Payday loan complaints reach five year high – BBC News
‘Complaints against payday lenders have soared to a five year high, the industry watchdog has said.’
BBC News, 15th May 2019
Source: www.bbc.co.uk
Category: financial services ombudsman
£14bn group action kicked out of court – Law Society’s Gazette
‘A record-breaking collective claim against MasterCard was thrown out by the Competition Appeal Tribunal today in a major blow to the growth of funded class actions in the UK. The case, brought by former financial services ombudsman Walter Merricks on behalf of 46 million consumers who were alleged to be victims of excess ‘interchange fees’ charged by card companies, claimed £14bn in damages. It was the largest sum claimed in English legal history.’
Law Society's Gazette, 21st July 2017
Source: www.lawgazette.co.uk
Financial Ombudsman still receiving thousands of PPI complaints – The Guardian
‘The £37bn bill for payment protection insurance mis-selling by Britain’s banks is likely to escalate further after the Financial Ombudsman revealed that it continues to be inundated with complaints.’
The Guardian, 6th September 2016
Source: www.guardian.co.uk
Regulator widens inquiry into UK firms’ links with Panama Papers tax havens – The Guardian
‘The City regulator has widened its inquiries into potential links between UK financial firms and the law company at the centre of the Panama Papers revelations, it said on Tuesday.’
The Guardian, 26th April 2016
Source: www.guardian.co.uk
Supreme Court: ‘land bank’ was unauthorised collective investment scheme – OUT-LAW.com
‘A ‘land bank’ arrangement which sold small plots of land to investors at “hugely inflated prices” was an unauthorised collective investment scheme (CIS) which ought to have been regulated by the Financial Conduct Authority (FCA), the UK’s highest court has confirmed.’
OUT-LAW.com, 25th April 2016
Source: www.out-law.com
Opportunity doesn’t knock twice: recovering damages for consequential loss – Hardwicke Chambers
‘Today’s banks are in receipt of the largest fines ever imposed by the Financial Conduct Authority (FCA), or its predecessor the Financial Services Authority (FSA), and although they are taking responsibility for a number of failings (eg PPI, Derivatives, LIBOR and FOREX), restrictions on recovering loss, in particular where consequential loss is concerned, have come under significant scrutiny. This article examines the measure of loss in tort and contract, and particularly explores investors’ difficulties when making claims for loss of profit caused by mis selling.’
Hardwicke Chambers, 31st March 2016
Source: www.hardwicke.co.uk
‘Disproportionate’ disclosure application denied in swaps mis-selling claim – Commercial Disputes Blog
‘In Claverton Holdings Ltd v Barclays Bank plc, the Commercial Court rejected an application by the claimant for specific disclosure against the defendant bank. The court found that the documents sought, which related to other mis-selling allegations against the bank employees featuring in the claimant’s case, would have little probative value and adducing them would place a disproportionate burden on the defendant.’
Commercial Disputes Blog, 16th February 2016
Source: www.rpc.co.uk
The FCA and Upper Tribunal – Financial Services Blog
‘The FCA’s “further decision notice” on Mr Tariq Carrimjee (senior partner and CEO of Somerset Asset Management) revealed that, the regulator has taken on board the Tribunal’s view that banning Mr Carrimjee from all regulated activity would be “irrational and disproportionate”, and it has instead decided to prohibit him from performing compliance oversight (CF10) and money laundering reporting functions (CF11).’
Financial Services Blog, 15th February 2016
Source: www.rpc.co.uk
Savers pay hundreds for bank account mis-selling claims rejected by ombudsman – Daily Telegraph
‘Financial Ombudsman Service says claims made through third-party companies much less likely to be upheld.’
Daily Telegraph, 20th February 2016
Source: www.telegraph.co.uk
City watchdogs investigate financial age discrimination – Daily Telegraph
‘The FCA may for the first time create special rules to protect the interests of the elderly.’
Daily Telegraph, 20th February 2016
Source: www.telegraph.co.uk
MPs to debate whether Financial Conduct Authority is up to job of regulating City – The Guardian
‘The Financial Conduct Authority is expected to face criticism on Monday when MPs debate a motion on whether it is up to the job of regulating behaviour in the City.’
The Guardian, 31st January 2016
Source: www.guardian.co.uk
Are firms discriminating against you because of age? Here’s how to check – Daily Telegraph
‘We look at how the ombudsman deals with complaints about age discrimination.’
Daily Telegraph, 25th November 2015
Source: www.telegraph.co.uk
Teenager killed himself hours after Wonga cleared out his account – The Guardian
‘A disabled teenager killed himself on the same day that the payday loans company Wonga cleared out his bank account, it has been revealed.’
Full story
The Guardian, 25th September 2015
Source: www.guardian.co.uk
FCA to consult on issue of unsolicited marketing in consumer credit market this summer – OUT-LAW.com
‘The Financial Conduct Authority (FCA) is to consult on the issue of unsolicited marketing by consumer credit firms this summer, according to an answer given in the UK parliament.’
OUT-LAW.com, 1st July 2015
Source: www.out-law.com
Banks face bigger PPI mis-selling bill as regulator considers compensation rules – The Guardian
‘Banks could face a bigger bill for mis-selling payment protection insurance after the City regulator said it was considering new rules on how customers should be compensated.’
The Guardian, 27th May 2015
Source: www.guardian.co.uk
City fraudster who scammed £5.5m out of 100 investors is jailed for seven years – The Guardian
‘A fraudster who scammed more than 100 investors out of £5.5m and spent nearly half to fund his lavish lifestyle has been jailed.’
The Guardian, 30th January 2015
Source: www.guardian.co.uk
Fare-dodging banker banned from City – BBC News
‘A London banker who regularly avoided buying a train ticket on his commute to the City has been banned from working in the financial services industry.’
BBC News, 15th December 2014
Source: www.bbc.co.uk
Regina (Bluefin Insurance Services Ltd) v Financial Ombudsman Service Ltd – WLR Daily
‘The question as to whether a complainant was a consumer for the purposes of the Financial Conduct Authority’s compulsory jurisdiction dispute resolution rules was a matter of precedent fact to be decided by the courts; it was not a question for Financial Ombudsman Service to determine that was reviewable only on conventional (“Wednesbury”) grounds.’
WLR Daily, 20th October 2014
Source: www.iclr.co.uk
FOS respondents still at risk of further action despite Clark v In Focus ruling – Commercial Disputes Blog
‘When Lady Justice Arden handed down her judgment in the Court of Appeal case of Clark v In Focus, she held that a complainant cannot accept an Ombudsman’s award at the statutory maximum (currently £150,000) and sue in court for the balance of their redress if it exceeds that limit. We hoped in vain that that would be the final word on the issue.’
Commercial Disputes Blog, 28th August 2014
Source: www.rpc.co.uk
Power of attorney: how flawed system cost one family £30,000 – Daily Telegraph
‘Rules granting other people control over your money when you are elderly or infirm are open to abuse. We highlight one sobering case.’
Daily Telegraph, 12th July 2014
Source: www.telegraph.co.uk
