Category: banking

Government to implement Walker reforms on pay and governance – HM Treasury

Posted November 26th, 2009 in banking, press releases, remuneration by sally

“The Government will move quickly to implement the reforms of bank pay and governance proposed today by Sir David Walker. Sir David’s review was commissioned by the Government earlier this year to explore failures of corporate governance and management of banks.  His final report suggests a series of reforms to strengthen the role of shareholders, improve the quality of bank boards, and to increase transparency of pay and bonus policies.”

Full press release

HM Treasury, 26th November 2009

Source: www.hm-treasury.gov.uk

Office of Fair Trading v Abbey National plc and others – WLR Daily

Posted November 26th, 2009 in banking, EC law, law reports, unfair contract terms by sally

Office of Fair Trading v Abbey National plc and others [2009] UKSC 6; [2009] WLR (D) 341

“Charges levied by banks in respect of unauthorised overdrafts were part of a ‘package’ of services and consideration and their fairness was exempt from review under reg 6(2)(b) of the Unfair Terms in Consumer Contracts Regulations 1999.”

WLR Daily, 25th November 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

 

Bank charges ruling expected – The Guardian

Posted November 25th, 2009 in banking, news by sally

“Millions of current account customers could come a step closer to reclaiming ‘unfair’ charges they paid on unauthorised overdrafts today when the supreme court hands down a long-awaited appeal ruling.”

Full story

The Guardian, 25th November 2009

Source: www.guardian.co.uk

Slaughter may lose its legal stranglehold on banking – The Times

Posted October 29th, 2009 in banking, government departments, law firms, news, tenders by sally

“Slaughter and May could lose its crown as the Government’s preferred legal adviser on the banking crisis. In the biggest legal shake-up since the bank bailouts started two years ago, the Treasury is asking other firms to tender for the business.”

Full story

The Times, 29th October 2009

Source: www.timesonline.co.uk

Bankers sue for £30m in bonuses – The Guardian

Posted September 9th, 2009 in banking, news, remuneration by sally

“Former and current employees of a German-owned investment bank today lodged a high court claim for £30m in unpaid bonuses.”

Full story

The Guardian, 8th September 2009

Source: www.guardian.co.uk

FSA fines Barclays £2.85m for providing inaccurate trading data – The Guardian

Posted September 8th, 2009 in banking, financial regulation, news by sally

“Barclays has been fined £2.45m by the Financial Services Authority for failures related to the reporting of trades in its investment banking arm, Barclays Capital.”

Full story

The Guardian, 8th September 2009

Source: www.guardian.co.uk

Crunch victims use anti-stalking laws to challenge ‘greedy’ banks – The Independent

Posted August 20th, 2009 in banking, harassment, news by sally

“Anti-stalking laws are being successfully used by people hit by the credit crunch to stop demands for payment from their banks, The Independent has learnt.”

Full story

The Independent, 20th August 2009

Source: www.independent.co.uk

More banks told ‘reveal accounts’ – BBC News

Posted August 13th, 2009 in banking, news, taxation by sally

“More than 300 UK and foreign banks have been told to hand over details of UK taxpayers who have accounts offshore.”

Full story

BBC News, 13th August 2009

Source: www.bbc.co.uk

SFO adopts aggressive approach on banking fraud – The Times

Posted August 4th, 2009 in banking, fraud, news by sally

“The Serious Fraud Office (SFO) has launched a series of investigations into UK-based banks to establish whether they fraudulently mis-sold complex financial products in the run-up to the global banking crisis.”

Full story

The Times, 4th August 2009

Source: www.timesonline.co.uk

R (SRM Global Master Fund LP) v Commisioners of HM Treasury; R (RAB Special Situations (Master) Fund Ltd v Same; R (Grainger and others) v Same – WLR Daily

Posted July 31st, 2009 in appeals, banking, compensation, law reports, nationalisation, news by sally

R (SRM Global Master Fund LP) v Commisioners of HM Treasury; R (RAB Special Situations (Master) Fund Ltd v Same; R (Grainger and others) v Same [2009] EWCA Civ 788; [2009] WLR (D) 267

“The statutory scheme established to compensate shareholders subsequent to the nationalisation of Northern Rock plc, on the basis of the assessment of the valuation of the shares by means of the statutory assumptions provided for in s 5(4) of the Banking (Special Provisions) Act 2008, did not violate the shareholders’ right to the protection of their property guaranteed under art 1 of the First Protocol to the Convention for the Protection of Human Rights and Fundamental Freedoms. Those statutory assumptions struck the balance, required by the Convention, between the demands of the general interest of the community and the requirements of the protection of the individual’s fundamental rights.”

WLR Daily, 30th July 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Banking reform ‘largely cosmetic’ – BBC News

Posted July 31st, 2009 in banking, financial regulation, news by sally

“The government’s plans for reforming the regulation of banks are ‘largely cosmetic’ and ‘lack clarity’, MPs in the Treasury Select Committee say.”

Full story

BBC News, 31st July 2009

Source: www.bbc.co.uk

OAP’s payout after bank’s advice – BBC News

Posted July 24th, 2009 in banking, compensation, news by sally

“A 91-year-old retired farmer has won nearly £200,000 compensation after he was advised by his bank to invest his savings on the stock market.”

Full story

BBC News, 23rd July 2009

Source: www.bbc.co.uk

Tax avoidance experts may face FSA crackdown – The Guardian

Posted July 24th, 2009 in banking, financial regulation, news, tax avoidance by sally

“Bank bosses who allow their firms to devise schemes to help customers avoid paying tax could face sanctions from the Financial Services Authority.”

Full story

The Guardian, 23rd July 2009

Source: www.guardian.co.uk

FSA fines HSBC units £3m for ‘careless’ handling of confidential data – The Times

Posted July 23rd, 2009 in banking, data protection, fines, news by sally

“HSBC, Europe’s biggest bank, has been fined more than £3 million by the Financial Services Authority (FSA) for the ‘careless’ handling of confidential details of tens of thousands of its customers.”

Full story

The Times, 23rd July 2009

Source: www.timesonline.co.uk

Darling rules out radical changes in City white paper – The Guardian

Posted July 9th, 2009 in banking, financial regulation, news, remuneration by sally

” Alistair Darling stepped back today from a radical overhaul of Britain’s banks when he ruled out caps on bankers’ pay or breaking up the biggest City institutions.”

Full story

The Guardian, 9th July 2009

Source: www.guardian.co.uk

Saving Gateway Accounts Act 2009 – OPSI

Posted July 3rd, 2009 in banking, legislation, tax credits by sally

Saving Gateway Accounts Act 2009 published

Full text of Act (PDF)

Source: www.opsi.gov.uk

Treasury faces legal action over ‘dirty’ banking investments – The Guardian

Posted July 1st, 2009 in banking, environmental protection, nationalisation, news by sally

“Campaign groups say bank bailout breaches government’s own policies on reducing carbon emissions by lending money to coal, oil and gas companies.”

Full story

The Guardian, 1st July 2009

Source: www.guardian.co.uk

OFT vows to pursue bank charges – BBC News

Posted June 26th, 2009 in banking, financial regulation, news by sally

“The Office of Fair Trading (OFT) will still pursue bank overdraft charges as unfair, even if it loses the current legal appeal in the House of Lords.”

Full story

BBC News, 25th June 2009

Source: www.bbc.co.uk

Future of ‘free banking’ depends on courts, Law Lords told – Daily Telegraph

Posted June 24th, 2009 in banking, news by sally

“The future of free personal banking depends on the outcome of a renewed legal challenge by major high street banks, the Law Lords have been told.”

Full story

Daily Telegraph, 24th June 2009

Source: www.telegraph.co.uk

Bank worker who raided Sir Victor Blank’s account jailed for three years – Daily Telegraph

Posted May 20th, 2009 in banking, news, sentencing, theft by sally

“Anthony Webster, 23, acted as the ‘inside man’ in a scam which saw more than £615,000 in total stolen from wealthy clients of Barclays, a court heard.”

Full story

Daily Telegraph, 20th May 2009

Source: www.telegraph.co.uk