Archives: Banking

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European Commission conducts dawn raids to ease provision of data to fintech firms

It has recently been reported that the European Commission carried out a series of dawn raids at the premises of a number of entities involved in the banking sector “in a few” EU member states including, reportedly, the Polish and Dutch Banking Associations. The raids related to the alleged delay by banks providing data requested … Continue Reading

Mastercard: the saga continues…

Further to our recent blog posts regarding the long running litigation, last week the Supreme Court ordered that permission to appeal be granted to the Claimants in MasterCard Incorporated and others (Respondents) v Deutsche Bahn AG and others (Appellants) – UKSC 2017/0095. The appeal concerns prospective amendments to the Claimants’ case in the litigation which would introduce new claims … Continue Reading

Secure Capital SA v Credit Suisse: Court of Appeal Rules that Investor Firm Cannot Sue Issuing Bank over Bearer Notes.

On 6 October 2017, the Court of Appeal ruled that an investor with an interest in promissory notes cannot sue the issuing bank for allegedly making misleading statements about those promissory notes. There was no contractual relationship; only the bearer of the promissory notes could sue the issuer for breach of contract.… Continue Reading

The new PPI complaint deadline: the beginning of the end or the end of the beginning?

As discussed in a previous blog (3 May 2017), consumers seeking compensation in relation to any new payment protection insurance (“PPI“) complaint will now have until 29 August 2019 to complain to the Financial Ombudsman Service about any alleged mis-selling by lenders. The Financial Conduct Authority (“FCA“) has announced the final deadline in an attempt to draw … Continue Reading

Court of Appeal finds that banks had no duty to conduct an FCA ordered review with reasonable skill and care

Background The Court of Appeal has this week handed down judgment in three linked appeals (CGL Group and Others v Royal Bank of Scotland Plc and Others). These concerned interest rate hedging products (“Hedging Products“) that certain smaller businesses (including the Appellants) allege they were required to buy as a condition of loans made to them by three banks (in … Continue Reading

Financial Guidance and Claims Bill – tougher regulation for Claims Management Companies

Claims’ Management Companies (“CMCs”) offer legal claims and complaint management services to members of the public. Historically, CMCs work to bring large numbers of complaints against financial services companies and recent areas of focus have been PPI and interest rate hedging mis-selling complaints. Whilst some CMCs are reputable, others try to rally business through unsolicited calls/texts … Continue Reading

Regulator takes action to address risky lending practices

On 4 July 2017, the Prudential Regulation Authority (“PRA”) released a statement on consumer credit (“Statement”), following a review of consumer credit lending (“PRA Review”). The review included the examination of PRA regulated firms’ underwriting practices for credit cards, unsecured personal loans and motor finance.   As readers will be aware, there has been a good deal … Continue Reading

SFO appears safe for now after proposed merger with the National Crime Agency omitted from Queen’s Speech

The UK Government appears for the time being at least to have scrapped plans to merge the Serious Fraud Office (“SFO”) with the National Crime Agency (“NCA”). The controversial proposal to abolish the SFO did not feature in the Queen’s Speech, suggesting that it has been put on the back burner following the failure of Prime Minister … Continue Reading

Long awaited certainty on cut-off for PPI claims

In a previous blog post, we discussed how the Financial Conduct Authority (“FCA“) was backing a call by the banks for the introduction of a two year cut-off for PPI claims. Deadline The FCA has now announced that the final deadline for making a new PPI complaint will be 29 August 2019.   Andrew Bailey (Chief … Continue Reading

High Court reaffirms FOS discretion to depart from the law when “fair and reasonable”

The recent case of R (Aviva Life and Pensions) v Financial Ombudsman Service discusses and reaffirms the position that the Financial Ombudsman is not bound to follow the law when making its determinations but must instead make decisions that are “fair and reasonable in all the circumstances”. This reaffirms the Court of Appeal decision in R (Heather Moor … Continue Reading

First major LIBOR rigging claim dismissed by Financial List judge: speedread

After a 38 day trial, Mrs Justice Asplin handed down a 187 page judgment just before Christmas in the long-running Property Alliance Group Ltd v The Royal Bank of Scotland plc case. She rejected claims of mis-selling, breach of good faith obligations and misrepresentations associated with LIBOR. Property Alliance Group sued RBS over four interest … Continue Reading

Financial Disputes Roundtable: “Get me my money back!” Tracing the Proceeds of Fraud and Cybercrime

For the next in our breakfast roundtable series, Laurence Winston and I will be joined by intelligence and investigations specialists James Stothard and Damian Ozenbrook of Blue Square Global to look at tracing and recovering stolen assets. Following on from our well-received recent roundtable session on how to react to a cyber-theft or fraud, we … Continue Reading

Upper Tribunal refuses to stay regulatory proceedings pending a criminal trial

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

Closing out derivative contracts following Brexit

Since the shock Brexit vote on 23 June there have been big movements in a number of financial markets, as participants of all types reposition themselves for the period of uncertainty that the leave vote has ushered in. Regardless of the eventual terms of a UK exit from the EU, market movements that have already happened can be … Continue Reading

Shift towards a PPI cut off deadline reported

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
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