swarb.co.uk - law index
These cases are from the lawindexpro database. They are now being transferred to the swarb.co.uk website in a better form. As a case is published there, an entry here will link to it. The swarb.co.uk site includes many later cases.
Financial Services - From: 2002 To: 2002
This page lists 25 cases, and was prepared on 20 May 2019.
Hoover Ltd v Hetherington [2002] Pens LR 297
2002
ChD
Pumfrey J
Financial Services
1 Citers
First Discount Ltd v Cranston [2002] EWCA Civ 71
24 Jan 2002
CA
Financial Services
[ Bailii ]
Christchurch Pavilion Partnership No 1 and Others v Deloitte and Touche Tohmatsu Trustee Company Limited; PC 4-Feb-2002 - [2002] UKPC 4
James and Charles Dodd (A Firm) v O'Callaghan [2002] EWCA Civ 216
5 Feb 2002
CA
Financial Services
[ Bailii ]
In the Matter of the Equitable Life Assurance Society: In the Matter of the Companies Act 1985 [2002] EWHC 140 (Ch)
8 Feb 2002
ChD
The Honourable Mr Justice Lloyd
Financial Services, Company
The Society sought approval of a scheme of arrangement. The Society had made promises of high returns to some policyholders, which it could not maintain after a decline in interest rates and the stock market. It sought a compromise arrangement. The arrangement had been voted on and accepted by members. Held: The power given by the section to over-ride dissentients must be used with great care. There was not sufficient distinction in interests, to have required more than three classes of voters. The scheme proposal had been properly administered. It was proper, had been accepted by the members, and was approved.
Companies Act 1985 425
[ Bailii ]
Allan v Rea Brothers Trustees Limited [2002] EWCA Civ 85
8 Feb 2002
CA
Lord Justice Aldous, Lord Justice Robert Walker, Lord Justice Keene
Financial Services, Trusts, Equity
The claimant appealed dismissal of his claim for damages for breach of trust. The respondent had administered his pension, a 'small self-administered scheme'. The regulations required a pensioner trustee who took on specific duties. He had been persuaded by a crook to appoint the defendant to act, knowing that it was intended to draw from the scheme unlawfully, by pretending to be an employee of a company scheme to which the assets had been transferred. Held: The money transferred was already subject to an express trust. There was a difference between a proprietary and a personal remedy for breach of trust, the latter being affected by the knowledge of the breach in the claimant. Although the transfer of funds did not create a resulting trust, the assets were already trust assets. A beneficiary cannot complain of a breach of trust in which he knowingly participated or acquiesced. Appeal dismissed.
Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-Administered Schemes) Regulations 1991 (1991 No.1614)
1 Cites
1 Citers
[ Bailii ]
Redrow Plc v Pedley and Lewis; ChD 12-Feb-2002 - [2002] EWHC 983 (Ch); [2002] Pens LR 339
Britannic Asset Management Ltd and Others, Regina (on the Application of) v Pensions Ombudsman Times, 16 April 2002; [2002] EWHC 441 (Admin)
21 Mar 2002
Admn
Mr Justice Lightman
Financial Services
The Ombudsman had sought to rule on a complaint against the applicants. They said the Ombudsman had no jurisdiction. Held: For jurisdiction the Ombudsman had to rely upon his statutory powers. Those allowed him to rule on those who were, or acted as administrators of a pension scheme; those who ran it. "It is of the essence for a person to be or act as an administrator that he shall have assumed an administrative role . . "on the trustees' side" in the administration of the Scheme's affairs. " That did not apply here, and there was no jurisdiction for the Ombudsman.
Pensions Act 1995 157 - Pension Schemes Act 1993 146(4) - Personal and Occupational Pension Schemes (Pensions Ombudsman) Regulations 1996 (SI 1996 No 2475) 1(2) 2(1)
1 Cites
1 Citers
[ Bailii ]
Eurodata Systems plc v Michael Gershon (Finance) plc Times, 25 March 2003
26 Apr 2002
QBD
Geddes J
Contract, Financial Services
A lease finance provider sent invoice instructions to the claimant company, but these were accompanied by oral instructions requiring the execution of the equipment leases first. The leases were not signed. The defendant issued a cheque but cancelled it. Held: A contract had not been made and the defendant was not liable. The requirement that the equipment leases be signed was a necessary pre-condition to the contract coming into existence. There was no consideration given for the cheque and the defendant was not liable for its countermanding.
Re Cater Allen Ltd [2002] EWHC 3147 (Ch)
30 Apr 2002
ChD
Financial Services
Financial Services Act 2002
[ Bailii ]
Eurolife Assurance Company Ltd v Financial Services Authority [2002] UKFSM FSM001
23 May 2002
FSMT
Steven Oliver QC
Financial Services
FSMT PROCEDURE - Public or private hearing - Application for hearing of reference to be wholly in private - Whether necessary having regard to possible unfairness to Applicants - No - Whether necessary having regard to possible prejudice to consumers - No - Financial Services and Markets Tribunal Rules 2001 (SI 2001/2476)
Financial Services and Markets Tribunal Rules 2001
[ Bailii ]
The Mayor and Burgesses of the London Borough of Newham v Skingle and the Pensions Ombudsman Times, 15 July 2002; Gazette, 18 July 2002; [2002] EWHC 1013 (Ch)
23 May 2002
ChD
The Honourable Mr Justice Jacob
Financial Services, Local Government, Employment
The applicant was a retired local government worker. His pension was determined by his final salary. He worked many hours overtime. Was that overtime to be included when calculating his pension? The regulations included all payments, but not non-contractual overtime. Held: The regulations were not clear. The contract provided overtime rates, so the ombudsman had found the payments to have been made under the contract. The employers contended that non-contractual overtime meant only overtime which was not obligatory. The Ombudsman erred in construing the regulations, and so the case was remitted, but he was correct in construing the contract.
Pensions Schemes Act 1993 151(4) - Local Government Pension Scheme Regulations 1995
1 Citers
[ Bailii ]
Bradstock Group Pension Scheme Trustees Ltd v Bradstock Group plc and Others Times, 10 July 2002; Gazette, 19 September 2002
17 Jun 2002
ChD
Mr Charles Aldous QC
Financial Services, Employment, Trusts
The company found itself unable to fund the pension scheme it had committed itself to. If it sought to pay the money due, the company would have to go into liquidation. It did not meet the minimum funding requirements of the Act. The company proposed a scheme of compromise with the trustees. Held: There was no reason in law why a compromise could not be approved. In a liquidation, the pension trustees would stand as unsecured creditors, and accordingly receive a smaller sum. This was the best practical way forward, and within the powers of the trustees.
Trustee Act 1925 15 - Pensions Act 1995 75
Brewin Dolphin Securities Ltd v Kalaji and Another [2002] EWCA Civ 1294
17 Jul 2002
CA
Financial Services, Contract
[ Bailii ]
Eurolife Assurance Company Ltd v Financial Services Authority [2002] UKFSM FSM002
4 Sep 2002
FSMT
Financial Services
FSMT PROCEDURE - Withdrawal of reference - Permission of the Tribunal - Applicant submits letter purporting to withdraw reference notice lodged after case called on for adjourned hearing but before Authority's opening - Whether withdrawn before the hearing of the reference - Yes - Financial Services and Markets Tribunal Rules 2001 (SI 2001/2476 r.14(1))
[ Bailii ]
Rolf Dieter Danner (Judgment) C-136/00; [2002] EUECJ C-136/00; C-136/00
3 Oct 2002
ECJ
European, Financial Services
Reference for a preliminary ruling: Kuopion hallinto-oikeus - Finland. Voluntary pension insurance - Policy taken out with a company in another Member State - Non-deductibility of contributions - Compatibility with Articles 6 and 59 of the EC Treaty (now, after amendment, Articles 12 EC and 49 EC), 60, 73b and 73d of the EC Treaty (now Articles 50 EC, 56 EC and 58 EC), and 92 of the EC Treaty (now, after amendment, Article 87 EC).
[ Bailii ]
Primavera v Allied Dunbar Assurance Plc [2002] EWCA Civ 1327
4 Oct 2002
CA
Lord Justice Simon Brown, Lord Justice Mance And Lord Justice Latham
Financial Services, Damages, Professional Negligence
The claimant purchased a pension plan relying upon advice from the defendant. Since discovering the error, the plan had in fact prospered. The respondent appealed the judges failure to allow fully for the improvement when assessing damages. Held: Part of the claim required both to assess the loss as at 1995, and to recover later loses. It was double recovery. As to the rest the damages which might be assessed in 1995 would have disappeared by 2000. The claimant had not liquidated the fund in 1995. He had however still been misled by the defendant, and had acted as if the loss had been incurred. The damages stood to be assessed as at 1995.
1 Cites
[ Bailii ]
Britannic Asset Management Ltd and Others, Regina (on the Application of) v Pensions Ombudsman Times, 22 October 2002; Gazette, 14 November 2002; [2002] EWCA Civ 1405
14 Oct 2002
CA
Phillips MR, Chadwick Keene LLJ
Administrative, Financial Services
The Ombudsman appealed a finding that it had no jurisdiction over the respondents in their provision of administrative support for pensions schemes. Held: A person who took an 'act of administration concerned with the scheme' was not necessarily a person 'concerned with the administration of the scheme'. There are important distinctions between the kinds of persons involved with the many administrative acts, and the nature of their involvement. The mere calculation of benefits was not enough.
1 Cites
1 Citers
[ Bailii ]
Norwich and Peterborough Building Society, Regina (on the Application of) v Financial Ombudsman Service Ltd Times, 13 December 2002; [2002] EWHC 2379 (Admin)
14 Nov 2002
Admn
Financial Services, Consumer, Commercial
The Ombudsman had found that the applicant had unfairly failed to notify its customers of the availability of better accounts, once it discontinued accounts of one type. The Society appealed saying that the finding of unfairness arose from matters outside the scope of the Code. Held: The finding did go outside the strict range of the Code. Nevertheless, the code was to be interpreted in a purposive, and non-technical way, and the Ombudsman had some considerable discretion. There were arguments each way as to the fairness or unfairness of the decision, but the court could only intervene if the decision was so bad as to be irrational. That was not the case here.
Banking Code 1998
1 Cites
[ Bailii ]
Ashton Graham (A Firm) v Sherman [2002] EWCA Civ 1794
2 Dec 2002
CA
Contract, Financial Services
[ Bailii ]
Great Future International Ltd and Others v Sealand Housing Corporation and Others [2002] EWHC 2454 (Ch)
3 Dec 2002
ChD
Lightman J
Financial Services, Torts - Other
[ Bailii ]
In re the Financial Markets and Services Act 2000; WASA International (UK) Insurance Co Ltd and Another v WASA International Insurance Co Ltd (Sweden) Times, 31 December 2002; [2002] EWHC 2784 (Ch)
10 Dec 2002
ChD
Park J
Insurance, Financial Services
The court had made an order transferring the insurance business of the company. The question arose as to whether it also had the right to transfer the benefit of contracts of re-insurance, which could at common law, only be transferred by consent of the insurer. Held: The Act contained the power in section 112 to make such orders even where the insured could not itself assign the contract.
Financial Markets and Services Act 2000 111 112(2)(a)
[ Bailii ]
Redwood Master Fund Ltd and Others v TD Bank Europe Ltd and Others Times, 30 January 2003
11 Dec 2002
ChD
Rimer J
Financial Services, Banking
The claimants were a minority of a lending syndicate. A change to the terms of the syndication agreement had been proposed which they considered would prejudice them. Risks of the loan arrangement would be transferred to them. Held: The change should proceed. It was necessary before any change was made that it should be demonstrated to be in the interests of the syndicate as a whole, not just the majority, but that did not mean it had to be for the benefit of each individual lender. Here there was nothing to suggest that the agents had acted in bad faith. All classes under the agreement had agreed to submit to the majority decision. Good faith was the starting point, and the overall agreement would be in the long term interes?s of the syndicate by reducing the borrowings.
1 Cites
Vivian John Davis Rawdon Quentin Vevers Colin Mark Gamwells v The Financial Services Authority [2002] EWHC 2997 (Admin)
18 Dec 2002
QBD
The Hon Mr Justice Lightman
Financial Services
Financial Services and Market Act 2000
[ Bailii ]
Agco Ltd v Massey-Ferguson Works Pension Trust and Another [2002] EWHC 2878 (Ch)
20 Dec 2002
ChD
Neuberger J
Financial Services
"The issue in this case turns on the effect of Rules, which are effectively in identical terms, of the Massey-Ferguson Works Pension Scheme ("the Works Scheme") and of the Massey-Ferguson Staff Pension Scheme ("the Staff Scheme"). In a nutshell, the issue is whether employees over 50 years of age, a) who were made involuntarily redundant, and b) who were invited to volunteer to be made redundant, are entitled to receive an immediate and undiscounted pension."
[ Bailii ]
