‘The Financial Conduct Authority (FCA) has won its appeal against the stay in the high-cost fraud trial known as Operation Cotton, with the Court of Appeal (CoA) ruling that proceedings should resume.’
The Lawyer, 21st May 2014
Source: www.thelawyer.com
Greenclose Ltd v National Westminster Bank plc: [2014] EWHC 1156 (Ch); [2014] WLR (D) 173
‘The terms of section 12(a) of the International Swaps and Derivatives Association (“ISDA”) Master Agreement (Multi Currency-Cross Border Form) (1992 ed) were mandatory and any notice purportedly served pursuant to those provisions had to have been given by the means therein prescribed, and by reference to and in accordance with the contact information provided in part 4 of the schedule to the agreement, subject to any amendment properly notified pursuant to section 12(b). If the schedule did not provide certain information necessary for service by a prescribed method, the contract was to be construed as limiting the prescribed methods to those expressly permitted by the schedule unless and until the missing information was notified under section 12(b) or the contract was formally amended.’
WLR Daily, 14th April 2014
Source: www.iclr.co.uk
‘Annex I, point 14, of Parliament and Council Directive 2005/29/EC meant that a pyramid promotional scheme constituted an unfair commercial practice only where such a scheme required the consumer to give financial consideration, regardless of its amount, for the opportunity to receive compensation that was derived primarily from the introduction of other consumers into the scheme rather than from the sale or consumption of products.’
WLR Daily, 3rd April 2014
Source: www.iclr.co.uk
‘Credit card providers will come under the spotlight of the City regulator, amid concerns that vulnerable customers are being offered “payday loans with plastic” and paying high interest rates which subsidise wealthier borrowers.’
The Guardian, 3rd April 2014
Source: www.guardian.co.uk
‘As many will be aware, the recent RBS swaps cases have thrown up interesting issues, including the proper characterization of legal duties owed by banks and other regulated firms, standard form limitation/exclusion terms, and Limitation Act problems. These issues are further complicated by the LIBOR manipulation points raised in Graisely Properties v Barclays.’
No. 5 Chambers, 24th February 2014
Source: www.no5.com
‘Innocent car buyers can lose their vehicles under ‘bills of sale’ rules dating back to the Victorian era.’
The Guardian, 16th February 2014
Source: www.guardian.co.uk
‘Just when the bankers and financiers of the world thought it was safe to begin trading again in the shark infested waters of high finance after showing their contrition with the payment of multi-billion dollar fines to various regulators worldwide following the debacle of the Libor Scandal, a further scandal is looming which has the potential to dwarf Libor and lead to further collateral investigations into other asset classes across the board – welcome to the year of the Forex!’
Six Pump Court, 12th February 2014
Source: www.6pumpcourt.co.uk
‘There has recently been a subtle movement away from the traditional approach deployed by the State to tackle economic crime and its consequences. Whilst the criminal justice system is wheeled out and deployed in the more serious or headline capturing cases, there appears to have been a concerted attempt by the government to impose economic penalties and fines upon individuals and companies involved in financial misfeasance through the civil or regulatory route and thus sidestepping the more traditional criminal one.’
Full story (Word)
Six Pump Court, 29th January 2014
Source: www.6pumpcourt.co.uk
United Kingdom v European Parliament and another (Case C-270/12); [2014] WLR (D) 17
‘The powers available to ESMA under article 28 of Parliament and Council Regulation (EU) No 236/2012 of 14 March 2012 on short selling and certain aspects of credit default swaps (OJ 2012 L86, p 1) were precisely delineated and amenable to judicial review in the light of the objectives established by the delegating authority. Accordingly, those powers did not imply that ESMA was vested with a “very large measure of discretion” that was incompatible with the FEU Treaty.’
WLR Daily, 22nd January 2014
Source: www.iclr.co.uk
‘An 88% rise in the number of workers in the financial services sector ‘blowing the whistle’ on white collar crime could lead to an increase in prosecutions in 2014, an expert has said.’
OUT-LAW.com, 20th January 2014
Source: www.out-law.com
‘A firm has been fined £25,000 by the Financial Conduct Authority (FCA) for the misconduct of two of its sales staff acting as its ‘appointed representatives’ (ARs). Amongst other cases of misconduct, the ARs were found to have used “high-pressure sales tactics and misleading information” to push vulnerable customers into buying insurance policies.’
OUT-LAW.com, 8th January 2014
Source: www.out-law.com
‘Reforms to the UK banking sector aimed at making it more resilient after the 2008 financial crisis have become law. The Financial Services Bill was given Royal Assent on Wednesday after being approved by Parliament earlier.’
BBC News, 19th December 2013
Source: www.bbc.co.uk
‘The Government will introduce legislation to cap the cost of payday loans to borrowers, the Chancellor of the Exchequer has announced.’
OUT-LAW.com, 27th November 2013
Source: www.out-law.com
‘Stricter rules on what costs of trade-related services can be passed on to clients of investment managers in the form of commission payments have been proposed by the Financial Conduct Authority (FCA).’
OUT-LAW.com, 27th November 2013
Source: www.out-law.com
‘The government has been defeated in the House of Lords over its plans for reforming the banking system. A Labour amendment to the Financial Services Bill, which would introduce a licensing system for senior bankers, was passed by five votes.’
BBC News, 26th November 2013
Source: www.bbc.co.uk
‘The Claims Management Regulator proposes to make changes to the Conduct of Authorised Persons Rules that authorised claims management companies need to follow when submitting claims on behalf of consumers. The changes aim to address issues identifed by stakeholders that have reported poor behaviour such as claims management companies making speculative claims, failing to substantiate claims and not undertaking robust pre-complaint checks.’
Ministry of Justice, 21st November 2013
Source: www.gov.uk/government/organisations/ministry-of-justice
“Fines handed to companies convicted of fraud or other financial crimes should be calculated as a percentage of turnover, rather than with reference to the amount of financial harm caused, a committee of MPs has said.”
OUT-LAW.com, 13th November 2013
Source: www.out-law.com
“Claims firms which use information gathered by unsolicited calls and texts or who provide poor quality services will face large fines under law changes announced by the Government today.”
Ministry of Justice, 12th November 2013
Source: www.gov.uk/government/organisations/ministry-of-justice
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