FCA refuses to publish leaked RBS report into disgraced unit that squeezed small businesses – The Independent

Posted September 15th, 2017 in banking, disclosure, financial regulation, news, reports by tracey

‘Britain’s financial watchdog has refused to publish a leaked report into the scandal at Royal Bank of Scotland’s controversial restructuring unit, despite demands for its release by an influential committee of MPs.’

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The Independent, 15th September 2017

Source: www.independent.co.uk

Briton accused of cyber attacks extradited from Germany – BBC News

Posted August 31st, 2017 in banking, computer crime, extradition, news by tracey

‘A man accused of launching cyber attacks against two of the UK’s largest banks has been extradited from Germany, the National Crime Agency (NCA) said.’

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BBC News, 30th August 2017

Source: www.bbc.co.uk

Simon Anderson discusses the case of Various Claimants v Barclays Bank PLC [2017] EWHC 1929 (QB) – Park Square Barristers

Posted August 22nd, 2017 in banking, contracting out, doctors, employment, news, sexual offences by sally

‘Can an employer be vicariously liable for sexual assaults perpetrated by an independent physician engaged to conduct health screening of employees? Yes, according to The Hon Mrs Justice Davies in Various Claimants v Barclays Bank PLC [2017] EWHC 1929 (QB) in a judgment handed down on 26th July 2017. Simon Anderson considers its reasoning, and its wider implications for employers.’

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Park Square Barristers, 8th August 2017

Source: www.parksquarebarristers.co.uk

High Court Decision as to Scope of Vicarious Liability – Henderson Chambers

‘In Various Claimants v Barclays Bank PLC [2017] EWHC 1929 (QB), the High Court (The Hon Mrs Justice Davies DBE) held that Barclays Bank was vicariously liable in respect of alleged sexual assaults perpetrated by a Doctor, not employed by Barclays, who conducted medical assessments and examinations on prospective employees of the Bank.’

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Henderson Chambers, 10th August 2017

Source: www.hendersonchambers.co.uk

The ever-widening scope of vicarious liability – Cloisters

‘Adam Ohringer considers the recent judgment of Various Claimants v Barclays Bank plc [2017] EWHC 1929 (QB) and its implications on vicarious liability.’

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Cloisters, 10th August 2017

Source: www.cloisters.com

Regulations broaden financial sanctions reporting obligation – OUT-LAW.com

‘New UK regulations have been published that significantly extend the duty to report financial sanctions breaches. Previously only banks, financial institutions, certain EEA credit institutions, and currency exchange businesses were obliged to report, but the duty now applies to a far broader range of professions and sectors.’

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OUT-LAW.com, 14th August 2017

Source: www.out-law.com

Collection of fees in receivables finance agreement must not be “arbitrary, capricious or irrational” says High Court – OUT-LAW.com

Posted August 2nd, 2017 in banking, Cayman Islands, fees, fiduciary duty, indemnities, news, receivers by tracey

‘The High Court has found that a lender must be rational when exercising its contractual discretion to charge collection fees under a receivables finance agreement. The agreement allowed for fees of up to 15%, however, the maximum chargeable for the lender to remain compliant with its duty was found, in this case, to be 4%.’

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OUT-LAW.com, 1st august 2017

Source: www.out-law.com

FCA to extend regulatory regime to 47,000 firms – The Guardian

Posted July 27th, 2017 in banking, consultations, consumer credit, news by tracey

‘A regulatory regime intended to crack down on the behaviour of bank bosses is to be extended to 47,000 firms including dentists, gyms and tool hire companies that offer credit to customers.’

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The Guardian, 27th July 2017

Source: www.theguardian.com

‘The Ombudsman ordered Lloyds to repay us £47,500 – and then changed its mind’ – Daily Telegraph

Posted July 27th, 2017 in banking, compensation, conveyancing, fraud, news, ombudsmen by tracey

‘A couple who were told by the Financial Ombudsman they would be repaid more than £47,000 stolen in a conveyancing scam have now been told, more than a year later, that they will not be getting their money back.’

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Daily Telegraph, 27th July 2017

Source: www.telegraph.co.uk

Clearer rules needed in the UK to support customer authentication by video, says expert – OUT-LAW.com

‘New rules are needed in the UK to make it clearer that it is acceptable for banks to verify the identity of new customers using video technology.’

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OUT-LAW.com, 4th July 2017

Source: www.out-law.com

UK hacker exploits online bank loophole to steal £100,000 – BBC News

Posted June 22nd, 2017 in banking, computer crime, fraud, news, sentencing by tracey

‘A UK hacker has been jailed for stealing almost £100,000 from a bank by exploiting a bug in the bank’s online banking system.’

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BBC News, 21st June 2017

Source: www.bbc.co.uk

SFO granted a reprieve from plans to scrap it a day after Barclays charges – Daily Telegraph

Posted June 22nd, 2017 in banking, fraud, news, prosecutions, Serious Fraud Office by tracey

‘The Serious Fraud Office appears to have been granted a reprieve from plans to abolish it in a U-turn that came just a day after the organisation targeted Barclays with the first criminal charges ever brought against a bank over the financial crisis. Controversial proposals in the Conservative manifesto to fold the SFO into the National Crime Agency were quietly dropped from the Queen’s Speech on Wednesday.’

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Daily Telegraph, 21st June 2017

Source: www.telegraph.co.uk

Judge hits out at border controls after alleged mastermind of Britain’s biggest ever banking fraud flees despite no passport – Daily Telegraph

‘A judge has hit out at UK border controls after a tycoon suspected of masterminding Britain’s biggest ever banking fraud was able to flee to Pakistan despite having no passport and whilst wearing an electronic tag.’

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Daily Telegraph, 8th June 2017

Source: www.telegraph.co.uk

Fred Goodwin escapes high court appearance as RBS settles lawsuit – The Guardian

Posted June 7th, 2017 in adjournment, banking, class actions, news, shareholders by sally

‘Fred Goodwin has escaped being summoned to the high court to explain his actions during the 2008 financial crisis, after disgruntled shareholders finally reached a settlement with Royal Bank of Scotland.’

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The Guardian, 6th June 2017

Source: www.theguardian.com

Judge outlines concern over “extraordinary” £129m costs of RBS in defending rights issue case – Litigation Futures

Posted May 24th, 2017 in banking, costs, insurance, judges, news, payment into court by sally

‘The judge in charge of the RBS rights issue litigation has outlined his “very great concern” about the “extraordinary” costs racked up by the bank, which are currently estimated at £129m.’

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Litigation Futures, 24th May 2017

Source: www.litigationfutures.com

High court to hear if RBS has agreed last-ditch deal with shareholders – The Guardian

Posted May 24th, 2017 in adjournment, banking, class actions, compensation, news, shareholders by sally

‘A judge will hear on Wednesday whether a deal has been agreed to avert a legal battle that would force the former RBS chairman Fred Goodwin to give evidence in the high court.’

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The Guardian, 24th May 2017

Source: www.guardian.co.uk

RBS in 11th-hour bid to avert court case brought by thousands of investors – The Guardian

Posted May 22nd, 2017 in banking, class actions, news, shareholders by tracey

‘Royal Bank of Scotland has made a last-ditch effort to avert a high-profile court case brought by thousands of investors who claim they were misled into buying the bank’s shares in the runup to its taxpayer bailout.’

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The Guardian, 22nd May 2017

Source: www.guardian.co.uk

Retail banking business models under strategic review by UK regulator – OUT-LAW.com

Posted May 15th, 2017 in banking, competition, financial regulation, news by sally

‘The UK’s Financial Conduct Authority (FCA) has opened a review into business models in retail banking to assess the impact those models are having on competition and conduct in the market.’

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OUT-LAW.com, 12th May 2017

Source: www.out-law.com

FCA to review investment platform market – OUT-LAW.com

Posted April 20th, 2017 in banking, competition, consumer protection, financial regulation, news, reports by sally

‘The Financial Conduct Authority (FCA) will carry out an investment platforms market study in the coming year, it has announced.’

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OUT-LAW.com, 20th April 2017

Source: www.out-law.com

City watchdogs could ban ‘irresponsible’ car loans in new investigation – Daily Telegraph

Posted April 19th, 2017 in banking, consumer credit, financial regulation, loans, news by tracey

‘”Irresponsible” car loans will be probed by the City watchdog amid suggestion that drivers could soon be made to pass mortgage-style affordability tests before leasing new motors.’

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Daily Telegraph, 18th April 2017

Source: www.telegraph.co.uk