Category: Financial Services

Investors 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 the parties. This is due to ‘reasons of practical policy’. What is said in the course of negotiations provides too uncertain a guide as to what is the position between contracting parties when later they commit themselves finally by their contract.

Judges:

Leggatt LJ, Swinton Thomas LJ, Mummery LJ

Citations:

Times 08-Nov-1996, [1996] EWCA Civ 862

Jurisdiction:

England and Wales

Citing:

Appeal from – 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. . .

Cited by:

Cited – P and S Platt Ltd v Crouch and Another CA 25-Jul-2003
The claimant sought a declaration that certain easements had been included by implication in a conveyance of part of land to him.
Held: Since the easements were capable of subsisting at law, and existed as quasi-easements at the time, and did . .
Appeal from – Investors 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 . .
Cited – Kay, Gorman, etc v London Borough of Lambeth, London and Quadrant Housing Trust CA 20-Jul-2004
The defendant local authority had licenced houses to a housing trust, which in turn granted sub-licences to the claimants who were applicants for housing under homelessness provisions, and who now asserted that they became secure tenants of the . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Contract

Updated: 03 November 2022; Ref: scu.82414

Tael 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 interest of 11.25% per annum, but only that amount required to be paid out of cash flow three monthly in arrears. The remainder of the cost of borrowing was deferred and became payable, in the form of the payment premium, whenever the loan was repaid to a particular lender or all the lenders. The payment premium was therefore part of the consideration for the loan, and was calculated by reference to the period for which the borrower had the use of the money in just the same way as was the entitlement to ‘interest’ described as such.

Judges:

Popplewell J

Citations:

[2012] EWHC 1858 (Comm)

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

At first instance – Tael 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 . .
At First Instance – 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’, . .
Lists of cited by and citing cases may be incomplete.

Contract, Financial Services

Updated: 03 November 2022; Ref: scu.462428

Brown and Others v InnovatorOne Plc and Others: ComC 18 May 2012

The claimants had been advised to invest in a scheme promoted by the defendants with the assistance of their solicitors. On the failure of the scheme they now sought relief alleging inter alia, breach of trust.
Held: The claims failed. In connection with the negative day-to-day control test under section 235(2), it was necessary to look beyond the scheme documentation to the facts relating to ‘how the scheme was designed to and did operate in practice’.

Judges:

Hamblen J

Citations:

[2012] EWHC 1321 (Comm)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000 235

Jurisdiction:

England and Wales

Citing:

See Also – Brown and Others v InnovatorOne Plc and Others ComC 19-Jun-2009
The claimants served proceedings by fax. The defendants denied that it was effective saying that they had not confirmed that they were instructed to accept service or that as required by the rules they had confirmed that they would accept service by . .
See Also – Brown and Others v InnovatorOne Plc and Others ComC 28-Jul-2010
The claimants alleged breach of trust by the defendants in their promotion of an investment scheme which went on to fail. One defendant, a Swiss bank now sought a declaration that the court had no jurisdiction over it.
Held: The defendant’s . .

Cited by:

Appeal from – Brown and Others v Innovatorone Plc and Others CA 4-Dec-2012
The claimants appealed against rejection of their claims of breach of trust against the respndents and their solicitors in the promotion of investment semes which went on to fail. . .
Cited – Asset 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.

Trusts, Financial Services

Updated: 31 October 2022; Ref: scu.459810

C, Regina (on The Application of) v Financial Services Authority: Admn 25 May 2012

The claimant challenged by judicial review, disciplinary decisions made against him, saying tat insufficient reasons had been given. The Authority replied that judicial review was inappropriate since the claimant had open to him a reference to the Upper Tribunal.

Judges:

Silber J

Citations:

[2012] EWHC 1417 (Admin)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000 67

Jurisdiction:

England and Wales

Cited by:

Appeal from – Willford, Regina (on The Application of) v Financial Services Authority (FSA) CA 13-Jun-2013
Where a separate specialist statutory regime has been established by Parliament, there would need to be powerful reasons or exceptional circumstances to bypass that regime and permit an application for judicial review.
The Court considered and . .
At Admn – Willford, Regina (on The Application of) v Financial Services Authority (FSA) (No 2) CA 13-Jun-2013
. .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 31 October 2022; Ref: scu.459706

Miller; KC Independent Trustees Limited v Stapleton and Pensions Ombudsman: CA 30 Jul 1996

Citations:

[1996] EWCA Civ 557, [1996] 2 All ER 449

Jurisdiction:

England and Wales

Cited by:

Cited – 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 . .
Cited – Legal 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.

Litigation Practice, Financial Services

Updated: 31 October 2022; Ref: scu.140424

Green, Regina (on The Application of) v Financial Services Ombudsman and Gunner: Admn 18 May 2012

The claimant sought judicial review of decisions of the Financial Services Ombudsman on the complaint against him by the interested parties.

Judges:

Collins J

Citations:

[2012] EWHC 1253 (Admin)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 28 October 2022; Ref: scu.459559

Depositors’ Protection Board v Dalia and Another: CA 11 May 1993

The Board was liable to pay compensation claims from equitable assignees of depositors with a failed bank. They were not to be excluded from making claims.

Citations:

Gazette 16-Jun-1993, Independent 18-May-1993, Times 11-May-1993

Statutes:

Banking Act 1987 58(1)

Jurisdiction:

England and Wales

Citing:

Appeal from – Depositors Protection Board v Dalia and Another ChD 18-Nov-1992
Equitable assignees of deposits in a bank where those deposits were protected under the scheme, were entitled to the compensation which would have been paid to the beneficial owners. . .

Cited by:

Appeal from – Depositors’ Protection Board v Dalia HL 20-May-1994
The House was asked as to the meaning of the word ‘depositor’. Regulations were prayed in aid which were made four years after the date of the enactment.
Held: The protection given by the Depositor Protection Scheme does not extend to . .
Lists of cited by and citing cases may be incomplete.

Banking, Financial Services

Updated: 26 October 2022; Ref: scu.79921

Fisher and others v Harrison and others: CA 29 Jul 2003

The respondent had the benefit of a single member company pension scheme. He sold the company, but the purchasers, now assignees of the pension, and appellants alleged breach of warranty in the company sale, and sought to prevent further payments under the pension scheme.
Held: A consent order to restrict payment of sums falling due in the future would be valid, and nothing in the Act prevented such an order, but so far as the order affected accrued rights, it was invalid under the Act. Since the order made no distinction it was entirely unenforceable.

Judges:

Lord Justice Aldous Lord Justice Mance Lord Justice Latham

Citations:

[2003] EWCA Civ 1047, Times 18-Sep-2003

Links:

Bailii

Statutes:

Pensions Act 1995

Jurisdiction:

England and Wales

Citing:

Cited – In re Scientific Instrument Pension Plan Trusts ChD 1999
The court accepted the application to pension trust deeds of the principle, whereby a forfeiture provision in a will or other trust instrument, purporting to forfeit an absolute or life interest in the event of voluntary or involuntary alienation, . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 23 October 2022; Ref: scu.184854

Agco Ltd v Massey-Ferguson Works Pension Trust and Another: ChD 20 Dec 2002

‘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.’

Judges:

Neuberger J

Citations:

[2002] EWHC 2878 (Ch), [2003] OPLR 119, [2003] Pens LR 47

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 21 October 2022; Ref: scu.346770

Regina v Securities and Investments Board and Another, Ex Parte Sun Life Assurance Society Plc: QBD 5 Oct 1995

Calls from SIB for contributions to compensation fund for default were proper. The section was intended to ensure sufficiency of compensation, not to limit the liability of practitioners.

Citations:

Times 09-Oct-1995, Independent 05-Oct-1995

Statutes:

Financial Services Act 1986 54(3)

Jurisdiction:

England and Wales

Financial Services

Updated: 21 October 2022; Ref: scu.87995

Martin v Revenue and Customs (Money Laundering : Money Laundering): FTTTx 12 Mar 2019

MONEY LAUNDERING REGULATIONS – appellant registered as tax adviser -appellant failing to pay annual fees in protest against HMRC requirements for enhanced due diligence – registration cancelled – penalty imposed for carrying on business while unregistered – whether appellant’s conduct penalisable – held no, as regulation 33 Money Laundering Regulations 2007 does not apply to tax advisers after 2009 – penalty cancelled

Citations:

[2019] UKFTT 185 (TC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 17 October 2022; Ref: scu.635747

AON Trust Corporation Ltd v KPMG and others: ChD 29 Jul 2004

The defendant’s pension scheme had been set up by deed in 1949. The trustees argued that the firm had an obligation to make substantial additional contributions to ensure it was not underfunded. The defendants argued that it was a money purchase scheme.
Held: Contributions were to be made by the employer and by its employees in proportion to earnings. It was therefore an Earnings Related scheme within the section, and if there was a substantial deficit, the employer could be called upon to make good the deficit.

Judges:

Sir Andrew Morritt, Vice Chancellor

Citations:

[2004] EWHC 1844 (Ch), Times 26-Aug-2004, [2005] 1 WLR 995

Links:

Bailii

Statutes:

Pensions Act 1995 60

Jurisdiction:

England and Wales

Cited by:

Appeal from – Aon 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 . .
Cited – Houldsworth and Another v Bridge Trustees Ltd and Another SC 27-Jul-2011
The court was asked as to the dividing line, for regulatory purposes, between defined benefit (normally earnings-related) schemes and defined contribution (or money purchase) schemes. The Secretary of State asserted that some methods used to . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 15 October 2022; Ref: scu.199646

Reliantco Investments and Reliantco Investments Limassol Sucursala Bucureasti: ECJ 2 Apr 2020

(Judgment) Reference for a preliminary ruling – Freedom of establishment – Freedom to provide services – Markets in financial instruments – Directive 2004/39 / EC – Concepts of ‘retail client’ and ‘consumer’ – Conditions for invoking the status of consumer – Determination of the competence to know the demand

Citations:

C-500/18, [2020] EUECJ C-500/18, ECLI:EU:C:2020:264

Links:

Bailii

Jurisdiction:

European

Financial Services

Updated: 14 October 2022; Ref: scu.660149

British Telecommunications Plc, Regina (on The Application of) v Treasury: CA 21 Jan 2020

Appeal by British Telecommunications plc (‘BT’) from an order of Hamblen LJ (as he then was) and Whipple J, sitting as a Divisional Court of the Queen’s Bench Division dismissing BT’s claim for judicial review of the decision of Her Majesty’s Treasury to implement full indexation of the guaranteed minimum pension payable to members of public service pension schemes.

Judges:

Sir Terence Etherton MR, Lord Justice Henderson and Lady Justice Nicola Davies DBE

Citations:

[2020] EWCA Civ 1

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 14 October 2022; Ref: scu.646340

Regina and Personal Investment Authority Ombudsman Bureau Limited; Goss ex parte Royal and Sun Alliance Life and Pensions Limited Respondens: Admn 27 Jul 2000

Short question as to the proper construction of the terms of a Personal Retirement Policy issued by the Applicant (then Royal Life Insurance Limited

Citations:

[2000] EWHC Admin 379

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 11 October 2022; Ref: scu.140194

Airways Pension Scheme Trustee Ltd v Fielder and Another (3032): ChD 11 Nov 2019

Judges:

Zacaroli J

Citations:

[2019] EWHC 3032 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

See Also – Airways Pension Scheme Trustee Ltd v Fielder and Another ChD 15-Jan-2019
. .
Cited – In Re Beddoe, Downes v Cottam CA 1893
A trustee had unsuccessfully defended an action against the trust in detinue for the return of deeds. He now sought protection against a costs order. Costs having been awarded against a trustee in proceeding A, the trustee sought to be indemnified . .
Cited – Public 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 . .
Cited – MF Global UK Ltd, Re Investment Bank Special Administration Regulations 2011 ChD 4-Jul-2014
Application to enable a settlement agreement to be made which would compromise and release all tracing and other claims between MF Global UK Limited (MFGUK) as trustee of the trust of client money and the general estate of MFGUK acting by its joint . .
See Also – Spencer and Others v Fielder ChD 15-Jul-2014
Beddoe proceedings by the present trustees of the Airways Pension Scheme for directions of the court in relation to their conduct of proceedings brought against them by British Airways plc.
Held: The Chancellor authorised the Trustee to defend . .

Cited by:

See Also – Airways Pension Scheme Trustee Ltd v Fielder and Another (3027) ChD 11-Nov-2019
Application by the corporate trustee (the ‘Trustee’) of the Airways Pension Scheme (the ‘Scheme’) for approval of its decision to enter into a settlement agreement with the second defendant . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 07 October 2022; Ref: scu.643897

MF Global UK Ltd, Re Investment Bank Special Administration Regulations 2011: ChD 4 Jul 2014

Application to enable a settlement agreement to be made which would compromise and release all tracing and other claims between MF Global UK Limited (MFGUK) as trustee of the trust of client money and the general estate of MFGUK acting by its joint administrators.
Held: There was nothing to exclude the statutory power of compromise.

Judges:

David Richards J

Citations:

[2014] EWHC 2222 (Ch), [2014] WLR(D) 294, [2014] Bus LR 1156

Links:

Bailii, WLRD

Statutes:

Trustee Act 1925 15, Investment Bank Special Administration Regulations 2011

Jurisdiction:

England and Wales

Cited by:

Cited – Airways Pension Scheme Trustee Ltd v Fielder and Another (3032) ChD 11-Nov-2019
. .
Lists of cited by and citing cases may be incomplete.

Financial Services, Insolvency

Updated: 07 October 2022; Ref: scu.533807

Ford v Financial Services Authority and Another: Admn 18 Apr 2012

Judges:

Burnett J

Citations:

[2012] EWHC 997 (Admin)

Links:

Bailii

Citing:

See Also – Ford, Regina (on The Application of) v The Financial Services Authority Admn 11-Oct-2011
The claimant sought, through judicial review, control over 8 emails sent by them to their lawyers. They claimed legal advice privilege, but the emails contained advice sent by their chartered accountants. The defendant had sought to use them in the . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 07 October 2022; Ref: scu.452825

Lehman Brothers International (Europe), Re: SC 29 Feb 2012

The court was asked to interpret the provisions as to ‘client money rules’ and ‘client money distribution rules’ in the FSA handbook, and to consider the consequences as to the applicable trusts. Substantial sums paid by clients to the bank before its insolvency were now unavailable.
Held: The appeal failed. The statutory trust under the scheme arose on receipt of client money, and not on its later segregation; the primary pooling arrangements applied to client money in house accounts; and, participation in the CMP was not dependant on the segregation of client money.

Judges:

Lord Hope, Deputy President, Lord Walker, Lord Clarke, Lord Dyson, Lord Collins

Citations:

[2012] UKSC 6, UKSC 2010/0194, [2012] 3 All ER 1, [2012] 1 BCLC 487, [2012] WLR(D) 53, [2012] Bus LR 667

Links:

Bailii, Bailii Summary, SC C Summ, SC

Statutes:

Insolvency Act 1986, Markets in Financial Instruments Directive 2004/39/EC

Jurisdiction:

England and Wales

Citing:

At first instance – Lehman Brothers International (Europe) v CRC Credit Fund Ltd and Others ChD 15-Dec-2009
. .
See Also – Lehman Brothers International (Europe) v CRC Credit Fund Ltd and Others ChD 20-Jan-2010
. .
Appeal From – CRC Credit Fund Ltd and Others v GLG Investments Plc (Sub-Fund: European Equity Fund) and Others CA 2-Aug-2010
. .
Lists of cited by and citing cases may be incomplete.

Insolvency, Financial Services

Updated: 05 October 2022; Ref: scu.451702

In re the Financial Markets and Services Act 2000; WASA International (UK) Insurance Co Ltd and Another v WASA International Insurance Co Ltd (Sweden): ChD 10 Dec 2002

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.

Judges:

Park J

Citations:

Times 31-Dec-2002, [2002] EWHC 2784 (Ch)

Links:

Bailii

Statutes:

Financial Markets and Services Act 2000 111 112(2)(a)

Jurisdiction:

England and Wales

Insurance, Financial Services

Updated: 04 October 2022; Ref: scu.178707

Mayhew v King and Others: ChD 20 May 2010

The court was asked to make a declaration which turned on the interpretation of the ‘anti-deprivation’ rule and its application to a settlement agreement: ‘Milbank is insolvent and has had an administration order made against it. Chaucer seeks an order of the court that certain provisions of the Settlement Agreement be struck down under the Principle so that amounts due to Milbank from Towergate under that agreement, and which have been assigned to Chaucer, are recoverable by Chaucer which otherwise they would not have been.’

Judges:

Sir Edward Evans-Lombe

Citations:

[2010] EWHC 1121 (Ch), [2010] 2 BCLC 440, [2010] BPIR 1155

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Cited – Belmont Park Investments Pty Ltd v BNY Corporate Trustee Services Ltd and Another SC 27-Jul-2011
Complex financial instruments insured the indebtedness of Lehman Brothers. On that company’s insolvency a claim was made. It was said that provisions in the documents offended the rule against the anti-deprivation rule. The courts below had upheld . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Insolvency

Updated: 04 October 2022; Ref: scu.415979

Law Debenture Trust Corporation Plc v Elektrim Finance Bv and others: ChD 1 Jul 2005

A bond contained an arbitration clause subject to a further clause giving the claimant an ‘exclusive right at its option to apply to the courts of England to settle any disputes which may arise out of or in connection with these presents’. The defendants started an arbitration challenging the claimant’s assertion that events of default had occurred; the claimant then started proceedings to recover the full amount due under the bond to which it added a section 72 claim asking for an injunction to restrain the arbitration. The defendants retaliated with an application for a stay under section 9, CPR 62.8(3) and section 49(3) Supreme Court Act 1981.
Held: The court rejected the general submission that the 1996 Act required the court to allow the arbitrators to decide whether they had jurisdiction. The claimant could therefore invoke section 72 (if it applied) to ask the court to decide the jurisdiction issue. The court rejected the defendants’ arguments that the claimant could not bring itself within section 72 because once the claimant opted for litigation, there was no longer an arbitration agreement. The decision depended on the deed: if, as he found, the claimant was entitled to litigate then obviously he would not grant a stay and vice versa. Thus the section 9 point did ‘not really arise as a contentious point’. The judge had no need to consider the separability of the arbitration clause but only had to decide if the litigation option had been rightly exercised by the party seeking to litigate. He decided that it had been and that accordingly the section 72 application for a declaration and an injunction should be granted and the stay application should be dismissed.

Judges:

Mann J

Citations:

[2005] EWHC 1412 (Ch), [2005] 2 Lloyds Rep 755

Links:

Bailii

Statutes:

Arbitration act 1996 72, Supreme Court Act 1981 49(3)

Jurisdiction:

England and Wales

Cited by:

Cited – Fiona Trust and Holding Corporation and others v Privalov and others CA 24-Jan-2007
The court was asked whether when contracts have been induced by bribery and have been rescinded on discovery of the bribery, that constitutes a dispute which can be determined by arbitration in the context of a common form of arbitration clause.
Lists of cited by and citing cases may be incomplete.

Financial Services, Arbitration

Updated: 04 October 2022; Ref: scu.228237

The Financial Services Authority v William Matthews Patricia Janet Matthews: ChD 21 Dec 2004

The Authority sought a finding that the respondents had infringed their duties in providing financial advice with respect to the moving of personal pensions and had failed to comply with an order an order for compensation. The defendants asserted that the award made was incorrect and infringed their human rights.
Held: The parties had been notified of the time limits for appealing the original findings, and had not appealed. There had been no procedural unfairness. The order stood. As to the amount payable, in view of the defendants’ limited means, an order foir a top-up rather than a re-instatement would be substituted for the original.

Judges:

Smith The Honourable Mr Justice Peter Smith

Citations:

[2004] EWHC 2966 (Ch)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000 382

Jurisdiction:

England and Wales

Citing:

Cited – Wilson v Secretary of State for Trade and Industry; Wilson v First County Trust Ltd (No 2) HL 10-Jul-2003
The respondent appealed against a finding that the provision which made a loan agreement completely invalid for lack of compliance with the 1974 Act was itself invalid under the Human Rights Act since it deprived the respondent lender of its . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Human Rights

Updated: 01 October 2022; Ref: scu.220950

Allied Dunbar Assurance Plc, Zurich Assurance Plc, City of London Insurance Company Limited, Pilot Assurance Company Limited, Eagle Star Life Assurance Company Limited, Part Vii of the Financial Services and Markets Act 2000 v Regina: ChD 19 Jan 2005

Imposition of fines

Judges:

The Hon Mr Justice Evans-Lombe

Citations:

[2005] EWHC 28 (Ch)

Links:

Bailii

Statutes:

Financial Servoces And Markets Act 2000 Part VII

Jurisdiction:

England and Wales

Financial Services

Updated: 01 October 2022; Ref: scu.221723

Independent Trustee Service Ltd v GP Noble Trustees Ltd and Others: ChD 1 Jul 2010

Judges:

Peter Smith J

Citations:

[2010] EWHC 1653 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Zambia, Attorney General of Zambia for and on Behalf of v Meer Care and Desai (A Firm) and others ChD 7-Oct-2005
Reasons for dismissal of stay for certain defendants. . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 29 September 2022; Ref: scu.420222

Ainley v Financial Services Authority: UTTC 13 Jul 2012

FINANCIAL SERVICES – withdrawal of approval and cancellation of permission -prohibition of approved person for making and assisting in making of fraudulent mortgage applications – whether Authority’s case established – yes – reference dismissed

Citations:

[2012] UKUT B17 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 28 September 2022; Ref: scu.466685

Digital Satellite Warranty Cover Ltd v The Financial Services Authority: CA 29 Nov 2011

Parties appealed against on order for the winding up of the company. The Authority (FSA) had said that the company which supplied warranties to owners of digital receiver boxes were providing regulated insurance services, but that the companies were not registered. The warranties were for the repair and supply of parts only, and the company denied that the activity should be regulated.
Held: The company’s appeal failed.

Judges:

Patten LJ, Maurice Kay VP LJ, Aikens LJ

Citations:

[2012] 1 CLC 39, [2011] EWCA Civ 1413, [2012] 2 All ER (Comm) 38, [2012] Bus LR 990, [2012] Lloyd’s Rep IR 112

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000, Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, First Council Directive 73/239/EEC, Council Directive 84/641/EEC

Jurisdiction:

England and Wales

Citing:

Appeal from – Re Digital Satellite Warranty Cover Ltd and Others ChD 31-Jan-2011
The Financial Services Authority sought public interest orders for the winding up of three companies selling, it said, extended warranty cover plans without authorisation. The companies said that authorisation was not required, since only services . .
Cited – Prudential Insurance Co v Inland Revenue Commissioners 1904
Contract for payment of sum on event
The Insurance company provided endowment insurance polices. They disagreed with the Commissioners as to whether these were policies of insurance and thus as to how they fell to be stamped. Life insurance was defined in the 1891 Act as ‘insurance . .
Cited – Card Protection Plan Ltd v Commissioners of Customs and Excise ECJ 25-Feb-1999
A company procuring insurance purchases for credit card protection was as exempt from VAT as was the insurer. A provision which restricted the ability to claim such exemption to those registered as insurers under national was invalid under European . .

Cited by:

Appeal from – Digital Satellite Warranty Cover Ltd and Another v Financial Services Authority SC 13-Feb-2013
The appellants challenged an order for the dissolution of their company under the 2000 Acts. They had provided warranties for assorted consumer electrical goods which amounted to insurance, but said that they were not required to be registered under . .
Lists of cited by and citing cases may be incomplete.

Insolvency, Financial Services, Insurance, European

Updated: 28 September 2022; Ref: scu.449032

BT Pension Scheme Trustees Ltd v British Telecommunications Plc and Another: ChD 21 Oct 2010

The court was asked to determine several questions revolving around the extent of a statutory ‘guarantee’ given by the Secretary of State in 1984 for the liabilities of the then newly formed and about to be floated British Telecommunications plc, so far as it extended to the liabilities of BT under its pension scheme.

Judges:

Mann J

Citations:

[2010] EWHC 2642 (Ch), [2010] Pens LR 487

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 27 September 2022; Ref: scu.425381

Steria Ltd and others v Hutchison and others: ChD 21 Dec 2005

Citations:

[2005] EWHC 2993 (Ch)

Links:

Bailii

Statutes:

Pension Schemes Act 1993

Jurisdiction:

England and Wales

Cited by:

Cited – Trustee 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 . .
Appeal From – Steria Ltd and others v Hutchison and others CA 24-Nov-2006
Neuberger LJ observed that estoppels are relied on because of difficulties in establishing a contract; and, since unconscionability is the single factor that must be established for an estoppel and views on unconscionability may vary, it is . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 27 September 2022; Ref: scu.236617

Mandrake Holdings Ltd and Another v Countrywide Assured Group Plc: ChD 8 Mar 2005

Whether claim can be amended by High Court for claim which could only succeed if law changed at Court of Appeal

Citations:

[2005] EWHC 311 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Appeal from – Mandrake Holdings Ltd and Another v Countrywide Assured Group Ltd CA 12-May-2005
. .
Lists of cited by and citing cases may be incomplete.

Financial Services, Litigation Practice

Updated: 25 September 2022; Ref: scu.223694

The Financial Services Authority v Sinaloa Gold Plc and Others: CA 18 Oct 2011

Judges:

Mummery, Patten LJJ, Hedley J

Citations:

[2011] EWCA Civ 1158

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Appeal from – 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 . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 20 September 2022; Ref: scu.445634

Andrews v SBJ Benefit Consultants: ChD 4 Nov 2010

The claimant sought damages alleging that the defendant had failed in its statutory duties under the 2000 Act when advising on pension reviews.

Judges:

Pelling QC J

Citations:

[2010] EWHC 2875 (Ch)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000 150

Jurisdiction:

England and Wales

Financial Services

Updated: 17 September 2022; Ref: scu.442584

Legal 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 the calculations employed would have been carried out for others whether or not the instant pension scheme had existed, those methods were not part of the administration of the scheme, and the ombudsman had no jurisdiction to order their disclosure.

Judges:

Mr Justice Laddie

Citations:

[2003] EWHC 2989 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Regina v Local Commissioner for Administration for the North and East Area of England ex parte Bradford Metropolitan City Council CA 1979
The court considered the meaning of ‘maladministration’ in the section.
Held: Lord Denning MR said: ‘It will cover ‘bias, neglect, inattention, delay, incompetence, ineptitude, perversity, turpitude, arbitrariness and so on.’ It ‘would be a . .
Cited – Edge 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 . .
Cited – Regina v Commissioner for Local Administration ex parte Eastleigh Borough Council CA 1988
Maladministration includes bias, neglect, inattention, delay, incompetence, inaptitude, perversity, turpitude and arbitrariness in reaching a decision or exercising a discretion, but that it has nothing to do with the intrinsic merits of the . .
Cited – Regina v Parliamentary Commissioner for Administration ex parte Dyer QBD 19-Oct-1993
Parliamentary Commissioners decisions are reviewable, but range of the discretion given to him by the Act is very wide, and his decisions will only rarely be susceptible to review. He is answerable to Parliament. . .
Cited – 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 . .
Cited – Gouriet v Union of Post Office Workers HL 26-Jul-1977
The claimant sought an injunction to prevent the respondent Trades Union calling on its members to boycott mail to South Africa. The respondents challenged the ability of the court to make such an order.
Held: The wide wording of the statute . .
Cited – Miller; KC Independent Trustees Limited v Stapleton and Pensions Ombudsman CA 30-Jul-1996
. .
Cited – 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. . .
Cited – 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 . .
Cited – Wakelin and others v Read and another CA 10-Apr-2000
The Pensions Ombudsman did not have the right to exercise his discretion to provide a different answer to the one which would be given by a court. This followed from the right given to parties to appeal against his decisions to the High Court on a . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 16 September 2022; Ref: scu.188709

Christchurch Pavilion Partnership No 1 and Others v Deloitte and Touche Tohmatsu Trustee Company Limited: PC 4 Feb 2002

(New Zealand) A scheme was created for the construction of a major residential complex. The disappointed investors now claimed damages from the professional supervising ‘statutory’ trustees, after their money was lost. The minimum subscriptions had not been received, but the transaction proceeded.
Held: Despite the failings, the claimants had failed to show that the damages actually suffered flowed directly from the defendants’ failings. They might well have suffered the same loss without the errors.

Judges:

Lord Slynn of Hadley Lord Mustill Lord Scott of Foscote Sir Christopher Staughton Sir John Roch

Citations:

[2002] UKPC 4

Links:

PC, PC, Christchurch Pavilion ‘ target=’_n’>PC, Bailii, PC

Statutes:

Securities Act 1978 (New Zealand)

Jurisdiction:

England and Wales

Commonwealth, Financial Services, Professional Negligence

Updated: 16 September 2022; Ref: scu.167602

In the Matter of the Equitable Life Assurance Society: In the Matter of the Companies Act 1985: ChD 8 Feb 2002

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.

Judges:

The Honourable Mr Justice Lloyd

Citations:

[2002] EWHC 140 (Ch), [2002] BCC 319, [2002] 2 BCLC 510

Links:

Bailii

Statutes:

Companies Act 1985 425

Jurisdiction:

England and Wales

Financial Services, Company

Updated: 16 September 2022; Ref: scu.167594

Money Markets International Stockbrokers Ltd v London Stock Exchange Ltd and Another: ChD 10 Jul 2001

MMI were members of the London Stock Exchange, and accordingly held one share in that non-profit making institution. The share was valueless. Anticipating losing their membership and so the share, and also the demutualisation, the share was to be transferred to a third party. At that point it would become worth andpound;3 million. Because the ownership of the share was merely an incident of membership, there was no conflict between the rules which deprived it both of membership and the share, and the rules which invalidated the transfer of assets of an insolvent person. Until the de-mutualisation, the share remained worthless, and the insolvency rules did not bite.

Judges:

Neuberger J

Citations:

[2002] 1 WLR 1150, [2001] EWHC 1052 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Bombay Official Assignee v Shroff PC 1932
The bankrupt had been a member of the Bombay stock exchange. His share had been forfeit. The trustee claimed the share. The official assignee contended that his members card or the value thereof vested in him as the assignee in the insolvency, . .

Cited by:

Cited – Belmont Park Investments Pty Ltd v BNY Corporate Trustee Services Ltd and Another SC 27-Jul-2011
Complex financial instruments insured the indebtedness of Lehman Brothers. On that company’s insolvency a claim was made. It was said that provisions in the documents offended the rule against the anti-deprivation rule. The courts below had upheld . .
Lists of cited by and citing cases may be incomplete.

Company, Financial Services, Insolvency, Contract

Updated: 14 September 2022; Ref: scu.166178

Challinor and Others v Juliet Bellis and Co and Another: ChD 25 Feb 2013

Judges:

Hidyard J

Citations:

[2013] EWHC 347 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

See Also – Challinor and Others v Juliet Bellis and Co (A Firm) ChD 9-Dec-2011
Appeal against order granting summary judgement. . .

Cited by:

See Also – Challinor and 20 Others v Juliet Bellis and Co and Egan ChD 19-Mar-2013
The court considered the correct approach to the award of statutory interest.
Held: Hildyard J said: ‘As to (1), it seems to me that the Court’s overall approach in the authorities cited to me is to distinguish between (a) cases relating to . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Trusts, Torts – Other

Updated: 13 September 2022; Ref: scu.471577

Curren v Financial Services Authority: UTTC 21 Mar 2011

FINANCIAL SERVICES – withdrawal of company’s approval and cancellation of permission – prohibition of approved person for making or assisting in making of fraudulent mortgage applications – whether Authority’s case established – yes – penalty imposed – scale of appropriate penalty – whether sufficient account taken of person’s means – yes – reference dismissed

Citations:

[2011] UKUT B19 (TCC) (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 13 September 2022; Ref: scu.440807

First Alternative Insurance Company Ltd v Esure Insurance Ltd: ChD 14 Mar 2007

Application for the sanction of the court to an insurance business transfer scheme for the transfer of policies of general (primarily motor) insurance.

Citations:

[2006] EWHC 694 (Ch)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000 112

Jurisdiction:

England and Wales

Company, Financial Services

Updated: 13 September 2022; Ref: scu.253485

In re Sky Land Consultants Plc: ChD 3 Mar 2010

a land-banking arrangement was held to amount to a collective investment scheme within section 235. The company purported to change its practices following intervention by the FCA. The changes were held by the judge insufficient to take it outside section 235. On two sites, the Crewe land and the Winterton land, involving sales respectively of some 56 and 98 individual plots. The company’s option agreements for each site stipulated the terms of any future transfers of individual plots, including a restrictive covenant precluding residential development without the consent of Sky Land. In the first period investors were given the clear understanding that the company would seek to obtain planning permission for each site as a whole, and would bear the full cost of doing so. Its website identified by name its planning consultants and planning solicitors. The judge noted the common expectation (though not formally agreed) that in the meantime the land would remain ‘in the occupation of the original owner and would continue to be farmed’. The FCA intervened and the company agreed to write to investors indicating that the restrictions would be removed, that Sky Land ‘cannot and will not’ play any further role in the development of the site, and that the individual owners would need to make their own arrangements to realise the value of the site as a whole.
Held: The statements had not been fulfilled. The company had continued as before, representing to investors that it would deal with planning and sale, and undertaking activities for that purpose
Richards J said that they fell within section 235: ‘A scheme whereby investors purchase individual plots within a site on the shared understanding that the company will seek planning permission and market the site including the plots are clearly capable of being ‘arrangements’ . . Each of these requirements [of section 235(1)] appears to be satisfied: (i) the arrangements concern land sold off in small plots to investors, (ii) the investors become owners of the individual plots and (iii) the purpose of the arrangements is to receive profits arising from the sale of the individual plots as parts of the larger site.’
and ‘I consider ‘the property’ to be the land comprising the individual plots sold to investors. It is that land, very probably as part of a larger site which includes areas retained by the original owner and areas acquired by the company, for which planning permission and a buyer would be sought by the company. The investors participate by each becoming an owner of part of the property. While it is legally possible for an investor to sell his plot on its own, that is not what is intended or likely to happen. The purpose is to obtain planning permission, for, and to sell, the property as a whole.’

Judges:

Richards J

Citations:

[2010] EWHC 399 (Ch)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000 235

Jurisdiction:

England and Wales

Cited by:

Cited – Asset 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.

Insolvency, Financial Services

Updated: 12 September 2022; Ref: scu.439794

Stena Line Ltd v Merchant Navy Ratings Pension Fund Trustees Ltd and Another: CA 12 May 2011

The court heard a proposed arrangement for the remedying of a deficit in the pension scheme.

Judges:

Arden, Toulson, Rimer LJJ

Citations:

[2011] EWCA Civ 543, [2011] Pens LR 223

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

At ChD (Approved) – Stena Line Ltd v Merchant Navy Ratings Pension Fund Trustees Ltd and Another ChD 27-Jul-2010
. .

Cited by:

Cited – Gladman Commercial Properties v Fisher Hargreaves Proctor and Others CA 14-Nov-2013
The claimant appealed against the striking out of his claims for fraudulent or negligent misrepresentation as to the suitability for deveopment of two former fire service properties. The court had said that a settlement with co-tortfeasors operated . .
Cited – Marks and Spencer Plc v BNP Paribas Securities Services Trust Company (Jersey) Ltd and Another SC 2-Dec-2015
The Court considered whether, on exercising a break clause in a lease, the tenant was entitled to recover rent paid in advance.
Held: The appeal failed. The Court of Appeal had imposed what was established law. The test for whether a clause . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Contract

Updated: 12 September 2022; Ref: scu.439737

Helden v Strathmore Ltd: CA 11 May 2011

The defendant appealed against an order finding valid a charge in favour of the claimant despite non-compliance with the 2000 Act.
Lord Neuberger MR said as to the 1989 Act: Section 2 is concerned with contracts for the creation or sale of legal estates or interests in land, not with documents that actually create or transfer such estates or interests. So a contract to transfer a freehold or a lease in the future, a contract to grant a lease in the future or a contract for a mortgage in the future are all within the reach of the section, provided of course that the ultimate subject matter is land. However, an actual transfer, conveyance or assignment, an actual lease, or an actual mortgage are not within the scope of section 2 at all.
[Section 2] was directed to tightening up the formalities required for contracts for the creation or transfer of interests or estates in land and it was not concerned with documents that actually create or transfer legal estates or interests in land . .’

Judges:

Lord Neuberger MR, Smith, Elias LJJ

Citations:

[2011] EWCA Civ 542

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000, Law of Property (Miscellaneous Provisions) Act 1989 2

Jurisdiction:

England and Wales

Cited by:

Cited – Keay and Another v Morris Homes (West Midlands) Ltd CA 11-Jul-2012
The claimants sought damages alleging breach of contract. The defendants argued that the contract related to land, and since it was an oral agreement it was unenforceable under the 1989 Act.
Held: It was not possible that a contract which was . .
Lists of cited by and citing cases may be incomplete.

Land, Financial Services

Updated: 12 September 2022; Ref: scu.439649

Global Distressed Alpha Fund 1 Ltd Partnership v Pt Bakrie Investindo: ComC 17 Feb 2011

Action on an instrument of guarantee.
Held: judgment for the Claimant in respect of the principal sum of US$2m. and such interest payments as were due.

Judges:

Teare J

Citations:

[2011] EWHC 256 (Comm), [2011] 2 All ER (Comm) 385, [2011] BPIR 644, [2011] 2 BCLC 275, [2011] Bus LR 970, [2011] 1 WLR 2038

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Antony Gibbs and Sons v La Societe Industrielle et Commerciale des Metaux CA 1-Jul-1890
The defendant had agreed to buy copper to be delivered in England by the plaintiff. The defendant refused to accept the copper and so was liable in damages to the plaintiff. The defendant, a French company, was placed in judicial liquidation in . .
Cited – New Zealand Loan and Mercantile Agency Company Limited v Christina Morrison PC 15-Dec-1897
(Victoria) . .
Cited – Moody and Another v Condor Insurance Ltd and Another ChD 3-Feb-2006
The claimants sought to enforce a deed of guarantee. The defendants argued that the claimant had no entitlement to enforce the deed, not being parties to it, and that they would be able to set aside the deed as against the company whose debts they . .
Cited – National Bank of Greece and Athens v Metliss HL 1957
The National Bank of Greece had been created under the law of Greece. By a Greek decree, the bank was dissolved and, by the same decree, amalgamated with another bank into a new banking corporation under the name of ‘National Bank of Greece and . .
Cited – In re United Railways of Havana and Regla Warehouses Ltd; Tomkinson v First Pennsylvania Banking and Trust Co HL 1960
A sum was held to be due from that company in US dollars under a lease and another agreement which were both governed by the law of Pennsylvania.
Held: The sum provable in the liquidation of the company was to be converted at the rates of . .
Cited – In re United Railways of the Havana v Regla Warehouses Ltd CA 1960
There had been a financing transaction by way of a lease by a Pennsylvania corporation, as trustee for foreign bondholders, to an English company carrying on business in Cuba, of assets in Cuba. By a Cuban decree the assets were transferred to the . .
Cited – Adams v National Bank of Greece HL 1961
Questions of interpretation and enforcement of contracts are resolved by reference to the proper law. Although debt under a contract whose proper law is the law of another jurisdiction may, for the purposes of Scots law, be discharged by insolvency . .
Cited – Wight, Pilling, Mackey v Eckhardt Marine GmbH PC 14-May-2003
(Cayman Islands) An international bank went into liquidation in the Cayman Islands, with liabilities in Bangladesh. A new bank was created in Bangladesh, and the applicants sought to make the new bank liable, and through them the liquidators.
Cited – Cambridge Gas Transport Corp v Official Committee of Unsecured Creditors (of Navigator Holdings Plc and Others) PC 16-May-2006
(Isle of Man) A scheme of arrangement was proposed for a company with involvement in several jurisdictions. An order in New York sought assistance in the vesting of shares and assets in the Isle of Man in the creditors committee. Cambridge was a . .
Cited – Rubin and Another v Eurofinance Sa and Others CA 20-Jul-2010
The Court considered whether the principle of universality in insolvency proceedings enabled the court to enforce a judgment in personam which had been given in New York against the defendants in and for the purposes of bankruptcy proceedings in New . .
Cited – McGrath and others v Riddell and others HL 9-Apr-2008
(Orse In Re HIH Casualty and General Insurance Ltd)
HIH, an Australian Insurance company, became insolvent. An order was sought for the collection and remission of it assets in England under a letter of request from the Australia Court.
Lists of cited by and citing cases may be incomplete.

Contract, Financial Services

Updated: 11 September 2022; Ref: scu.429634