“Major banks could become embroiled in another mis-selling scandal after shares in CPP, the embattled credit card insurer, were suspended on the London Stock Exchange after a Financial Services Authority investigation.”
The Guardian, 20th February 2012
Source: www.guardian.co.uk
“Santander has been fined £1.5m by the City regulator for failing to inform customers that stock market-linked bonds they were buying were not covered by the Financial Services Compensation Scheme (FSCS) if the bank went bust.”
The Guardian, 20th February 2012
Source: www.guardian.co.uk
“The UK’s ‘big four’ lending banks could face a referral to the Competition Commission (CC) and potential break-up if they do not change their approach to consumer banking, the head of regulator the Office of Fair Trading (OFT) has warned.”
OUT-LAW.com, 20th February 2012
Source: www.out-law.com
“The High Court today ruled that Kazakh billionaire Mukhtar Ablyazov has been in contempt of court orders because he failed to disclose the full extent of his assets.”
The Lawyer, 16th February 2012
Source: www.thelawyer.com
“One of the most senior figures in the banking industry, Ravi Sinha, who once fronted a bid for Northern Rock, has been banned from working in the City and fined £2.9m by the Financial Services Authority after dishonestly obtaining millions of pounds to cover his debts.”
The Guardian, 31st January 2012
Source: www.guardian.co.uk
“More than 100 former employees of Dresdner Bank, based in London, will go to court this week to demand the payment of €50m (£41.5m) in bonuses they claim they have been owed since soon after the 2008 banking crash.”
Full story
The Guardian, 22nd January 2012
Source: www.guardian.co.uk
“New laws splitting banks’ customer facing activities from their commercial and investment activities will go through ‘in the lifetime of this Parliament’, the Chancellor of the Exchequer has announced.”
OUT-LAW.com, 19th December 2011
Source: www.out-law.com
“The UK’s financial regulator will be highly critical of its own role in its report into the circumstances surrounding the collapse of the Royal Bank of Scotland, the BBC has learned.”
BBC News, 11th December 2011
Source: www.bbc.co.uk
Protesters occupying an empty office complex owned by a bank are set to take their fight to remain to the Court of Appeal. A High Court judge today refused to overturn a ‘possession order’ granted to investment bank UBS, which owns the complex in the City of London.”
The Independent, 7th December 2011
Source: www.independent.co.uk
“One of Europe’s largest banks, Société Générale, has begun defamation proceedings against Associated Newspapers over a Mail on Sunday article which falsely claimed the bank was in a ‘perilous’ state and on the ‘brink of disaster’.”
The Guardian, 23rd November 2011
Source: www.guardian.co.uk
“High street banks are guilty of sex discrimination, refusing pregnant women mortgages and charging higher interest rates on business loans to female entrepreneurs, research has found.”
Daily Telegraph, 10th November 2011
Source: www.telegraph.co.uk
Northern Rock Applicants v Caldwell and another [2011] UKUT 408 (TCC); [2011] WLR (D) 289
“The statutory assumption in section 5(4)(a) of the Banking (Special Provisions) Act 2008 that all financial assistance provided by the Bank of England or the Treasury ‘has been withdrawn’ required the independent valuer to assume that the assistance had been terminated and repaid, following realisations of assets made just before the date of nationalisation.”
WLR Daily, 6th October 2011
Source: www.iclr.co.uk
“The Financial Services Authority and its Swiss counterpart have ordered a ‘comprehensive, independent investigation’ into the events surrounding trading losses at the bank’s London operations.”
Daily Telegraph, 17th September 2011
Source: www.telegraph.co.uk
“HSBC bank has written off a customer’s overdraft after a judge decided it had unlawfully imprisoned her and harassed her with hundreds of phone calls.”
BBC News, 6th July 2011
Source: www.bbc.co.uk
“The City of London is showing brazen disregard for rules to stop money laundering and is welcoming with open arms some of the world’s most unsavoury political leaders and their cronies, according to a damning report by the Financial Services Authority.”
The Guardian, 22nd June 2011
Source: www.guardian.co.uk
“Barclays pledged today to compensate on a no-quibbles basis tens of thousands of its customers who were mis-sold payment protection insurance (PPI). The group is the first bank to make such a move as it confirmed it was contacting customers who made a complaint before April 20 to settle claims in full as a ‘gesture of goodwill’.”
The Independent, 13th June 2011
Source: www.independent.co.uk
“The Sun has applied to partially lift the gagging order obtained by former Royal Bank of Scotland chief executive, Sir Fred Goodwin, arguing that ‘sunlight should be shed’ on the crisis that left the bank majority-owned by UK taxpayers.”
The Guardian, 1st June 2011
Source: www.guardian.co.uk
“A Lib Dem peer has used Parliamentary rules to reveal more details of the injunction relating to former bank boss Sir Fred Goodwin.”
BBC News, 19th May 2011
Source: www.bbc.co.uk
“The Financial Services Authority was not contrained by the existence of statutory powers in section 404 of the Financial Services and Markets Act 2000 from using other powers to deal with what it perceived as the widespread mis-selling of payment protection insurance (PPI) policies by banks. Neither the language of section 404 itself nor its role as part of the overall regulatory framework could warrant the implication in it of a restriction on all other powers merely because the circumstances warranting the operation of a section 404 scheme were satisfied.”
WLR Daily, 20th April 2011
Source: www.iclr.co.uk
Please note that once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
“UK banks have lost a judicial review that could have a major impact on whether more compensation has to be paid on mis-sold loan insurance..”
BBC News, 20th April 2011
Source: www.bbc.co.uk
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