Headway Plc v Eastearly Ltd: CA 23 Jul 2009

issue as to the correct basis upon which the trustee of a company’s staff pension scheme, which is being wound up, can seek the debt due from the company under section 75 of the Pensions Act 1995, to make good the deficiency in the scheme.

Citations:

[2009] EWCA Civ 793, [2009] Pens LR 279, [2010] ICR 153

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 20 December 2022; Ref: scu.361449

Century National Merchant Bank Limited and others v Omar Davies and others: PC 16 Mar 1998

(Jamaica) The lawfulness of action taken by the Minister of Finance under statutory powers to assume temporary management of three financial institutions was challenged, and the remedies available to aggrieved parties in the event of unlawfulness.

Citations:

[1998] UKPC 12, [1998] AC 628.

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

See AlsoCrawford v Financial Institutions Services Ltd PC 2-Nov-2005
(Jamaica) The government had intervened in banking institutions under the control of the appellant. Subsequently orders had been made against him for compensation in respect of loans made negligently or otherwise than in accordance with good banking . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 09 December 2022; Ref: scu.159293

Norwich and Peterborough Building Society, Regina (on the Application of) v Financial Ombudsman Service Ltd: Admn 14 Nov 2002

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.

Citations:

Times 13-Dec-2002, [2002] EWHC 2379 (Admin)

Links:

Bailii

Statutes:

Banking Code 1998

Jurisdiction:

England and Wales

Citing:

CitedRegina v Monopolies and Mergers Commission, ex parte South Yorkshire Transport Ltd HL 1993
One bus company took over another, giving it an effective monopoly within the region. The Commission considered that the area involved was sufficiently substantial to cause concern that it may operate against the public interest. At first instance . .
CitedInvestors Compensation Scheme Ltd v West Bromwich Building Society HL 19-Jun-1997
Account taken of circumstances wihout ambiguity
The respondent gave advice on home income plans. The individual claimants had assigned their initial claims to the scheme, but later sought also to have their mortgages in favour of the respondent set aside.
Held: Investors having once . .
CitedRegina v Director of Passenger Rail Franchising, Ex Parte Save Our Railways and Others Etc CA 18-Dec-1995
A requirement that new services should be ‘based upon’ the present timetables did not mean that the services had to be at same level. It was possible that they may be a lesser service, though there should be no significant departures from such . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Consumer, Commercial

Updated: 09 December 2022; Ref: scu.178117

Investors Compensation Scheme Ltd v West Bromwich Building Society; Etc: ChD 10 Oct 1996

Part of a chose in action is not capable of being validly separately assigned in order to stop a court action.

Citations:

Times 10-Oct-1996

Jurisdiction:

England and Wales

Cited by:

Appeal fromInvestors Compensation Scheme Ltd v West Bromwich Building Society and Others CA 1-Nov-1996
Public policy rendered an assignment of a remedy void, where the assignment was an attempt to split it from another remedy. For the purpose of construing a contract the law excludes from the admissible factual background the previous negotiations of . .
At First InstanceInvestors Compensation Scheme Ltd v West Bromwich Building Society HL 19-Jun-1997
Account taken of circumstances wihout ambiguity
The respondent gave advice on home income plans. The individual claimants had assigned their initial claims to the scheme, but later sought also to have their mortgages in favour of the respondent set aside.
Held: Investors having once . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Contract

Updated: 09 December 2022; Ref: scu.82415

McCalman and Another, Regina (On the Application of) v West Yorkshire Fire and Civil Defence Authority: CA 30 Jun 2000

These appeals raise questions of some general interest to Fire Brigades and those whom they employ, affecting as they do pension and other rights under the statutory pension scheme for firemen

Citations:

[2000] EWCA Civ 3034, [2001] OPLR 85

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services, Employment

Updated: 06 December 2022; Ref: scu.330962

Bunce, Regina (on the Application of) v Pensions Appeal Tribunal: CA 7 Apr 2009

The claimant renewed his application for leave to appeal against refusal of a judicial review of a decision of the Pensions Appeal Tribunal. He was injured in a motorcycle accident whilst on National Service in 1951. He challenged a decision to reduce his disability pension from 70 to 30 per cent. The appeal tribunal had declined jurisdiction.
Held: The Pensions Appeal Tribunal had acted beyond its powers. The appeal was allowed. In case of an appeal under section 5(1) of the 1943 Act on the issue of assessment only, the tribunal must start upon the basis of the minister’s acceptance that there was a disability within article 41(1) of the 2006 Order. In this case there was no difficulty in differentiating between the assessment of the extent of disability and whether there was a disability in the first place. This was a decision as to extent, and the tribunal should have allowed the claimant to present his appeal.

Judges:

Lord Justice Laws, Lord Justice Wall and Lord Justice Aikens

Citations:

[2009] EWCA Civ 451, Times 15-Apr-2009

Links:

Bailii

Statutes:

Pensions Appeal Tribunals Act 1943 5(1), Naval, Military and Air Forces, Etc (Disablement and Death) Service Pensions Order 2006 (SI 2006 No 606)

Jurisdiction:

England and Wales

Citing:

Appeal FromBunce, Regina (on the Application of) v Pensions Appeal Tribunal Admn 5-Mar-2008
. .
AppliedScanlon, Regina (on the Application of) v Pensions Appeal Tribunals and Another Admn 31-Jan-2007
Where there was an appeal under section 5(1) of the 1943 Act on the issue of assessment only, the tribunal must start upon the basis of the minister’s acceptance that there was a disability within article 41(1) of the 2006 Order. . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Armed Forces

Updated: 06 December 2022; Ref: scu.330949

Bruce, Regina (on the Application of) v Financial Ombudsman Services Ltd and others: Admn 11 Jun 2007

The claimant said that a determination of the Ombudsman had been made in breach of the rules of natural justice, saying that she had not been given any opportunity to take part in the process. The complaint had been against a firm of which she had been a member but which she had left.
Held: The claim failed: ‘it would be wrong in principle to order judicial review of the decision made by the Financial Ombudsman Service here without, as an absolute minimum, having presented to me some basis on which, were there to be a re-investigation, some different decision might be reached. Nothing has been put before me about that. The very important rules of natural justice have been brought into play by the claimant. But, in my judgment, the firm, which is the responsible body, is clearly on proper notice and clearly had plenty of opportunity to put in its submissions.’

Judges:

Hodge J

Citations:

[2007] EWHC 1646 (Admin)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services, Natural Justice

Updated: 06 December 2022; Ref: scu.254606

Barclays Bank plc v Holmes: 2000

A pension in payment is an entitlement under a pension scheme.

Citations:

[2000] PLR 339

Jurisdiction:

England and Wales

Cited by:

CitedAon Trust Corporation Ltd v KPMG (A Firm) and others CA 28-Jul-2005
The claimants were trustees of the defendant’s pension scheme. They sought additional payments to make up a shortfall in funds, on the basis that the fund was an earnings related pension scheme, and that the company therefore had obligations to make . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 06 December 2022; Ref: scu.229991

Tael One Partners Ltd v Morgan Stanley and Co International Plc: CA 1 May 2013

Morgan Stanley appealed against summary judgment given against it in respect of the application of the terms of a standard form assignment of a Loan agreement.
Held: The words ‘which are expressed to accrue by reference to the lapse of time’, in condition 11.9(a), echo the introductory condition 11.1, which provides that the interest and fees ‘which are expressed to accrue by reference to time elapsed’ are based on the rates contained in the credit agreement (in this case, the facility agreement). Like the judge, Longmore LJ considered that the payment premium was an amount which was ‘expressed to accrue by reference to time elapsed’, since it was an ‘additional amount . . which together with [other sums] equates to an internal rate of return equal to the Loan IRR calculated . . from the date of disbursement up to the date of payment or prepayment’.

Judges:

Longmore, Rimer, Tomlinson LJJ

Citations:

[2013] EWCA Civ 473, [2013] 1 CLC 879

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

At First InstanceTael One Partners Ltd v Morgan Stanley and Co International Plc ComC 9-Jul-2012
Each party sought summary judgment.
Held: Popplewell J granted Tael’s application and dismissed Morgan Stanley’s. The payment premium was similar to interest and performed an analogous function. The cost of the borrowing was more than the . .

Cited by:

Appeal fromTael One Partners Ltd v Morgan Stanley and Co International Plc SC 11-Mar-2015
This appeal raises a question of contractual interpretation. Its significance lies in the fact that the contractual condition in question forms part of the Loan Market Association standard terms and conditions for par trade transactions which are a . .
Lists of cited by and citing cases may be incomplete.

Contract, Financial Services

Updated: 05 December 2022; Ref: scu.491841

Bainbridge v Quarters Trustees Ltd: ChD 6 May 2008

The pensioner appealed a decision of the Pensions Ombudsman which rejected his complaint against the trustee of The Sunley Turriff Pension Scheme. He said that the assets of the Scheme supporting money purchase benefits form a fund or funds distinct from the assets supporting final salary benefits so that, in the winding-up of the Scheme, the former are available only to meet the money purchase benefits which the Scheme provides.

Citations:

[2008] EWHC 979 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 05 December 2022; Ref: scu.267537

Hearn v Younger: 2005

Judges:

Etherton J

Citations:

[2005] Pens LR 49

Jurisdiction:

England and Wales

Cited by:

CitedTrustee Solutions Ltd and others v Dubery and Another ChD 21-Jun-2006
The rules of a pensions scheme were altered. It was required that any such alteration be in writing, but the trustees had not signed the document creating the amendment.
Held: The words ‘writing under hand’ clearly required a signature, and . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 05 December 2022; Ref: scu.244450

National Grid Company Plc v Mayes and Others: CA 25 Feb 1999

Trustees of a pension scheme in actuarial surplus were not entitled to treat a clause requiring them to make arrangements for the surplus as allowing them to forgive their own liability to make contributions without the Trustees’ agreement or a variation.

Citations:

Times 25-Feb-1999, Gazette 03-Mar-1999, [1999] EWCA Civ 761, [1999] OPLR 95, [1999] Pens LR 37, [1999] PLR 37, [2000] ICR 174

Links:

Bailii

Jurisdiction:

England and Wales

Employment, Financial Services

Updated: 05 December 2022; Ref: scu.82506

Financial Solutions (Euro) Ltd v The Financial Conduct Authority: UTTC 22 Apr 2020

FINANCIAL SERVICES – Decision Notice cancelling Part 4A permission on grounds applicant did not have professional indemnity insurance and was failing to pay fees and levies – whether applicant continued to satisfy the threshold conditions of having appropriate resources and suitability-whether matter should be remitted for reconsideration in the light of Tribunal’s findings – yes – reference allowed – ss 55B, 55J, Schedule 6 para 2D and 2E FSMA 2000- MIPRU 3.2.1 and FEES 2.3.1R of the Authority’s Handbook of Rules and Guidance

Citations:

[2020] UKUT 139 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 04 December 2022; Ref: scu.651192

PF International Ltd v The Financial Conduct Authority (Financial Services): UTTC 8 Jan 2020

FINANCIAL SERVICES – strike out application – reference of Supervisory Notice removing regulated activity of exercising lender’s rights and duties under regulated credit agreements – firm’s Part 4A permission subsequently cancelled for failure to file regulatory returns – whether reference should be struck out on the basis that it has no reasonable prospect of succeeding – yes – Rule 8 (3) (c) The Tribunal Procedure (Upper Tribunal) Rules 2008.

Citations:

[2020] UKUT 2 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 04 December 2022; Ref: scu.650127

Property Alliance Group Ltd v The Royal Bank of Scotland Plc: ChD 8 Jun 2015

The parties disputed the extent of the duty on the defendant to make disclosure of documents. Over 2.5 million possible documents had been identified. The bank now claimed privilege for documents relating to the complaint issues created in discussions between the bank and its regulator.
Held: The documents had privilege unless and until the bank sought to rely upon the findings of the regulator.

Judges:

Birss J

Citations:

[2015] EWHC 1557 (Ch), [2015] WLR(D) 251, [2016] 1 WLR 361, [2015] 2 BCLC 401

Links:

Bailii, WLRD

Jurisdiction:

England and Wales

Litigation Practice, Financial Services

Updated: 30 November 2022; Ref: scu.547602

The Pensions Ombudsman v EMC Europe Ltd and Others: ChD 14 Dec 2012

Reference of a question of law by the Pensions Ombudsman pursuant to section 150(7) of the Pension Schemes Act 1993, arising for determination in connection with a complaint by a Mr Ralph Dilley relating to the Data General Employee Benefits Plan (‘the Scheme’), of which he is a member. The question for the court is whether the Ombudsman should accept jurisdiction over the complaint.

Judges:

Briggs J

Citations:

[2012] EWHC 3508 (Ch), [2012] WLR(D) 382, [2013] ICR 567, [2013] Pens LR 45

Links:

Bailii, WLRD

Jurisdiction:

England and Wales

Financial Services

Updated: 27 November 2022; Ref: scu.467143

Worldspreads Ltd, Re: ChD 18 Mar 2012

Application by the directors of Worldspreads Limited, which I shall call ‘the Company’, for a special administration order to be made under the Investment Bank Special Administration Regulations 2011 in respect of the Company, which is an ‘investment bank’ within the special and broader statutory definition.

Citations:

[2012] EWHC 1263 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 27 November 2022; Ref: scu.461910

Edge v Pensions Ombudsman: 12 Dec 1997

The Vice Chancellor discussed whether the pensions ombudsman had powers wider than those of the court. Referring to Hillsdown, he said: ‘I respectfully agree with this approach. In a case in which the maladministration complained of consists of an alleged breach of trust, the Pensions Ombudsman has no power, in my judgment, to direct remedial steps to be taken that are not steps that a court of law could properly have directed to be taken. . . In these circumstances, and having regard to the respective positions of the employee members and the employers, a court could not, in my judgment, have ordered the deed to be set aside. A court could not have directed the trustees to take steps that could only be justified on the footing that the deed had been set aside. Nor, in my judgment, could the Pensions Ombudsman do so.’

Judges:

Sir Richard Scott V-C

Citations:

[1998] Ch 512

Jurisdiction:

England and Wales

Citing:

ApprovedHillsdown Holdings plc v Pensions Ombudsman 1997
The court had to answer the question of whether the Pensions Ombudsman could make orders which the court could not.
Held: It could not, Knox J said: ‘there is a real distinction between ordering compensation for inconvenience and distress . .

Cited by:

CitedLegal and General Assurance Society Ltd v CCA Stationery Ltd ChD 12-Dec-2003
The claimant had managed a pension scheme for the respondent company. It now challenged a finding of maladministration of the scheme, with respect to the methods of calculation of discounts applicable to those leaving the scheme.
Held: Since . .
CitedEdge and others v Pensions Ombudsman and Another CA 29-Jul-1999
The Pensions Ombudsman was wrong to set aside the decision of pensions trustees where that decision was properly made within the scope of a discretion given to the Trustees. He should not carry out an investigation where no particular benefit could . .
Appeal fromEdge and others v Pensions Ombudsman and Another CA 29-Jul-1999
The Pensions Ombudsman was wrong to set aside the decision of pensions trustees where that decision was properly made within the scope of a discretion given to the Trustees. He should not carry out an investigation where no particular benefit could . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 26 November 2022; Ref: scu.188827

Hillsdown Holdings plc v Pensions Ombudsman: 1997

The court had to answer the question of whether the Pensions Ombudsman could make orders which the court could not.
Held: It could not, Knox J said: ‘there is a real distinction between ordering compensation for inconvenience and distress caused by maladministration as an adjunct to the power to remedy injustice caused by maladministration which . . I take to be permissible, and requiring the repayment of what might well be, and in this case were, very substantial sums by way of payment out from a pension fund, on the other hand. It is trite law that pension funds must operate within the law and it does not seem to me right that there should be a different answer to the question ‘are you legally liable to repay this sum’ according to the tribunal to which resort is had so that the answer is: ‘If I am sued in court, No, but if a complaint is made to the Pensions Ombudsman, Yes.’ The injustice through maladministration must in this case consist of the detriment suffered by the payment out itself and is in no sense ancillary as are claims to compensation for inconvenience and distress. My second reason is tied up with the first and is that s 146(6)(a) of the 1993 Act prevents the Pensions Ombudsman from investigating a complaint if before the complaint is made proceedings have been begun in court in respect of the matters which would be the subject of the investigation. That suggests that the two are intended to be mutually exclusive alternatives and it would be strange if it was contemplated that the alternatives would or might produce different results as to the substance of the dispute. I can well imagine that the two tribunals would be contemplated as having radically different procedures and it may be types of relief but I would not expect differences on such fundamental matters as whether there was a liability to repay capital sums. Also there would be a possibility of abuse if it were possible to avoid an impending complaint to the Pensions Ombudsman by a well-timed application for the determination of a dispute of fact or law.’

Judges:

Knox J

Citations:

[1997] 1 All ER 862

Jurisdiction:

England and Wales

Citing:

CitedMiller; KC Independent Trustees Limited v Stapleton and Pensions Ombudsman CA 30-Jul-1996
. .
CitedWestminster City Council v Haywood and Another ChD 12-Mar-1996
The Pensions Ombudsman may not order trustees of a pension scheme to pay compensation which was ultra vires the scheme. . .
CitedWild v Pensions Ombudsman QBD 17-Apr-1996
Financial dependency on a deceased pension fund member not established by cohabitation only. . .

Cited by:

CitedLegal and General Assurance Society Ltd v CCA Stationery Ltd ChD 12-Dec-2003
The claimant had managed a pension scheme for the respondent company. It now challenged a finding of maladministration of the scheme, with respect to the methods of calculation of discounts applicable to those leaving the scheme.
Held: Since . .
ApprovedEdge v Pensions Ombudsman 12-Dec-1997
The Vice Chancellor discussed whether the pensions ombudsman had powers wider than those of the court. Referring to Hillsdown, he said: ‘I respectfully agree with this approach. In a case in which the maladministration complained of consists of an . .
CitedHaward and others v Fawcetts HL 1-Mar-2006
The claimant sought damages from his accountants, claiming negligence. The accountants pleaded limitation. They had advised him in connection with an investment in a company which investment went wrong.
Held: It was argued that the limitation . .
CitedJones and others v Firkin-Flood ChD 17-Oct-2008
The trustees had contracted to sell shares in a private company held within the estate. A family member now claimed that they were held in trust after a settlement of a possible challenge to the will based in lack of testamentary capacity and undue . .
CitedPublic Trustee v Cooper 2001
The court looked at the circumstances required when a court was asked to approve a proposed exercise by trustees of a discretion vested in them. The second category of circumstances was (quoting Robert Walker J): ‘Where the issue was whether the . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 24 November 2022; Ref: scu.188828

Braintree Leisure Ltd v Nationwide Building Society: QBD 8 Nov 2013

Application by the claimants, some nine weeks before the trial, to adduce expert evidence from a derivatives expert, the intention or the purpose of which is to support the claimants’ case that the relevant interest fixing arrangement under the loan agreement between the parties was in truth a swap, which was therefore required to comply with FSA rules and regulations in a manner with which the claimants submit the bank has failed to comply.

Citations:

[2013] EWHC 4282 (QB)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 23 November 2022; Ref: scu.520900

City Index Ltd (T/A Finspreads) v Balducci: ChD 7 Oct 2011

Trial of a claim for payment of the sum of pounds 313,067.02 plus interest. The debt is said to have been incurred by the defendant, Mr Balducci, in spread betting on the price of heating oil over a period of two and a half years.

Judges:

Mrs Justice Proudman

Citations:

[2011] EWHC 2562 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 22 November 2022; Ref: scu.446007

Scanlon, Regina (on the Application of) v Pensions Appeal Tribunals and Another: Admn 31 Jan 2007

Where there was an appeal under section 5(1) of the 1943 Act on the issue of assessment only, the tribunal must start upon the basis of the minister’s acceptance that there was a disability within article 41(1) of the 2006 Order.

Judges:

Langstaff J

Citations:

[2007] EWHC 471 (Admin)

Links:

Bailii

Statutes:

Pensions Appeal Tribunals Act 1943

Jurisdiction:

England and Wales

Cited by:

AppliedBunce, Regina (on the Application of) v Pensions Appeal Tribunal CA 7-Apr-2009
The claimant renewed his application for leave to appeal against refusal of a judicial review of a decision of the Pensions Appeal Tribunal. He was injured in a motorcycle accident whilst on National Service in 1951. He challenged a decision to . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 19 November 2022; Ref: scu.250589

Hutchings v London Borough of Islington: CA 28 Apr 1998

A Local Government employee’s failure to follow available appeal procedure did not prevent him asking the county court to determine his entitlement to superannuation benefits on retirement.

Judges:

Evans LJ

Citations:

Times 06-May-1998, [1998] EWCA Civ 731, [1998] FSR 749, [1998] 1 WLR 1629, [1998] 3 All ER 445, [1998] EMLR 370

Links:

Bailii

Statutes:

County Court Act 1984 15(1)

Jurisdiction:

England and Wales

Citing:

CitedMihlenstedt v Barclays Bank International CA 1989
The company’s pension scheme provided that the trustees were to form an opinion as to the employee’s ability or otherwise to work. The plaintiff sought payment of an ill-health pension under the Bank Pension Scheme.
Held: A pension scheme . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 18 November 2022; Ref: scu.144209

Knighthead Master Fund Lp and Others v The Bank of New York Mellon and Another: ChD 13 Feb 2015

The claimants sought two interim declarations, as to the status of funds held by the trustee and as to the obligations under English law of the trustee, and also a direction to the trustee to bring the terms of such declarations, if made, to the attention of courts in the United States.

Judges:

Mr Justice David Richards

Citations:

[2015] EWHC 270 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Trusts, Financial Services

Updated: 17 November 2022; Ref: scu.542618

Guinness Mahon and Co Ltd v Kensington and Chelsea London Borough Council: CA 2 Mar 1998

Where a local authority entered into a loan agreement outside its powers, the agreement was void ab initio, not merely voidable, and all moneys paid could be reclaimed.

Citations:

Gazette 18-Mar-1998, Gazette 01-Apr-1998, Times 02-Mar-1998, [1998] EWCA Civ 294, [1998] 2 All ER 272, [1999] QB 215

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

CitedKommune and Another v DEPFA Acs Bank ComC 4-Sep-2009
Local authorities in Denmark sought to recover sums paid to the defendant banks for swap trading, saying that the payments had been outwith their powers. . .
Lists of cited by and citing cases may be incomplete.

Local Government, Financial Services

Updated: 14 November 2022; Ref: scu.81085

Wheels Common Investment Fund Trustees Ltd v Commissioners for Her Majesty’s Revenue And Customs: ECJ 7 Mar 2013

ECJ Value added tax – Directive 77/388/EEC – Exemption of the management of special investment funds – Scope – Occupational retirement pension schemes

Judges:

A. Tizzano, P

Citations:

C-424/11, [2013] EUECJ C-424/11

Links:

Bailii

Statutes:

Directive 77/388/EEC

European, VAT, Financial Services

Updated: 14 November 2022; Ref: scu.471543

The Financial Services Authority v Sinaloa Gold Plc and Others: SC 27 Feb 2013

The FSA sought injunctions to restrain the activities of the first defendants, including asset freezing orders under section 380 of the 2000 Act. The defendant’s bankers objected that they would be prejudiced by the restrictions without the FSA giving an appropriate undertaking as to damages.
Held: The appeal was dismissed. There is no general rule requiring an authority such as the FSA exercising its statutory duties to provide such an undertaking, and one should not be provided in this case.

Judges:

Lord Neuberger, President, Lady Hale, Lord Mance, Lord Clarke, Lord Sumption

Citations:

[2013] 2 WLR 678, [2013] WLR(D) 90, [2013] Bus LR 302, [2013] UKSC 11, UKSC 2011/0244

Links:

Bailii, WLRD, Bailii Summary, SC Summary, SC

Statutes:

Financial Services and Markets Act 2000 380(3)

Jurisdiction:

England and Wales

Citing:

CitedIn re Highfield Commodities Ltd ChD 1985
The court’s discretion in appointing provisional liquidators is unfettered provided it is exercised in a ‘proper judicial manner’. Sir Robert Megarry V-C said: ‘I would respectfully express my complete agreement with the view taken by [the judge]. I . .
CitedDirector General of Fair Trading v Tobyward ChD 1989
The company advertised a product as assisting in permanent weight loss. The Advertising Standards Authority had found the advertisements to be misleading, but the company persisted, and the Authority referred the case to the applicant, who sought an . .
CitedSecurities and Investments Board v Lloyd-Wright and Another ChD 23-Jun-1993
The SIB sought injunctions pursuant to the 1986 Act, three to prevent continued breaches of the law and fourth, an asset freezing order. It was argued that although it might be right to dispense with a cross-undertaking in damages in relation to the . .
Appeal fromThe Financial Services Authority v Sinaloa Gold Plc and Others CA 18-Oct-2011
. .
At First InstanceFinancial Services Authority v Sinaloa Gold Plc and Others ChD 25-Jan-2011
The court considered issues arising on an application by the regulator for an injunction to restrain the defendant operating what it said was an unregulated share dealing scheme. Barclays Bank, bankers to the main defendant complained that as third . .
CitedCommissioners of Customs and Excise v Anchor Foods Ltd (No 2) ChD 24-Mar-1999
The claimant intended to seek recovery of a very substantial sum from the defendant. On learning of the defendant’s intention to sell its assets, it sought an order freezing them.
Held: The court has the discretion to order a freezing of a . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 14 November 2022; Ref: scu.471222

The Financial Services Authority v Asset L I Inc and Others: ChD 8 Feb 2013

The court was asked whether so-called ‘land-banking’ schemes were ‘collective investments schemes’ within section 235.
Held: Andrew Smith J discussed the difference in effect between the contra preferentem rule, and regulation 7 of the 1999 Regulations as principles of construction, concluding that they were ‘to much the same effect’, and decided that its activities amounted to a collective investment scheme, in breach of the Act. After a second hearing on remedies the judge directed an inquiry into the amounts of restitutionary orders to be made under section 382.

Judges:

Andrew Smith J

Citations:

[2013] EWHC 178 (Ch), [2013] 2 BCLC 480, [2013] WLR(D) 54

Links:

Bailii, WLRD

Statutes:

Financial Services and Markets Act 2000 235, Unfair Terms in Consumer Contracts Regulations 1999 7

Jurisdiction:

England and Wales

Citing:

CitedFinancial Services Authority v Fradley and Woodward CA 23-Nov-2005
The defendant appealed against a finding that the pooled betting scheme they operated was governed by the Act.
Held: Whether such an arrangement amounted to a collective investment scheme so as to be regulated was first a question of fact as . .

Cited by:

ApprovedAJ Building and Plastering Ltd v Turner and Others QBD 11-Mar-2013
An insurance company had engaged a main contractor to handle repairs to houses insured under its policies. The contractor had engaged the claimant subcontractor to carry out the works at the defendants’ homes, but then went into insolvent . .
At ChDAsset Land Investment Plc and Another v The Financial Conduct Authority CA 10-Apr-2014
The court was asked whether certain sales of land, or arrangements relating to sales of land, at six sites in England were ‘collective investment schemes’ within the meaning of section 235 of the 2000 Act. The company appealed from a finding that . .
At ChDAsset Land Investment Plc and Another v The Financial Conduct Authority SC 20-Apr-2016
Proceedings were brought against the appellant’s associated parties, alleging that they had carred on regulated activities without authorisation, contrary to section 19 of the2000 Act. They had offered various plots of land for sale, suggesting they . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Consumer

Updated: 14 November 2022; Ref: scu.470857

Platform Homes Limited v Oyston Shipways Limited and others: CA 19 Dec 1997

A lender’s imprudent lending policies could be taken into account and set off against damages for negligent valuation as contributory negligence.

Citations:

Gazette 08-Jan-1998, Times 15-Jan-1998, [1997] EWCA Civ 3071

Statutes:

Law Reform (Contributory Negligence) Act 1945

Jurisdiction:

England and Wales

Cited by:

Appeal fromPlatform Home Loans Ltd v Oyston Shipways Ltd and others HL 18-Feb-1999
The plaintiffs had lent about 1 million pounds on the security of property negligently valued at 1.5 million pounds. The property was sold for much less than that and the plaintiffs suffered a loss of 680,000 pounds. The judge found that the . .
Lists of cited by and citing cases may be incomplete.

Professional Negligence, Financial Services

Updated: 13 November 2022; Ref: scu.143470

Financial Services Authority v Scandex Capital Management (a Company Incorporated Under the Laws of Denmark) and Another: CA 16 Dec 1997

The court has the power to order an interim payment into court by a foreign company which was providing unauthorised investment services in UK.

Citations:

Times 20-Dec-1997, Gazette 11-Feb-1998, [1997] EWCA Civ 3006, [1998] 1 WLR 712, [1998] 1 All ER 514

Links:

Bailii

Statutes:

Financial Services Act 1986 6(2)

Jurisdiction:

England and Wales

Cited by:

CitedFinancial Services Authority v Martin and Another CA 25-Nov-2005
The respondents were a firm of solicitors who had acted for a client who carried on an unauthorised investment scheme. The Authority sought to recover losses from them.
Held: The solicitors had been concerned in the investment business, and . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 13 November 2022; Ref: scu.143405

Adams v Options UK Personal Pensions Llp: CA 1 Apr 2021

This appeal arises out of the transfer by the claimant, Mr Russell Adams, of a pension fund into a ‘self-invested personal pension’ (or ‘SIPP’) and the investment of the proceeds in ‘storepods’.

Judges:

Lord Justice Newey

Citations:

[2021] EWCA Civ 474

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000

Jurisdiction:

England and Wales

Financial Services

Updated: 13 November 2022; Ref: scu.661902

Clark and Another v In Focus Asset Management and Tax Solutions Ltd and Another: CA 14 Feb 2014

The doctrine of res judicata was applicable to prevent a complainant who had once accepted an award from the Financial Ombudsman Service from starting additional legal proceedings to pursue complaints already been submitted to the ombudsman and on which the ombudsman had decided. Section 228(5) of the Financial Services and Markets Act 2000 did not exclude the operation of res judicata.

Judges:

Arden, Black, Davis LJJ

Citations:

[2014] EWCA Civ 118, [2014] Lloyd’s Rep IR 437, [2014] 1 WLR 2502, [2014] 3 All ER 313, [2014] 2 All ER (Comm) 159, [2014] PNLR 19, [2014] WLR(D) 76, [2014] 1 CLC 170

Links:

Bailii, WLRD

Statutes:

Financial Services and Markets Act 2000 228(5)

Jurisdiction:

England and Wales

Citing:

Appeal fromClark and Another v In Focus Asset Management and Tax Solutions Ltd QBD 19-Dec-2012
The court was asked whether it is open to parties, having accepted a favourable determination of the Financial Services Ombudsman, later to claim in court for damages to cover what they allege is their full loss. . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 13 November 2022; Ref: scu.521208

Camerata Property Inc v Credit Suisse Securities (Europe) Ltd: ComC 23 Jan 2013

Judges:

Teare J

Citations:

[2013] EWHC 29 (Comm)

Links:

Bailii

Citing:

See AlsoCamerata Property Inc v Credit Suisse Securities (Europe) Ltd ComC 20-Jan-2012
Application to strike out paragraphs in claim associated with Lehman Bothers for issue estoppel. . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 13 November 2022; Ref: scu.470530

Clark and Another v In Focus Asset Management and Tax Solutions Ltd: QBD 19 Dec 2012

The court was asked whether it is open to parties, having accepted a favourable determination of the Financial Services Ombudsman, later to claim in court for damages to cover what they allege is their full loss.

Judges:

Cranston J

Citations:

[2012] EWHC 3669 (QB)

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Appeal fromClark and Another v In Focus Asset Management and Tax Solutions Ltd and Another CA 14-Feb-2014
The doctrine of res judicata was applicable to prevent a complainant who had once accepted an award from the Financial Ombudsman Service from starting additional legal proceedings to pursue complaints already been submitted to the ombudsman and on . .
Lists of cited by and citing cases may be incomplete.

Arbitration, Financial Services

Updated: 12 November 2022; Ref: scu.467227

First Financial Advisors Ltd v FSA: UTTC 21 Jun 2012

UTTC Application for approval to perform Controlled Function CF30 – whether a fit and proper person – FSMA 2000, s 61 – integrity and reputation – competence and capability – financial soundness – conflict of interest – knowledge and understanding of investments recommended – proposal for remote supervision by applicant

Citations:

[2012] UKUT B16 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 10 November 2022; Ref: scu.466675

Bradford and Bingley Applicants v Bradford and Bingley Plc Compensation Scheme: UTTC 19 Jul 2012

UTTC STRIKE OUT OF REFERENCES – References by ex-Bradford and Bingley shareholders – Challenge to Valuer’s decision as to compensation for shareholders – Valuation – Reasonableness – Jurisdiction of Upper Tribunal in relation to points raised in References – Whether no reasonable prospect of Applicants’ cases succeeding

Citations:

[2012] UKUT B14 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 10 November 2022; Ref: scu.466677

ITV Plc and Others (Box Clever) v The Pensions Regulator: UTTC 17 Jul 2012

Reasons for Direction

Citations:

[2012] UKUT B10 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

See AlsoITV Plc and Others (Box Clever) v The Pensions Regulator UTTC 29-Mar-2012
Directions order – addition of further interested party . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 10 November 2022; Ref: scu.462887

Brewster, Re Judicial Review: QBNI 9 Nov 2012

The applicant challenged the decision of the respondent Northern Ireland Local Government Officers’ Superannuation Committee (‘NILGOSC’) made on 1 July 2011, by which it declined to pay a survivor’s pension to the applicant following the death of her co-habiting partner. She argued that the absolute requirement of nomination imposed on unmarried partners as a condition of eligibility for a survivor’s pension under the 2009 regulations constitutes unlawful discrimination contrary to article 14 of the European Convention on Human Rights and Fundamental Freedoms (ECHR), when read in conjunction with article 1 of the First Protocol (A1P1) to ECHR.
Held: The court declared that the requirement of nomination of a cohabiting partner in the 2009 scheme was not compatible with article 14 ECHR read together with A1P1, and quashed the decision of NILGOSC by which it had declined to pay the appellant a survivor’s pension.
The nomination requirement was ‘an instrument of disentitlement’ in relation to unmarried partners and that whilst the impugned regulations pursued a legitimate aim, there was not a reasonable relationship of proportionality between the means employed and the aim sought to be achieved.

Judges:

Treacy J

Citations:

[2012] NIQB 85

Links:

Bailii

Statutes:

Local Government Pension Scheme (Benefits, Membership
and Contributions) Regulations 2009
, European Convention on Human Rights 14

Jurisdiction:

Northern Ireland

Cited by:

Appeal fromBrewster v Northern Ireland Local Government Officers’ Superannuation Committee CANI 1-Oct-2013
Appeal by the Committee and the Department of the Environment for Northern Ireland from a decision allowing the respondent’s application for judicial review of a decision by the Superannuation Committee not to pay a survivor’s pension to the . .
At First InstanceBrewster, Re Application for Judicial Review (Northern Ireland) SC 8-Feb-2017
Survivor of unmarried partner entitled to pension
The claimant appealed against the rejection of her claim to the survivor’s pension after the death of her longstanding partner, even though they had not been married. The rules said that she had to have been nominated by her partner, but he had not . .
Lists of cited by and citing cases may be incomplete.

Employment, Family, Financial Services, Human Rights

Updated: 09 November 2022; Ref: scu.466481

Wilson and Another v Hurstanger Ltd: CA 4 Apr 2007

The company sought to enforce its loan agreement and charge over the defendants’ property. The defendants appealed saying that the agreement was unenforceable under the Act, since a commission had been paid to the introducing broker, and his fee had been added to the loan amount. The agreement was a fixed sum credit agreement regulated under the 1974 Act, but it did not say how the fee was to be repaid.
Held: The regulations provided some flexibility on how the sums were to be described, and the borrower’s appeal failed. Nevertheless the payment of the fee was to be deferred and the company’s appeal also failed. A secret commission would be repayable. Was the commission secret? The broker was their fiduciary agent, and the onus fell on him to demonstrate disclosure. There had been insufficient disclosure, and the fee was repayable.

Judges:

Waller LJ VP, Tuckey LJ, Jacob LJ

Citations:

Times 11-May-2007, [2007] EWCA Civ 299, [2007] 2 All ER (Comm) 1037, [2007] 1 WLR 2351, [2008] Bus LR 216, [2007] 4 All ER 1118

Links:

Bailii

Statutes:

Consumer Credit Act 1974 8 10(1)(b), Consumer Credit (Agreements) Regulations 1983 Sch6 p5

Jurisdiction:

England and Wales

Citing:

CitedMcGinn v Grangewood Securities Ltd CA 23-Apr-2002
The lender used part of the loan to repay a small amount of arrears of the claimant on another loan. The part so used was not part of the objective of the loan, but one of the costs of obtaining it.
Held: The deduction was properly part of the . .
CitedO’Hagan v Wright CANI 15-Jun-2001
Lord Carswell CJ discussed the necessary contents of a consumer credit agreement: ‘the debtor must receive fairly precise information about the times and amount of repayments to be made’. . .
CitedPanama and South Pacific Telegraph Co v India Rubber, Gutta Percha, and Telegraph Co 1875
Where his agent has taken a secret commission, the transaction is voidable at the election of the principal who can rescind it provided counter-restitution can be made. . .
CitedJohnson v EBS Pensioner Trustees Limited CA 2002
The court considered a request for rescission. A guarantee had been given by one of the defendants as security for a loan made by solicitors to his company. He complained that the solicitor acting for him had a conflict of interest and had been in . .
CitedShipway v Broadwood 1899
Where an agent takes a secret commission, ‘the real evil is not the payment of money, but the secrecy attending it’ . .
CitedBartram and Sons v Lloyd 1904
A secret commission had been agreed and paid to the agent. The court was asked whether the principal had elected to affirm the contract with the other party at a later meeting when he was given some information about what had happened.
Held: . .
CitedMahesan v Malaysia Government Officers Co-operative Housing Society PC 1978
The appellant, the director and employee of a housing society was bribed by a real estate agent, one Manickam, and the appellant then caused the society to buy land at an overvalue. The agent was sued for money had and received (for the amount of . .
Appeal fromHurstanger Ltd v Wilson 2006
(Coventry County Court) Michael Douglas discussed the 1983 Regulations, saying: ‘The 1983 Regulations prescribe, among other things, the minimum contents of a regulated agreement, the information which must be brought to the attention of the . .

Cited by:

CitedSternlight v Barclays Bank Plc QBD 22-Jul-2010
Various credit card customers said that the respondent banks had mis-stated the interest rates applied to them, in that the interest charged did not match the APR advertised, and that therefore the agreements were unenforceable.
Held: The . .
CitedHSBC Bank Plc v Brophy CA 2-Feb-2011
The customer appealed against an order finding that his credit card agreement was binding upon him.
Held: The appeal failed. His argument that the application form amounted only to an invitation to treat, and that the contract was one made by . .
Lists of cited by and citing cases may be incomplete.

Consumer, Financial Services, Agency

Updated: 09 November 2022; Ref: scu.250988

Indata Equipment Supplies Limited (T/a Autofleet) v ACL Limited (Handed-Down Judgment of): CA 31 Jul 1997

A broker arranged through a finance house the leasing of cars and computers for clients. In one transaction he gave confidential information about the client and his own trade terms, including his profit margin, to the defendant which used it without authorisation to offer more attractive terms, aiming to cut out the broker from deals with the client. It was held that there was no fiduciary duty or relationship between the broker and the finance house; they were at arm’s length.
Held: The broker’s profit margin and to a lesser degree the invoice price between the defendant and the broker were items of confidential information which had been misused by the defendant to enable it to put forward another deal to the client. A receipt of confidential information of itself does not create trust giving rise to fiduciary relationship.

Judges:

Otton LJ and Owen J

Citations:

Times 14-Aug-1997, [1997] EWCA Civ 2266, [1998] FSR 248

Jurisdiction:

England and Wales

Cited by:

CitedDouglas and others v Hello! Ltd and others (No 3) CA 18-May-2005
The principal claimants sold the rights to take photographs of their wedding to a co-claimant magazine (OK). Persons acting on behalf of the defendants took unauthorised photographs which the defendants published. The claimants had retained joint . .
Lists of cited by and citing cases may be incomplete.

Intellectual Property, Financial Services

Updated: 09 November 2022; Ref: scu.142663

Foskett v McKeown and Others: CA 27 Jun 1997

Various people had paid money with the promise of acquiring an interest in land in Portugal. The scheme was fraudulent. The funds had been used to purchase a life/investment policy. The policy was held in trust for the fraudster’s mother but he had power to renominate himself as sole beneficiary. One or two premiums were paid by the defendant himself.
Held: The representation order was confirmed. Trust money which had been used by a trustee fraudulently to invest in a life policy, did not give the eventual beneficiaries of the trust an interest in the proceeds of that policy. Nevertheless the purchasers were entitled to be repaid out of the proceeds of the Policy such of their money as could be traced into the premiums paid under the Policy.

Judges:

Hobhouse LJ

Citations:

Times 27-Jun-1997, [1997] EWCA Civ 1747, [1998] Ch 265

Jurisdiction:

England and Wales

Citing:

CitedIn re Leslie; Leslie v French ChD 1883
The court gave guidance as to the circumstances in which an individual who had paid a premium on a policy belonging to someone else could claim an interest in the policy: ‘In my opinion a lien may be created upon the moneys secured by a policy by . .
CitedFalcke v Scottish Imperial Insurance Co CA 1886
The owner of a policy of life assurance mortgaged the policy to secure repayment of a loan. Subsequently the owner, now the owner of an equity of redemption in the policy, paid two annual premiums which became due under the policy. The policy was . .
CitedRe a Policy No 6402 of the Scottish Equitable Life Assurance Society 1902
Mr Sanderson effected insurance on his own life ‘for the behoof’ of his sister-in-law, Miss Stiles. The policy moneys were payable to Miss Stiles or her personal representatives but the premiums were paid throughout by Mr Sanderson. The personal . .
CitedSinclair v Brougham HL 1914
An insolvent building society had, outside its powers, run a banking business. The House considered the competing claims of the unadvanced shareholders of the building society’s intra vires business, members of the society who had not been granted . .
CitedIn re Diplock’s estate CA 1948
After considering a situation in which trust money had been applied in making alterations to the property of an innocent third party but had not added to the value of the property,
Held: The origin of the equitable rules of tracing were . .
CitedIn re Tilley’s Will Trusts ChD 1967
The court considered the rights of a beneficiary to participate in any profit which resulted where a trustee mixed trust money with his own money and then used it to purchase other property. . .
CitedBoscawen and Others v Bajwa and Others; Abbey National Plc v Boscawen and Others CA 10-Apr-1995
The defendant had charged his property to the Halifax. Abbey supplied funds to secure its discharge, but its own charge was not registered. It sought to take advantage of the Halifax’s charge which had still not been removed.
Held: A mortgagee . .
CitedThe Venture CA 1908
Contributions were made to the purchase price of a yacht.
Held: The court concluded that the contributor was entitled under a resulting trust to a pro rata equitable interest in the yacht. The payments were made at the time the yacht was . .
CitedRosco v Winder 1915
. .
CitedGoldcorp Exchange Ltd and others v Liggett and others PC 25-May-1994
(New Zealand) The non allocated claimants purchased gold bullion from a company for future delivery on a non allocated basis. The company stored and insured the metal, but the claimants had a right to call for delivery of their part within 7-days. . .
CitedRe Maxwell Communications Corporation Plc: Bishopsgate Investment Management Ltd v Homan CA 26-Sep-1994
The remedy of tracing is not available through a bank account which was subsequently overdrawn. Nor does the doctrine of tracing extend to following value into a previously acquired asset: ‘there can be no equitable remedy against an asset acquired . .
CitedGissing v Gissing HL 7-Jul-1970
Evidence Needed to Share Benefical Inerests
The family home had been purchased during the marriage in the name of the husband only. The wife asserted that she had a beneficial interest in it.
Held: The principles apply to any case where a beneficial interest in land is claimed by a . .
CitedStrutt v Tippett CA 1890
The list set out in re Leslie for the ways in which one person might claim an interest in an insurance policy in another’s name, was not exhaustive. . .
CitedDyer v Dyer 27-Nov-1988
Where property is purchased by one person in the name of another there is a presumption that a resulting trust is created: ‘The clear result of all the cases, without a single exception is that the trust of a legal estate, whether freehold, copyhold . .
CitedIn re Hallett’s Estate; Knatchbull v Hallett CA 1880
Where a trustee of a policy used money received from others to make payment of premiums on an insurance policy, they would be entitled to a lien on the policy. Where an asset was acquired exclusively with trust money, the beneficiary could either . .
CitedGravesend Corporation v Kent County Council KBD 1935
A school vested in the Corporation had been built with the assistance of financial contributions from the County Council. As a result of various legislative changes the County Council replaced the Corporation as the education authority and as the . .
CitedRe Roberts 1946
. .
Appealed toFoskett v McKeown and Others HL 18-May-2000
A property developer using monies which he held on trust to carry out a development instead had mixed those monies with his own in his bank account, and subsequently used those mixed monies to pay premiums on a life assurance policy on his own life, . .

Cited by:

CitedAllen and Another v Rochdale Borough Council CA 23-Mar-1999
Land was sold. It had been used as playing fields. The freehold and leasehold interests in the land were held by the respondent, and the claimants asserted it was held as bare trustees for them as charitable trustees for the school foundation. The . .
Appeal fromFoskett v McKeown and Others HL 18-May-2000
A property developer using monies which he held on trust to carry out a development instead had mixed those monies with his own in his bank account, and subsequently used those mixed monies to pay premiums on a life assurance policy on his own life, . .
Lists of cited by and citing cases may be incomplete.

Trusts, Financial Services

Updated: 05 November 2022; Ref: scu.80647

Emptage v Financial Services Compensation Scheme Ltd: Admn 11 Oct 2012

The claimant had on her mortgage adviser’s advice charged her existing property to purchase property in Spain. After the investment failed, she lost the house. On the financial failure of the adviser without being insred, she claimed against the Compensation scheme, but now complained that the claim had been dealt with on the wrong basis, and not as a failure of mortgage advice.
Held: The principles applicable to the assessment of compensation were straightforward: FSCS had a broad discretion to pay compensation to claimants with valid claims to the extent that it considered that essential in order to provide fair compensation; it had a discretion to decide which elements of the claim should be accepted in order to achieve that; in this context fair compensation meant compensation which fairly compensated for the loss caused by the particular breach of duty; fair compensation for negligent or bad advice required that the claimant be restored as far as possible to the position she would have been in if the advice had not been given.
FSCS had failed to apply those principles properly because it had considered that Ms Emptage’s claim related to advice in connection with an unregulated activity, namely investment in property, and because it had approached her claim as having both protected and unprotected elements and had failed to view Mr Sharratt’s negligent advice as an indivisible package which included investment advice as an essential element, given that the mortgage was not feasible without it.

Judges:

Haddon-Cave J

Citations:

[2012] EWHC 2708 (Admin)

Links:

Bailii

Citing:

CitedRegina v Investors Compensation Scheme Ltd, ex Parte Bowden and Another HL 18-Jul-1995
A regulated firm, Fisher Prew-Smith, ran a scheme whereby elderly homeowners were persuaded to invest money in equity-linked funds by mortgaging their homes on terms that the interest would roll up unless and until the total mortgage debt reached a . .

Cited by:

Appeal fromEmptage v Financial Services Compensation Scheme Ltd CA 18-Jun-2013
The claimants had acted on mortgage advice given by a company regulated by the FSA, as a result of which, on the collapse of the property market in Spain, they had lost their investment and their home which had been charged to assist in the purchase . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Negligence

Updated: 05 November 2022; Ref: scu.464962

Ismene Larussa – Chigi v C S First Boston Ltd: ComC 18 Dec 1997

Financial Services Act. Applicability of the Act to forex transactions. Meaning of ‘investments’, applicability of regime in respect of ‘authorised persons’ and Securities Fixtures Authority, s43(1) -listed institution – applicability of regime for excepted person.

Judges:

Thomas J

Citations:

[1998] CLC 277

Statutes:

Financial Services Act 1996

Jurisdiction:

England and Wales

Financial Services

Updated: 05 November 2022; Ref: scu.220821

Westminster City Council v Haywood, Pensions Ombudsman: CA 28 Jan 1997

The Pension’s Ombudsman has no jurisdiction on severance for a non-pensionable employee.

Citations:

Times 12-Feb-1997, [1997] EWCA Civ 864

Jurisdiction:

England and Wales

Cited by:

CitedLegal and General Assurance Society Ltd v CCA Stationery Ltd ChD 12-Dec-2003
The claimant had managed a pension scheme for the respondent company. It now challenged a finding of maladministration of the scheme, with respect to the methods of calculation of discounts applicable to those leaving the scheme.
Held: Since . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 05 November 2022; Ref: scu.141260

Granada Rental and Retail Ltd and Others v The Pensions Regulator: UTTC 15 Apr 2014

UTTC PENSIONS REGULATOR – Financial support direction – procedure – whether Targets should be barred from pursuing parts of their pleaded cases on grounds that previous case management decision had created an issue estoppel – no – whether to allow issue to continue to be pleaded would be an abuse of process – no – application dismissed

Citations:

[2014] UKUT 175 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 04 November 2022; Ref: scu.525882