Barrister wins right to see reports his bank made to police – Legal Futures

Posted October 11th, 2018 in banking, barristers, freedom of information, money laundering, news, police by sally

‘A barrister has won the right to see suspicious activity reports (SARs) that his bank made to the National Crime Agency (NCA) about money received into his accounts.’

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Legal Futures, 10th October 2018


UBS ‘rogue trader’ in last-ditch attempt to avoid deportation – The Guardian

Posted September 17th, 2018 in banking, deportation, fraud, judicial review, news by sally

‘Kweku Adoboli, the former UBS banker jailed for the UK’s biggest ever fraud, will on Monday file for a judicial review of the decision to deport him to Ghana, in a last-ditch attempt to stop his “banishment” from the UK, where he has lived since he was 12.’

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The Guardian, 16th September 2018


Push payment fraud victims ‘not automatically negligent’ –

Posted September 3rd, 2018 in banking, compensation, financial regulation, fraud, news, ombudsmen by sally

‘The Financial Ombudsman Service (FOS) will be looking for “clear evidence” that banks have properly investigated claims by customers for compensation in cases of suspected authorised push payment (APP) fraud.’

Full Story, 30th August 2018


Banks subject to UK disclosures on security and outage incidents –

Posted August 23rd, 2018 in banking, computer crime, disclosure, financial regulation, news by sally

‘Rules requiring banks to publically disclose how often they have had to report major operational and security incidents have taken effect in the UK.’

Full Story, 22nd August 2018


FCA open to ‘broad range’ of post-Brexit bank structures –

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.’

Full Story, 13th August 2018


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


UK ruling offers lesson for banks on credit referencing –

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.’

Full Story, 27th July 2018


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


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


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


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


Supreme Court dismisses appeal over bank resolution claims –

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.’

Full Story, 5th July 2018


The CoA finds that a bank was contractually entitled to comply with foreign court orders –

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.’

Full Story, 26th June 2018


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


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


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


Information exchanges driving up serious tax evasion cases –

‘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.’

Full Story, 30th May 2018


Directors personally liable for invalid solvency statement and breach of duty –

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.’

Full Story, 22nd May 2018


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


Delayed service sufficient to strike out freezing orders –

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.’

Full Story, 16th May 2018