FCA open to ‘broad range’ of post-Brexit bank structures – OUT-LAW.com

Posted August 14th, 2018 in banking, financial regulation, news by sally

‘UK banks will be given some flexibility when deciding how best to ensure that they can continue to serve customers in the EU after Brexit, the Financial Conduct Authority (FCA) has said.’

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OUT-LAW.com, 13th August 2018

Source: www.out-law.com

Former HSBC banker wins appeal against extradition to US – The Guardian

Posted August 3rd, 2018 in appeals, banking, extradition, fraud, news by tracey

‘HSBC’s former head of currency trading has won a last-ditch battle to block his extradition to the US, where he faces 11 charges of foreign exchange rigging which each carry a maximum 30-year prison sentence.’

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The Guardian, 31st July 2018

Source: www.theguardian.com

UK ruling offers lesson for banks on credit referencing – OUT-LAW.com

Posted July 27th, 2018 in agency, banking, economic loss, gambling, misrepresentation, news, Supreme Court by sally

‘Banks can learn a lesson from a new ruling issued by the UK Supreme Court on practices to adopt when providing credit references, according to a banking and finance litigation expert.’

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OUT-LAW.com, 27th July 2018

Source: www.out-law.com

UK regulators could enforce minimum interest rate for savers – The Guardian

Posted July 26th, 2018 in banking, consumer protection, financial regulation, interest, news by sally

‘Banks could be forced to pay savers a minimum interest rate after City regulators found that longstanding customers in instant access accounts are paid derisory rates because of their apathy about switching providers.’

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The Guardian, 25th July 2018

Source: www.theguardian.com

Vicarious liability: Banking on bright lines – UK Human Rights Blog

Posted July 24th, 2018 in banking, medical treatment, news, sexual offences, vicarious liability by tracey

‘A bank requires its would-be recruits and some of its existing employees to undergo a medical. It sends them to the home of one particular, self-employed doctor. There, they undergo a medical examination, unaccompanied by anyone from the bank. The doctor completes the bank’s proforma examination form, headed with its logo and entitled “Barclays Confidential Medical Report”. The form is detailed. It includes sections on chest “Inspiration” and “Expiration”, “Abdomen (including Genito-Urinary System)”. It contains a section for “Female applicants only”, asking whether they have suffered from menstrual or pregnancy disorders. The doctor – Gordon Bates – subsequently dies. A large group of women sue the bank alleging that it is liable for sexual assaults carried out by the doctor during the examinations. The question for the Court of Appeal in Barclays Bank plc v Various Claimants [2018] EWCA Civ 1670 was whether the bank could be vicariously liable.’

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UK Human Rights Blog, 24th July 218

Source: ukhumanrightsblog.com

Case Comment: Goldman Sachs International v Novo Banco S.A. [2018] UKSC 34 – Supreme Court Blog

Posted July 20th, 2018 in banking, conflict of laws, EC law, jurisdiction, news by tracey

‘Dana Feinsohn, trainee solicitor in the litigation and arbitration team at CMS, comments on the decision handed down by the UK Supreme Court in the matter of Goldman Sachs International v Novo Banco S.A. [2018] UKSC 34.’

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Supreme Court Blog, 17th July 2018

Source: ukscblog.com

Ex-traders handed 13-year jail sentence for Euribor rate-rigging – Daily Telegraph

Posted July 20th, 2018 in banking, fraud, news, sentencing by tracey

‘Two former traders have been jailed for more than 13 years for trying to rig a key financial benchmark at the height of the financial crisis.’

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Daily Telegraph, 19th July 2018

Source: www.telegraph.co.uk

Supreme Court dismisses appeal over bank resolution claims – OUT-LAW.com

Posted July 5th, 2018 in appeals, banking, EC law, jurisdiction, news, Supreme Court by tracey

‘Claims brought against Novo Banco, the bank set up by the Portuguese central bank following the collapse of Banco Espirito Santo (BES) in 2014, must be heard in Portugal, the UK’s highest court has confirmed.’

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OUT-LAW.com, 5th July 2018

Source: www.out-law.com

The CoA finds that a bank was contractually entitled to comply with foreign court orders – OUT-LAW.com

Posted June 27th, 2018 in banking, contracts, foreign jurisdictions, freezing injunctions, news by tracey

‘The Court of Appeal (CoA) has dismissed an appeal in which the Republic of Kazakhstan (RoK) and its national bank argued that their custodian bank, Bank of New York Mellon (BNYM), had acted in breach of contract by freezing their assets in accordance with foreign court orders.’

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OUT-LAW.com, 26th June 2018

Source: www.out-law.com

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