“Royal Bank of Scotland has been fined £5.6m by British regulators after it was found to have incorrectly reported or altogether forgotten to disclose details of more than a third of the trades handled by its investment banking arm.”
Daily Telegraph, 24th July 2013
Source: www.telegraph.co.uk
“Members of Dyers Chambers review developments across the spectrum of corporate crime and financial regulation, including updates on LIBOR, Sanctions, DPAs and Fraud Sentencing.”
Full story (PDF)
Dyers Chambers, 11th July 2013
Source: www.dyerschambers.com
“The government has said it will support most of the recommendations produced by the Parliamentary Commission for Banking Standards.”
BBC News, 8th July 2013
Source: www.bbc.co.uk
“A woman has won a case of harassment against her bank after she was plagued by more than 500 calls for missing a single loan payment.”
Daily Telegraph, 8th July 2013
Source: www.telegraph.co.uk
The Daily Telegraph have recently introduced a limited paywall. Users will be permitted to view 20 Daily Telegraph articles per month for free, after which they will need to pay a subscription fee to access content.
Menelaou v Bank of Cyprus UK Ltd: [2013] EWCA Civ 1960; [2013] WLR (D) 266
“A bank which had released its charges over property in exchange for a new charge over property purchased from the proceeds of sale of the other property was entitled by subrogation to an unpaid vendor’s lien on the new property.”
WLR Daily, 2nd July 2013
Source: www.iclr.co.uk
“As a lawyer acting for whistleblowers, I have been struck by the common message emerging from the public inquiries into scandals across very different sectors.”
The Independent, 3rd July 2013
Source: www.independent.co.uk
“Banks will be required to cancel continuous payments often used by gyms and payday lenders when asked to do so by customers, following an investigation by the Financial Conduct Authority (FCA).”
The Guardian, 28th June 2013
Source: www.guardian.co.uk
“Last week, the Supreme Court gave judgment in Bank Mellat v Her Majesty’s Treasury (no.1) [2013] UKSC 38. The Bank Mellat case involved financial restrictions imposed by HMT on the Bank under the Counter-Terrorism Act 2008 (“the 2008 Act”), on the basis that it enabled funding for Iran’s nuclear weapons programme. The High Court and Court of Appeal had both adopted a closed material procedure (“CMP”) – i.e. a procedure in which the court sits in private, and hears evidence and/or submissions without one party either being present or seeing the material – in order to consider sensitive material adduced by HMT which could not be disclosed to the Bank. They had specific statutory authority to do so under the 2008 Act. The Supreme Court did not have such authority. The relevant questions were whether it was possible for the Supreme Court to adopt a CMP on appeal, in the absence of specific statutory provision; and if so, whether it was appropriate to do so in that particular case. The Supreme Court was faced with the difficulty of reconciling two strong but opposing interests. On the one hand, it was important that the Court should be able to see and consider any relevant material before the High Court and Court of Appeal. On the other, the Supreme Court itself in Al Rawi v Security Service [2012] 1 AC 531 had uncompromisingly set its face against any derogation from the open justice principle. The Supreme Court was divided; but the majority considered that the Court had implied authority to adopt a CMP under its powers conferred by the Constitutional Reform Act 2005, where the lower courts had themselves used a CMP. Nevertheless, the Court was uncomfortable about doing so, and expressed that discomfort in strong terms.”
Panopticon, 25th June 2013
Source: www.panopticonblog.com
“Bankers should be subject to a new code of conduct overseen by a body similar to the General Medical Council, a consumer watchdog has claimed.”
Daily Telegraph, 25th June 2013
Source: www.telegraph.co.uk
“The Supreme Court had jurisdiction to entertain a closed material procedure on an appeal from decisions of the courts of England and Wales on applications brought under section 63 of the Counter-Terrorism Act 2008. On very rare occasions it would be appropriate for the court to go into closed session for that purpose and in the circumstances of the present appeal it would do so.”
WLR Daily, 19th June 2013
Source: www.iclr.co.uk
“My post of earlier this week explained why the majority of the Supreme Court struck down a direction telling all financial institutions not to deal with this Iranian Bank. The legal ground (involving, as Lord Sumption described it, ‘an exacting analysis of the factual evidence in defence of the measure’ [20]) was that the direction was ‘disproportionate’. The judgments (particularly the dissenting one of Lord Reed) tell us a lot about the scope of proportionality. And there is a good deal more to it than there might at first sight appear.”
UK Human Rights Blog, 22nd June 2013
Source: www.ukhumanrightsblog.com
Supreme Court, 19th June 2013
“Two sets of judgments today from a 9-judge Supreme Court in the Bank Mellat case. The first explains why the Court adopted a secret procedure in the absence of the Bank (i.e. a Closed Material Procedure) but added that the whole palaver in fact added nothing to their knowledge. The second concludes that financial restrictions imposed in 2009 on an Iranian Bank which effectively excluded it from the UK financial market were arbitrary and irrational and were also procedurally unfair.”
UK Human Rights Blog, 19th June 2013
Source: www.ukhumanrightsblog.com
“The government’s enthusiasm for secret courts has been set back after the UK’s most senior judges quashed anti-terrorist sanctions imposed on an Iranian bank and dismissed the intelligence involved as insignificant.”
The Guardian, 19th June 2013
Source: www.guardian.co.uk
“The former finance director of Bradford & Bingley has failed in his attempt to have the courts overturn a £100,000 fine issued by the financial services regulator.”
OUT-LAW.com, 18th June 2013
Source: www.out-law.com
“Senior bankers guilty of reckless misconduct should be jailed, a long-awaited report on banking commissioned by the government has recommended.”
BBC News, 19th June 2013
Source: www.bbc.co.uk
Genil 48 SL and another v Bankinter SA and another (Case C-604/11); [2013] WLR (D) 213
“An investment service was offered as part of a financial product within the meaning of article 19(9) of Parliament and Council Directive 2004/39/EC of 21 April 2004 on markets in financial instruments only when it formed an integral part thereof at the time when that financial product was offered to the client.”
WLR Daily, 30th May 2013
Source: www.iclr.co.uk
“Plans to strengthen the Code of Practice on tax governance, adopted by the 15 largest banks in 2010, have been published for consultation by HM Revenue and Customs (HMRC).”
OUT-LAW.com, 5th June 2013
Source: www.out-law.com
“Judge may take action that could leave HSBC facing a criminal prosecution and threat to its ability to do business in the US.”
The Guardian, 23rd May 2013
Source: www.guardian.co.uk
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