Payday loans complaints rise 22% despite FCA clampdown – The Guardian

Posted February 28th, 2017 in banking, complaints, consumer credit, financial regulation, insurance, news, statistics by tracey

‘Complaints to the financial ombudsman about payday loans have risen to almost 200 a week – and not all of those experiencing problems necessarily fit the image of low-income borrowers relying on short-term loans to get by.’

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The Guardian, 28th February 2017

Source: www.guardian.co.uk

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TalkTalk scam victims say it’s time for answers – The Guardian

Posted February 20th, 2017 in banking, data protection, fraud, news, telecommunications, theft by sally

‘As another customer explains how he was conned out of £6,300 after the firm’s security breach, the ICO is seemingly stalling while a class action moves closer.’

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The Guardian, 18th February 2017

Source: www.guardian.co.uk

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Knowing where your data is processed in the cloud not central to exercising control over it, says expert – OUT-LAW.com

‘It should not be obligatory for banks in the UK to pre-agree where their data will be processed and stored when contracting with cloud service providers.’

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OUT-LAW.com, 13th February 2017

Source: www.out-law.com

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HBOS manager and other City financiers jailed over £245m loans scam – The Guardian

‘A group of bankers who ran an “utterly corrupt scheme” that left hundreds of small business owners “cheated, defeated and penniless” have been sentenced to almost 50 years in jail.’

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The Guardian, 2nd February 2017

Source: www.guardian.co.uk

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New Acts – legislation.gov.uk

Posted February 2nd, 2017 in banking, charities, children, legislation by tracey

Small Charitable Donations and Childcare Payments Act 2017

Savings (Government Contributions) Act 2017

Source: www.legislation.gov.uk

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Former HBOS manager found guilty of corruption and fraud – BBC News

Posted January 31st, 2017 in banking, corruption, fraud, money laundering, news by sally

‘Six people, including two former HBOS bankers, have been found guilty of bribery and fraud that cost the bank’s business customers and shareholders hundreds of millions of pounds.’

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BBC News, 30th January 2017

Source: www.bbc.co.uk

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BREXIT: FCA head asks for EU access for banks that conform to ‘global standards’ – OUT-LAW.com

Posted January 31st, 2017 in banking, EC law, financial regulation, news by sally

‘Access to the EU’s financial markets should be based on common recognition of global standards instead of the current “granular, technical and detailed” legislation, the head of the UK’s Financial Conduct Authority (FCA) has said.’

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OUT-LAW.com, 30th January 2017

Source: www.out-law.com

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Whistleblower wins 13-year campaign against HSBC – The Guardian

‘A lone whistleblower has won a 13-year “David and Goliath battle” against HSBC and Britain’s chief financial watchdog, resulting in a multimillion-pound compensation payout to thousands of people.’

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The Guardian, 20th January 2017

Source: www.guardian.co.uk

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New Acts – legislation.gov.uk

Posted January 17th, 2017 in banking, charities, legislation by tracey

Small Charitable Donations and Childcare Payments Act 2017

Savings (Government Contributions) Act 2017

Source: www.legislation.gov.uk

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Court of Appeal upholds English court’s jurisdiction in Portuguese derivatives case – OUT-LAW.com

Posted December 19th, 2016 in appeals, banking, international law, jurisdiction, news, treaties by sally

‘The Court of Appeal has dismissed a high profile challenge by four Portuguese state-owned transport companies to the jurisdiction of the English courts in a dispute over a commonly-used standard form derivatives agreement.’

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OUT-LAW.com, 14th December 2016

Source: www.out-law.com

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SFO asks for private hearing in unfair dismissal claim by ex-Barclays banker – The Guardian

Posted November 21st, 2016 in banking, employment, fraud, news, private hearings, unfair dismissal by sally

‘The Serious Fraud Office will on Monday ask a London employment tribunal to hear an unfair dismissal claim by a former senior banker at Barclays in private.’

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The Guardian, 20th November 2016

Source: www.guardian.co.uk

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Moving on from Bolam – the High Court applies the Montgomery v Larnarkshire test in a financial professionals – Hailsham Chambers

Posted November 9th, 2016 in banking, duty of care, financial regulation, negligence, news by sally

‘The High Court has for the first time outside a medical context declined to apply the traditional Bolam v Friern Barnet Hospital Management Committee [1957] 1 WLR 582 test for the standard of care in favour of the new test in Montgomery v Larnarkshire Health Board [2015] AC 1430. Coutts, the private bank, was found to owe a duty to take reasonable care to ensure that their clients were aware of the risks of suggested investments. This is an important development in professional negligence law and one that may have far-reaching consequences.’

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Hailsham Chambers, 3rd November 2016

Source: www.hailshamchambers.com

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FCA to investigate banks’ high-cost credit including overdrafts – The Guardian

Posted November 3rd, 2016 in banking, competition, fees, financial regulation, loans, news by tracey

‘The City regulator is to launch an investigation into loans that charge high interest rates in a move that will also wade into the controversy over fees on overdrafts. The decision by the Financial Conduct Authority (FCA) to look at overdraft charges comes after the Competitition and Markets Authority stepped back from imposing a limit on these fees after a two-year investigation into high-street banking.’

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The Guardian, 3rd November 2016

Source: www.guardian.co.uk

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Competition watchdog criticised by MPs over bank reform – The Guardian

Posted November 2nd, 2016 in banking, competition, news, reports, select committees by tracey

‘The competition watchdog has been accused of complacency and missing an opportunity to overhaul high street banking, including capping overdraft charges, despite a two-year long investigation.’

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The Guardian, 1st November 2016

Source: www.guardian.co.uk

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Decades-old legal test not suitable for assessing if investment advice met professional standards, says High Court – OUT-LAW.com

Posted September 21st, 2016 in banking, duty of care, financial advice, financial regulation, insurance, negligence, news by tracey

‘A long-standing legal test, that helps to determine whether professionals meet their duty of care to clients is not appropriate for determining whether UK investment advisers have sufficiently communicated with investors to be said to have provided suitable advice, the UK High Court has said.’

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OUT-LAW.com, 20th September 2016

Source: www.out-law.com

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Cashpoint merger subject to in-depth UK investigation – OUT-LAW.com

Posted August 31st, 2016 in banking, compensation, financial regulation, news by sally

‘The planned merger between Diebold and Wincor Nixdorf will be subject to an in-depth competition investigation, the UK’s Competition and Markets Authority (CMA) has said.’

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OUT-LAW.com, 30th August 2016

Source: www.out-law.com

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Blockchain debate is helping spur interest in how technology can support compliance, says expert – OUT-LAW.com

Posted August 23rd, 2016 in banking, computer programs, financial regulation, news by sally

‘Continued debate over the extent to which blockchain might be used within financial services is helping to spur a broader discussion over the way technology could be used to reduce regulatory compliance burdens in the sector, an expert has said.’

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OUT-LAW.com, 23rd August 2016

Source: www.out-law.com

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Proposal to fine tax avoidance enablers lacks teeth, campaigners say – The Guardian

Posted August 18th, 2016 in banking, consultations, fines, law firms, news, tax avoidance by tracey

‘Government proposals to impose heavy fines on banks, accountants and lawyers who market tax avoidance schemes will fail without more resources for HM Revenue & Customs to pursue offenders, campaigners have said.’

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The Guardian, 17th August 2016

Source: www.guardian.co.uk

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Pensioner who wrote bizarre note threatening to blow up bank convicted of blackmail – The Independent

Posted August 15th, 2016 in banking, blackmail, bomb hoaxing, news by sally

‘A pensioner who sparked a bomb scare with a handwritten note threatening to blow up a bank has been found guilty of blackmail.’

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The Independent, 12th August 2016

Source: www.independent.co.uk

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Regulator seeks reform of UK payments infrastructure – OUT-LAW.com

Posted August 9th, 2016 in banking, competition, news by sally

‘Plans to reform UK payments infrastructure have been outlined by the industry’s regulator after it found that current competition in the market is lacking and serving as a barrier to innovation.’

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OUT-LAW.com, 8th August 2016

Source: www.out-law.com

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