HMRC to appeal against high court award to Barclay brothers of £1.2bn – The Guardian

Posted March 31st, 2014 in appeals, compensation, HM Revenue & Customs, interest, news, VAT by sally

‘HM Revenue & Customs (HMRC) has insisted it will appeal against a high court decision to award Sir David and Sir Frederick Barclay’s Littlewoods catalogue shopping business £1.2bn in a top-up settlement relating to a long-running legacy VAT dispute.’

Full story

The Guardian, 28th March 2014

Source: www.guardian.co.uk

Quarter of payday lenders may quit under tougher rules – BBC News

‘One quarter of payday lenders may pull out of the market under pressure from new regulations. The Financial Conduct Authority (FCA) is to investigate the way they treat borrowers struggling to repay loans. It has said the review will be one of its first actions when it takes over regulation of the consumer credit sector on 1 April.’

Full story

BBC News. 12th March 2014

Source: www.bbc.co.uk

The Mis-Selling of Interest Rate Swaps – A Discussion – No. 5 Chambers

Posted February 24th, 2014 in banking, financial regulation, interest, limitations, news by sally

‘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.’

Full story

No. 5 Chambers, 24th February 2014

Source: www.no5.com

Sixty victims of loan sharks in witness protection – The Guardian

Posted January 27th, 2014 in enforcement, interest, intimidation, loans, news, threatening behaviour, victims, witnesses by sally

‘Sixty victims of loan sharks are in witness protection, according to the country’s leading official tasked with breaking the cycle of fear, intimidation and violence trapping families who have borrowed money from illegal lenders.’

Full story

The Guardian, 24th January 2014

Source: www.guardian.co.uk

High Court warns successful parties not to expect interest on pre-judgment costs – Litigation Futures

Posted January 7th, 2014 in costs, interest, news by sally

‘The High Court has given a strong steer that successful parties can rarely expect to recover interest on the fees they have already paid to their solicitors.’

Full story

Litigation Futures, 7th January 2014

Source: www.litigationfutures.com

Government to legislate to cap the cost of payday loans – OUT-LAW.com

‘The Government will introduce legislation to cap the cost of payday loans to borrowers, the Chancellor of the Exchequer has announced.’

Full story

OUT-LAW.com, 27th November 2013

Source: www.out-law.com

Payday loan costs cap unveiled by George Osborne – The Guardian

Posted November 25th, 2013 in debts, interest, loans, news by tracey

‘George Osborne said the cap on the overall cost of credit was the next logical step as the coalition sought to regulate what had been a wholly unregulated market.’

Full story

The Guardian, 25th November 2013

Source: www.guardian.co.uk

Green v RBS: Lessons in Interest-Rate Hedge Products Litigation – Littleton Chambers

Posted October 30th, 2013 in appeals, consumer protection, duty of care, interest, limitations, news, statutory duty by sally

“Interest- Rate Hedge Products (‘IRHPs’) include a variety of different products sold to customers to help protect them against interest rate risk. The down side is that such products are often complex and structured to produce adverse financial effects for the customer if the Bank of England Base Rate (‘Base Rate’) goes down. And we all know that is exactly what has happened in recent years. This has given rise to a wave of IRHP mis-selling claims.”

Full story

Littleton Chambers, 23rd October 2013

Source: www.littletonchambers.com

Is this the end for Swap Mis-selling Claims? – No. 5 Chambers

Posted October 30th, 2013 in appeals, banking, consumer protection, contracts, interest, limitations, news by sally

“One of the difficulties encountered when advising clients as to the merits of their claim that they have been mis-sold an Interest Rate Hedging Product (IRHP), usually an Interest Rate Swap, is the paucity of decided case law concerning the sale of such products.”

Full story

No. 5 Chambers, 21st October 2013

Source: www.no5.com

Prudential Assurance Co Ltd v Revenue and Customs Comrs – WLR Daily

Posted October 30th, 2013 in corporation tax, EC law, interest, law reports, restitution, tax credits by sally

Prudential Assurance Co Ltd v Revenue and Customs Comrs [2013] EWHC 3249 (Ch); [2013] WLR (D) 411

“It was within the scope of conforming interpretation to construe section 790 of the Income and Corporation Taxes Act 1988 as providing for the grant of a tax credit for foreign dividends to the extent necessary to secure compliance with European Union (‘EU’) law.”

WLR Daily, 24th October 2013

Source: www.iclr.co.uk

Landlords threaten legal action over mortgage rates – BBC News

Posted October 28th, 2013 in contracts, interest, landlord & tenant, mortgages, news, rent by sally

“Buy-to-let landlords are threatening to take legal action against what they say are unjustified interest rate rises.”

Full story

BBC News, 26th October 2013

Source: www.bbc.co.uk

Agreements based on Libor are not void (Phew!) – Competition Bulletin from Blackstone Chambers

Posted September 26th, 2013 in banking, damages, interest, news by sally

“This week has brought further news on the Libor interest rate fixing saga, with UK broker ICAP receiving an $87m fine.”

Full story

Competition Bulletin from Blackstone Chambers, 26th September 2013

Source: www.competitionbulletin.com

Manchester loan sharks jailed after preying on young mothers – BBC News

Posted September 25th, 2013 in debts, interest, intimidation, loans, money laundering, news by sally

“Three Manchester loan sharks who charged vulnerable people 100% interest and menaced them by mobile phone have been jailed.”

Full story

BBC News, 24th September 2013

Source: www.bbc.co.uk

Regina (Gibson) v Secretary of State for Justice – WLR Daily

Regina (Gibson) v Secretary of State for Justice: [2013] EWHC 2481 (Admin);   [2013] WLR (D)  344

“Where the Crown Court fixed a term of imprisonment in default of a sum recoverable under a confiscation order the words ‘at the time the period of detention was imposed’ in section 79(2) of the Magistrates’ Courts Act 1980 meant the time when the default term was activated by the magistrates’ court, not the time when it was fixed by the Crown Court, for the purposes of calculating a reduction in the term of imprisonment.”

WLR Daily, 4th September 2013

Source: www.iclr.co.uk

Flats less risky – NearlyLegal

Posted September 4th, 2013 in enfranchisement, interest, landlord & tenant, leases, news, tribunals by sally

“At least less risky for property investors. That is the basis of the Upper Tribunal’s decision in Voyvoda v Grosvenor West End Properties, which we have managed to miss reporting because of the Summer break.”

Full story

NearlyLegal, 3rd September 2013

Source: www.nearlylegal.co.uk

Interest-only mortgage providers must treat struggling borrowers fairly, warns regulator – OUT-LAW.com

Posted September 2nd, 2013 in codes of practice, consumer protection, interest, mortgages, news by sally

“Mortgage providers must be able to demonstrate that they have treated customers fairly in cases where those individuals are unable to repay the capital sum owed at the end of the term on an interest-only mortgage, the Financial Conduct Authority (FCA) has said.”

Full story

OUT-LAW.com, 30th August 2013

Source: www.out-law.com

Banks win mis-selling case at appeal court – Law Society’s Gazette

Posted August 5th, 2013 in appeals, banking, consumer protection, financial advice, interest, news by sally

“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.”

Full story

Law Society’s Gazette, 5th August 2013

Source: www.lawgazette.co.uk

Journey to the FCA, without leaving the office – Dyers Chambers

Posted July 31st, 2013 in banking, financial regulation, interest, news by sally

“Gurprit Mattu gives an overview of the newly formed FCA and the workings of the Enforcement and Financial Crime Division. During her time at the FSA/FCA she has been able to see the transition from the old to the new regulator at first hand.”

Full story (PDF)

Dyers Chambers, 11th July 2013

Source: www.dyerschambers.com

LIBOR Update – who will be next? – Dyers Chambers

On 20th June 2013, Tom Hayes, a former trader with UBS, appeared before Westminster Magistrates Court charged with eight counts of fraud. He is the first individual to be prosecuted as a result of the SFO’s investigation into the LIBOR scandal. Peter Caldwell reviews the background to the investigation and examines the challenges that lie ahead for the Serious Fraud Office.

Full story (PDF)

Dyers Chambers, 11th July 2013

Source: www.dyerschambers.com

Standing and judicial review: why we all have a “direct interest” in government according to law – UK Human Rights Blog

Posted July 30th, 2013 in interest, judicial review, news by sally

“According to reports in yesterday’s Times (£) and Telegraph, the government is planning a further set of reforms to judicial review. (I have written before about why the original proposals, published in December 2012, were objectionable—and about the fact that the government pressed ahead with many, but not all, of them, excoriating criticism notwithstanding.)”

Full story

UK Human Rights Blog, 30th July 2013

Source: www.ukhumanrightsblog.com