banking – Page 9 – Current Awareness

Home Office suspends immigration checks on UK bank accounts – The Guardian

Posted May 18th, 2018 in banking, immigration, news by tracey

‘The Home Office is to suspend controversial immigration checks on thousands of bank accounts in the wake of the Windrush scandal. The department is in the process of contacting banks and building societies to instruct them to reduce the scope of the checks, which were introduced as part of Theresa May’s plans to create a “hostile environment” for illegal immigrants.’

The Guardian, 17th May 2018

Source: www.theguardian.com

Delayed service sufficient to strike out freezing orders – OUT-LAW.com

Posted May 17th, 2018 in appeals, banking, delay, documents, freezing injunctions, news, striking out by tracey

‘The Court of Appeal has upheld a decision to strike out freezing orders granted on behalf of French bank Société Générale (SocGen), after finding that the bank had taken too long to issue the relevant claim forms.’

OUT-LAW.com, 16th May 2018

Source: www.out-law.com

Nearly, but not quite: the difficulties of resisting payment of an on-demand guarantee – Practical Law: Construction Blog

Posted May 17th, 2018 in banking, construction industry, fraud, guarantees, news by tracey

‘It is notoriously difficult to resist payment following a call on an on-demand guarantee or bond. Generally, nothing less than a seriously arguable case of fraud by the beneficiary will suffice. The stringency of this test is backed by strong policy arguments militating in favour of protecting the integrity of the banking system. However, even where a seriously arguable case of fraud is made out, the balance of convenience may weigh against injunctive relief, as demonstrated recently in Tetronics (International) Ltd v HSBC Bank plc.’

Practical Law: Construction Blog, 16th May 2018

Source: constructionblog.practicallaw.com

Bank wins ruling against ‘cybersquatter’ who demanded £100,000 for domain name – Daily Telegraph

Posted April 3rd, 2018 in banking, domain names, intellectual property, news by sally

‘A bank has won a legal battle against a China-based ‘cybersquatter’, who attempted to extort almost £100,000 from the business by buying a domain name they wanted.’

Daily Telegraph, 2nd April 2018

Source: www.telegraph.co.uk

City firms launch review into dispute resolution for companies wronged by banks after RBS scandal – Daily Telegraph

Posted March 29th, 2018 in banking, dispute resolution, financial dispute resolution, financial regulation, news, ombudsmen, small businesses by tracey

‘City firms have launched a review into dispute resolution for companies wronged by banks, in the wake of the scandal over RBS’s mistreatment of small businesses. UK Finance, the lobby group for 300 British finance companies, has commissioned an independent study to analyse how complaints and disputes can be resolved in a more time and cost effective manner.’

Daily Telegraph, 29th April 2018

Source: www.telegraph.co.uk

Accountants and lawyers ‘must report’ aggressive tax avoidance schemes – The Guardian

Posted March 14th, 2018 in accountants, banking, legal profession, news, notification, penalties, tax avoidance by sally

‘Accountants, bankers and lawyers will face penalties if they fail to report aggressive tax avoidance schemes that help companies or individuals move money to offshore havens, under a new European Union law.’

The Guardian, 13th March 2018

Source: www.theguardian.com

Borrower’s solicitor not liable for bank’s loss because it should have realised her error – Legal Futures

Posted March 1st, 2018 in appeals, banking, mistake, negligence, news, Scotland, solicitors, Supreme Court by sally

‘A bank that relied on inaccurate information supplied by its borrower’s solicitor should not have won a negligence claim against her, because it failed to carry out its own checks, the Supreme Court has ruled.’

Legal Futures, 1st March 2018

Source: www.legalfutures.co.uk

MPs publish full unredacted report into RBS small business scandal – The Guardian

Posted February 21st, 2018 in banking, financial regulation, news, Supreme Court by tracey

‘The Treasury committee has published the full unredacted report into Royal Bank of Scotland’s “disgraceful” treatment of struggling small businesses that came to it for financial assistance in the wake of the banking crisis.’

The Guardian, 20th February 2018

Source: www.theguardian.com

Barclays Bank charged by Serious Fraud Office over Qatar loan – The Independent

Posted February 12th, 2018 in banking, loans, news, prosecutions, Serious Fraud Office by tracey

‘The UK’s fraud watchdog has charged Barclays Bank over making a loan to Qatar back in 2008.’

The Independent, 12th February 2018

Source: www.independent.co.uk

MPs demand watchdog publishes report into RBS small business scandal by next week – Daily Telegraph

Posted February 8th, 2018 in banking, financial regulation, news, reports, select committees by tracey

‘MPs could publish a leaked version of the report into claims RBS mistreated small business customers whether regulators are ready or not. The Treasury Select Committee has told the Financial Conduct Authority it must publish the much-delayed report on the Global Restructuring Group (GRG) by the end of next week. If the FCA fails to do that, it must instead send a copy to the committee on that day.’

Daily Telegraph, 7th February 2018

Source: www.telegraph.co.uk

High Court says it cannot permanently stay enforcement of English law debt obligations in favour of a foreign insolvency proceeding – OUT-LAW.com

Posted February 6th, 2018 in banking, debts, enforcement, foreign jurisdictions, insolvency, news by tracey

‘The High Court has said that it could not impose a permanent moratorium against creditor action in England and Wales where the foreign restructuring of an Azerbijan bank had been recognised as a foreign main proceeding under the Cross-Border Insolvency Regulations.’

OUT-LAW.com, 5th February 2018

Source: www.out-law.com

Bank held negligent for failing to ensure promissory note was properly signed – OUT-LAW.com

Posted January 8th, 2018 in banking, documents, negligence, news, witnesses by sally

‘The bank arranger of a $650 million Islamic bond financing deal has been found negligent for failing to ensure that a promissory note, used as security, was properly signed.’

OUT-LAW.com, 8th January 2018

Source: www.out-law.com

Statutory interest paid by a company in administration must have tax deducted, says Court of Appeal – OUT-LAW.com

Posted January 8th, 2018 in appeals, banking, corporation tax, insolvency, interest, news, taxation by sally

‘Statutory interest paid by a company in administration on a surplus is ‘yearly interest’ for UK tax purposes and must therefore be paid after deduction of basic rate tax, the Court of Appeal has decided, overturning a previous decision of the High Court.’

OUT-LAW.com, 5th January 2018

Source: www.out-law.com

Haider Abdullah v Credit Suisse – Blackstone Chambers

Posted December 8th, 2017 in banking, contribution, markets, negligence, news by sally

‘The Commercial Court (Andrew Baker J) has given judgment in favour of the Claimants in their action for damages against Credit Suisse under s.138D of the Financial Services and Markets Act 2000 (FSMA).’

Blackstone Chambers, 27th November 2017

Source: www.blackstonechambers.com

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

Posted October 24th, 2017 in banking, disclosure, EC law, financial regulation, freedom of information, insurance, news, regulations by sally

‘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.’

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.’

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.’

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.’

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.’

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.’

Daily Telegraph, 13th October 2017

Source: www.telegraph.co.uk

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