New Banking Act comes into effect – BBC News
“The UK’s new Banking Act, which gives greater powers of intervention to the Bank of England, is coming into force.”
BBC News, 21st February 2009
Source: www.bbc.co.uk
Category: banking
Ex-QC raises civil action against RBS – The Independent
“A former QC raised a civil case in court today against the Royal Bank of Scotland Group, accusing it of concealing the state of its finances.”
The Independent, 18th February 2009
Source: www.independent.co.uk
SRM Global Master Fund LP v Commissioners of HM Treasury; RAB Special Situations (Master) Fund Ltd v Same; Grainger and others v Same – WLR Daily
“Ss 5(4) and 9(2) of the Banking (Special Provisions) Act 2008 and art 6 of the Northern Rock plc Compensation Order 2008 (SI 2008/718), the provisions establishing the assumptions upon which valuation of shares was carried out under a scheme for compensating shareholders subsequent to the nationalisation of Northern Rock plc, did not infringe the shareholders right to peaceful enjoyment of their possessions under art 1 of the First Protocol to the Convention for the Protection of Human Rights and Fundmamental Freedoms (set out in Pt II of Sch 1 to the Human Rights Act 1998).”
WLR Daily, 16th February 2009
Source: www.lawreports.co.uk
Please note once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.
Shareholders in Northern Rock set to keep fighting – The Times
“The former shareholders of Northern Rock are expected to go to the Court of Appeal after failing yesterday in their challenge to the Government’s compensation scheme, which saw their shares valued at almost nil.”
The Times, 14th February 2009
Source: www.timesonline.co.uk
Rock investors lose court case – BBC News
“Former Northern Rock shareholders have lost their legal challenge to the government’s plan to compensate them.”
BBC News, 13th February 2009
Source: www.bbc.co.uk
Banks rescue bill set to become law – The Independent
“A ‘ping-pong’ between the two Houses of Parliament was avoided today, when peers accepted a Commons change to the Banking Bill, which now goes for Royal Assent.”
The Independent, 11th February 2009
Source: www.independent.co.uk
Frozen overdraft claims revealed – BBC News
“It has been revealed that at least 65,000 people have had their claims for the return of overdraft charges frozen in the court system.”
BBC News, 11th February 2009
Source: www.bbc.co.uk
Government defeat on banking bill – BBC News
“Labour has lost a vote in the House of Lords on an amendment to its flagship bill to protect the banking system.”
BBC News, 3rd February 2009
Source: www.bbc.co.uk
Banks gear up for legal battle as era of the free mortgage approaches – Daily Telegraph
“Banks are gearing up for a legal battle ahead of tomorrow’s interest rate decision, which could mean they owe borrowers money.”
Daily Telegraph, 3rd February 2009
Source: www.telegraph.co.uk
City watchdog: banking system needs profound change – The Times
“The banking system must undergo ‘profound’ changes if a repeat of the current collapse is to be avoided in future, the head of the City watchdog has warned.”
The Times, 22nd January 2009
Source: www.times.co.uk
Shareholders challenge ‘unlawful’ Northern Rock bailout – The Times
“Northern Rock was secretly given a ‘substantial’ valuation by the Government while shareholders received nothing in compensation when it was nationalised, the High Court was told yesterday.”
The Times, 14th January 2009
Source: www.timesonline.co.uk
Heavyweights square up for Northern Rock trial – The Lawyer
“It’s been a long time coming, but the Northern Rock trial, which kicks off this week (13 January), is sure to be well worth the wait – if for no other reason than the sheer spectacle it promises to provide.”
The Lawyer, 12th January 2009
Source: www.thelawyer.com
Egg is fined £700,000 for mis-selling insurance cover for payment protection – The Times
“Egg, the online bank owned by Citigroup, has been fined £721,000 for ‘serious failings’ on sales of credit card payment protection insurance (PPI) to nearly half its customers over a three-year period. The bank may have to pay millions of pounds to customers in PPI refunds.”
The Times, 11th December 2008
Source: www.timesonline.co.uk
Government ‘ripped up’ competition law to push through Lloyds merger with HBOS – The Times
“An activist group today accused Gordon Brown and Alistair Darling of ‘ripping up’ competition rules in pushing through the merger of HBOS and Lloyds TSB.”
The Times, 8th December 2008
Source: www.timesonline.co.uk
City watchdog to be ‘intrusive’ in overseeing banks – Daily Telegraph
“Hector Sants, the chief executive of the Financial Services Authority (FSA), said that banks must face tighter regulation and admitted the watchdog should have been more active before the financial crisis.”
Daily Telegraph, 1st December 2008
Source: www.telegraph.co.uk
Dormant Bank and Building Society Accounts Act 2008
Dormant Bank and Building Society Accounts Act 2008 published
Source: www.opsi.gov.uk
Lord Mandelson will force banks to open their coffers – The Times
“Banks face legal action if they refuse to resume lending amid dire warnings of a mortgage drought that will bring further misery to homeowners.”
The Times, 26th November 2008
Source: www.timesonline.co.uk
Watchdog muscles in on high street accounts – The Guardian
“Bank customers could be given the protection of the main City watchdog in a move that would sweep away decades of voluntary regulation covering savings and current accounts. The Financial Services Authority said yesterday it was considering major reforms to the banking code and statutory rules for the industry.”
The Guardian, 5th November 2008
Source: www.guardian.co.uk
Banks set to begin appeal in overdraft charges case – The Times
“High street banks, already reeling from the financial crisis, will today begin the latest round of a legal fight that threatens an overhaul of their retail charges at a cost of billions of pounds.”
The Times, 28th October 2008
Source: www.timesonline.co.uk
