‘Banks and accountants that aid tax evasion will face criminal penalties under plans unveiled by the government. A new offence of corporate failure to prevent evasion is being created to address those who assist dodging. Such offenders could also be “named and shamed” alongside the evaders themselves.’
The Guardian, 19th March 2015
Source: www.guardian.co.uk
‘The Government is to regulate bitcoin exchanges to stop their use as money laundering hubs, the Treasury said today.’
Full story
The Independent, 18th March 2015
Source: www.independent.co.uk
‘A new regulatory regime, designed to make it easier for senior managers of UK banks and building societies to be held accountable for failings in their area of responsibility will come into force in one year’s time, the government has confirmed.’
OUT-LAW.com, 6th March 2015
Source: www.out-law.com
JSC Mezhdunarodniy Promyshlenniy Bank and another v Pugachev [2015] EWCA Civ 139; [2015] WLR (D) 94
‘Under the terms of a freezing order the court had jurisdiction to order a member of a class of beneficiaries under a discretionary trust to make disclosure of the details of the trust and the trust assets.’
WLR Daily, 27th February 2015
Source: www.iclr.co.uk
‘The Bank of England plans to beef up its watchdog role after it failed to spot one of the biggest scandals in the City’s recent history. The central bank said a “root-and-branch” review of its market intelligence operations had found that some staff were unfamiliar with the way City firms operated.’
The Guardian, 26th February 2015
Source: www.guardian.co.uk
JSC Bank of Moscow v Kekhman and others [2015] EWHC 396 (Ch); [2015] WLR (D) 82
‘When considering whether to exercise its discretion to make a bankruptcy order on a debtor’s petition, the court was to have regard to whether the petitioner could show (1) that he had a sufficiently close connection with England and Wales; (2) that there was a reasonable possibility of benefit resulting from the making of a bankruptcy order; and (3) that one or more persons interested in the distribution of assets were persons over whom the English court could exercise jurisdiction.’
WLR Daily, 20th February 2015
Source: www.iclr.co.uk
‘The UK’s Financial Conduct Authority (FCA) is to formally review competition between banks that provide investment and corporate banking services after finding “unanswered questions about potential conflicts of interest and value for money”, it has announced.’
OUT-LAW.com, 23rd February 2015
Source: www.out-law.com
‘Complaints about payment protection insurance (PPI) are still making up two-thirds of all the cases being dealt with by the financial ombudsman, which named Lloyds and Barclays as Britain’s two “most complained-about” financial firms.’
The Guardian, 24th February 2016
Source: www.guardian.co.uk
‘HSBC’s Swiss arm is potentially open to a range of criminal charges in Britain because there is “credible evidence” that it has had a role in enabling tax evasion, according to a former director of public prosecutions.’
The Guardian, 22nd February 2015
Source: www.guardian.co.uk
‘Criminal prosecution for tax evasion should become the default position of the tax authorities, Keir Starmer, the former director of public prosecutions, has said, as HM Revenue and Customs came under further scrutiny over whether it responded to an email from a French whistleblower setting out details of the scale of tax evasion by HSBC.’
Full story
The Guardian, 13th February 2015
Source: www.guardian.co.uk
‘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
‘A judge has rejected claims that the lender illegally increased its tracker rates for buy-to-let customers.’
Daily Telegraph, 29th January 2015
Source: www.telegraph.co.uk
Peer-to-peer (P2P) lending platforms risk being told what terminology they can and cannot use in their marketing material if concerns identified by the UK’s City watchdog go unaddressed, an expert has said.
OUT-LAW.com, 28th January 2015
Source: www.out-law.com
‘If a firm doesn’t accommodate a customer’s race, religion, disability or sexual orientation they could be ignoring their rights under the Equality Act’
Daily Telegraph, 27th January 2015
Source: www.telegraph.co.uk
‘UK regulators have published final rules governing how they will treat banks and investment firms in financial difficulty, following changes to EU law which will require investors and bondholders to bear the cost of bank failure.’
OUT-LAW.com, 22nd January 2015
Source: www.out-law.com
‘The First-tier Tribunal (Tax Chamber) (“FTT”) has ruled, in Citibank NA v Revenue and Customs Commissioners, that HMRC’s pleadings were “seriously flawed”. When alleging fraud against a taxpayer, HMRC must clearly plead that the taxpayer had a dishonest state of mind.’
RPC Tax Take, 14th January 2015
Source: www.rpc.co.uk
‘The president of the Supreme Court, Lord Neuberger, and Lord Dyson, the Master of the Rolls, will head a seven-judge panel for the eagerly awaited Coventry costs hearing on 9 February, it has been announced.’
Litigation Futures, 9th January 2015
Source: www.litigationfutures.com
‘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
‘The FCA’s Penalty Notices in the recent Spot FX Trading Investigation totalling £1.1 Bn set out very careful and thorough explanations of how the respective Penalties have been reached, identifying the relevant guidance and breaches of Principle. In the FCA’s Final Notice for Citibank for example, following the principles and guidance in the FCA’s Decision Procedures and Penalties Manual, the FCA expressly referred to five criteria: the need for “credible deterrence”, the nature, seriousness and impact of the breach, failures to respond adequately as regards conduct against the context of the LIBOR enforcement actions, Citibank’s previous disciplinary record and the discount applicable for settling terms “at an early stage of the Authority’s investigation”.’
White Collar Crime Blog, 28th November 2014
Source: www.2harecourt.com
‘The UK government is due to receive an indication on whether its battle to overturn an EU law on bankers’ pay is likely to succeed. A legal adviser at the European Court of Justice will give his opinion of the government’s objections to the law.’
BBC news, 19th November 2014
Source: www.bbc.co.uk
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