Mr Marsden was in the business of buying, restoring and selling pubs and hotels, financed by loans from Barclays. In July 2006 he entered into an interest rate swap with the bank to hedge floating rate loans of £1.6 million advanced to buy two pubs in Suffolk and Derby (£750,000 and £850,000 respectively). The swap … Continue Reading
In our blog post “Shift towards a PPI cut-off deadline reported” (24 June), we explained that internal documents had revealed that the FCA was backing a call by banks for the introduction of a two year cut-off for new PPI claims. The official FCA announcement was made on 2 August 2016. It confirmed that the … Continue Reading
Background The Upper Tribunal (Tax and Chancery Chamber) hears references from decisions and supervisory notices issued by the Financial Conduct Authority (“FCA”) and other specified regulators. In this case three references were made by two former employees of Deutsche Bank (Messrs Bittar and Vogt) and a former Barclays Bank employee (Mr Moryoussef). The references related … Continue Reading
Derivatives can be used to hedge, speculate, or a hybrid of the two. An astute gambler may claim his strategy is like a “naked” derivative: a calculated attempt to profit from a mismatch between the odds and the chances of the bet paying out. But is a buyer using derivatives doing the same thing as … Continue Reading
In October 2015, the Financial Conduct Authority published a statement confirming its intention to consult on the introduction of a deadline by which Payment Protection Insurance (“PPI“) mis-selling claims must be brought, accompanied by a consumer communication campaign. Comments on the FCA’s proposals were invited before 26 February 2016. The FCA has not as yet … Continue Reading
The claimants in Templars Estates Ltd and others -v- National Westminister Bank Plc and another (10 June 2016) had issued court proceedings against two banks alleging negligence in relation to advice given about interest rate hedging swaps. The trial was unlikely to be listed until sometime in 2018. They sought a stay of proceedings in … Continue Reading
In an April 2016 Financial List decision by Mrs Justice Asplin in Diane & Michael Hockin and Lonwest Ltd v Royal Bank of Scotland plc and National Westminster Bank plc [2016] EWHC 925 (Ch), the Bank unsuccessfully applied for strike out of parts of the mis-selling claim issued against them by the Claimants. The Claimants had … Continue Reading
The Court of Appeal’s decision in Playboy Club London limited & Ors v Banca Nazionale Del Lavoro Spa will be welcomed by banks that provide financial references in relation to their customers. It provides useful guidance to follow when providing or requesting references: Banks should draft references carefully and consider limiting liability to specific recipients … Continue Reading
On 19 April 2016, it was announced that the UK’s Treasury select committee (“TSC“) had won an extra power – the power to hold a hearing with potential Chief Executives of the Financial Conduct Authority (“FCA“), ahead of their formal appointment. TSC The TSC is appointed by the House of Commons to “examine the expenditure, … Continue Reading
On 21 April 2016, HM Treasury and the Home Office published the government’s “Action Plan” on the prevention of money laundering and the funding of terrorism. The Action Plan is designed to help businesses to help the UK in the fight against money laundering and financing terrorism – an issue which is becoming all too … Continue Reading
At the end of last month, the Financial Conduct Authority (“FCA”) released a discussion paper concerning its approach to small or medium sized enterprises (“SMEs”) as users of financial services. As part of this, the FCA seeks industry feedback on whether it should change the rules concerning the jurisdiction of the Financial Ombudsman Service (“FOS”). … Continue Reading
Introduction The recent High Court decision in American Leisure Group Limited v Olswang LLP demonstrates that if a Claimant issues proceedings on the eve of limitation but gets the Defendant’s name wrong, it runs a very serious risk (as here) of not being allowed to substitute the correct Defendant. Claimants and their lawyers beware. The … Continue Reading
