banking – Current Awareness

E-money and online payment institutions: when it all goes wrong – Radcliffe Chambers

Posted July 28th, 2021 in administrators, banking, chambers articles, computer programs, financial regulation, insolvency, news by sally

‘The 2007-2008 financial crisis and the devastating reminder that banks were not immune from failure, brought about a raft of regulatory changes designed to protect customers and the wider economy. These included, if all else failed, bespoke administration procedures for banks, building societies and investment banks contained within the Banking Act 2009 (“BA 2009”).’

Radcliffe Chambers, 22nd July 2021

Source: radcliffechambers.com

‘Time to buy’ bitcoin adverts banned in UK for being irresponsible – The Guardian

Posted May 26th, 2021 in advertising, banking, complaints, cryptocurrencies, news, ombudsmen by sally

‘An ad campaign telling the public that “it’s time to buy” bitcoin has been banned after the advertising watchdog ruled that it was irresponsible and misleading.’

The Guardian, 26th May 2021

Source: www.theguardian.com

Appeal dismissed despite ‘inexcusable’ 34-month wait for ruling – Law Society’s Gazette

Posted May 21st, 2021 in appeals, banking, delay, loans, news, retrials by tracey

‘The Court of Appeal has dismissed an appeal made on the basis that the ruling in question was handed down 34 months after the conclusion of the trial.’

Law Society's Gazette, 21st May 2021

Source: www.lawgazette.co.uk

Freshfields report into bank rape allegations not covered by privilege – Law Society’s Gazette

Posted April 21st, 2021 in banking, constructive dismissal, disclosure, employment, employment tribunals, law firms, legal services, news, privilege, rape, sexual offences, solicitors, Solicitors Regulation Authority by tracey

‘A report prepared by magic circle firm Freshfields into the alleged rape of a bank employee was not covered by legal privilege, according to an employment tribunal ruling that has now been made public.’

Law Society's Gazette, 21st April 2021

Source: www.lawgazette.co.uk

The challenges with data and AI in UK financial services – OUT-LAW.com

Posted April 15th, 2021 in artificial intelligence, banking, data protection, financial regulation, news, standards by sally

‘Financial services businesses should review the way they procure, manage and use data, and consider whether specific new processes need to be developed, to implement artificial intelligence (AI) systems in a way that customers trust, is effective and meets legal and regulatory standards.’

OUT-LAW.com, 14th April 2021

Source: www.pinsentmasons.com

FCA launches proceedings against NatWest over alleged money laundering – The Guardian

Posted March 16th, 2021 in banking, financial regulation, money laundering, news, prosecutions by tracey

‘The City watchdog has begun criminal proceedings against the taxpayer-owned lender NatWest for allegedly failing to prevent money laundering, the first prosecution brought under money laundering regulations introduced in 2007.’

The Guardian, 16th March 2021

Source: www.theguardian.com

High Court: restructuring plans are ‘insolvency proceedings’ – OUT-LAW.com

Posted March 15th, 2021 in banking, brexit, company law, EC law, insolvency, jurisdiction, news by tracey

‘A recent High Court decision on the legal status of a UK statutory restructuring plan may impact on the way in which these proceedings are viewed by European courts post-Brexit.’

OUT-LAW.com, 12th March 2021

Source: www.pinsentmasons.com

Money for Nothing? Crypto-assets and their Implications in Matrimonial and Private Client Work – Family Law Week

Posted March 5th, 2021 in banking, cryptocurrencies, divorce, families, financial dispute resolution, financial regulation, news, taxation by tracey

‘Helen Brander, barrister of Pump Court Chambers, considers the current treatment by the courts and taxation authorities of crypto-assets.’

Family Law week, 3rd March 2021

Source: www.familylawweek.co.uk

Women earn two-thirds less than men in top finance roles – report – The Guardian

Posted March 1st, 2021 in banking, equality, news, remuneration, sex discrimination, statistics, women by tracey

‘Female directors at the UK’s largest financial services firms earn on average two-thirds less than their male counterparts, new research shows, underlining the pay gap that still exists between men and women at the highest levels in the financial sector.’

The Guardian, 1st March 2021

Source: www.theguardian.com

High Court strikes out bid by councils to rescind loans from Barclays following ‘LIBOR’ rigging affair – Local Government Lawyer

Posted February 24th, 2021 in banking, damages, fraud, loans, local government, misrepresentation, news, striking out by sally

‘A High Court judge has struck out claims brought by seven councils and the Greater Manchester Combined Authority for rescission of certain loans with Barclays which they said were affected by the LIBOR rigging affair of 2012.’

Local Government Lawyer, 23rd February 2021

Source: www.localgovernmentlawyer.co.uk

Drawing the boundaries of the Quincecare duty in cases of fraud (Philipp v Barclays Bank plc) – Forum Chambers

Posted February 11th, 2021 in banking, chambers articles, duty of care, fraud, news by sally

‘Dispute Resolution analysis: Barclays Bank plc successfully applied for summary judgment against Mrs Philipp (the claimant) in respect of her claim that Barclays breached its so-called Quincecare duty in failing to prevent the fraudulent dissipation of £700,000 following an authorised push payment fraud, ie a fraud where the victim is induced by the fraudster to authorise a payment instruction to transfer funds to the fraudster. The High Court determined that the claimant’s claim had no real prospects of success since the claim was dependent upon an impermissible and unprincipled extension of the Quincecare duty to situations where a bank acts on a customer’s authorised payment instructions. The duty was held to be confined to situations where an agent of the customer sought to misappropriate funds as had been the case in previously decided cases such as Singularis Holdings Ltd (In Official Liquidation.’

Forum Chambers, 2nd February 2021

Source: www.forumchambers.com

Unsealed claim forms not good service, High Court rules – Law Society’s Gazette

Posted December 18th, 2020 in banking, claims management, competition, documents, news, service, time limits by sally

‘A High Court judge has penalised litigants who served an unsealed amended claim form within the approved deadline, stating that this ultimately did not constitute good service.’

Law Society's Gazette, 17th December 2020

Source: www.lawgazette.co.uk

City watchdog failed to regulate firm that lost investors’ £236m – The Guardian

Posted December 18th, 2020 in banking, financial regulation, financial services ombudsman, inquiries, news by sally

‘The UK’s financial watchdog failed to properly supervise and regulate London Capital & Finance, a mini-bond provider, before the firm collapsed and wiped out the savings of thousands of people, an independent inquiry has concluded.’

The Guardian, 17th December 2020

Source: www.theguardian.com

Collective Actions in the Supreme Court – Competition Bulletin from Blackstone Chambers

Posted December 14th, 2020 in appeals, banking, chambers articles, class actions, compensation, competition, consumer protection, damages, financial regulation, financial services ombudsman, news, Supreme Court by tracey

‘The big news from today’s UK Supreme Court collective action decision in Mastercard v Merricks [2020] UKSC 51 is not only that Mr Merricks won and defeated the appeal, but that the Supreme Court approached the issues in a far more claimant-friendly way than even the Court of Appeal had done.’

Competition Bulletin from Blackstone Chambers, 11th December 2020

Source: competitionbulletin.com

Mastercard judgment ‘lowers bar’ for collective action – Law Society’s Gazette

Posted December 14th, 2020 in appeals, banking, class actions, compensation, competition, consumer protection, damages, financial regulation, financial services ombudsman, news, Supreme Court by tracey

‘The Supreme Court’s ruling against Mastercard will make it easier for group damages claims to proceed to trial, commentators have said. However, the card issuer’s solicitors have stressed the “very unusual circumstances” of the judgment, in which justices were divided on key issues.’

Law Society's Gazette, 11th December 2020

Source: www.lawgazette.co.uk

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

Posted December 2nd, 2020 in banking, children, Court of Protection, families, fees, learning difficulties, press releases by tracey

‘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

Posted October 30th, 2020 in banking, chambers articles, financial regulation, financial services ombudsman, interest, news, rates by sally

‘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?’

Henderson Chambers, 7th October 2020

Source: www.hendersonchambers.co.uk

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

Posted October 6th, 2020 in appeals, banking, coronavirus, elections, foreign jurisdictions, international relations, ministers' powers and duties, news by tracey

‘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.’

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.’

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.’

The Guardian, 17th June 2020

Source: www.theguardian.com

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