‘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
‘Royal Bank of Scotland has been fined £56m for a meltdown in its consumer systems that locked 6.5 million customers out of their bank accounts for days on end in June 2012.’
The Guardian, 20th November 2014
Source: www.guardian.co.uk
‘The UK’s retail banking sector is set for in-depth scrutiny after the Competition and Markets Authority (CMA) confirmed on 6 November 2014 that it would conduct a Phase 2 market investigation into the supply of retail banking services to personal current account (PCA) customers and to small and medium-sized enterprises (SMEs).’
Full story (PDF)
Zenith Chambers, 10th November 2014
Source: www.zenithchambers.co.uk
‘Barclays could face a huge new penalty for rigging currency markets after pulling out at the 11th hour from the settlement talks that led to £2.6bn of fines being slapped on six other big players in the currency markets. Barclays will not be eligible for the 30% discount on the fines handed to its rivals in exchange for settling early after its surprise move not to participate in the settlement with US and UK regulators. The bank, which was the first to be fined for rigging Libor in 2012, is reported not to have agreed to the settlement with the UK’s Financial Conduct Authority and the US commodity futures trading commission because of continuing talks with another US regulator.’
The Guardian, 13th November 2014
Source: www.guardian.co.uk
‘Regulators on both sides of Atlantic impose fines totalling £2bn on HSBC, Royal Bank of Scotland, UBS, JP Morgan and Citigroup.’
The Guardian, 12th November 2014
Source: www.guardian.co.uk
‘Fireworks here from Collins J in making sure that Bank Mellat got some disclosure of information in its fight to discharge a financial restriction order against it.’
UK Human Rights Blog, 5th November 2014
Source: www.ukhumanrightsblog.com
Standard Chartered Bank v Dorchester LNG (2) Ltd [2014] EWCA Civ 1382; [2014] WLR (D) 440
‘The expression “completion, by delivery of the bill, of any indorsement of the bill” in section 5(2)(b) of the Carriage of Goods by Sea Act 1992 meant that completion of an indorsement by delivery required the voluntary and unconditional transfer of possession by the holder to the indorsee and an unconditional acceptance by the indorsee.’
WLR Daily, 22nd October 2014
Source: www.iclr.co.uk
‘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.’
Hardwicke Chambers, 19th September 2014
Source: www.hardwicke.co.uk
‘A broker has lost a claim that he was bullied into leaving a City trading firm where “homophobic, racist and sexist” abuse was widespread, according to a report.’
The Independent, 10th September 2014
Source: www.independent.co.uk
‘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.’
Attorney General’s Office, 5th September 2014
Source: www.gov.uk/ago
‘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.’
No. 5 Chambers, 19th August 2014
Source: www.no5.com
‘For most parties that enter into litigation (save for those on CFAs and some who are legally aided) a win isn’t really a win unless the other side is also ordered to pay your costs. I say most, because certain litigants enter into litigation knowing that come what May their costs will be paid on the indemnity basis. They have the foresight (or more accurately the power) to draft contracts which provide that, in the event of litigation, the other side (often a borrower or a long leaseholder) will indemnify them for all their legal costs irrespective of whether they win or lose.’
NearlyLegal, 31st August 2014
Source: www.nearlylegal.co.uk
‘Bank hit with its sixth penalty in four years, showing it is still far from being in proper shape to return to the private sector.’
The Guardian, 27th August 2014
Source: www.guardian.co.uk
‘For almost a century it has appeared with reassuring mundanity on everything from manhole covers and condoms to fire extinguishers and motorcycle helmets, comforting the consumer that the product they are about to use is safe.’
The Independent, 27th August 2014
Source: www.independent.co.uk
‘Where a statute aimed at the prevention of money-laundering prohibited the depositing of cash sums above a specified limit save where it was “commensurate with the lawful business activities of the customer”, a customer could not claim that cash sums above the limited regularly deposited by him from his pension were deposits from his “business activities”.’
WLR Daily, 7th August 2014
Source: www.iclr.co.uk
‘Three City firms – Clyde & Co, Stephenson Harwood and Addleshaw Goddard – face a combined disclosure exercise which could last for months and cost £2.5m after a High Court ruling on legal professional privilege.’
Litigation Futures, 18th August 2014
Source: www.litigationfutures.com
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