Payday lender Cash Genie to pay £20m compensation – BBC News

Posted July 27th, 2015 in compensation, complaints, fees, interest, loans, news, unfair commercial practices by sally

‘Payday lender Cash Genie faces a £20m compensation bill after charging customers £50 to transfer them to the firm’s debt collection business.’

Full story

BBC News, 27th July 2015

Source: www.bbc.co.uk

First Libor, then Forex… the future of banking litigation – 11 Stone Buildings

Posted July 25th, 2015 in banking, contracts, estoppel, interest, news by sally

‘For the immediate future, it is not difficult to identify likely, and plentiful, areas for banking litigation, especially with the ever growing presence of litigation funding making its mark. We identify a few below.’

Full story

11 Stone Buildings, June 2015

Source: www.11sb.com

Family Law Week’s Budget Briefing, July 2015 – Family Law Week

‘Richard Holme, Chartered Accountant of Creaseys, a firm which specialises in advising family lawyers on tax related family law issues, explains the Budget changes of most relevance to family lawyers.’

Full story

Family Law Week, 8th July 2015

Source: www.familylawweek.co.uk

Aspect Contracts (Asbestos) Ltd v Higgins Construction plc – WLR Daily

Aspect Contracts (Asbestos) Ltd v Higgins Construction plc: [2015] UKSC 38; [2015] WLR (D) 261

‘An unsuccessful party in a construction contract adjudication was entitled to be repaid any money paid pursuant to the adjudication if the underlying dispute was finally determined in his favour, and the cause of action for the recovery of such money accrued on the date on which the money was paid. However, the cause of action of a party who wished to bring proceedings for more than the amount which he had been awarded under an adjudication accrued on the date of the relevant breach of contract or duty.’

WLR Daily, 17th June 2015

Source: www.iclr.co.uk

Littlewoods Ltd and others v Revenue and Customs Commissioners (No 2) – WLR Daily

Posted June 3rd, 2015 in appeals, EC law, interest, law reports, restitution, VAT by sally

Littlewoods Ltd and others v Revenue and Customs Commissioners (No 2) [2015] EWCA Civ 515; [2015] WLR (D) 228

‘In accordance with a taxpayer’s rights under European Union law, sections 78 and 80 of the Value Added Tax act 1994 would be disapplied to enable the taxpayer to recover more than simple interest by seeking to recover in restitution the time value of sums which they wrongly paid.’

WLR Daily, 21st May 2015

Source: www.iclr.co.uk

Tael One Partners Limited (Appellant) v Morgan Stanley & Co International PLC (Respondent) – Supreme Court

Posted March 25th, 2015 in appeals, interest, law reports, loans, Supreme Court by sally

Tael One Partners Limited (Appellant) v Morgan Stanley & Co International PLC (Respondent) [2015] UKSC 12 (YouTube)

Supreme Court, 11th March 2015

Source: www.youtube.com/user/UKSupremeCourt

European Commission fines broker in Libor cartel case – Zenith Chambers

Posted March 18th, 2015 in competition, EC law, fines, interest, news, penalties, regulations by sally

‘The European Commission announced on 4 February that it fined the UK broker ICAP EUR 14.9 million for its role in allegedly facilitating cartel activity that manipulated the yen Libor interest rate.’

Full story (PDF)

Zenith Chambers, 6th February 2015

Source: www.zenithchambers.co.uk

Eclipse Film Partners No 35 LPP v Revenue and Customs Commissioners – WLR Daily

Posted February 19th, 2015 in appeals, HM Revenue & Customs, income tax, interest, law reports, taxation by sally

Eclipse Film Partners No 35 LPP v Revenue and Customs Commissioners [2015 EWCA Civ 95; [2015] WLR (D) 71

‘On the proper meaning and application of “trade” in sections 5 and 863(1) of the Income Tax (Trading and Other Income) Act 2005 and section 362 (1)(b) of the Income and Corporation Taxes Act 1988 the taxpayer carried on the business of exploiting films not amounting to a trade. Accordingly, the taxpayer’s members were not entitled to tax relief in respect of interest on their borrowings.’

WLR Daily, 17th February 2015

Source: www.iclr.co.uk

Court rules that West Brom tracker rate rise on buy-to-let mortgages was legal – Daily Telegraph

Posted January 30th, 2015 in banking, interest, mortgages, news by sally

‘A judge has rejected claims that the lender illegally increased its tracker rates for buy-to-let customers.’

Full story

Daily Telegraph, 29th January 2015

Source: www.telegraph.co.uk

New payday loan rules to cap fees, total cost and default charges – The Guardian

Posted November 11th, 2014 in consumer credit, consumer protection, fees, financial regulation, interest, news by michael

‘The UK’s financial watchdog is clamping down on payday loans, with new rules to ensure that borrowers are never forced to repay more than twice the sum of their original loan.’

Full story

The Guardian, 11th November 2014

Source: www.guardian.co.uk

Causes of action in claims against banks for missold swaps: Bailey Trading v Barclays Bank – Hardwicke Chambers

Posted October 15th, 2014 in banking, financial regulation, interest, loans, news by sally

‘Interest Rate Hedging Products (“IRHP”) are financial products that enable the purchaser to limit their exposure to interest rate movements. They are often purchased at the same time as entering into a loan.’

Full story

Hardwicke Chambers, 19th September 2014

Source: www.hardwicke.co.uk

Wonga TV ad banned for failing to show interest rate – BBC News

Posted October 8th, 2014 in advertising, debts, interest, news, regulations by sally

‘The Advertising Standards Authority has banned a TV advert by payday lender Wonga, after a complaint by a charity.’

Full story

BBC News, 8th October 2014

Source: www.bbc.co.uk

Payday lenders should wipe out loans in wake of Wonga ruling, experts say – The Guardian

Posted October 6th, 2014 in claims management, complaints, consumer protection, interest, loans, news by sally

‘Thousands of people who have taken out payday loans from firms other than Wonga should also have their interest and charges wiped out, say consumer and legal experts.’

Full story

The Guardian, 3rd October 2014

Source: www.guardian.co.uk

Attorney General’s keynote address to the 32nd Cambridge International Symposium on Economic Crime on Tuesday 2 September 2014 – Attorney General’s Office

Posted September 5th, 2014 in banking, financial regulation, fraud, interest, speeches by tracey

‘A speech given by the Attorney General to the 32nd Cambridge International Symposium on Economic Crime – delivered on 1st September 2014 at Jesus College Cambridge.’

Full speech

Attorney General’s Office, 5th September 2014

Source: www.gov.uk/ago

IRHPs Mis-selling Claims Update: Consequential Losses – No. 5 Chambers

Posted September 3rd, 2014 in banking, damages, insolvency, interest, news by sally

‘In May 2013 nine banks (“the Banks”) agreed to review their sales to unsophisticated customers in accordance with terms of references agreed with the FCA. At the end of June 2014 the FCA reported that all participating banks had completed their sales reviews in relation to customers who joined the Review before March 2014. By the end of June 2014 the Banks had sent out 16,000 redress letters, 13,500 of which included a cash redress offer and with the balance of 2,500 confirming that the sale had been compliant with the (then) FSA rules or that the customer had suffered no loss. By the end of June 2014 8,000 customers had accepted their redress offers, and the Banks had paid out £1.2 billion.’

Full story

No. 5 Chambers, 19th August 2014

Source: www.no5.com

CoCos go pop – RPC Commercial Disputes Blog

Posted August 6th, 2014 in financial regulation, interest, loans, news by sally

‘In the wake of the banking crisis, the Financial Services Act 2012 gave the FCA a range of new and enhanced powers with which to pursue its regulatory objectives. Today, it has used – for the first time – one if its shiny new tools; the FCA has issued a Temporary Product Intervention Rule (TPIR).’

Full story

RPC Commercial Disputes Blog, 5th August 2014

Source: www.rpc.co.uk

FCA imposes cap on payday loans – The Guardian

Posted July 15th, 2014 in consumer credit, financial regulation, interest, news by tracey

‘The cap proposed by the Financial Conduct Authority means that if someone borrows £100 from a payday lender and pays it back within the agreed 30 days, they would pay a maximum of £24 in charges. Fees for late payment would be capped at £15, with a total price cap of 100% of the original loan to stop default charges spiralling out of control.’

Full story

The Guardian, 15th july 2014

Source: www.guardian.co.uk

Novoship (UK) Ltd and others v Nikitin and others – WLR Daily

Posted July 9th, 2014 in bribery, causation, charterparties, debts, fiduciary duty, interest, law reports by sally

Novoship (UK) Ltd and others v Nikitin and others [2014] EWCA 908; [2014] WLR (D) 297

‘The remedy of an account of profits was available against one who dishonestly assisted a fiduciary to breach his fiduciary obligations, even if that breach did not involve a misapplication of trust property.

WLR Daily, 4th July 2014

Source: www.iclr.co.uk

Littlewoods Retail Ltd and others v Revenue and Customs Commissioners (No 2) – WLR Daily

Posted April 8th, 2014 in EC law, HM Revenue & Customs, interest, law reports, repayment, VAT by sally

Littlewoods Retail Ltd and others v Revenue and Customs Commissioners (No 2) [2014] EWHC 868 (Ch); [2014] WLR (D) 154

‘Sections 78 and 80 of the Value Added Tax Act 1994 could not be construed in such a way as to conform with European Union law and therefore had to be disapplied so as to allow the claimant companies to pursue their claims to recover the full value of overpaid value added tax.’

WLR Daily, 28th March 2014

Source: www.iclr.co.uk

Durkin (Appellant) v DSG Retail Ltd and another (Respondents) (Scotland) – Supreme Court

Durkin (Appellant) v DSG Retail Ltd and another (Respondents) (Scotland) [2014] UKSC 21 (YouTube)

Supreme Court, 26th March 2014

Source: www.youtube.com/user/UKSupremeCourt