specific disclosure against the defendant bank. The court found that the documents sought, which related to other mis-selling allegations against the bank employees featuring in the claimant’s case, would have little probative value and adducing them would place a disproportionate burden on the defendant.’

Full story

Commercial Disputes Blog, 16th February 2016

Source: www.rpc.co.uk

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