‘The UK’s financial watchdog is clamping down on payday loans, with new rules to ensure that borrowers are never forced to repay more than twice the sum of their original loan.’
The Guardian, 11th November 2014
Source: www.guardian.co.uk
‘The question as to whether a complainant was a consumer for the purposes of the Financial Conduct Authority’s compulsory jurisdiction dispute resolution rules was a matter of precedent fact to be decided by the courts; it was not a question for Financial Ombudsman Service to determine that was reviewable only on conventional (“Wednesbury”) grounds.’
WLR Daily, 20th October 2014
Source: www.iclr.co.uk
‘Interest Rate Hedging Products (“IRHP”) are financial products that enable the purchaser to limit their exposure to interest rate movements. They are often purchased at the same time as entering into a loan.’
Hardwicke Chambers, 19th September 2014
Source: www.hardwicke.co.uk
‘Financial regulator the Financial Conduct Authority (FCA) is consulting on guidance that provides clarity on how different kinds of advice are treated, but companies should be particularly careful when offering advice electronically.’
OUT-LAW.com, 7th October 2014
Source: www.out-law.com
‘Tesco says it has been notified by the Financial Conduct Authority (FCA) that it is under investigation following its admission last week that it overstated its half-year profit guidance by £250m.’
BBC News, 1st October 2014
Source: www.bbc.co.uk
‘A speech given by the Attorney General to the 32nd Cambridge International Symposium on Economic Crime – delivered on 1st September 2014 at Jesus College Cambridge.’
Attorney General’s Office, 5th September 2014
Source: www.gov.uk/ago
‘Bank hit with its sixth penalty in four years, showing it is still far from being in proper shape to return to the private sector.’
The Guardian, 27th August 2014
Source: www.guardian.co.uk
‘Financial services companies have been warned to review their use of online keyword advertising after the City regulator said it can lead to financial promotions being deemed to be misleading.’
OUT-LAW.com, 13th August 2014
Source: www.out-law.com
‘The UK government is to review the trade in virtual currencies to investigate whether it should regulated.’
OUT-LAW.com, 6th August 2014
Source: www.out-law.com
‘In the wake of the banking crisis, the Financial Services Act 2012 gave the FCA a range of new and enhanced powers with which to pursue its regulatory objectives. Today, it has used – for the first time – one if its shiny new tools; the FCA has issued a Temporary Product Intervention Rule (TPIR).’
RPC Commercial Disputes Blog, 5th August 2014
Source: www.rpc.co.uk
‘On Wednesday 30 July 2014, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) released consultation papers relating to individual accountability and remuneration in the banking industry. The changes apply, broadly speaking, to banks, building societies, credit unions and the nine investment firms designated by the PRA.’
Employment Law Blog, 30th July 2014
Source: www.employment11kbw.com
‘Britain’s big four high street banks could be forced to break themselves up after the competition watchdog signalled its intention to launch a sweeping investigation into the £10bn-a-year sector.’
The Guardian, 18th July 2014
Source: www.guardian.co.uk
‘The cap proposed by the Financial Conduct Authority means that if someone borrows £100 from a payday lender and pays it back within the agreed 30 days, they would pay a maximum of £24 in charges. Fees for late payment would be capped at £15, with a total price cap of 100% of the original loan to stop default charges spiralling out of control.’
The Guardian, 15th july 2014
Source: www.guardian.co.uk
In re MF Global UK Ltd (in special administration) (No 5): [2014] EWHC 2222 (Ch); [2014] WLR (D) 294
‘There was nothing in the rules contained in Chapters 7 and 7A of the Client Assets Sourcebook (“CASS 7 and 7A”), which formed part of the Financial Services Authority Handbook, which expressly excluded the statutory power of compromise contained in section 15 of the Trustee Act 1925.’
WLR Daily, 4th July 2014
Source: www.iclr.co.uk
‘Rigging the foreign exchange, bond and commodity markets could become a criminal offence, the government will warn the City on Thursday as part of its latest effort to clean up the financial markets after a wave of scandals and allegations relating to key benchmarks.’
The Guardian, 11th June 2014
Source: www.guardian.co.uk
‘The Financial Conduct Authority (FCA) found that some of the largest brokers that serve small businesses did not have proper processes in place to manage the “inherent conflicts” that arise as part of their work.’
OUT-LAW.com, 29th May 2014
Source: www.out-law.com
‘The Financial Conduct Authority (FCA) has won its appeal against the stay in the high-cost fraud trial known as Operation Cotton, with the Court of Appeal (CoA) ruling that proceedings should resume.’
The Lawyer, 21st May 2014
Source: www.thelawyer.com
Greenclose Ltd v National Westminster Bank plc: [2014] EWHC 1156 (Ch); [2014] WLR (D) 173
‘The terms of section 12(a) of the International Swaps and Derivatives Association (“ISDA”) Master Agreement (Multi Currency-Cross Border Form) (1992 ed) were mandatory and any notice purportedly served pursuant to those provisions had to have been given by the means therein prescribed, and by reference to and in accordance with the contact information provided in part 4 of the schedule to the agreement, subject to any amendment properly notified pursuant to section 12(b). If the schedule did not provide certain information necessary for service by a prescribed method, the contract was to be construed as limiting the prescribed methods to those expressly permitted by the schedule unless and until the missing information was notified under section 12(b) or the contract was formally amended.’
WLR Daily, 14th April 2014
Source: www.iclr.co.uk
‘Annex I, point 14, of Parliament and Council Directive 2005/29/EC meant that a pyramid promotional scheme constituted an unfair commercial practice only where such a scheme required the consumer to give financial consideration, regardless of its amount, for the opportunity to receive compensation that was derived primarily from the introduction of other consumers into the scheme rather than from the sale or consumption of products.’
WLR Daily, 3rd April 2014
Source: www.iclr.co.uk
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