‘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
‘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
“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
“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
“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
“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: [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
“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.”
Legal Futures, 13th June 2013
Source: www.legalfutures.co.uk
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
“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
“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.”
OUT-LAW.com, 10th May 2013
Source: www.out-law.com
“Financial advisers cannot be said to be ‘independent’ if they offer retail investment advice to clients based solely on their assessment of ‘passive investments’, the Financial Services Authority (FSA) has said.”
OUT-LAW.com, 13th February 2013
Source: www.out-law.com
“Four banks will now compensate tens of thousands of small businesses who were mis-sold complex insurance deals, says the Financial Services Authority.”
BBC News, 31st January 2013
Source: www.bbc.co.uk
“Legal advice privilege would not be extended to communications in connection with advice given by professional people other than members of the legal profession, even where that advice was legal advice which the professional person was qualified to give.”
WLR Daily, 23rd January 2013
Source: www.iclr.co.uk
“The Supreme Court has ruled that legal advice privilege should only apply to advice given by a member of the legal profession; that this is what the common law has always meant, and that any wider interpretation would lead to uncertainty. Two strong dissents do not find any principled underpinning for the restriction of the privilege to advice from solicitors or barristers.”
UK Human Rights Blog, 24th January 2013
Source: www.ukhumanrightsblog.com
Supreme Court, 23rd January 2013
“The Supreme Court has refused to extend legal privilege to accountants offering tax advice.”
The Lawyer, 23rd January 2013
Source: www.thelawyer.com
“An important function for regulators of the professions is to ensure that the ‘wrong’ people do not tarnish the reputation and standing of their peers. In this paper, I shall discuss some recent examples of professional misconduct, and identify some common threads between different regulatory regimes”
Full story (PDF)
11 KBW, 31st October 2012
Source: www.11kbw.com
“A woman who lost everything after investing in the Spanish property market has won a landmark legal ruling that could now benefit many others given bad financial advice.”
Daily Telegraph, 11th October 2012
Source: www.telegraph.co.uk
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