Following on from our recent Blog post about UK Finance’s half-yearly fraud update, in an article published today with the International Banker we look at the increasingly common authorised push payment (APP) fraud and consider what can be done and who might be liable?… Continue Reading
The Supreme Court has today provided important clarification on when “deliberate concealment” or “deliberate commission of a breach of duty” by a defendant will extend the limitation period for bringing claims. The decision is bad news for financial services firms affected by PPI mis-selling claims and other claims in which firms are accused of making … Continue Reading
UK Finance has recently published its half yearly fraud update for the first half of 2023, its findings are based on data reported to it by its members, which include financial providers, credit, debit and charge card issuers and card payment acquirers.… Continue Reading
On 12 July 2023, the Supreme Court delivered its widely anticipated judgment in Philipp v Barclays Bank UK PLC. In doing so, the Court has gone back to basics to explain the basis for and scope of a bank’s duty to its customers, and has brought the Quincecare duty back to a narrower footing. By … Continue Reading
Since July 2022 when the FCA published its rules and guidance to implement the Consumer Duty, much ink has been spilled on what it will mean for affected firms. Now, with the clock ticking down to implementation on 31 July 2023, the FCA has published the findings of its review of a number of larger … Continue Reading
The Prudential Regulation Authority (PRA) recently a Dear CEO letter titled “Thematic Findings on the reliability of the regulatory reporting“, outlining the current inadequacy of finance firms’ regulatory reporting procedures and the importance of comprehensive processes. The letter summarizes the PRA’s findings following its investigations carried out since October 2019, and a number of s.166 … Continue Reading
The Financial Ombudsman Service has noted a “dramatic rise” in complaints by consumers concerning financial scams and fraud. With the hope of embuing safer financial habits and a reduction in these types of complaints, FOS reminds consumers to be careful, but also expects banks to respond fairly and effectively to customers’ complaints.… Continue Reading
A recent judgment in an area which might seem far removed from financial services throws a spotlight on how financial institutions deal with the increasing problem of anonymous online abuse campaigns.… Continue Reading
In December 2006, Mr Morley, a commercial property developer, entered into a £75m, three-year loan with Royal Bank of Scotland plc to refinance his property portfolio, add new properties to it and provide him with a “bonus payment” for his personal use. The bank secured the loan over his portfolio of 21 commercial properties in … Continue Reading
The UK Supreme Court has significantly reformulated the scope of duty test that applies in cases of professional negligence. It handed down its decision in the case of Manchester Building Society v Grant Thornton UK LLP [2021] UKSC 20 on 18 June 2021. SPB acted for the successful party, Manchester Building Society.… Continue Reading
In March 2018, Mrs Philipp transferred two payments to accounts in the UAE, totalling £700,000, representing her and her husband, Dr Philipp’s savings. In doing so, Mrs and Dr Philipp thought they were assisting an investigation by the FCA and National Crime Agency (“NCA”) into fraudulent activities. Unfortunately for the Philipp family, they were, in … Continue Reading
In the recent case of Patel v Barlow’s Solicitors and others [2020] 2753 (Ch) the High Court found that a Quistclose Trust arose in a situation where solicitors were forwarded monies by a third party for a specific purpose.… Continue Reading
Fine Care Homes Ltd v NatWest Markets plc [2020] EWHC 874 (Ch) concerns a claim for negligence and misrepresentation based on the alleged mis-selling of an interest rate hedging product. The Court recently granted, in part, Fine Care Homes Ltd’s (“Fine Care“) application for specific disclosure against NatWest.… Continue Reading
Payment protection insurance (“PPI“) litigation rumbles on in the continuing matter of Ingenious Legal Ltd v Barclays Bank PLC in the High Court. Manchester-based law firm, Ingenious Legal Ltd (“Ingenious“), which acts for customers in consumer credit cases, is suing Barclays Bank PLC (“Barclays“) for £2.2 million. This is after Barclays cancelled a cheque to … Continue Reading
The FCA issued a warning last week, cautioning banks to ensure that small businesses are treated fairly during the Coronavirus pandemic.… Continue Reading
According to a financial industry group, UK Finance, British lenders had last week provided over £1.1 billion to smaller companies since March under the Government-backed coronavirus business interruption loan scheme (“CBILS“).… Continue Reading
Following a short consultation, the FCA has now confirmed a package of targeted temporary measures to help individuals with some of the most commonly used consumer credit products.… Continue Reading
On 28 February, former senior Barclays executives Roger Jenkins, Tom Kalaris, and Richard Boath were all acquitted of conspiracy to commit fraud contrary to section 1(1) of the Criminal Law Act 1997, and fraud by false misrepresentation, contrary to section 1 of the Fraud Act 2006. The case is the latest in a series of … Continue Reading
Brexit Day has come and gone. The Big Ben Bongs (try saying that after a few glasses of English sparkling wine) have sounded and Britain has broken the shackles of the European Union and entered a new era of free trade deals, blue passports and control of our borders. If this means paying a bit … Continue Reading
In Howard and another v Bank of Scotland plc [2019] a claim by borrowers alleging that their lender negligently overvalued their property, was struck out by the High Court last month, the Court deciding that the claim was time-barred under the Limitation Act 1980 (“Act”).… Continue Reading
On 1 November 2019, the Business Banking Resolution Service (“BBRS”) launched a new dispute resolution pilot in preparation for the introduction of its new service, which was originally announced in November 2018 by UK Finance, a trade body for British lenders. The service aims to provide alternative dispute resolution services for “larger” eligible small and … Continue Reading
In previous blogs, we have commented on the threat posed to the financial services sector by cyber risk and the potentially drastic consequences for all participants of a cyber-attack.… Continue Reading
Raphael & Sons plc (the “Bank“) has been hit by separate fines from the Financial Conduct Authority and the Prudential Regulation Authority (together, the “Regulators“) of £775,100 and £1,112,152 respectively. An IT issue with one of the Bank’s third party card processor’s left over 3,300 customers unable to use their prepaid cards on Christmas Eve … Continue Reading
On 15 May 2019, the Financial Ombudsman Service (“FOS“) published its 2018/2019 Annual Review and some key messages for the industry emerge from that Review which we highlight in this post.… Continue Reading
