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.’

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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.’

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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.’

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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”.’

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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”.’

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The Guardian, 6th July 2014

Source: www.guardian.co.uk

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The new conduct and remuneration regime for bankers: “Making individual accountability a reality” – Employment Law Blog

Posted August 1st, 2014 in banking, financial regulation, news, remuneration by sally

‘On Wednesday 30 July 2014, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) released consultation papers relating to individual accountability and remuneration in the banking industry. The changes apply, broadly speaking, to banks, building societies, credit unions and the nine investment firms designated by the PRA.’

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Employment Law Blog, 30th July 2014

Source: www.employment11kbw.com

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Patel v Mirza – WLR Daily

Posted July 30th, 2014 in appeals, banking, contracts, enforcement, illegality, insider dealing, news by sally

Patel v Mirza [2014] EWCA Civ 1047 ; [2014] WLR (D) 337

‘The claimant who had paid money to the defendant under an agreement to carry out an illegal scheme was not prevented from recovering the money by considerations of public policy if the scheme had not been implemented even if the claimant pleaded and relied on the illegality to recover the money.’

WLR Daily, 29th July 2014

Source: www.iclr.co.uk

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Remuneration Code: Clawback and the Bonus Cap – Employment Law Blog

Posted July 29th, 2014 in banking, codes of practice, employment, news, remuneration by sally

‘In recent days, two pieces of news related to the most controversial elements of the Remuneration Code have emerged: clawback, and the bonus cap. The Remuneration Code applies to the variable remuneration (i.e. bonus) of certain employees of banks, building societies, investment firms, and some overseas firms of a similar nature.’

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Employment Law Blog, 28th July 2014

Source: www.employment11kbw.com

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Banking sector faces wide-ranging review by finance watchdog – The Guardian

Posted July 18th, 2014 in banking, competition, financial regulation, news by tracey

‘Britain’s big four high street banks could be forced to break themselves up after the competition watchdog signalled its intention to launch a sweeping investigation into the £10bn-a-year sector.’

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The Guardian, 18th July 2014

Source: www.guardian.co.uk

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A peculiar case of priorities – Hardwicke Chambers

Posted June 26th, 2014 in appeals, banking, land registration, mortgages, news, notification by sally

‘In Bank of Scotland v Joseph [2014] EWCA Civ 28, 1 P & Cr 18, the Court of Appeal was faced with an issue of priority in relation to a unilateral notice. It arose out of a rather curious set of facts.’

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Hardwicke Chambers, 4th June 2014

Source: www.hardwicke.co.uk

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Oberbank AG v Deutscher Sparkassen-und Giroverband eV; Banco Santander SA and another v Same – WLR Daily

Posted June 24th, 2014 in banking, EC law, intellectual property, law reports, trade marks by sally

Oberbank AG v Deutscher Sparkassen-und Giroverband eV; Banco Santander SA and another v Same (Joined Cases C-217/13 and C-218/13); ECLI:EU:C:2014:2012; [2014] WLR (D) 274

‘Article 3(1) and (3) of Parliament and Council Directive 2008/95/EC of 22 October 2008 to approximate the laws of the member states relating to trade marks precluded an interpretation of national law according to which, in the context of proceedings raising the question whether a contourless colour mark had acquired a distinctive character through use, it was necessary in every case that a consumer survey indicated a degree of recognition of at least 70%.’

WLR Daily, 19th June 2014

Source: www.iclr.co.uk

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Claims against banks for negligent credit references? The possible impact of the Durkin decision – Hardwicke Chambers

Posted June 6th, 2014 in banking, consumer credit, economic loss, negligence, news by sally

‘Professionals in all walks of life are frequently asked to give references in respect of people or organisations. A negligently given reference may cause the recipient who relies on it or the person the subject of it to suffer pure economic loss in respect of which they will want to recover damages. In Durkin v DSG Retail Limited [2014] 1 W.L.R. 1148, the Supreme Court has, in a couple of short paragraphs, given a timely reminder of the pitfalls than may await anyone, in particular banks and other lenders, who gives a negligent reference.’

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Hardwicke Chambers, 21st May 2014

Source: www.hardwicke.co.uk

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In re Lehman Brothers (International) (Europe) (in administration) (No 5) – WLR Daily

In re Lehman Brothers (International) (Europe) (in administration) (No 5); Contrarian Funds LLC v Lomas and others [2014] EWHC 1687 (Ch);  [2014] WLR (D)  233

‘Approach of court to applications for extensions of time under the Insolvency Rules 1986 in light of the reformulation of CPR r 3.9 and the test to be applied on an application for relief from sanctions.’

WLR Daily, 23rd May 2014

Source: www.iclr.co.uk

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Bank St Petersburg OJSC and another v Arkhangelsky and another; Arkhangelsky and others v Bank St Petersburg OJSC and another – WLR Daily

Posted May 22nd, 2014 in appeals, banking, injunctions, jurisdiction, law reports by sally

Bank St Petersburg OJSC and another v Arkhangelsky and another; Arkhangelsky and others v Bank St Petersburg OJSC and another [2014] EWCA Civ 593; [2014] WLR (D) 215

‘Although exceptional, the power existed to grant a world-wide anti-enforcement injunction as opposed to an anti-suit injunction.’

WLR Daily, 14th May 2014

Source: www.iclr.co.uk

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Co-operative and Community Benefit Societies Act 2014

Posted May 15th, 2014 in banking, charities, legislation by tracey

Co-operative and Community Benefit Societies Act 2014 published

Full text of Act

Source: www.legislation.gov.uk

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City fraud cases on brink of collapse in growing row over legal aid cuts – The Guardian

‘The biggest City fraud cases since the crash of 2008 are close to collapsing because of the government’s cuts to legal aid. The refusal of barristers to work at the government’s new low rates has already led to Judge Anthony Leonard throwing out charges against five men accused of conning investors out of their savings by selling them land at grotesquely inflated prices.’

Full story

The Guardian, 10th May 2014

Source: www.guardian.co.uk

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Bankers’ Bonuses – how the divorce capital of the world treats the rewards reaped from the financial capital of Europe – Family Law Week

Posted April 17th, 2014 in banking, divorce, financial provision, news, periodical payments, remuneration by tracey

‘Lois Rogers, solicitor at Vardags, and Lily Mottahedan, barrister at 1 Hare Court, examine the court’s treatment of bonuses in financial remedy claims in light of the recent decision of Mrs Justice Eleanor King in H v W [2014] EWHC 4105 (Fam) and pre-existing case law.’

Full story

Family Law Week, 17th April 2014

Source: www.familylawweek.co.uk

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