Suspicious transaction reports to FCA soar to record high – OUT-LAW.com

‘The number of reports notifying the UK’s Financial Conduct Authority (FCA) of suspicious transactions have risen to their highest ever level, more than doubling in the last two years.’

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OUT-LAW.com, 23rd October 2017

Source: www.out-law.com

FCA fines Merrill Lynch £34.5m for reporting failure – OUT-LAW.com

Posted October 24th, 2017 in banking, financial regulation, fines, news by sally

‘The UK’s Financial Conduct Authority (FCA) has fined Merrill Lynch International £34.5 million for failing to report 68.5 million exchange traded derivative (ETD) transactions over a two-year period.’

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OUT-LAW.com, 23rd October 2017

Source: www.out-law.com

Chudley v Clydesdale: identifying the body – Hardwicke Chambers

Posted October 23rd, 2017 in banking, contracts, fraud, news, third parties by sally

‘A recent Commercial Court case, Chudley v Clydesdale Bank plc has provided a rare comment on the application of the Contract (Rights of Third Parties) Act 1999 (the 1999 Act) and, in particular, on how you decide whether the contract adequately identifies the third party so as to allow them to enforce the contract.’

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Hardwicke Chambers, 20th October 2017

Source: www.hardwicke.co.uk

Court of Appeal clarifies contractual rights for issuers of bearer notes – OUT-LAW.com

Posted October 17th, 2017 in appeals, banking, contracts, news by tracey

‘The Court of Appeal (CoA) has issued a landmark judgment which clarifies the rights and obligations for issuers of bearer notes and investors in them.’

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OUT-LAW.com, 16th October 2017

Source: www.out-law.com

Lloyds shareholders’ court case over HBOS takeover set to begin – The Guardian

Posted October 16th, 2017 in banking, class actions, news, shareholders, takeovers by sally

‘A £600m case is due to begin in the high court this week which is expected to lead to five former directors of Lloyds Banking Group being asked to explain the circumstances that led to the rescue of HBOS during the height of the financial crisis.’

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The Guardian, 15th October 2017

Source: www.theguardian.com

MPs threaten to use parliamentary powers to force disclosure of critical RBS report – Daily Telegraph

Posted October 13th, 2017 in banking, news, reports, select committees by tracey

‘Treasury committee chair Nicky Morgan has threatened to use parliamentary powers to force the disclosure of a report into the conduct of RBS’s controversial business restructuring arm.’

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Daily Telegraph, 13th October 2017

Source: www.telegraph.co.uk

Bank fined £75,000 over unsolicited marketing – OUT-LAW.com

Posted October 12th, 2017 in advertising, banking, consent, fines, news by sally

‘A UK bank has been fined £75,000 by the information commissioner after failing to ensure that recipients of millions of its marketing messages had consented to receiving those communications.’

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OUT-LAW.com, 12th October 2017

Source: www.out-law.com

FCA refuses to publish leaked RBS report into disgraced unit that squeezed small businesses – The Independent

Posted September 15th, 2017 in banking, disclosure, financial regulation, news, reports by tracey

‘Britain’s financial watchdog has refused to publish a leaked report into the scandal at Royal Bank of Scotland’s controversial restructuring unit, despite demands for its release by an influential committee of MPs.’

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The Independent, 15th September 2017

Source: www.independent.co.uk

Briton accused of cyber attacks extradited from Germany – BBC News

Posted August 31st, 2017 in banking, computer crime, extradition, news by tracey

‘A man accused of launching cyber attacks against two of the UK’s largest banks has been extradited from Germany, the National Crime Agency (NCA) said.’

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BBC News, 30th August 2017

Source: www.bbc.co.uk

Simon Anderson discusses the case of Various Claimants v Barclays Bank PLC [2017] EWHC 1929 (QB) – Park Square Barristers

Posted August 22nd, 2017 in banking, contracting out, doctors, employment, news, sexual offences by sally

‘Can an employer be vicariously liable for sexual assaults perpetrated by an independent physician engaged to conduct health screening of employees? Yes, according to The Hon Mrs Justice Davies in Various Claimants v Barclays Bank PLC [2017] EWHC 1929 (QB) in a judgment handed down on 26th July 2017. Simon Anderson considers its reasoning, and its wider implications for employers.’

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Park Square Barristers, 8th August 2017

Source: www.parksquarebarristers.co.uk

High Court Decision as to Scope of Vicarious Liability – Henderson Chambers

‘In Various Claimants v Barclays Bank PLC [2017] EWHC 1929 (QB), the High Court (The Hon Mrs Justice Davies DBE) held that Barclays Bank was vicariously liable in respect of alleged sexual assaults perpetrated by a Doctor, not employed by Barclays, who conducted medical assessments and examinations on prospective employees of the Bank.’

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Henderson Chambers, 10th August 2017

Source: www.hendersonchambers.co.uk

The ever-widening scope of vicarious liability – Cloisters

‘Adam Ohringer considers the recent judgment of Various Claimants v Barclays Bank plc [2017] EWHC 1929 (QB) and its implications on vicarious liability.’

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Cloisters, 10th August 2017

Source: www.cloisters.com

Regulations broaden financial sanctions reporting obligation – OUT-LAW.com

‘New UK regulations have been published that significantly extend the duty to report financial sanctions breaches. Previously only banks, financial institutions, certain EEA credit institutions, and currency exchange businesses were obliged to report, but the duty now applies to a far broader range of professions and sectors.’

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OUT-LAW.com, 14th August 2017

Source: www.out-law.com

Collection of fees in receivables finance agreement must not be “arbitrary, capricious or irrational” says High Court – OUT-LAW.com

Posted August 2nd, 2017 in banking, Cayman Islands, fees, fiduciary duty, indemnities, news, receivers by tracey

‘The High Court has found that a lender must be rational when exercising its contractual discretion to charge collection fees under a receivables finance agreement. The agreement allowed for fees of up to 15%, however, the maximum chargeable for the lender to remain compliant with its duty was found, in this case, to be 4%.’

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OUT-LAW.com, 1st august 2017

Source: www.out-law.com

FCA to extend regulatory regime to 47,000 firms – The Guardian

Posted July 27th, 2017 in banking, consultations, consumer credit, news by tracey

‘A regulatory regime intended to crack down on the behaviour of bank bosses is to be extended to 47,000 firms including dentists, gyms and tool hire companies that offer credit to customers.’

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The Guardian, 27th July 2017

Source: www.theguardian.com

‘The Ombudsman ordered Lloyds to repay us £47,500 – and then changed its mind’ – Daily Telegraph

Posted July 27th, 2017 in banking, compensation, conveyancing, fraud, news, ombudsmen by tracey

‘A couple who were told by the Financial Ombudsman they would be repaid more than £47,000 stolen in a conveyancing scam have now been told, more than a year later, that they will not be getting their money back.’

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Daily Telegraph, 27th July 2017

Source: www.telegraph.co.uk

Clearer rules needed in the UK to support customer authentication by video, says expert – OUT-LAW.com

‘New rules are needed in the UK to make it clearer that it is acceptable for banks to verify the identity of new customers using video technology.’

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OUT-LAW.com, 4th July 2017

Source: www.out-law.com

UK hacker exploits online bank loophole to steal £100,000 – BBC News

Posted June 22nd, 2017 in banking, computer crime, fraud, news, sentencing by tracey

‘A UK hacker has been jailed for stealing almost £100,000 from a bank by exploiting a bug in the bank’s online banking system.’

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BBC News, 21st June 2017

Source: www.bbc.co.uk

SFO granted a reprieve from plans to scrap it a day after Barclays charges – Daily Telegraph

Posted June 22nd, 2017 in banking, fraud, news, prosecutions, Serious Fraud Office by tracey

‘The Serious Fraud Office appears to have been granted a reprieve from plans to abolish it in a U-turn that came just a day after the organisation targeted Barclays with the first criminal charges ever brought against a bank over the financial crisis. Controversial proposals in the Conservative manifesto to fold the SFO into the National Crime Agency were quietly dropped from the Queen’s Speech on Wednesday.’

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Daily Telegraph, 21st June 2017

Source: www.telegraph.co.uk

Judge hits out at border controls after alleged mastermind of Britain’s biggest ever banking fraud flees despite no passport – Daily Telegraph

‘A judge has hit out at UK border controls after a tycoon suspected of masterminding Britain’s biggest ever banking fraud was able to flee to Pakistan despite having no passport and whilst wearing an electronic tag.’

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Daily Telegraph, 8th June 2017

Source: www.telegraph.co.uk