“Senior bankers guilty of reckless misconduct should be jailed, a long-awaited report on banking commissioned by the government has recommended.”
BBC News, 19th June 2013
Source: www.bbc.co.uk
“Following the announcement in June 2012 by the Financial Services Authority of a two month investigation in to the sale (and in particular mis-selling) of interest rate hedging products such as swaps, collars, structured collars there is considerable interest in whether such claims are likely, following Payment Protection Insurance, to become another key battleground in financial services litigation.”
No. 5 Chambers, 7th February 2013
Source: www.no5.com
“Last year I discussed Mr Justice Flaux’s decision in Graiseley Properties Limited and others v Barclays Bank plc [2012] EWHC 3093 (Comm) (see Littleton Comment on 4 December 2012). In that case Flaux J. had allowed amendments to plead fraudulent misrepresentation and breach of implied terms in relation to LIBOR which smoothed the path to claims which were, in essence, that the Bank had sold LIBOR-related products when it knew that its employees were attempting to ‘rig’ LIBOR rates for their own purposes (i.e. making their trades profitable) and that such conduct would disadvantage clients who relied on the Bank not attempting to manipulate LIBOR rates. Although I pointed out that allowing the amendments, which lacked the particularity to be expected, was unusual, I also observed that ‘This is a welcome and realistic approach to the difficulties faced by customers in claims against banks.'”
Littleton Chambers, 15th April 2013
Source: www.littletonchambers.com
“Just 30 out of 227,000 people have failed the City regulator’s ‘fit and proper’ test to take on some of the most risky jobs in British banks since the onset of the financial crisis.”
The Guardian, 12th April 2013
Source: www.guardian.co.uk
“A ban that comes into force on Saturday will ensure that payment surcharges reflect the actual cost of processing the payment.”
The Guardian, 6th April 2013
Source: www.guardian.co.uk
“The three executives who ran HBOS bank in the runup to its near-catastrophic collapse have been slated for their ‘colossal failure’ of management in a scathing report which calls for them to be held to account by the City regulator.”
The Guardian, 4th April 2013
Source: www.guardian.co.uk
“A new system of regulation will oversee businesses in the financial services sector after reforms to the previous regime took effect on Monday.”
OUT-LAW.com, 2nd April 2013
Source: www.out-law.com
“New rules to govern the abuse of sales of ‘packaged accounts’ from banks have come into force.”
BBC News, 31st March 2013
Source: www.bbc.co.uk
“Britain’s new financial watchdog has pledged to clean up the financial services sector by using new powers to suspend or ban products if they appear harmful to consumers.”
The Guardian, 25th March 2013
Source: www.guardian.co.uk
“Bodies representing consumers and small businesses can now apply to be designated as a ‘super-complainant’, making it faster and easier for them to raise concerns about financial products with the new regulator, the Treasury has announced.”
OUT-LAW.com, 14th March 2013
Source: www.out-law.com
“There was no general rule that the Financial Services Authority acting pursuant to a public duty should be required to give to the court a cross-undertaking in damages in favour of third parties affected by the obtaining of a freezing injunction under section 380(3) of the Financial Services and Markets Act 2000 and/or section 37(1) of the Senior Courts Act 1981.”
WLR Daily, 27th February 2013
Source: www.iclr.co.uk
“Bodies acting under a ‘public law duty’ do not need to cover losses incurred by third parties when they ‘freeze’ the assets of a company under investigation, the Supreme Court has confirmed.”
OUT-LAW.com, 28th February 2013
Source: www.out-law.com
“Businesses and governments are continuing to wrestle with the question of what can and cannot be considered ‘adequate’ IT security in compliance with regulations including data protection laws.”
OUT-LAW.com, 25th February 2013
Source: www.out-law.com
“The Financial Services Authority (FSA) was within it rights to close down two unauthorised extended warranty schemes, regardless of whether the cover involved the payment of money to customers, the Supreme Court has confirmed.”
OUT-LAW.com, 15th February 2013
Source: www.out-law.com
“Financial advisers cannot be said to be ‘independent’ if they offer retail investment advice to clients based solely on their assessment of ‘passive investments’, the Financial Services Authority (FSA) has said.”
OUT-LAW.com, 13th February 2013
Source: www.out-law.com
“The Financial Services Authority (FSA) is assessing the cyber security plans of 30 major financial firms.”
OUT-LAW.com, 13th February 2013
Source: www.out-law.com
Supreme Court, 13th February 2013
“Arrangements amounting to collective investment schemes within the meaning of section 235 of the Financial Services and Markets Act 2000, or more generally, were not inchoate or imperfect contracts that were displaced if their parties entered into a form of understanding or contract.”
WLR Daily, 8th February 2013
Source: www.iclr.co.uk
“Speech by the Chancellor of the Exchequer, Rt Hon George Osborne MP, on the Reform of Banking, 4th Februaruy 2013.”
Banking reform: a new structure for stability and growth, Cm 8545
HM Treasury, 4th Februaury 2013
Source: www.hm-treasury.gov.uk
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