‘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
‘JSC BTA Bank v. Ablyazov et al 8 August 2014, Popplewell J. What you say to your lawyers is truly confidential; no-one, not even a regulator or prosecutor can see it. This is protected by the right to privacy under Article 8, and the right to a fair trial under Article 6 (which includes the right to access to lawyers). Well, that is the general rule. And this case reminds us that there is an exception to this – when the relationship between client and lawyer is affected by “iniquity”.’
UK Human Rights Blog, 12th August 2014
Source: www.ukhumanrightsblog.com
Tidal Energy Ltd v Bank of Scotland plc [2014] EWCA Civ 1107; [2014] WLR (D) 369
‘Rapid electronic payment between accounts using the CHAPS transfer system was made by reference to the sort code, bank name and account number, not the customer name, in order to process the payment within the maximum time of 1.5 hours. The CHAPS transfer form was to be construed in accordance with that banking practice to give it commercial sense and accordingly a bank was not liable to a customer for a payment made into an account at a different bank by reference to the sort code and account number on the transfer form completed by the customer, but with a different customer name from that on the form.’
WLR Daily, 31st July 2014
Source: www.iclr.co.uk
‘The UK government is to review the trade in virtual currencies to investigate whether it should regulated.’
OUT-LAW.com, 6th August 2014
Source: www.out-law.com
‘Two former Investec traders lost a three-year, £6m battle over their bonuses on Wednesday in a case described by a London high court judge as fanciful and “wholly incredible”.’
The Guardian, 6th July 2014
Source: www.guardian.co.uk
‘On Wednesday 30 July 2014, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) released consultation papers relating to individual accountability and remuneration in the banking industry. The changes apply, broadly speaking, to banks, building societies, credit unions and the nine investment firms designated by the PRA.’
Employment Law Blog, 30th July 2014
Source: www.employment11kbw.com
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