Tax scheme negligence claims fail as time limits began to run before a tribunal decision on a similar scheme, says Court – OUT-LAW.com

Posted November 13th, 2017 in charities, financial advice, HM Revenue & Customs, negligence, news, taxation, time limits by tracey

‘Negligence claims against tax advisers who had given assurances about the effectiveness of tax schemes failed because the claims were not brought within the limitation period.’

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OUT-LAW.com, 10th November 2017

Source: www.out-law.com

A technology top ten for 2017 – Technology Law Update

‘What should we expect in the technology space in 2017?

We take a look at current trends and focus on some of the legal opportunities and pitfalls that they present.’

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Technology Law Update, 6th January 2017

Source: www.technology-law-blog.co.uk

Decades-old legal test not suitable for assessing if investment advice met professional standards, says High Court – OUT-LAW.com

Posted September 21st, 2016 in banking, duty of care, financial advice, financial regulation, insurance, negligence, news by tracey

‘A long-standing legal test, that helps to determine whether professionals meet their duty of care to clients is not appropriate for determining whether UK investment advisers have sufficiently communicated with investors to be said to have provided suitable advice, the UK High Court has said.’

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OUT-LAW.com, 20th September 2016

Source: www.out-law.com

Complaint trends for 2015 – RPC Financial Services Blog

Posted January 8th, 2015 in complaints, financial advice, financial regulation, news, pensions by sally

‘The FOS yesterday published its 2015/16 budget consultation.  In short, we can expect more of the same.’

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RPC Financial Services Blog, 7th January 2015

Source: www.rpc.co.uk

RBS failed in mortgage business basics and is lucky the fine was just £14.5m – The Guardian

Posted August 29th, 2014 in banking, financial advice, financial regulation, fines, mortgages, news by tracey

‘Bank hit with its sixth penalty in four years, showing it is still far from being in proper shape to return to the private sector.’

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The Guardian, 27th August 2014

Source: www.guardian.co.uk

HMRC closing the gap on tax avoidance – RPC Commercial Disputes Blog

Posted August 8th, 2014 in complaints, financial advice, HM Revenue & Customs, news, tax avoidance by sally

‘Anyone who has invested in, promoted, or advised on any form of tax mitigation scheme may be feeling slightly nervous following the latest announcement from HMRC concerning the on-going saga of tax avoidance. And understandably so.’

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RPC Commercial Disputes Blog, 7th August 2014

Source: www.rpc.co.uk

Fiduciary Duties of Investment Intermediaries – Law Commission

Posted July 4th, 2014 in fiduciary duty, financial advice, news by tracey

‘Report responding to concerns raised in the 2012 Kay Review that uncertainty about their legal duties leads investors to focus on short-term movements in share price rather than making long-term investment decisions based on the fundamental value of a company.’

Full report

Law Commission, 1st July 2014

Source: www.justice.gov.uk/lawcommission

Get informed – New Law Journal

Posted June 11th, 2014 in divorce, financial advice, mortgages, news by sally

‘Natasha Phillips underlines the importance of mortgage capacity assessments in divorce proceedings.’

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New Law Journal, 6th June 2014

Source: www.newlawjournal.co.uk

Clark and another v In Focus Asset Management & Tax Solutions Ltd (Financial Ombudsman Service intervening) – WLR Daily

Clark and another v In Focus Asset Management & Tax Solutions Ltd (Financial Ombudsman Service intervening) [2014] EWCA Civ 118; [2014] WLR (D) 76

‘The doctrine of res judicata precluded a complainant who had accepted an award made by the Financial Ombudsman Service from starting legal proceedings to pursue complaints which had already been submitted to the ombudsman service and which the ombudsman had decided. Further, section 228(5) of the Financial Services and Markets Act 2000 did not exclude the operation of res judicata.’

WLR Daily, 14th February 2014

Source: www.iclr.co.uk

Customers lose right to sue after taking ombudsman compensation – Daily Telefgraph

Posted February 17th, 2014 in compensation, financial advice, news, ombudsmen by sally

‘Financial services customers who have accepted compensation from the ombudsman can no longer sue for further redress in court following a landmark Court of Appeal ruling.’

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Daily Telegraph, 14th February 2014

Source: www.telegraph.co.uk

Litigation privilege did not apply to correspondence before litigation was “reasonably anticipated”, judge says – OUT-LAW.com

Posted January 24th, 2014 in burden of proof, financial advice, news, privilege by sally

‘A brewing company was unable to prevent correspondence between itself and its bank and accountants from being disclosed during a dispute connected with the sale of its eastern European business, a High Court judge has ruled.

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OUT-LAW.com, 23rd January 2014

Source: www.out-law.com

Strengthening the legal duties on financial professionals to act in the best interests of savers – Law Commission

Posted October 29th, 2013 in consultations, fiduciary duty, financial advice, Law Commission, news, pensions, trusts by sally

“Today [22 October] the Law Commission publishes a consultation paper reviewing how ‘fiduciary duties’ apply to investment intermediaries. The paper traces a chain of intermediaries from an individual, saving for a pension, to the registered shareholder of a UK company. It looks at the obligations of those in the chain to act in the interests of savers.”

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Law Commission, 22nd October 2013

Source: www.lawcommission.justice.gov.uk

Debt adviser jailed for preying on ‘vulnerable’ customers – BBC News

“A self styled debt adviser has been jailed for bullying customers into remortgaging their homes and then pocketing the money for himself.”

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BBC News, 21st August 2013

Source: www.bbc.co.uk

Banks win mis-selling case at appeal court – Law Society’s Gazette

Posted August 5th, 2013 in appeals, banking, consumer protection, financial advice, interest, news by sally

“The Court of Appeal has dealt a blow to businesses bringing claims against banks for allegedly mis-selling interest rate swaps products by dismissing a claim against the Royal Bank of Scotland.”

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Law Society’s Gazette, 5th August 2013

Source: www.lawgazette.co.uk

Clack: SAAMCO in practice – Hardwicke Chambers

Posted June 26th, 2013 in financial advice, negligence, news, professional conduct, solicitors by sally

“In Nigel Clack v Wrigleys Solicitors LLP [2013] EWHC 413 (Ch), Mr Nicholas Strauss QC (sitting as a Deputy Judge of the High Court) found for the Claimant client against his former Solicitors.”

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Hardwicke Chambers, 24th June 2013

Source: www.hardwicke.co.uk

Emptage v Financial Services Compensation Scheme Ltd – WLR Daily

Emptage v Financial Services Compensation Scheme Ltd: [2013] EWCA Civ 729; [2013] WLR (D) 242

“Where a broker had negligently advised a client to take out an interest-only mortgage and make an investment in foreign property in the expectation that the investment would pay off the entirety of the mortgage, the Financial Services Compensation Scheme Ltd was required to take into account both elements of the advice when assessing the client’s compensation for the broker’s breach of duty as a mortgage adviser under the scheme’s rules.”

WLR Daily, 18th June 2013

Source: www.iclr.co.uk

Legal Ombudsman chairman calls for major expansion in jurisdiction – Legal Futures

“All consumers of legal services – using a broad definition that includes ‘linked professional services and advice that has a legal dimension’ – should have access to the Legal Ombudsman (LeO), its chairman said today.”

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Legal Futures, 13th June 2013

Source: www.legalfutures.co.uk

Genil 48 SL and another v Bankinter SA and another – WLR Daily

Posted June 6th, 2013 in banking, EC law, financial advice, law reports by sally

Genil 48 SL and another v Bankinter SA and another (Case C-604/11); [2013] WLR (D) 213

“An investment service was offered as part of a financial product within the meaning of article 19(9) of Parliament and Council Directive 2004/39/EC of 21 April 2004 on markets in financial instruments only when it formed an integral part thereof at the time when that financial product was offered to the client.”

WLR Daily, 30th May 2013

Source: www.iclr.co.uk

Pitt and another v Holt and another; Futter and another v Futter and others – WLR Daily

Posted May 14th, 2013 in financial advice, law reports, mistake, Supreme Court, taxation, trusts by sally

Pitt and another v Holt and another; Futter and another v Futter and others [2013] UKSC 26; [2013] WLR (D) 172

“The court’s jurisdiction to intervene in a decision made by trustees who were acting within their power arose only if they could be shown to have acted in breach of duty. Trustees who wished to exercise a discretion which was within their powers and sought and acted on the advice of apparently competent professional advisers not in breach of duty merely because the professional advice turned out to be incorrect.”

WLR Daily, May 2013

Source: www.iclr.co.uk

Supreme Court ruling on trustee mistakes “likely to create uncertainty”, says expert – OUT-LAW.com

“A Supreme Court ruling on the circumstances in which courts can set aside decisions made wrongly by trustees is ‘likely to create uncertainty’ due to the subjective nature of the test, an expert has said.”

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OUT-LAW.com, 10th May 2013

Source: www.out-law.com