FCA must act in wake of judge’s criticism of failure to bring top bankers to book for Libor scandal – The Independent

Posted June 22nd, 2018 in banking, financial regulation, interest, news by tracey

‘A judge’s sharp criticism of the Financial Conduct Authority for its failure to go after top bankers has put a cat right into the middle of the City regulator’s pigeons.’

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The Independent, 21st June 2018

Source: www.independent.co.uk

TSB investigated over IT meltdown – BBC News

‘A computer failure at TSB that caused up to 1.9 million people to lose access to online banking services is being investigated by the financial regulator.’

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BBC news, 6th June 2018

Source: www.bbc.co.uk

TSB letter error ‘may have broken law’- BBC News

Posted June 4th, 2018 in banking, complaints, data protection, news by sally

‘Some TSB customers receiving letters acknowledging a complaint over the recent IT meltdown have also been sent other customers’ details.’

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BBC News, June 2018

Source: www.bbc.co.uk

Information exchanges driving up serious tax evasion cases – OUT-LAW.com

‘The number of serious tax evasion cases identified by HM Revenue and Customs (HMRC) increased by over one fifth last year, as HMRC has begun to receive more information about taxpayers with offshore bank accounts.’

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OUT-LAW.com, 30th May 2018

Source: www.out-law.com

Directors personally liable for invalid solvency statement and breach of duty – OUT-LAW.com

Posted May 23rd, 2018 in banking, company directors, insolvency, news by tracey

‘A solvency statement was found to be invalid, a reduction in capital and distribution unlawful and three directors in breach of their duties after a corporate reorganisation left a company unable to meet its liabilities, the High Court has ruled.’

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OUT-LAW.com, 22nd May 2018

Source: www.out-law.com

Home Office suspends immigration checks on UK bank accounts – The Guardian

Posted May 18th, 2018 in banking, immigration, news by tracey

‘The Home Office is to suspend controversial immigration checks on thousands of bank accounts in the wake of the Windrush scandal. The department is in the process of contacting banks and building societies to instruct them to reduce the scope of the checks, which were introduced as part of Theresa May’s plans to create a “hostile environment” for illegal immigrants.’

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The Guardian, 17th May 2018

Source: www.theguardian.com

Delayed service sufficient to strike out freezing orders – OUT-LAW.com

Posted May 17th, 2018 in appeals, banking, delay, documents, freezing injunctions, news, striking out by tracey

‘The Court of Appeal has upheld a decision to strike out freezing orders granted on behalf of French bank Société Générale (SocGen), after finding that the bank had taken too long to issue the relevant claim forms.’

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OUT-LAW.com, 16th May 2018

Source: www.out-law.com

Nearly, but not quite: the difficulties of resisting payment of an on-demand guarantee – Practical Law: Construction Blog

Posted May 17th, 2018 in banking, construction industry, fraud, guarantees, news by tracey

‘It is notoriously difficult to resist payment following a call on an on-demand guarantee or bond. Generally, nothing less than a seriously arguable case of fraud by the beneficiary will suffice. The stringency of this test is backed by strong policy arguments militating in favour of protecting the integrity of the banking system. However, even where a seriously arguable case of fraud is made out, the balance of convenience may weigh against injunctive relief, as demonstrated recently in Tetronics (International) Ltd v HSBC Bank plc.’

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Practical Law: Construction Blog, 16th May 2018

Source: constructionblog.practicallaw.com

Bank wins ruling against ‘cybersquatter’ who demanded £100,000 for domain name – Daily Telegraph

Posted April 3rd, 2018 in banking, domain names, intellectual property, news by sally

‘A bank has won a legal battle against a China-based ‘cybersquatter’, who attempted to extort almost £100,000 from the business by buying a domain name they wanted.’

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Daily Telegraph, 2nd April 2018

Source: www.telegraph.co.uk

City firms launch review into dispute resolution for companies wronged by banks after RBS scandal – Daily Telegraph

‘City firms have launched a review into dispute resolution for companies wronged by banks, in the wake of the scandal over RBS’s mistreatment of small businesses. UK Finance, the lobby group for 300 British finance companies, has commissioned an independent study to analyse how complaints and disputes can be resolved in a more time and cost effective manner.’

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Daily Telegraph, 29th April 2018

Source: www.telegraph.co.uk

Accountants and lawyers ‘must report’ aggressive tax avoidance schemes – The Guardian

Posted March 14th, 2018 in accountants, banking, legal profession, news, notification, penalties, tax avoidance by sally

‘Accountants, bankers and lawyers will face penalties if they fail to report aggressive tax avoidance schemes that help companies or individuals move money to offshore havens, under a new European Union law.’

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The Guardian, 13th March 2018

Source: www.theguardian.com

Borrower’s solicitor not liable for bank’s loss because it should have realised her error – Legal Futures

Posted March 1st, 2018 in appeals, banking, mistake, negligence, news, Scotland, solicitors, Supreme Court by sally

‘A bank that relied on inaccurate information supplied by its borrower’s solicitor should not have won a negligence claim against her, because it failed to carry out its own checks, the Supreme Court has ruled.’

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Legal Futures, 1st March 2018

Source: www.legalfutures.co.uk

MPs publish full unredacted report into RBS small business scandal – The Guardian

Posted February 21st, 2018 in banking, financial regulation, news, Supreme Court by tracey

‘The Treasury committee has published the full unredacted report into Royal Bank of Scotland’s “disgraceful” treatment of struggling small businesses that came to it for financial assistance in the wake of the banking crisis.’

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The Guardian, 20th February 2018

Source: www.theguardian.com

Barclays Bank charged by Serious Fraud Office over Qatar loan – The Independent

Posted February 12th, 2018 in banking, loans, news, prosecutions, Serious Fraud Office by tracey

‘The UK’s fraud watchdog has charged Barclays Bank over making a loan to Qatar back in 2008.’

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The Independent, 12th February 2018

Source: www.independent.co.uk

MPs demand watchdog publishes report into RBS small business scandal by next week – Daily Telegraph

Posted February 8th, 2018 in banking, financial regulation, news, reports, select committees by tracey

‘MPs could publish a leaked version of the report into claims RBS mistreated small business customers whether regulators are ready or not. The Treasury Select Committee has told the Financial Conduct Authority it must publish the much-delayed report on the Global Restructuring Group (GRG) by the end of next week. If the FCA fails to do that, it must instead send a copy to the committee on that day.’

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Daily Telegraph, 7th February 2018

Source: www.telegraph.co.uk

High Court says it cannot permanently stay enforcement of English law debt obligations in favour of a foreign insolvency proceeding – OUT-LAW.com

Posted February 6th, 2018 in banking, debts, enforcement, foreign jurisdictions, insolvency, news by tracey

‘The High Court has said that it could not impose a permanent moratorium against creditor action in England and Wales where the foreign restructuring of an Azerbijan bank had been recognised as a foreign main proceeding under the Cross-Border Insolvency Regulations.’

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OUT-LAW.com, 5th February 2018

Source: www.out-law.com

Bank held negligent for failing to ensure promissory note was properly signed – OUT-LAW.com

Posted January 8th, 2018 in banking, documents, negligence, news, witnesses by sally

‘The bank arranger of a $650 million Islamic bond financing deal has been found negligent for failing to ensure that a promissory note, used as security, was properly signed.’

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OUT-LAW.com, 8th January 2018

Source: www.out-law.com

Statutory interest paid by a company in administration must have tax deducted, says Court of Appeal – OUT-LAW.com

Posted January 8th, 2018 in appeals, banking, corporation tax, insolvency, interest, news, taxation by sally

‘Statutory interest paid by a company in administration on a surplus is ‘yearly interest’ for UK tax purposes and must therefore be paid after deduction of basic rate tax, the Court of Appeal has decided, overturning a previous decision of the High Court.’

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OUT-LAW.com, 5th January 2018

Source: www.out-law.com

Haider Abdullah v Credit Suisse – Blackstone Chambers

Posted December 8th, 2017 in banking, contribution, markets, negligence, news by sally

‘The Commercial Court (Andrew Baker J) has given judgment in favour of the Claimants in their action for damages against Credit Suisse under s.138D of the Financial Services and Markets Act 2000 (FSMA).’

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Blackstone Chambers, 27th November 2017

Source: www.blackstonechambers.com

Suspicious transaction reports to FCA soar to record high – OUT-LAW.com

‘The number of reports notifying the UK’s Financial Conduct Authority (FCA) of suspicious transactions have risen to their highest ever level, more than doubling in the last two years.’

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OUT-LAW.com, 23rd October 2017

Source: www.out-law.com