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.’

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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.”

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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.”

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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.”

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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.”

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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.”

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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.”

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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.”

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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.”

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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.”

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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.

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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.)”

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UK Human Rights Blog, 30th July 2013

Source: www.ukhumanrightsblog.com

Corporate Crime Review – Dyers Chambers

Posted July 19th, 2013 in banking, company law, crime, financial regulation, fraud, interest, news, sentencing by sally

“Members of Dyers Chambers review developments across the spectrum of corporate crime and financial regulation, including updates on LIBOR, Sanctions, DPAs and Fraud Sentencing.”

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Dyers Chambers, 11th July 2013

Source: www.dyerschambers.com

A lot of Wonga – Sports Law Bulletin from Blackstone Chambers

“Papiss Cisse’s dispute with Newcastle United Football Club about wearing the official shirt sponsor’s logo raises some important questions for sports lawyers.”

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Sports Law Bulletin from Blackstone Chambers, 15th July 2013

Source: www.sportslawbulletin.org

Interesting times – New Law Journal

Posted May 14th, 2013 in agreements, consumer credit, costs, interest, law firms, loans, news by sally

“In Jeffrey Jones v SoS for Energy and Climate Change [2012] EWHC 2936 (QB) the High Court considered the use of credit agreements between a law firm and its clients.”

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New Law Journal, 13th May 2013

Source: www.newlawjournal.co.uk

Barclays Libor court case delayed until April 2014 – The Guardian

Posted April 30th, 2013 in banking, delay, fraud, interest, news, trials by sally

“The first UK trial concerning the alleged fraudulent manipulation of Libor rates has been delayed until next year after Barclays won the right to challenge aspects of the high court case.”

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The Guardian, 29th April 2013

Source: www.guardian.co.uk

Banks Take First Round In Interest Rate Swap Mis-Selling Claims – No. 5 Chambers

Posted April 17th, 2013 in banking, financial regulation, interest, news, unfair commercial practices by sally

“Following the announcement in June 2012 by the Financial Services Authority of a two month investigation in to the sale (and in particular mis-selling) of interest rate hedging products such as swaps, collars, structured collars there is considerable interest in whether such claims are likely, following Payment Protection Insurance, to become another key battleground in financial services litigation.”

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No. 5 Chambers, 7th February 2013

Source: www.no5.com

LIBOR Cases – A Return to Normality? – Littleton Chambers

Posted April 17th, 2013 in amendments, banking, financial regulation, interest, misrepresentation, news by sally

“Last year I discussed Mr Justice Flaux’s decision in Graiseley Properties Limited and others v Barclays Bank plc [2012] EWHC 3093 (Comm) (see Littleton Comment on 4 December 2012). In that case Flaux J. had allowed amendments to plead fraudulent misrepresentation and breach of implied terms in relation to LIBOR which smoothed the path to claims which were, in essence, that the Bank had sold LIBOR-related products when it knew that its employees were attempting to ‘rig’ LIBOR rates for their own purposes (i.e. making their trades profitable) and that such conduct would disadvantage clients who relied on the Bank not attempting to manipulate LIBOR rates. Although I pointed out that allowing the amendments, which lacked the particularity to be expected, was unusual, I also observed that ‘This is a welcome and realistic approach to the difficulties faced by customers in claims against banks.'”

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Littleton Chambers, 15th April 2013

Source: www.littletonchambers.com