Category: financial advice
FCA crackdown on dodgy pensions advice after thousands of people hit by scandal – The Independent
‘The City watchdog has announced measures to deal with an “erupting pensions mis-selling scandal”, but MPs say the plans do not go far enough to protect people’s savings.’
The Independent, 26th March 2018
Source: www.independent.co.uk
MPs call for urgent ban on pensions cold calling – OUT-LAW.com
‘The House of Commons Work & Pensions committee has urged the government to accelerate plans to ban pensions cold calling and provide better guidance to pensioners on their options.’
OUT-LAW.com, 12th December 2017
Source: www.out-law.com
When tax advice strays from planning to avoidance and evasion – Hardwicke Chambers
‘With the tax affairs of so many VIPs once more in the headlines, Andrew Reid and James Hall consider what claims can be brought against the original advisers and what might be done to avoid that happening.’
Hardwicke Chambers, 10th November 2017
Source: www.hardwicke.co.uk
Tax scheme negligence claims fail as time limits began to run before a tribunal decision on a similar scheme, says Court – OUT-LAW.com
‘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.’
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.’
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
‘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.’
OUT-LAW.com, 20th September 2016
Source: www.out-law.com
Complaint trends for 2015 – RPC Financial Services Blog
‘The FOS yesterday published its 2015/16 budget consultation. In short, we can expect more of the same.’
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
‘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.’
The Guardian, 27th August 2014
Source: www.guardian.co.uk
HMRC closing the gap on tax avoidance – RPC Commercial Disputes Blog
‘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.’
RPC Commercial Disputes Blog, 7th August 2014
Source: www.rpc.co.uk
Fiduciary Duties of Investment Intermediaries – Law Commission
‘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.’
Law Commission, 1st July 2014
Source: www.justice.gov.uk/lawcommission
Get informed – New Law Journal
‘Natasha Phillips underlines the importance of mortgage capacity assessments in divorce proceedings.’
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
‘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
‘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.’
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
‘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.
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
“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.”
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.”
BBC News, 21st August 2013
Source: www.bbc.co.uk
Banks win mis-selling case at appeal court – Law Society’s Gazette
“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.”
Law Society’s Gazette, 5th August 2013
Source: www.lawgazette.co.uk
Clack: SAAMCO in practice – Hardwicke Chambers
“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.”
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
