Strengthening the legal duties on financial professionals to act in the best interests of savers – Law Commission

Posted October 29th, 2013 in consultations, fiduciary duty, financial advice, Law Commission, news, pensions, trusts by sally

“Today [22 October] the Law Commission publishes a consultation paper reviewing how ‘fiduciary duties’ apply to investment intermediaries. The paper traces a chain of intermediaries from an individual, saving for a pension, to the registered shareholder of a UK company. It looks at the obligations of those in the chain to act in the interests of savers.”

Full story

Law Commission, 22nd October 2013

Source: www.lawcommission.justice.gov.uk

Fiduciary Duties of Investment Intermediaries – Law Commission

Posted October 22nd, 2013 in consultations, fiduciary duty, Law Commission, pensions, trusts by tracey

“Consultation reviewing the obligations on investment intermediaries to act in the interests of savers.”

Full consultation

Law Commission, 22nd October 2013

Source: www.justice.gov.uk/lawcommission

Regina (Lewisham London Borough Council) v Secretary of State for Health and another; Regina (Save Lewisham Hospital Campaign Ltd) v Same – WLR Daily

Regina (Lewisham London Borough Council) v Secretary of State for Health and another; Regina (Save Lewisham Hospital Campaign Ltd) v Same [2013] EWHC 2329 (Admin); [2013] WLR (D) 331

“The words ‘the trust’ in sections 65F(1), 65I(1) and 65K(1) of the National Health Service Act 2006, as inserted, meant the particular failing trust to which a Trust Special Administrator had been appointed and not any other NHS trust.”

WLR Daily, 31st July 2013

Source: www.iclr.co.uk

Piercing the Corporate Veil: Ramifications of the SC Decision in Prest v Petrodel Resources Limited – 11 KBW

Posted July 31st, 2013 in company law, divorce, financial provision, news, Supreme Court, trusts by sally

Presentation

11 KBW, 24th July 2013

Source: www.11kbw.com

Opening Up Mistake – New Square Chambers

Posted July 22nd, 2013 in appeals, mistake, news, Supreme Court, trusts by sally

“Robin Mathew’s article above discusses the decision of the Supreme Court in Pitt v Holt and Futter v Futter so far as it dealt with ‘inadequate consideration’ by trustees. But the court also dealt with the general law of mistake in dispositions of property. Here it disagreed with the Court of Appeal.”

Full story (PDF) (see p. 2)

New Square Chambers, June 2013

Source: www.newsquarechambers.co.uk

A heresy extinguished: Hastings-Bass reformed – New Square Chambers

Posted July 19th, 2013 in appeals, news, professional conduct, Supreme Court, trusts by sally

“A heresy usually derives from the earnest application of principle without the benefit of perspective. Addressing the rule in Hastings Bass, and its heretical application over many years by the High Court, the Supreme Court in Pitt v Holt and Futter v Futter [2013] uKSC 26 has greatly narrowed its use and effect.”

Full story (PDF)

New Square Chambers, June 2013

Source: www.newsquarechambers.co.uk

Bigamist avoids jail over £900,000 inheritance tax fraud – Daily Telegraph

“Ayse Akgun was convicted for trying to make a fraudulent claim on her second husband’s £2.6 million estate when he died.”

Full story

Daily Telegraph, 12th July 2013

Source: www.telegraph.co.uk

A matter of trust… New Law Journal

Posted June 28th, 2013 in company law, financial provision, matrimonial home, news, Supreme Court, trusts by tracey

“To widespread surprise, the Supreme Court allowed the wife’s appeal in Prest v Petrodel Resources [2013] UKSC 34, [2013] All ER (D) 90 (Jun) although on a different basis from the decision of Mr Justice Moylan at first instance. For those law “nerds” amongst us, the new Supreme Court live feed added an extra frisson, with social media abuzz with speculation as to what it might mean that Lord Sumption was to give the lead judgment. It quickly became clear that this may be a red herring (for Lady Hale to give the lead judgment would have been too obvious a clue). However, a more detailed consideration of the judgment may lead us to conclude that Lord Sumption was a clue indeed and that the corporate veil has survived fully intact, albeit it with the Supreme Court wedging open some doors for family lawyers on the issues of trusts and inferences to be drawn from both pre- and post-litigation behaviour.”

Full story

New Law Journal, 27th June 2013

Source: www.newlawjournal.co.uk

Trustees of the Lehman Brothers Pension Scheme and another v LB Re Financing No Ltd and another – WLR Daily

Posted June 25th, 2013 in appeals, law reports, pensions, time limits, tribunals, trusts by sally

Trustees of the Lehman Brothers Pension Scheme and another v LB Re Financing No Ltd and another [2013] EWCA Civ 751; [2013] WLR (D) 248

“When the Pensions Regulator, acting by the determinations panel, made a determination about a financial support direction in relation to a pension scheme, the trustees of that scheme, by virtue of their office, were persons “directly affected” by that determination for the purposes of section 96(3) of the Pensions Act 2004, and accordingly had standing as of right to refer that determination to the Upper Tribunal under that provision. Further, where any person referred such a determination of the Regulator to the Upper Tribunal under section 96(3) of the Act, the two-year time limit in section 43(9), which, prior to amendment by the Pensions Act 2011, required the Regulator to issue a financial support direction within two years of the time which he selected for determining whether the preconditions in section 43(2) for the issue of a direction had been fulfilled, did not apply to any directions which the Upper Tribunal might give regarding a financial support direction under section 103(5) and (6), or to any order made on appeal from those directions.”

WLR Daily, 21st June 2013

Source: www.iclr.co.uk

In re MF Global UK Ltd (in special administration) (No 3); MF Global UK Ltd (in special administration) v Heis and others – WLR Daily

Posted June 18th, 2013 in administration orders, administrators, insolvency, law reports, trusts by sally

In re MF Global UK Ltd (in special administration) (No 3); MF Global UK Ltd (in special administration) v Heis and others [2013] EWHC 1655 (Ch); [2013] WLR (D) 236

“The court had an inherent jurisdiction to give such directions as would enable the administrators of a regulated investment firm, holding client money under rules imposing a statutory trust, to put in place a client money distribution procedure for dealing with rejected claims and unknown claims which could provide a degree of certainty and protection and ensure a timely return of client money.”

WLR Daily, 14th June 2013

Source: www.iclr.co.uk

Bid to avoid inheritance tax ‘backfired’ creating family rift – Daily Telegraph

Posted June 11th, 2013 in costs, inheritance tax, news, tax avoidance, trusts, wills by tracey

“A bid by a multi-millionaire businessman to avoid inheritance tax after his death has ‘backfired’ and torn his family apart, a court has heard.”

Full story

Daily Telegraph, 10th June 2013

Source: www.telegraph.co.uk

Shurely shome mishtake? – 4 New Square

Posted May 21st, 2013 in mistake, news, setting aside, Supreme Court, taxation, trusts by sally

“The Supreme Court’s decision on mistake and the flawed exercise of discretion by trustees, and the impact of the decision on professional advisers and their insurers.”

Full story (PDF)

4 New Square, 17th May 2013

Source: www.4newsquare.com

Pitt and another v Holt and another; Futter and another v Futter and others – WLR Daily

Posted May 14th, 2013 in financial advice, law reports, mistake, Supreme Court, taxation, trusts by sally

Pitt and another v Holt and another; Futter and another v Futter and others [2013] UKSC 26; [2013] WLR (D) 172

“The court’s jurisdiction to intervene in a decision made by trustees who were acting within their power arose only if they could be shown to have acted in breach of duty. Trustees who wished to exercise a discretion which was within their powers and sought and acted on the advice of apparently competent professional advisers not in breach of duty merely because the professional advice turned out to be incorrect.”

WLR Daily, May 2013

Source: www.iclr.co.uk

Futter and another (Appellants) v The Commissioners for Her Majesty’s Revenue and Customs (Respondent); Pitt and another (Appellants) v The Commissioners for Her Majesty’s Revenue and Customs (Respondent) – Supreme Court

Posted May 10th, 2013 in law reports, mistake, Supreme Court, taxation, trusts by sally

Futter and another (Appellants) v The Commissioners for Her Majesty’s Revenue and Customs (Respondent); Pitt and another (Appellants) v The Commissioners for Her Majesty’s Revenue and Customs (Respondent) [2013] UKSC 26 (YouTube)

Supreme Court, 9th May 2013

Source: www.youtube.com/user/UKSupremeCourt

Private Trusts and the Court of Protection – No. 5 Chambers

Posted April 17th, 2013 in Court of Protection, damages, gifts, news, trusts by sally

“The Court of Protection has jurisdiction over the property, financial affairs and personal welfare of people who lack mental capacity to make decisions for themselves. Among its various roles the Court is responsible for determining disputes as to the registration of enduring powers of attorney (“EPA”), and Lasting Powers of Attorney (‘LPA’), appointing new trustees, authorising certain gifts and making statutory wills.”

Full story

No. 5 Chambers, 4th February 2013

Source: www.no5.com

Day and another v Day – WLR Daily

Day and another v Day [2013] EWCA Civ 280; [2013] WLR (D) 129

“For the purposes of the doctrine of rectification in the case of a voluntary settlement it was the subjective intention of the settlor that was of relevance in determining whether the court should order rectification and an outward expression or objective communication of that intention was unnecessary in such a case.”

WLR Daily, 27th March 2013

Source: www.iclr.co.uk

Intestacy and Family Provision Claims on Death – Law Commission

Posted March 22nd, 2013 in intestacy, Law Commission, news, reports, trusts by sally

“Government has accepted, in part, the recommendations we made in our report Intestacy and Family Provision Claims on Death.”

Intestacy and Family Provision Claims on Death

Law Commission, 21st March 2013

Source: www.lawcommission.justice.gov.uk

Challinor and ors v Juliet Bellis & Co and anr: Juliet Bellis & Co v Egan – WLR Daily

Posted March 15th, 2013 in breach of trust, law reports, trusts by tracey

Challinor and ors v Juliet Bellis & Co and anr: Juliet Bellis & Co v Egan: [2013] EWHC 347 (Ch);   [2013] WLR (D)  99

“Lack of writing did not necessarily mean that the circumstances of a case were not such as to give rise to a ‘Quistclose’ trust. Stipulation of an exclusive purpose for the loan was not the only circumstance of which the immediate recipient was cognisant and which negated an intention on the part of the payer, to pass away beneficial ownership so as to give rise to a resulting trust in favour of the payer.”

WLR Daily, 25th February 2013

Source: www.iclr.co.uk

Welcome relief? Nationwide v Davisons Solicitors and section 61 of Trustee Act 1925 – Hardwicke Chambers

Posted January 17th, 2013 in fraud, insurance, mortgages, news, trusts by sally

“A topical debate is the extent to which solicitors acting for mortgage lenders (or more precisely, their professional indemnity insurers) should bear the consequences of mortgage fraud.”

Full story

Hardwicke Chambers, 10th January 2013

Source: www.hardwicke.co.uk

Konica Minolta Business Solutions (UK) Ltd v Applegate – WLR Daily

Posted January 11th, 2013 in law reports, pensions, rectification, trusts by tracey

Konica Minolta Business Solutions (UK) Ltd v Applegate: [2012] EWHC 3741 (Ch);   [2013] WLR (D)  9

“When applying uniform accrual to ‘so much of any benefit’ by virtue of section 74(3) of the Pension Schemes Act 1993 one was being directed not merely to what one might call the top slice, the benefit which actually accrued at the higher rate, but that element of a benefit package which was the subject of the higher rate. In section 74(3) the ‘benefit’ referred to was the composite of the various benefits which made up long service benefit and if the exception applied it did with regard to the entirety of such a component.”

WLR Daily, 21st December 2012

Source: www.iclr.co.uk