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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FCA imposes cap on payday loans – The Guardian

Posted July 15th, 2014 in consumer credit, financial regulation, interest, news by tracey

‘The cap proposed by the Financial Conduct Authority means that if someone borrows £100 from a payday lender and pays it back within the agreed 30 days, they would pay a maximum of £24 in charges. Fees for late payment would be capped at £15, with a total price cap of 100% of the original loan to stop default charges spiralling out of control.’

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The Guardian, 15th july 2014

Source: www.guardian.co.uk

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In re MF Global UK Ltd (in special administration) (No 5) – WLR Daily

In re MF Global UK Ltd (in special administration) (No 5): [2014] EWHC 2222 (Ch); [2014] WLR (D) 294

‘There was nothing in the rules contained in Chapters 7 and 7A of the Client Assets Sourcebook (“CASS 7 and 7A”), which formed part of the Financial Services Authority Handbook, which expressly excluded the statutory power of compromise contained in section 15 of the Trustee Act 1925.’

WLR Daily, 4th July 2014

Source: www.iclr.co.uk

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Currency market rigging could become criminal offence – The Guardian

Posted June 12th, 2014 in crime, financial regulation, news by sally

‘Rigging the foreign exchange, bond and commodity markets could become a criminal offence, the government will warn the City on Thursday as part of its latest effort to clean up the financial markets after a wave of scandals and allegations relating to key benchmarks.’

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The Guardian, 11th June 2014

Source: www.guardian.co.uk

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FCA review of insurance brokers’ conflict handling shows that “more proactive approach” is needed, says expert – OUT-LAW.com

‘The Financial Conduct Authority (FCA) found that some of the largest brokers that serve small businesses did not have proper processes in place to manage the “inherent conflicts” that arise as part of their work.’

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OUT-LAW.com, 29th May 2014

Source: www.out-law.com

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FCA succeeds in reversing stay in Operation Cotton trial – The Lawyer

Posted May 22nd, 2014 in appeals, financial regulation, fraud, news, stay of proceedings, trials by sally

‘The Financial Conduct Authority (FCA) has won its appeal against the stay in the high-cost fraud trial known as Operation Cotton, with the Court of Appeal (CoA) ruling that proceedings should resume.’

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The Lawyer, 21st May 2014

Source: www.thelawyer.com

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Fraud lawyers not underpaid despite legal aid cuts, says justice minister – The Guardian

Posted May 6th, 2014 in barristers, financial regulation, legal aid, news, remuneration, trials by tracey

‘Lawyers in complex fraud trials are not underpaid and the government is taking steps to prevent cases collapsing, the justice minister, Simon Hughes, has said. The Liberal Democrat, a critic of the legal aid cuts before entering government, said the row over very high cost cases (VHCCs) did not involve “hard-up” lawyers at the start of their careers.’

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The Guardian, 4th May 2014

Source: www.guardian.co.uk

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Greenclose Ltd v National Westminster Bank plc – WLR Daily

Greenclose Ltd v National Westminster Bank plc: [2014] EWHC 1156 (Ch);   [2014] WLR (D)  173

‘The terms of section 12(a) of the International Swaps and Derivatives Association (“ISDA”) Master Agreement (Multi Currency-Cross Border Form) (1992 ed) were mandatory and any notice purportedly served pursuant to those provisions had to have been given by the means therein prescribed, and by reference to and in accordance with the contact information provided in part 4 of the schedule to the agreement, subject to any amendment properly notified pursuant to section 12(b). If the schedule did not provide certain information necessary for service by a prescribed method, the contract was to be construed as limiting the prescribed methods to those expressly permitted by the schedule unless and until the missing information was notified under section 12(b) or the contract was formally amended.’

WLR Daily, 14th April 2014

Source: www.iclr.co.uk

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4finance UAB v Valstybinė vartotojų teisių apsaugos tarnyba and another – WLR Daily

4finance UAB v Valstybinė vartotojų teisių apsaugos tarnyba and another (Case C-515/12); [2014] WLR (D) 156

‘Annex I, point 14, of Parliament and Council Directive 2005/29/EC meant that a pyramid promotional scheme constituted an unfair commercial practice only where such a scheme required the consumer to give financial consideration, regardless of its amount, for the opportunity to receive compensation that was derived primarily from the introduction of other consumers into the scheme rather than from the sale or consumption of products.’

WLR Daily, 3rd April 2014

Source: www.iclr.co.uk

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Credit card companies face FCA competition inquiry – The Guardian

Posted April 4th, 2014 in consumer credit, financial regulation, inquiries, news by sally

‘Credit card providers will come under the spotlight of the City regulator, amid concerns that vulnerable customers are being offered “payday loans with plastic” and paying high interest rates which subsidise wealthier borrowers.’

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The Guardian, 3rd April 2014

Source: www.guardian.co.uk

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Bank of England calls in leading QC to investigate forex-rigging claims – The Guardian

Posted March 13th, 2014 in banking, barristers, financial regulation, inquiries, insider dealing, news by tracey

‘The Bank of England has called in one of the most respected figures in the legal world, Anthony Grabiner QC, to investigate allegations that some of its staff may have been involved in manipulating the £3 trillion-a-day foreign exchange markets for almost 10 years.’

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The Guardian, 12th March 2014

Source: www.guardian.co.uk

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The Mis-Selling of Interest Rate Swaps – A Discussion – No. 5 Chambers

Posted February 24th, 2014 in banking, financial regulation, interest, limitations, news by sally

‘As many will be aware, the recent RBS swaps cases have thrown up interesting issues, including the proper characterization of legal duties owed by banks and other regulated firms, standard form limitation/exclusion terms, and Limitation Act problems. These issues are further complicated by the LIBOR manipulation points raised in Graisely Properties v Barclays.’

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No. 5 Chambers, 24th February 2014

Source: www.no5.com

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‘Logbook lenders’ are flouting the law, say debt advisers – The Guardian

Posted February 17th, 2014 in debts, financial regulation, loans, news by sally

‘Innocent car buyers can lose their vehicles under ‘bills of sale’ rules dating back to the Victorian era.’

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The Guardian, 16th February 2014

Source: www.guardian.co.uk

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Chat Rooms and 21st Century Insider Dealing – Six Pump Court

Posted February 14th, 2014 in banking, financial regulation, insider dealing, internet, news by sally

‘Just when the bankers and financiers of the world thought it was safe to begin trading again in the shark infested waters of high finance after showing their contrition with the payment of multi-billion dollar fines to various regulators worldwide following the debacle of the Libor Scandal, a further scandal is looming which has the potential to dwarf Libor and lead to further collateral investigations into other asset classes across the board – welcome to the year of the Forex!’

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Six Pump Court, 12th February 2014

Source: www.6pumpcourt.co.uk

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Is a cheque book better than a defence statement? – Six Pump Court

‘There has recently been a subtle movement away from the traditional approach deployed by the State to tackle economic crime and its consequences. Whilst the criminal justice system is wheeled out and deployed in the more serious or headline capturing cases, there appears to have been a concerted attempt by the government to impose economic penalties and fines upon individuals and companies involved in financial misfeasance through the civil or regulatory route and thus sidestepping the more traditional criminal one.’

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Six Pump Court, 29th January 2014

Source: www.6pumpcourt.co.uk

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United Kingdom v European Parliament and another – WLR Daily

Posted January 23rd, 2014 in EC law, financial regulation, law reports, regulations by sally

United Kingdom v European Parliament and another (Case C-270/12); [2014] WLR (D) 17

‘The powers available to ESMA under article 28 of Parliament and Council Regulation (EU) No 236/2012 of 14 March 2012 on short selling and certain aspects of credit default swaps (OJ 2012 L86, p 1) were precisely delineated and amenable to judicial review in the light of the objectives established by the delegating authority. Accordingly, those powers did not imply that ESMA was vested with a “very large measure of discretion” that was incompatible with the FEU Treaty.’

WLR Daily, 22nd January 2014

Source: www.iclr.co.uk

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Rise in financial services whistleblowing could result in more prosecutions, expert says – OUT-LAW.com

Posted January 21st, 2014 in financial regulation, news, whistleblowers by sally

‘An 88% rise in the number of workers in the financial services sector ‘blowing the whistle’ on white collar crime could lead to an increase in prosecutions in 2014, an expert has said.’

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OUT-LAW.com, 20th January 2014

Source: www.out-law.com

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UK firm fined £25,000 for failure to monitor, supervise and manage its appointed representatives – OUT-LAW.com

Posted January 10th, 2014 in financial regulation, fines, insurance, news, unfair commercial practices by tracey

‘A firm has been fined £25,000 by the Financial Conduct Authority (FCA) for the misconduct of two of its sales staff acting as its ‘appointed representatives’ (ARs). Amongst other cases of misconduct, the ARs were found to have used “high-pressure sales tactics and misleading information” to push vulnerable customers into buying insurance policies.’

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OUT-LAW.com, 8th January 2014

Source: www.out-law.com

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Banking reforms become law after getting Royal Assent – BBC News

Posted December 19th, 2013 in banking, bills, crime, financial regulation, news by tracey

‘Reforms to the UK banking sector aimed at making it more resilient after the 2008 financial crisis have become law. The Financial Services Bill was given Royal Assent on Wednesday after being approved by Parliament earlier.’

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BBC News, 19th December 2013

Source: www.bbc.co.uk

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Government to legislate to cap the cost of payday loans – OUT-LAW.com

‘The Government will introduce legislation to cap the cost of payday loans to borrowers, the Chancellor of the Exchequer has announced.’

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OUT-LAW.com, 27th November 2013

Source: www.out-law.com

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