Category: banking

New Judgment: Singularis Holdings Ltd (In Official Liquidation) (A Company Incorporated in the Cayman Islands) v Daiwa Capital Markets Europe Ltd [2019] UKSC 50 – UKSC Blog

Posted October 31st, 2019 in banking, duty of care, fraud, illegality, news by sally

‘An implied term of the contract between a bank and its customer is that the bank owes a duty of care not to execute the customer’s order if it knows the order to be dishonestly given, or shuts its eyes to obvious dishonesty, or acts recklessly in failing to make inquiries. This is known as the Quincecare duty of care, following the 1992 case of Barclays Bank plc v Quincecare Ltd.’

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UKSC Blog, 30th October 2019

Source: ukscblog.com

When is a Bank Account not a Bank Account Under Account Freezing and Forfeiture Orders? – Drystone Chambers

Posted October 29th, 2019 in banking, forfeiture, news, proceeds of crime by sally

‘As part of my series on AFO’s I am going to discuss what accounts can be frozen by Account Freezing Orders (‘AFO’s). Although the requirements under section 303Z5 setting out what a bank is seem straightforward, it can be hard in practice to determine when a bank account is not a bank account. It has, in my experience, caused a number of AFO’s to be discharged; this is where orders have frozen Forex trading accounts, ISA fund accounts, or other accounts which contain money but do not.’

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Drystone Chambers, October 2019

Source: drystone.com

Libor rigging inquiry shut down by Serious Fraud Office – BBC News

Posted October 21st, 2019 in banking, codes of practice, fraud, inquiries, interest, news, public interest, rates, Serious Fraud Office by sally

‘An investigation into the rigging of Libor, the benchmark interest rate that tracks the cost of borrowing cash, has been unexpectedly closed.’

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BBC News, 19th October 2019

Source: www.bbc.co.uk

New Judgment: Routier v Commissioners for Her Majesty’s Revenue and Customs [2019] UKSC 43 – UKSC Blog

Posted October 21st, 2019 in appeals, banking, EC law, freedom of movement, gifts, HM Revenue & Customs, inheritance tax, Jersey, news, Supreme Court by sally

‘The issue in this appeal was whether a movement of capital between the United Kingdom and Jersey should be regarded as an internal transaction taking place within a single member state for the purposes of article 56 of the Treaty Establishing the European Community; and if not, whether the refusal of relief under section 23 in respect of the gift to the Coulter Trust is justifiable under EU law.’

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UKSC Blog, 16th October 2019

Source: ukscblog.com

Supreme Court to hear Mastercard CPO appeal – Litigation Futures

Posted October 9th, 2019 in appeals, banking, class actions, EC law, fees, news, Supreme Court by sally

‘The Supreme Court has granted Mastercard permission to appeal against the Court of Appeal ruling that kept the massive £14bn class action over interchange fees alive.’

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Litigation Futures, 8th October 2019

Source: www.litigationfutures.com

Merricks v Mastercard: £14bn appeal to be heard by Supreme Court – Law Society’s Gazette

Posted October 7th, 2019 in appeals, banking, class actions, competition, financial services ombudsman, news, standards, Supreme Court by tracey

‘The Supreme Court will rule on a landmark case that will test the standards applied to a Collective Proceedings Order in a major competition claim. Permission has been granted for the defendant in Merricks v Mastercard Incorporated & Anor to bring its appeal against a Court of Appeal ruling from April this year.’

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Law Society's Gazette, 4th October 2019

Source: www.lawgazette.co.uk

Banking regulation after Brexit – OUP Blog

Posted October 1st, 2019 in banking, brexit, financial regulation, news by sally

‘It is a truism that Brexit will have a significant impact on banks and the wider financial services industry. The loss of passports by UK firms has received some attention from the non-specialist media, and is relatively well-understood. However, the loss of passports, significant as it is, is just one of many issues. Others have received no or little coverage outside the industry. In this blog, we will touch upon some of them. To do so, we need to step back and consider the very legal nature of a bank.’

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OUP Blog, 30th September 2019

Source: blog.oup.com

Number of bank transfer scams in UK rises by 40% in a year – The Guardian

Posted September 27th, 2019 in banking, codes of practice, crime prevention, fraud, news, statistics by tracey

‘The amount of money stolen by criminals through bank transfer scams has risen by 40% in a year and is running at more than £1m a day, according to official UK data.’

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The Guardian, 26th September 2019

Source: www.theguardian.com

Banker’s wife who spent £16m in Harrods escapes extradition to Azerbaijan on embezzlement charges – Daily Telegraph

Posted September 27th, 2019 in appeals, assets recovery, banking, corruption, extradition, fraud, married persons, news, political opinion discrimination, proceeds of crime by tracey

‘A banker’s wife who spent £16million during a series of shopping sprees in Harrods has escaped extradition back to Azerbaijan on fraud charges.’

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Daily Telegraph, 26th September 2019

Source: www.telegraph.co.uk

Couple must repay £10.4 million after ripping off struggling firms to live high life on yachts – Crown Prosecution Service

Posted September 13th, 2019 in assets recovery, banking, bankruptcy, fraud, loans, news, proceeds of crime by tracey

‘A couple who made a fortune bankrupting companies to fund their lavish lifestyle have today been ordered to repay more than £10million.’

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Crown Prosecution Service, 12th September 2019

Source: www.cps.gov.uk

HMRC faces legal fight for handing Britons’ data to US tax officials – The Guardian

Posted September 12th, 2019 in banking, citizenship, disclosure, foreign jurisdictions, HM Revenue & Customs, news, proportionality, taxation by tracey

‘HMRC is facing a legal battle to block it from handing personal details about British citizens to US tax authorities. The case could have wide-ranging implications for tens of thousands of so-called accidental Americans who left the US when they were months or years old but risk having their British bank accounts frozen for failing to comply with the US tax requirements.’

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The Guardian, 12th September 2019

Source: www.theguardian.com

NCA freezes £100m suspected to be from corruption overseas – The Guardian

Posted August 15th, 2019 in assets recovery, banking, bribery, corruption, investigatory powers, national crime agency, news, police by tracey

‘More than £100m suspected to have been imported to the UK from bribery and corruption overseas has been frozen following a court order obtained by the National Crime Agency.’

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The Guardian, 14th August 2019

Source: www.theguardian.com

Government criticised for giving banks key oversight role over fraud and money laundering policy – The Independent

Posted July 15th, 2019 in banking, financial regulation, fraud, money laundering, news by tracey

‘Government plans to combat money laundering, fraud and other economic crimes have come under fire for allowing banks that have previously been implicated in wrongdoing to play a key role in writing the new rules.’

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The Independent, 13th July 2019

Source: www.independent.co.uk

New guidance needed to improve anti-money laundering regime – Law Commission

Posted June 18th, 2019 in banking, codes of practice, Law Commission, money laundering, press releases, reports, terrorism by tracey

‘A new advisory board and statutory guidance would reduce wasted time and improve the UK’s ability to tackle money laundering and terrorist financing, the Law Commission has announced.’

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Law Commission, 18th June 2019

Source: www.lawcom.gov.uk

City regulator bans high overdraft fees to reform ‘dysfunctional’ market – The Guardian

Posted June 7th, 2019 in banking, consumer protection, debts, fees, financial services ombudsman, news, penalties by tracey

‘The City regulator has accused UK banks of causing “significant harm” to their most vulnerable customers as it pushes ahead with a ban on excessive overdraft fees.’

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The Guardian, 7th June 2019

Source: www.theguardian.com

Banking code to protect victims tricked into transferring money to fraudsters – The Independent

Posted May 28th, 2019 in banking, codes of practice, fraud, news, victims by tracey

‘Blameless scam victims who are tricked into transferring money directly to a fraudster should find they are better protected under a new voluntary industry code that comes into force from Tuesday.’

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The Independent, 27th May 2019

Source: www.independent.co.uk

High court judge leads inquiry into London Capital & Finance scandal – The Guardian

Posted May 24th, 2019 in banking, bankruptcy, debts, financial regulation, financial services ombudsman, inquiries, news by tracey

‘The government has launched an independent inquiry into the collapse of London Capital & Finance, the investment firm at the centre of a mounting £236m financial scandal in which thousands of investors lost money. Dame Elizabeth Gloster, a leading high court judge specialising in corporate failures, finance and fraud, will lead the investigation into the company and the oversight of the City watchdog ahead of its collapse.’

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The Guardian, 23rd May 2019

Source: www.theguardian.com

Jury dismissed in Barclays fraud trial – BBC News

Posted April 9th, 2019 in banking, conspiracy, fraud, juries, misrepresentation, news by sally

‘The jury in the fraud trial against four former Barclays bankers – including the former chief executive, John Varley – has been dismissed.’

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BBC News, 8th April 2019

Source: www.bbc.co.uk

City watchdog told to review London Capital & Finance collapse – The Guardian

Posted April 2nd, 2019 in banking, compensation, financial regulation, fraud, inquiries, insolvency, interest, news, ombudsmen, victims by tracey

‘Government orders FCA inquiry into £236m scandal surrounding investment firm.’

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The Guardian, 1st April 2019

Source: www.theguardian.com

City watchdog fines Goldman Sachs £34.4m for misreporting – The Guardian

Posted March 29th, 2019 in banking, financial regulation, fines, news, ombudsmen by tracey

‘Goldman Sachs has been fined £34.4m by the City regulator for misreporting millions of transactions over a decade.’

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The Guardian, 28th March 2019

Source: www.theguardian.com