Child Trust Fund court fees waived for parents – Ministry of Justice

‘Parents or guardians of children who lack mental capacity can ask for court fees to be waived when seeking access to a Child Trust Fund, the government has announced today (1 December, 2020).’

Full press release

Ministry of Justice, 1st December 2020

Source: www.gov.uk/government/organisations/ministry-of-justice

SONIA and the ‘Tough Legacy’ of LIBOR – Henderson Chambers

‘At the end of 2021 the London Interbank Offered Rate (LIBOR) will be discontinued. In its place the Financial Conduct Authority is proposing a different rate to become the market standard, the Sterling Overnight Index Average (SONIA). What is the impact of LIBOR’s discontinuance on regulated credit agreements? How might regulated lenders approach a transfer to SONIA? Will the Government legislate to assist with the change?’

Full Story

Henderson Chambers, 7th October 2020

Source: www.hendersonchambers.co.uk

UK court overturns ruling on $1.8bn of Venezuelan gold – The Guardian

‘A battle for the control of more than $1.8bn worth of Venezuelan gold stored at the Bank of England has swung in favour of the government of Nicolás Maduro after an appeals court in London overturned an earlier high court ruling concerning whom the UK recognised as Venezuela’s president.’

Full Story

The Guardian, 5th October 2020

Source: www.theguardian.com

Landmark Supreme Court Judgment on Interchange Fees – Monckton Chambers

Posted July 10th, 2020 in appeals, banking, chambers articles, competition, fees, news, Supreme Court by sally

‘On 17 June 2020, the Supreme Court (Lords Reed, Hodge, Lloyd-Jones, Sales and Hamblen) handed down a landmark judgment on whether certain fees which are paid by merchants to banks under the Visa and Mastercard payment card schemes breach competition law. The judgment finally settles years of litigation in the UK courts, and deep divisions in the rulings which had been given in the lower courts and tribunals. It is also the first judgment of the Supreme Court dealing with the Court of Appeal’s powers of remittal.’

Full Story

Monckton Chambers, July 2020

Source: www.monckton.com

Commerzbank fined £38m by UK watchdog for money-laundering failings – The Guardian

Posted June 18th, 2020 in banking, financial regulation, fines, money laundering, news by sally

‘The UK’s financial regulator has fined Commerzbank £38m for money-laundering failures, including an “out-of-control” system for checking clients.’

Full Story

The Guardian, 17th June 2020

Source: www.theguardian.com

Lloyds fined £64m for unfair treatment of mortgage customers – The Guardian

Posted June 12th, 2020 in banking, financial services ombudsman, fines, housing, mortgages, news by sally

‘Lloyds Banking Group has been fined £64m by the City watchdog for failing to treat mortgage customers fairly after they fell into financial difficulty.’

Full Story

The Guardian, 11th June 2020

Source: www.theguardian.com

UK court must decide which leader to recognise in Venezuela gold case – The Guardian

Posted June 2nd, 2020 in banking, international relations, news, political parties by sally

‘A court in London has said that it will need to decide which of Venezuela’s duelling political factions to recognise before ruling on president Nicolas Maduro’s request for the Bank of England to hand over gold the country has in its vaults.’

Full Story

The Guardian, 28th May 2020

Source: www.theguardian.com

New Judgment: Cardtronics UK Ltd & Ors v Skyes & Ors (Valuation Officers) – UKSC Blog

Posted May 27th, 2020 in banking, news, rates, Supreme Court by sally

‘These appeals concern the treatment for rating purposes of ATMs situated in supermarkets or shops owned and operated by the retailers. The issues raised by the case were whether the sites of the ATMS are to be properly identified as separate hereditaments from the stores and if so who was in rateable occupation of the separate hereditaments. Hereditament is defined in the General Rate Act 1967, s 115 (1) as “property which is or may become liable to a rate, being a unit of such property which is, or would fall to be, shown as a separate item on the valuation list”.’

Full Story

UKSC Blog, 26th May 2020

Source: ukscblog.com

The implications for UK financial institutions and the FCA resulting from the EBA’s Report on Inquiry into Cum-Ex – 5SAH

‘The European Banking Authority’s long-awaited inquiry into dividend arbitrage trading schemes (“Cum-Ex/Cum-Cum”) and 10-point action plan to enhance the future regulatory framework – what are the implications for UK financial institutions and the Financial Conduct Authority?’

Full Story

5SAH, 13th May 2020

Source: www.5sah.co.uk

Rights & Wrongs? Standard of proof in dishonesty cases considered by the Court of Appeal – Hardwicke Chambers

Posted May 12th, 2020 in banking, conspiracy, fraud, illegality, news, standard of proof by sally

‘The standard of proof in dishonesty cases: simple to state, difficult to apply. In Bank St Petersburg PJSC v Arkhangelsky [2020] EWCA Civ 408 the difficulty led the Court of Appeal to reverse an experienced High Court judge’s dismissal of a counterclaim. The matter was remitted after a 46 day trial spread over 6 months in 2016, 22 months waiting for a 388 page judgment and nearly 2 years waiting for the Court of Appeal decision on 18 March 2020. Jack Dillon and Amy Held consider the implications.’

Full Story

Hardwicke Chambers, 10th May 2020

Source: hardwicke.co.uk

Case Comment: Aspen Underwriting Ltd and others v Credit Europe Bank NV [2020] UKSC 11 – UKSC Blog

‘In this post, Alaina Wadsworth and Sophie Newman, who both work within the insurance and reinsurance group at CMS, comment on the decision handed down by the UK Supreme Court last month in the matter of Aspen Underwriting Ltd and others v Credit Europe Bank NV [2020] UKSC 11.’

Full Story

UKSC Blog, 5th May 2020

Source: ukscblog.com

FCA warns banks not to put pressure on clients during Covid-19 crisis – The Guardian

‘The City watchdog is cracking down on UK banks that have been preying on corporate clients seeking financial help during the Covid-19 crisis.’

Full Story

The Guardian, 28th April 2020

Source: www.theguardian.com

Bitcoin: The Future of Money? – St Paul’s Chambers

Posted April 29th, 2020 in banking, chambers articles, financial regulation, internet, news by sally

‘Cryptocurrency: The Future of Money? Bitcoin is just one of many cryptocurrencies (internet currency). It’s not the first but it’s the first that works and the one that’s caught everyone’s attention. As with any currency comes regulation and in light of the rise of Bitcoin in recent years, it’s important to consult a Bitcoin lawyer if seeking advice in cryptocurrency law, regarding Bitcoin law.’

Full Story

St Paul's Chambers, 24th April 2020

Source: www.stpaulschambers.com

Account Forfeiture and Freezing Orders (AFFO’s) in the Pandemic – Drystone Chambers

Posted April 24th, 2020 in banking, chambers articles, coronavirus, fraud, news by sally

‘As happens at times of crisis, fraud rises and criminals attempt to take advantage of people’s fears. The situation in the current crisis is made even worse by the fact that the police have other major demands on their time and the courts capacity to deal with matters is severely limited.’

Full Story

Drystone Chambers, April 2020

Source: drystone.com

Vicarious liability (and data protection): two cases – Six Pump Court

‘Morrisons, heard recently in the Supreme Court, concerns vicarious liability for a rogue data controller. Together with another Supreme Court case, Barclays Bank, these two cases cover all the key issues.’

Full Story

Six Pump Court, 8th April 2020

Source: www.6pumpcourt.co.uk

EP 106: Vicarious Liability – Robert Kellar QC & Isabel McArdle – Law Pod UK

‘Robert Kellar QC and Isabel McArdle of 1 Crown Office Row discuss with Rosalind English the latest Supreme Court rulings rejecting the liability of Barclays Bank for the wrongdoings of an independent contractor, on the one hand, and the liability of Morris’s Supermarket for the breach of data protection laws by one of its employees, on the other. Are enterprises to be shielded from the risks created by persons they commission to perform certain tasks?’

Full Story

Law Pod UK, 9th April 2020

Source: audioboom.com

Vicarious liability — the new boundary dispute – UK Human Rights Blog

‘In the Christian Brothers case Lord Phillips of famously declared that “the law of vicarious liability is on the move”. The recent decision of the Supreme Court in Barclays Bank v. Various Claimants [2020] UKSC 13 has brought that movement to a juddering halt. The question posed by the appeal was a simple one. Is it possible to be vicariously liable for the acts of a self-employed ‘independent contractor’? The answer the Court gave in this case was ‘no’.’

Full Story

UK Human Rights Blog, 3rd April 2020

Source: ukhumanrightsblog.com

New Judgment: Barclays Bank Plc v Various Claimants [2020] UKSC 13 – UKSC Blog

‘In this appeal, the Supreme Court is asked to decide whether Barclays Bank is vicariously liable for sexual assaults allegedly committed between 1968 and about 1984 by the late Dr Gordon Bates. Dr Bates was a self-employed medical practitioner with a portfolio practice. His work included conducting medical assessments and examinations of prospective Barclays employees. Barclays required job applicants to pass a pre-employment medical examination as part of its recruitment and employment procedures.’

Full Story

UKSC Blog, 1st April 2020

Source: ukscblog.com

New Judgment: Aspen Underwriting Ltd & Ors v Credit Europe Bank NV; & anor case [2020] UKSC 11 – UKSC Blog

Posted April 6th, 2020 in appeals, banking, EC law, insurance, jurisdiction, news, Supreme Court by sally

‘The High Court of England and Wales does not have jurisdiction to hear claims to recover sums paid under a settlement agreement relating to the loss of an insured vessel.’

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UKSC Blog, 1st April 2020

Source: ukscblog.com

Barclays not liable for alleged sexual assaults during medicals, court rules – The Guardian

‘Barclays is not liable for the alleged sexual assault of more than 100 patients by a doctor carrying out medicals on the bank’s behalf, the supreme court has ruled.’

Full Story

The Guardian, 1st April 2020

Source: www.theguardian.com