Treasury plans crackdown on ‘misleading’ cryptocurrency ads – The Guardian

‘The government has unveiled plans to crack down on misleading cryptocurrency ads by making them subject to the same regulations as marketing for other financial products such as shares and insurance.’

Full Story

The Guardian, 18th January 2022

Source: www.theguardian.com

Standard Chartered fined £46.5m by Bank of England for misreporting liquidity – The Independent

Posted December 20th, 2021 in banking, fines, news, ombudsmen by sally

‘The Bank of England has fined banking giant Standard Chartered £46.55 million for misreporting its liquidity position and controls failures.’

Full Story

The Independent, 20th December 2021

Source: www.independent.co.uk

National Lottery scratch card fraud: Men jailed over £4m jackpot claim – BBC News

Posted December 15th, 2021 in banking, fraud, imprisonment, news, sentencing by tracey

‘Two men who bought a National Lottery scratch card using stolen debit card details and then tried to claim the £4m jackpot they revealed have been jailed.’

Full Story

BBC News, 14th December 2021

Source: www.bbc.co.uk

Natwest fined £264m after taking deposits of laundered cash in bin bags – The Guardian

Posted December 14th, 2021 in banking, fines, money laundering, news by tracey

‘NatWest has been fined more than £264m for anti-money-laundering failures that involved black bin liners stuffed full of cash being deposited, and sums so large that one branch’s two floor-to-ceiling safes proved “inadequate” for storing it all.’

Full Story

The Guardian, 13th December 2021

Source: www.theguardian.com

Banks forced to refund fraud victims – Daily Telegraph

Posted November 19th, 2021 in banking, compensation, consumer protection, financial regulation, fraud, news by tracey

‘Banks will be forced to refund fraud victims who transfer money to scammers under Government-backed plans to make repayments compulsory.’

Full Story

Daily Telegraph, 19th November 2021

Source: www.telegraph.co.uk

Mishcon fined £25,000 over football transfer payments – Law Society’s Gazette

Posted November 1st, 2021 in banking, fines, law firms, news, Solicitors Regulation Authority, sport, third parties by tracey

‘London firm Mishcon de Reya has been fined £25,000 by the Solicitors Disciplinary Tribunal for failing to prevent payments being made into and from the client account to pay third parties involved in football transfers.’

Full Story

Law Society's Gazette, 29th October 2021

Source: www.lawgazette.co.uk

City giant to face trial over alleged conflicts of interest – Legal Futures

Posted October 25th, 2021 in banking, conflict of interest, fraud, law firms, news, professional conduct by tracey

‘City giant Hogan Lovells only achieved partial success in a bid for summary judgment over complaints that it had multiple conflicts of interest while acting for a Ukrainian tycoon.’

Full Story

Legal Futures, 25th October 2021

Source: www.legalfutures.co.uk

Banks must treat victims of scams more fairly, says UK complaints body – The Guardian

Posted September 24th, 2021 in banking, complaints, consumer protection, fraud, news, ombudsmen, statistics by sally

‘Banks need to do more to treat people fairly when they are the victim of scams, according to the UK financial sector’s official complaints body, which is finding in the customer’s favour in three-quarters of such cases.’

Full Story

The Guardian, 24th September 2021

Source: www.theguardian.com

E-money and online payment institutions: when it all goes wrong – Radcliffe Chambers

‘The 2007-2008 financial crisis and the devastating reminder that banks were not immune from failure, brought about a raft of regulatory changes designed to protect customers and the wider economy. These included, if all else failed, bespoke administration procedures for banks, building societies and investment banks contained within the Banking Act 2009 (“BA 2009”).’

Full Story

Radcliffe Chambers, 22nd July 2021

Source: radcliffechambers.com

‘Time to buy’ bitcoin adverts banned in UK for being irresponsible – The Guardian

Posted May 26th, 2021 in advertising, banking, complaints, cryptocurrencies, news, ombudsmen by sally

‘An ad campaign telling the public that “it’s time to buy” bitcoin has been banned after the advertising watchdog ruled that it was irresponsible and misleading.’

Full Story

The Guardian, 26th May 2021

Source: www.theguardian.com

Appeal dismissed despite ‘inexcusable’ 34-month wait for ruling – Law Society’s Gazette

Posted May 21st, 2021 in appeals, banking, delay, loans, news, retrials by tracey

‘The Court of Appeal has dismissed an appeal made on the basis that the ruling in question was handed down 34 months after the conclusion of the trial.’

Full Story

Law Society's Gazette, 21st May 2021

Source: www.lawgazette.co.uk

Freshfields report into bank rape allegations not covered by privilege – Law Society’s Gazette

‘A report prepared by magic circle firm Freshfields into the alleged rape of a bank employee was not covered by legal privilege, according to an employment tribunal ruling that has now been made public.’

Full Story

Law Society's Gazette, 21st April 2021

Source: www.lawgazette.co.uk

The challenges with data and AI in UK financial services – OUT-LAW.com

‘Financial services businesses should review the way they procure, manage and use data, and consider whether specific new processes need to be developed, to implement artificial intelligence (AI) systems in a way that customers trust, is effective and meets legal and regulatory standards.’

Full Story

OUT-LAW.com, 14th April 2021

Source: www.pinsentmasons.com

FCA launches proceedings against NatWest over alleged money laundering – The Guardian

Posted March 16th, 2021 in banking, financial regulation, money laundering, news, prosecutions by tracey

‘The City watchdog has begun criminal proceedings against the taxpayer-owned lender NatWest for allegedly failing to prevent money laundering, the first prosecution brought under money laundering regulations introduced in 2007.’

Full Story

The Guardian, 16th March 2021

Source: www.theguardian.com

High Court: restructuring plans are ‘insolvency proceedings’ – OUT-LAW.com

Posted March 15th, 2021 in banking, brexit, company law, EC law, insolvency, jurisdiction, news by tracey

‘A recent High Court decision on the legal status of a UK statutory restructuring plan may impact on the way in which these proceedings are viewed by European courts post-Brexit.’

Full Story

OUT-LAW.com, 12th March 2021

Source: www.pinsentmasons.com

Money for Nothing? Crypto-assets and their Implications in Matrimonial and Private Client Work – Family Law Week

‘Helen Brander, barrister of Pump Court Chambers, considers the current treatment by the courts and taxation authorities of crypto-assets.’

Full Story

Family Law week, 3rd March 2021

Source: www.familylawweek.co.uk

Women earn two-thirds less than men in top finance roles – report – The Guardian

Posted March 1st, 2021 in banking, equality, news, remuneration, sex discrimination, statistics, women by tracey

‘Female directors at the UK’s largest financial services firms earn on average two-thirds less than their male counterparts, new research shows, underlining the pay gap that still exists between men and women at the highest levels in the financial sector.’

Full Story

The Guardian, 1st March 2021

Source: www.theguardian.com

High Court strikes out bid by councils to rescind loans from Barclays following ‘LIBOR’ rigging affair – Local Government Lawyer

Posted February 24th, 2021 in banking, damages, fraud, loans, local government, misrepresentation, news, striking out by sally

‘A High Court judge has struck out claims brought by seven councils and the Greater Manchester Combined Authority for rescission of certain loans with Barclays which they said were affected by the LIBOR rigging affair of 2012.’

Full Story

Local Government Lawyer, 23rd February 2021

Source: www.localgovernmentlawyer.co.uk

Drawing the boundaries of the Quincecare duty in cases of fraud (Philipp v Barclays Bank plc) – Forum Chambers

Posted February 11th, 2021 in banking, chambers articles, duty of care, fraud, news by sally

‘Dispute Resolution analysis: Barclays Bank plc successfully applied for summary judgment against Mrs Philipp (the claimant) in respect of her claim that Barclays breached its so-called Quincecare duty in failing to prevent the fraudulent dissipation of £700,000 following an authorised push payment fraud, ie a fraud where the victim is induced by the fraudster to authorise a payment instruction to transfer funds to the fraudster. The High Court determined that the claimant’s claim had no real prospects of success since the claim was dependent upon an impermissible and unprincipled extension of the Quincecare duty to situations where a bank acts on a customer’s authorised payment instructions. The duty was held to be confined to situations where an agent of the customer sought to misappropriate funds as had been the case in previously decided cases such as Singularis Holdings Ltd (In Official Liquidation.’

Full Story

Forum Chambers, 2nd February 2021

Source: www.forumchambers.com

Unsealed claim forms not good service, High Court rules – Law Society’s Gazette

Posted December 18th, 2020 in banking, claims management, competition, documents, news, service, time limits by sally

‘A High Court judge has penalised litigants who served an unsealed amended claim form within the approved deadline, stating that this ultimately did not constitute good service.’

Full Story

Law Society's Gazette, 17th December 2020

Source: www.lawgazette.co.uk