“Attorney General, Dominic Grieve QC MP outlined steps taken to prosecute economic crime at the Cityforum round table. Originally given at City of London Guildhall. This is the text of the speech as drafted, which may differ slightly from the delivered version.”
Attorney General’s Office, 21st January 2013
Source: www.gov.uk/ago
“More competition is needed among providers of current accounts, the Office of Fair Trading said on Friday after finding the major banks had increased their dominance in the £9bn market. The OFT said ‘significant further’ changes were required as it warned that the market was not ‘working well for consumers or the wider economy’but decided against a full referral to the Competition Commission. It will conduct another review in 2015.”
The Guardian, 25th January 2013
Source: www.guardian.co.uk
Lloyds TSB Foundation for Scotland v Lloyds Banking Group plc [2013] UKSC 3; [2013] WLR (D) 19
“In construing a contractual provision, where there had been an unforeseeable and fundamental change in the legal context since the execution of the contract, the proper approach was to adopt a meaning which best gave effect to the parties’ original intentions and purposes. Where, therefore, a deed executed in 1997 provided for payment to be made by a banking group to a charitable foundation by reference to the group’s pre-tax profit or loss shown in the audited accounts, and a change in accounting practice subsequently required the group consolidated income statement to include, as a profit, a sum representing an unrealised gain on acquisition, the inclusion of such a sum was to be ignored for the purposes of calculating the amount payable to the foundation under the deed.”
WLR Daily, 23rd January 2013
Source: www.iclr.co.uk
“The Treasury is urging the supreme court to consider secret evidence for the first time when it hears an appeal by an Iranian bank against sanctions imposed on it by the British government.”
The Guardian, 22nd January 2013
Source: www.guardian.co.uk
“More than 100 bankers have failed in a bid to prevent their names being revealed during preliminary hearings of a high court case centred on alleged rigging of the key London interbank offered rate (Libor) by Barclays staff.”
The Guardian, 21st January 2013
Source: www.guardian.co.uk
“Stephen Hester lays groundwork for penalties expected to be £500m or more.”
The Guardian, 20th January 2013
Source: www.guardian.co.uk
“Two men from London have been sent to jail after being found guilty of
defrauding two banks, Allied Irish Banks and Bank of Scotland, of £61.”
BBC News, 17th January 2013
Source: www.bbc.co.uk
“Britain’s most successful serial confidence trickster, Achilleas Kallakis, faces up to 10 years in jail after being found guilty of duping banks out of more than £750m.”
The Guardian, 16th January 2013
Source: www.guardian.co.uk
“A millionaire property developer and his wife who claimed they were brought to complete ruination by a simple banking error have lost their High Court claim for more than £3 million in damages.”
Daily Telegraph, 15th January 2013
Source: www.telegraph.co.uk
“Regulator imposes requirements on Royal Bank of Scotland’s use of charging orders – a way of collecting unsecured debts that could see borrowers lose their homes.”
Daily Telegraph, 11th January 2013
Source: www.telegraph.co.uk
“Peer-to-peer lenders such as Zopa, RateSetter and Funding Circle will be regulated by the new Financial Conduct Authority.”
Daily Telegraph, 7th December 2012
Source: www.telegraph.co.uk
“Clear, unambiguous rules on the administration of, and submitting to, the London Interbank Offered Rate (LIBOR) and other benchmarks will be included in the regulatory handbook, the Financial Services Authority (FSA) has said.”
OUT-LAW.com, 6th December 2012
Source: www.out-law.com
“The Financial Services Authority (FSA) is consulting on a new power that will enable regulators to ban financial products without consultation in certain circumstances.”
OUT-LAW.com, 5th December 2012
Source: www.out-law.com
“The Government launched its public consultation on the regulation of the London Interbank Offered Rate (LIBOR) today.”
HM Treasury, 28th November 2012
Source: www.hm-treasury.gov.uk
“UBS has been fined £30m by the UK’s Financial Services Authority – and could see its investment banking activities hampered by the Swiss regulator – after the former trader Kweku Adoboli was jailed for fraud.”
The Guardian, 26th November 2012
Source: www.guardian.co.uk
“A rogue trader who carried out the UK’s largest ever fraud, losing £1.4 billion in bad deals which nearly brought down a major international bank, was jailed for seven years today.”
The Independent, 20th November 2012
Source: www.independent.co.uk
“It is said that there are more questions on the application form to be a member of a lender’s conveyancing panel than there are to join MI5. Whether or not that is true, it is clear that if you want to do a good job for your homebuying clients, and act for lenders as well as your clients in any conveyancing transaction, chances are you will have to go through onerous vetting procedures now required by banks and building societies to be on their panels of approved solicitors.”
Law Society’s Gazette, 1st November 2012
Source: www.lawgazette.co.uk
“The Bank of Scotland has been fined £4m by the City regulator after a series of blunders meant it paid more than £20m in compensation to the wrong customers.”
The Guardian, 19th October 2012
Source: www.guardian.co.uk
“Administering and contributing to the London Interbank Offered Rate (LIBOR) will become a regulated activity, while criminal sanctions will be introduced for ‘misleading statements’ in relation to the benchmark, the Government has confirmed.”
OUT-LAW.com, 18th October 2012
Source: www.out-law.com
“The Serious Fraud Office (SFO) today called a halt to its high-profile three-year investigation into the UK’s links to a failed Icelandic bank.”
The Independent, 15th October 2012
Source: www.independent.co.uk
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