Victims of one of UK’s biggest banking frauds ‘to be offered £3m compensation’ – The Guardian

Posted June 15th, 2022 in banking, compensation, fraud, news, victims by sally

‘Victims of one of Britain’s biggest banking frauds will each be offered £3m compensation packages, according to a source familiar with the proposed deal expected to be announced later this week.’

Full Story

The Guardian, 13th June 2022

Source: www.theguardian.com

London Metal Exchange sued for $456m over cancelled nickel trades – BBC News

Posted June 6th, 2022 in banking, compensation, financial regulation, news, Russia, Ukraine, war by tracey

The London Metal Exchange (LME) has been sued for $456m (£365m) by fund manager Elliott Associates following the suspension and cancellation of nickel trades earlier this year. The claim was filed in the English High Court against the trading platform and its subsidiary LME Clear.’

Full Story

BBC News, 6th June 2022

Source: www.bbc.co.uk

Legal remedies for victims of investment scams: the decision in Hamblin v World First – New Square Chambers

Posted May 23rd, 2022 in assets recovery, banking, chambers articles, Commercial Court, fraud, news by sally

‘The case of Hamblin v World First 2020 EWHC 2383 (Comm), decided by His Honour Judge Pelling QC, “the Judge”, in the London Circuit Commercial Court, is topical because it represents a claim made by the victim of a scam, Mr Hamblin, to recover his losses not directly from the fraudsters as the direct beneficiaries of the scam, but from the payment service provider, here World First, the company that received the monies from Mr Hamblin into an account set up by the fraudsters, and which, acting on instructions from those fraudsters, arranged for the onward payment of those monies. No allegation of dishonesty was made against the payment service provider nor was it suggested that the payment service provider had actual knowledge of the scam.’

Full Story

New Square Chambers, 13th May 2022

Source: www.newsquarechambers.co.uk

Case Preview: Stanford International Bank Ltd (In Liquidation) v HSBC Bank Plc – UKSC Blog

Posted April 27th, 2022 in appeals, banking, damages, debts, insolvency, liquidators, news, Supreme Court by sally

‘On 19 January 2022, the Supreme Court heard the appeal in Stanford International Bank Ltd (In Liquidation) v HSBC Bank Plc. The appeal turns on whether a company in liquidation can be considered to have suffered loss where, while it is still trading, its bank pays money out of the company’s accounts to discharge debts owed by the company. It is likely that this case will further set out the limits of the Quincecare duty, following a spate of recent high-profile cases in this area.’

Full Story

UKSC Blog, 26th April 2022

Source: ukscblog.com

The whistleblowing bankers who were sent to jail – BBC News

Posted March 1st, 2022 in banking, fraud, interest, news, whistleblowers by sally

‘Two traders jailed for rigging interest rates were the original whistleblowers of the scandal, the BBC has learned.’

Full Story

BBC News, 1st March 2022

Source: www.bbc.co.uk

Russian oligarchs in UK face new laws tackling ‘dirty money’ – The Guardian

‘Boris Johnson has said that Russian oligarchs will no longer have a hiding place for their “ill-gotten gains” in the UK under legislation being introduced in parliament this week.’

Full Story

The Guardian, 28th February 2022

Source: www.theguardian.com

Sex Worker Wins Anonymity In Landmark Case – Each Other

Posted February 4th, 2022 in anonymity, banking, employment, equality, human rights, news, privacy, prostitution by sally

‘A member of United Sex Workers (USW), the union for sex workers, has been granted anonymity in her case against SumUp, a major card-payment machines provider. This is a significant win in a landmark case challenging financial discrimination against sex workers.’

Full Story

Each Other, 4th February 2022

Source: eachother.org.uk

Treasury plans crackdown on ‘misleading’ cryptocurrency ads – The Guardian

‘The government has unveiled plans to crack down on misleading cryptocurrency ads by making them subject to the same regulations as marketing for other financial products such as shares and insurance.’

Full Story

The Guardian, 18th January 2022

Source: www.theguardian.com

Standard Chartered fined £46.5m by Bank of England for misreporting liquidity – The Independent

Posted December 20th, 2021 in banking, fines, news, ombudsmen by sally

‘The Bank of England has fined banking giant Standard Chartered £46.55 million for misreporting its liquidity position and controls failures.’

Full Story

The Independent, 20th December 2021

Source: www.independent.co.uk

National Lottery scratch card fraud: Men jailed over £4m jackpot claim – BBC News

Posted December 15th, 2021 in banking, fraud, imprisonment, news, sentencing by tracey

‘Two men who bought a National Lottery scratch card using stolen debit card details and then tried to claim the £4m jackpot they revealed have been jailed.’

Full Story

BBC News, 14th December 2021

Source: www.bbc.co.uk

Natwest fined £264m after taking deposits of laundered cash in bin bags – The Guardian

Posted December 14th, 2021 in banking, fines, money laundering, news by tracey

‘NatWest has been fined more than £264m for anti-money-laundering failures that involved black bin liners stuffed full of cash being deposited, and sums so large that one branch’s two floor-to-ceiling safes proved “inadequate” for storing it all.’

Full Story

The Guardian, 13th December 2021

Source: www.theguardian.com

Banks forced to refund fraud victims – Daily Telegraph

Posted November 19th, 2021 in banking, compensation, consumer protection, financial regulation, fraud, news by tracey

‘Banks will be forced to refund fraud victims who transfer money to scammers under Government-backed plans to make repayments compulsory.’

Full Story

Daily Telegraph, 19th November 2021

Source: www.telegraph.co.uk

Mishcon fined £25,000 over football transfer payments – Law Society’s Gazette

Posted November 1st, 2021 in banking, fines, law firms, news, Solicitors Regulation Authority, sport, third parties by tracey

‘London firm Mishcon de Reya has been fined £25,000 by the Solicitors Disciplinary Tribunal for failing to prevent payments being made into and from the client account to pay third parties involved in football transfers.’

Full Story

Law Society's Gazette, 29th October 2021

Source: www.lawgazette.co.uk

City giant to face trial over alleged conflicts of interest – Legal Futures

Posted October 25th, 2021 in banking, conflict of interest, fraud, law firms, news, professional conduct by tracey

‘City giant Hogan Lovells only achieved partial success in a bid for summary judgment over complaints that it had multiple conflicts of interest while acting for a Ukrainian tycoon.’

Full Story

Legal Futures, 25th October 2021

Source: www.legalfutures.co.uk

Banks must treat victims of scams more fairly, says UK complaints body – The Guardian

Posted September 24th, 2021 in banking, complaints, consumer protection, fraud, news, ombudsmen, statistics by sally

‘Banks need to do more to treat people fairly when they are the victim of scams, according to the UK financial sector’s official complaints body, which is finding in the customer’s favour in three-quarters of such cases.’

Full Story

The Guardian, 24th September 2021

Source: www.theguardian.com

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

‘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”).’

Full Story

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.’

Full Story

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.’

Full Story

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

‘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.’

Full Story

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

‘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.’

Full Story

OUT-LAW.com, 14th April 2021

Source: www.pinsentmasons.com