Category: Financial Services

Barclays Bank Plc v Holmes and others: ChD 21 Nov 2000

Judges:

Neuberger J

Citations:

[2000] PLR 339, [2000] Pens LR 339, [2001] OPLR 37, [2000] EWHC Ch 457

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Cited – Horton v Henry CA 7-Oct-2016
No obligation on bankrupt to draw on pension fund
The trustee in bankruptcy appealed against a decision dismissing his application for an income payments order pursuant to section 310 of the 1986 Act in respect of income which might become payable to the respondent from his personal pension . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 12 July 2022; Ref: scu.261947

Bunney v Burns Anderson Plc and Another: ChD 25 May 2007

The claimants asked the court to enforce an award made by the Financial services ombudsman in their favour. The defendants said that to the extent that the award was in excess of the statutory limit of andpound;100,000, the award was unenforceable. Whether the award counted as a money award or a direction by the Ombudsman should depend on substance not form.

Judges:

Lewison J

Citations:

[2007] EWHC 1240 (Ch)

Links:

Bailii

Statutes:

Financial Services and Markets Act 1000 229(2)

Jurisdiction:

England and Wales

Financial Services

Updated: 11 July 2022; Ref: scu.252551

Hodgson and others v Toray Textiles Europe Ltd: ChD 9 Mar 2007

Judges:

Lewison J

Citations:

[2007] EWHC 444 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Jones v Associated Tunnelling Co Ltd EAT 16-Oct-1981
The tribunal had been asked as to the circumstances under which the acceptance of new employment terms can be inferred from an employee’s continuing to work.
Browne-Wilkinson P said: ‘The starting point must be that a contract of employment . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 10 July 2022; Ref: scu.250020

Real Estate Opportunities Ltd v Aberdeen Asset Managers Jersey Ltd and others: CA 9 Mar 2007

The defendants had declined to produce documents saying that they had been obtained under conditions of confidence from the Financial Services Authority. The claimants said that the documents were not protected since the defendant already had the documents required independently of the FSA.
Held: The defendant’s appeal failed. They could not claim protection from disclosure of information returned to them by the FSA. The information had not been ‘obtained’ from the FSA.

Judges:

Tuckey LJ, Arden LJ, Lawrence Collins LJ

Citations:

[2007] EWCA Civ 197, Times 06-Apr-2007

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000

Jurisdiction:

England and Wales

Citing:

Appeal from – Real Estate Opportunities Ltd v Aberdeen Asset Managers Jersey Ltd and others ChD 15-Dec-2006
The defendant company resisted disclosure of documents saying that they had been supplied by the Financial Services Authority in confidence, and that to disclose them would be an offence.
Held: The information had already in principle been . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Litigation Practice, Information

Updated: 10 July 2022; Ref: scu.249958

Greenfields Financial Management Ltd v The Financial Services Authority: FSMT 3 Oct 2005

FSMT REGULATED ACTIVITIES – Variation of permission – Conviction of Applicant for offences involving dishonesty – Applicant failed to notify arrest, charge and conviction in questionnaires issued by Authority – Removal of all regulated activities – Cancellation of permission – Reference dismissed

Citations:

[2005] UKFSM FSM024

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 06 July 2022; Ref: scu.241243

Watts v The Financial Services Authority: FSMT 25 Jul 2005

FSMT PERMISSION TO CARRY ON REGULATED ACTIVITIES – application at the request of an authorised person to vary a permission application refused – refusal referred to Tribunal – reference unopposed – reference determined without an oral hearing – Respondent directed to set aside its refusal and to process the application in the normal way – Financial Services and Markets Tribunals Rules 2001 Rules 14(3)(a) and 16 (2)

Citations:

[2005] UKFSM FSM022

Links:

Bailii

Financial Services

Updated: 06 July 2022; Ref: scu.241242

Prominence Technology Ltd v The Financial Services Authority: FSMT 12 Jul 2005

FSMT REGULATED ACTIVITIES – Refusal of application – Threshold Condition 5 – Fit and proper person – General insurance business – Application (HSF 2) by Applicants failed to disclose material facts – Failure to cooperate with Regulator – Whether Applicant a fit and proper person – No – Reference dismissed

Citations:

[2005] UKFSM FSM023

Links:

Bailii

Financial Services

Updated: 06 July 2022; Ref: scu.241240

Shepherds Investments Ltd and Another v Walters and others: ChD 12 Apr 2006

The claimant company accused former directors and employee of setting up a competing business, of diverting business opportunities and of misusing confidential information. They said that they had acted in breach not only of their fiduciary obligations but their implied obligation of fidelity the moment that they procured the services of attorneys in the Cayman Islands to set up the rival business.
Held: On the facts, a former employee was also in breach of obligations as a fiduciary, whether or not he was to be regarded as a director, and that he was in breach of his duty of fidelity.
Etherton J said: ‘What the cases show, and the parties before me agree, is that the precise point at which preparations for the establishment of a competing business by a director become unlawful will turn on the actual facts of any particular case. In each case, the touchstone for what, on the one hand, is permissible, and what, on the other hand, is impermissible unless consent is obtained from the company or employer after full disclosure, is what, in the case of a director, will be in breach of the fiduciary duties to which I have referred or, in the case of an employee, will be in breach of the obligation of fidelity. It is obvious, for example, that merely making a decision to set up a competing business at some point in the future and discussing such an idea with friends and family would not of themselves be in conflict with the best interests of the company and the employer. The consulting of lawyers and other professionals may, depending on all the circumstances, equally be consistent with a director’s fiduciary duties and the employee’s obligation of loyalty. At the other end of the spectrum, it is plain that soliciting customers of the company and the employer or the actual carrying on of trade by a competing business would be in breach of the duties of the director and the obligations of the employee. It is the wide range of activity and decision making between the two ends of the spectrum which will be fact sensitive in every case.’

Judges:

Etherton J

Citations:

[2006] EWHC 836 (Ch), [2007] 2 BCLC 202, [2007] FSR 15, [2007] IRLR 110

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Cited – Helmet Integrated Systems Ltd v Tunnard and others CA 15-Dec-2006
Whilst employed by the claimants as a salesman, the defendant came to want to develop his idea for a modular helmet suitable for fire-fighters and others. He took certain steps including showing the proposal confidentially to a competitor, and then . .
Lists of cited by and citing cases may be incomplete.

Torts – Other, Financial Services, Company

Updated: 05 July 2022; Ref: scu.240440

PS Independent Trustees Ltd and Another v China Shipping (UK) Agency Co Ltd and Another: ChD 27 Mar 2019

Judges:

Fancourt J

Citations:

[2019] EWHC 1222 (Ch), [2019] WLR(D) 305

Links:

Bailii, WLRD

Statutes:

Pensions Act 1995, Pension Protection Fund (Multi-Employer Schemes) (Modification) Regulations 2005, Occupational Pension Schemes (Employer Debt) Regulations 2005

Jurisdiction:

England and Wales

Financial Services, Insolvency

Updated: 05 July 2022; Ref: scu.638172

Real Estate Opportunities Ltd v Aberdeen Asset Managers Jersey Ltd and others: ChD 15 Dec 2006

The defendant company resisted disclosure of documents saying that they had been supplied by the Financial Services Authority in confidence, and that to disclose them would be an offence.
Held: The information had already in principle been known to the defendants before the FSA investigation, and were not protected from disclosure.

Judges:

David Richards J

Citations:

Times 23-Jan-2007, [2006] EWHC 3249 (Ch)

Links:

Bailii

Statutes:

Civil Procedure Rules 31.19(5), Financial Services and Markets Act 2000 348

Jurisdiction:

England and Wales

Cited by:

Appeal from – Real Estate Opportunities Ltd v Aberdeen Asset Managers Jersey Ltd and others CA 9-Mar-2007
The defendants had declined to produce documents saying that they had been obtained under conditions of confidence from the Financial Services Authority. The claimants said that the documents were not protected since the defendant already had the . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Litigation Practice, Information

Updated: 04 July 2022; Ref: scu.247405

Financial 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 to whether there was a single set of arrangements so as to constitute a scheme. If so the court then asked a question of law as to whether the defendants’ participation amounted to having day to day control over the management of the scheme.
Arden LJ discussed the 2000 Act: ‘The FSMA is a portmanteau statute dealing with all kinds of investment activity, not just activities in traditional investments such as securities. The former system of self-regulation in specific areas has been abolished. Instead, the demanding function of regulating the numerous and disparate activities that take place in the financial services industry in the United Kingdom is now vested in the FSA pursuant to FSMA. Under section 2(2) of FSMA, the regulatory objectives of the FSA are market confidence, public awareness, the protection of investors and the reduction of financial crime. In discharging its functions the FSA has to have regard to a number of factors, including the principle that the burden placed on a person should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction. To enable the FSA to regulate the many different types of activity in the financial services industry, section 19 of FSMA . . imposes a general prohibition on the carrying on of regulated activities (as defined in section 22 of the FSMA, . . ) without authorisation or exemption. Regulated activities include the operation of . . a ‘CIS’. This concept is defined in section 235 of FSMA . . At the heart of the concept . . is the requirement for the sharing of profit or income by participants who do not have day-to-day control over the management of the property. A paradigm example of a CIS would be a unit trust, but the definition applies in many more situations than that. The general prohibition in section 19 on unauthorised investment activity is buttressed by a number of other prohibitions, including a prohibition on the promotion of invitations to engage in financial activity unless authorised (section 21 . .). Finally, the FSA is empowered to seek injunctions to restrain anticipated breaches of the basic prohibition in section 19, and also orders for the disgorging of profits by persons who have contravened FSMA and the payment by them of compensation to persons who have been adversely affected by their contraventions (sections 380 and 382 of FSMA).’

Judges:

Ward, Arden LJJ, Collins J

Citations:

[2005] EWCA Civ 1183, Times 01-Dec-2005, [2006] 2 BCLC 616

Links:

Bailii

Statutes:

Financial Services Markets Act 2000 19

Jurisdiction:

England and Wales

Citing:

At ChD – Financial Services Authority v Fradley and Another ChD 21-Oct-2004
The authority sought an order restraining the defendants from operating a pool betting scheme whilst unauthorised. The defendant answered that it was not a collective investment scheme.
Held: Where any property was acquired which was distinct . .

Cited by:

Cited – 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 . .
Cited – Asset 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 . .
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.

Financial Services

Updated: 04 July 2022; Ref: scu.235335

Grongaard and Bang (Approximation Of Laws): ECJ 22 Nov 2005

ECJ Grand Chamber – Directive 89/592/EEC – Insider dealing – Disclosure of inside information to third parties – Prohibition.

Judges:

V. Skouris, P

Citations:

C-384/02, [2005] EUECJ C-384/02, [2005] ECR I-9939, [2006] CEC 241, [2006] 1 CMLR 30, [2006] IRLR 214

Links:

Bailii

Statutes:

Directive 89/592/EEC

European, Financial Services

Updated: 04 July 2022; Ref: scu.235247

BIC UK Ltd v Burgess and Others: CA 10 May 2019

Attempt by the trustees and the principal employer of a private sector defined benefit occupational pension scheme to introduce inflation-linked annual increases to the pensions of members of the scheme earned by service before 6 April 1997. The relevance of that date is that under section 51 of the Pensions Act 1995 such increases were first required by statute to be made to pensions earned by service from and after 6 April 1997.

Judges:

Lord Justice Henderson

Citations:

[2019] EWCA Civ 806

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 30 June 2022; Ref: scu.637317

Mandrake Holdings Ltd and Another v Countrywide Assured Group Ltd: CA 12 May 2005

Citations:

[2005] EWCA Civ 638

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

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

Financial Services

Updated: 30 June 2022; Ref: scu.226151

Peekay Intermark Ltd and Another v Australia and New Zealand Banking Group Ltd: ComC 25 May 2005

The claimant alleged mis-selling of an emerging markets investment product. The defendant claimed that whilst there might have been a misrepresentation, by the time the contract was formed, correct information had been provided and incorporated in the contract.
Held: The later correction did not correct the earlier misrepresentation. The claimant’s agent had signed every page of the contract, but given the representations made, it was likely that the claimant had only given cursory examination to the document before signing it.

Judges:

Richard Siberry QC

Citations:

[2005] EWHC 830 (Comm), Times 10-Jun-2005

Links:

Bailii

Statutes:

Misrepresentation Act 1967 291)

Jurisdiction:

England and Wales

Citing:

Cited – Arinson v Smith CA 1888
The court asked whether a misrepresentation in a prospectus was corrected by a circular issued after shares had been allotted to investors who had relied on the prospectus.
Held: It was not, and that what would have been required was a clear . .
Doubted – Royscot Trust Ltd v Rogerson 1991
Doyle -v- Olby (Ironmongers) Ltd was an appropriate way of assessing damages for an action under the Act, and damages are calculated on the basis of fraud.
A client misled into an investment is entitled to the measure of damages he would . .
Cited – Lloyds Bank PLC v Waterhouse CA 1993
The plaintiff bank claimed against the defendant under an ‘all monies’ guarantee, to which the defendant raised defences of misrepresentation, non est factum, and negligence or breach of duty by the bank.
Held: The court explored the . .
Cited – Saunders (Executrix of the Will of Rose Maude Gallie, Deceased) v Anglia Building Society HL 9-Nov-1970
The Appellant had signed an assignment of her lease in favour of her nephew. She said she thought the effect of it would protect her right to continue to live in the house. She now appealed rejection of her plea of non est factum.
Held: The . .

Cited by:

Appeal from – Peekay Intermark Ltd v Australia and New Zealand Banking Group Ltd CA 6-Apr-2006
Moore-Bick LJ discussed whether the court should give effect to a non-reliance clause in a contract saying: ‘It is common to include in certain kinds of contracts an express acknowledgement by each of the parties that they have not been induced to . .
Cited – Wickens v Cheval Property Developments Ltd ChD 8-Sep-2010
The buyer of land sought a reduction in the purchase price complaining of the removal of several items (worth possibly andpound;300,000) by intruders after exchange. The seller said that the fixtures had been excluded under the contract.
Held: . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Contract

Updated: 30 June 2022; Ref: scu.226011

Concord Trust v Law Debenture Trust Corporation Plc: HL 28 Apr 2005

The House was called on to construe the terms of a Eurobond. The question was as to the entitlement to require the trustees to issue a notice of default which would accelerate payment under the bond, and the ability of the Trustees to call for an indemnity, and the extent of the indemnity to be given. There had been a dispute when the bondholders’ nominee to the board of trustees had been suspended.
Held: An incident had occurred which gave rise to the power to issue the notice of default. The Trustee was entitled to a full indemnity in such form as he saw appropriate.

Judges:

Lord Steyn, Lord Hoffmann, Lord Hutton, Lord Scott of Foscote, Lord Walker of Gestingthorpe

Citations:

[2005] UKHL 27, Times 02-May-2005, [2005] 1 WLR 1591

Links:

Bailii, House of Lords

Jurisdiction:

England and Wales

Citing:

Appeal from – Concord Trust v The Law Debenture Trust Corporation Plc CA 28-Jul-2004
. .

Cited by:

Cited – Force India Formula One Team Ltd v Etihad Airways PJSC and Another QBD 4-Nov-2009
The parties had entered into a sponsorship agreement, with the claimants undertaking to display the name of the defendants on their car. After the agreement, the claimant company had been taken over by parties with interests competing with those of . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Contract

Updated: 29 June 2022; Ref: scu.224488

The Argo Fund Ltd v Essar Steel Ltd: ComC 12 Apr 2005

Judges:

Aikens J

Citations:

[2005] EWHC 600 (Comm)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

See Also – The Argo Fund Ltd v Essar Steel Ltd ComC 26-Jan-2004
. .

Cited by:

Appeal from – Essar Steel Ltd v The Argo Fund Ltd CA 14-Mar-2006
The parties disputed the effect of provisions of an unsecured syndicated loan in standard 1997 Loan Market Association form. . .
Cited – Barbados Trust Company Ltd v Bank of Zambia and Another CA 27-Feb-2007
The creditor had assigned the debt, but without first giving the debtor defendant the necessary notice. A challenge was made to the ability of the assignee to bring the action, saying that the deed of trust appointed to circumvent the reluctance of . .
See Also – Argo Capital Investors Fund Spc v Essar Steel Ltd ComC 18-Nov-2005
. .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 29 June 2022; Ref: scu.224127

JP Morgan Chase Bank and others v Springwell Navigation Corporation: ComC 14 Mar 2005

The defendants had invested money through the claimants, but had suffered severe losses. The claimants sought a declaration that they had no liability for such losses. The defendants counterclaimed that the claimants were liable in negligence, breach of statutory duty and breach of contract. The claimants now sought an order to strike out some elements of the defence and counterclaim.

Judges:

Gloster J

Citations:

[2005] EWHC 383 (Comm)

Links:

Bailii

Citing:

Cited – O’Brien v Chief Constable of the South Wales Police CA 23-Jul-2003
The claimant sought damages for malicious prosecution, and sought to adduce similar fact evidence. The defendant appealed an order admitting the evidence.
Held: Comparisons between admission of similar fact evidence in civil and criminal . .
Cited – Thorpe v Chief Constable of Greater Manchester Police CA 1989
The plaintiff was arrested at a demonstration, charged with obstructing the highway and convicted before the magistrates. His conviction was quashed by the Crown Court on appeal. He sued for assault, unlawful arrest, false imprisonment and malicious . .

Cited by:

Appeal from – JP Morgan Chase Bank and others v Springwell Navigation Corporation CA 20-Dec-2005
The defendants appealed against an order striking out four paragraphs of its defence and counterclaim. . .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corporation CA 2-Mar-2006
The parties disputed the attempt to strike out part of the defendant’s claim relating to shipping losses. . .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corporation ComC 3-Nov-2006
. .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corporation Comc 27-May-2008
The company alleged negligence by its financial advisers.
Held: Gloster J said that the absence of a written advisory agreement is a strong pointer against the existence of a free-standing duty of care to give investment advice.
Gloster . .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corporation and others ComC 25-Jul-2008
. .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corp ComC 21-Nov-2008
. .
See Also – JP Morgan Chase Bank and others v Springwell Navigation Corp ComC 20-Feb-2009
The court heard an application for leave to appeal against orders. . .
See Also – Springwell Navigation Corporation v JP Morgan Chase Bank and Others CA 1-Nov-2010
The court was asked as to whether representations has been made.
Held: Aikens LJ referred to a provision stating ‘no representation or warranty, express or implied, is or will be made . . in or in relation to such documents or information’, . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Negligence, Torts – Other, Contract, Evidence

Updated: 29 June 2022; Ref: scu.223587

Malcolm v Mackenzie, Allied Dunbar Plc: CA 21 Dec 2004

The bankrupt complained that having been made bankrupt, his self-employed pension was subject to attachment by his trustee, but had he been a member of a company scheme the asset would not, and that this was discriminatory.
Held: The differential treatment arose because contractual pension rights fell within a definition in the Act, and not from a difference in treatment of persons of different status. The appeal failed.

Judges:

Lord Justice Mummery Lord Justice Chadwick Lord Justice Tuckey

Citations:

[2004] EWCA Civ 1748, [2004] EWCA Civ 1748, Times 04-Jan-2005

Links:

Bailii

Statutes:

Welfare Reform and Pensions Act 1999 11

Jurisdiction:

England and Wales

Citing:

Appeal from – In re William Andrew Malcolm; William Andrew Malcolm v Benedict Mackenzie, Allied Dunbar ChD 26-Feb-2004
The bankrupt sought to protect his personal pension taken out before his bankruptcy. The bankruptcy was initiated by the Inland Revenue, and sought protection under Human Rights law.
Held: The alleged infringement of the former bankrupt’s . .
Cited – Dennison v Krasner, Lesser, Lawrence CA 6-Apr-2000
A retirement annuity or personal pension was part of a bankrupt’s estate before the recent Act, and vested immediately in the trustee on the bankruptcy. As such there was no need to make application to the court under s310 for an income payment . .
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 . .
Cited – Michalak v London Borough of Wandsworth CA 6-Mar-2002
The appellant had occupied for a long time a room in a house let by the authority. After the death of the tenant, the appellant sought, but was refused, a statutory tenancy. He claimed to be a member of the tenant’s family, and that the list of . .
Cited – In Re Landau (A Bankrupt) ChD 1-Dec-1996
At the date of the bankruptcy the bankrupt was entitled to a pension, payable in the future on his attaining the age of 65 years. He was aged 61 when the bankruptcy order was made, and 64 when it was discharged. The trustee claimed to be entitled to . .
Cited – Kemble and Another v Kicks and Others; In Re the Trusts of the Scientific Investment Pension Plan ChD 5-Mar-1998
Provision in pension scheme withdrawing benefits to bankrupt beneficiary defeated trustees claim only if determinable or defeasible interest. . .
Lists of cited by and citing cases may be incomplete.

Insolvency, Human Rights, Financial Services

Updated: 28 June 2022; Ref: scu.221491

East Sussex Council v Jacobs: ChD 16 Dec 2003

The pensioner had received a mistaken statement of benefits showing an exaggerated view of her pension entitlement. Acting upon that statement, she had taken early retirement. The council appealed an order by the Pensions Ombudsman requiring the council employer to upgrade the benefits to what she had been told she was entitled to.
Held: The job of the Ombudsman was to put her in the position she would have been in had the correct information been given. The claimant had not alleged that she had suffered any loss. The payment of the correct amount could not be maladministration. The attention should have been on the losses flowing from the taking of the early retirement. The determination was quashed and remitted for reconsideration.

Judges:

Blackburne J

Citations:

Times 23-Jan-2004, Gazette 05-Feb-2004

Jurisdiction:

England and Wales

Financial Services

Updated: 27 June 2022; Ref: scu.193783

Quinn v IG Index Ltd: ChD 12 Oct 2018

The claimant sought damages after placing spread bets on financial futures with the defendants. He said that the bets had been placed after inducement by the defendant’s employees in breach of their duties under the 2000 Act.
Held: The claim was rejected. The defendant did not breach any relevant duty and if it was in breach of duty that was not the cause of the losses claimed.

Citations:

[2018] EWHC 2478 (Ch)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000

Jurisdiction:

England and Wales

Financial Services

Updated: 23 June 2022; Ref: scu.628948

Thomas v The Financial Services Authority: FSMT 22 Sep 2004

FSMT REASONS FOR DIRECTIONS – application for a costs order in respect of the previous hearing – allowed in part application for a direction that certain questions be detennined at a preliminary hearing – allowed in part application for directions requiring the Respondent to provide further infonnation and to file further documents and for associated directions – dismissed – Financial Services and Markets Act 2000 Sch 13 para 13 – Financial Services and Markets Tribunal Rules 2001 SI2001 No. 2476 Rules 10(1)(/) and (g); 13(1); and 21

Citations:

[2004] UKFSM FSM010

Links:

Bailii

Financial Services, Costs

Updated: 21 June 2022; Ref: scu.214780

Simpson (HM Inspector of Taxes) v The Grange Trust, Ltd: HL 15 Mar 1935

Income Tax – Investment trust company not assessable under Case I of Schedule D – Claim for relief in respect of expenses of management – Income Tax Act, 1918 s 8
Wright L said: ‘An ordinary trading company assessed on the balance of its profits and gains for the year under Schedule D, Case I, is entitled, in order to arrive at the balance, to an allowance for outlays incurred for the purpose of earnings its profits: the companies or concerns enumerated in the section whose income is in the main taxed by deduction, would be placed at a disadvantage if no allowance was made to them for management expenses.’

Judges:

Wright L

Citations:

(1935) 19 TC 231, [1935] UKHL TC – 19 – 231

Links:

Bailii

Statutes:

Income Tax Act 1918 33(1)

Jurisdiction:

England and Wales

Cited by:

Cited – Camas Plc v HM Inspector of Taxes ChD 7-Jul-2003
An investment company sought to set against its liability to corporation tax, the various costs of taking over another company. They argued that as an investment company these were not costs of the purchase and could be set against tax.
Held: . .
Lists of cited by and citing cases may be incomplete.

Corporation Tax, Financial Services

Updated: 21 June 2022; Ref: scu.184469

Redwood Master Fund Ltd and Others v TD Bank Europe Ltd and Others: ChD 11 Dec 2002

The claimants were a minority of a lending syndicate. A change to the terms of the syndication agreement had been proposed which they considered would prejudice them. Risks of the loan arrangement would be transferred to them.
Held: The change should proceed. It was necessary before any change was made that it should be demonstrated to be in the interests of the syndicate as a whole, not just the majority, but that did not mean it had to be for the benefit of each individual lender. Here there was nothing to suggest that the agents had acted in bad faith. All classes under the agreement had agreed to submit to the majority decision. Good faith was the starting point, and the overall agreement would be in the long term interes?s of the syndicate by reducing the borrowings.

Judges:

Rimer J

Citations:

Times 30-Jan-2003

Jurisdiction:

England and Wales

Citing:

Cited – British American Nickel Corporation Ltd v M J O’Brien Ltd PC 1927
(Canada) The Corporation had issued mortgage bonds secured by a trust deed giving power to a majority of the bondholders to bind the minority. The company proposed a restructuring scheme involving the replacement of these bonds by bonds of a . .
Cited – Greenhalgh v Alderne Cinemas Ltd 1951
The issue was whether a special resolution has been passed bona fide for the benefit of the company.
Held: The phrase, ‘the company as a whole,’ does not (at any rate in such a case as the present) mean the company as a commercial entity as . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Banking

Updated: 21 June 2022; Ref: scu.178843

Riyad Bank and others v Ahli United Bank (Uk) Plc: CA 23 Nov 2005

A renewed application for leave to appeal was made as regards a valuation element of the judgment. New expert evidence was sought to be admitted.
Held: Leave was refused: ‘the Court of Appeal should be particularly cautious where what is intended is to put in, in effect, further cross-examination of a witness, including an expert, where that expert or witness has been cross-examined at a trial. ‘

Judges:

Waller LJ, Dyson LJ

Citations:

Times 16-Dec-2005, [2005] EWCA Civ 1419

Links:

Bailii

Statutes:

Civil Procedure Rules 52.11(2)

Jurisdiction:

England and Wales

Citing:

Appeal from – Riyad Bank and others v Ahli United Bank (Uk) Plc ComC 1-Mar-2005
. .
Cited – Ladd v Marshall CA 29-Nov-1954
Conditions for new evidence on appeal
At the trial, the wife of the appellant’s opponent said she had forgotten certain events. After the trial she began divorce proceedings, and informed the appellant that she now remembered. He sought either to appeal admitting fresh evidence, or for . .
Cited – Hamilton v Al Fayed (2) CA 13-Oct-2000
A third party who financially supported a court action had no right to be joined as a party even at hearings at which decisions would be made which might affect his potential liabilities. Those who financially support proceedings must acknowledge . .

Cited by:

Cited – Allen v Matthews CA 13-Mar-2007
The defendants appealed an order refusing title by adverse possession to registered land. They denied that the limitation period had been restarted by their solicitor’s letter acknowledging the title.
Held: The letter must be read as a whole. . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Damages

Updated: 21 June 2022; Ref: scu.235240

Bradstock Group Pension Scheme Trustees Ltd v Bradstock Group plc and Others: ChD 17 Jun 2002

The company found itself unable to fund the pension scheme it had committed itself to. If it sought to pay the money due, the company would have to go into liquidation. It did not meet the minimum funding requirements of the Act. The company proposed a scheme of compromise with the trustees.
Held: There was no reason in law why a compromise could not be approved. In a liquidation, the pension trustees would stand as unsecured creditors, and accordingly receive a smaller sum. This was the best practical way forward, and within the powers of the trustees.

Judges:

Mr Charles Aldous QC

Citations:

Times 10-Jul-2002, Gazette 19-Sep-2002

Statutes:

Trustee Act 1925 15, Pensions Act 1995 75

Jurisdiction:

England and Wales

Financial Services, Employment, Trusts

Updated: 18 June 2022; Ref: scu.174309

ZAI Corporate Finance Ltd v AIM Disciplinary Committee of The London Stock Exchange Plc and Another: CA 30 Aug 2017

The company appealed against a decision to hold disciplinary proceedings against it in private.
Sir James Munby P said: ‘The legal historian may quibble with the assertion that English procedural law in this respect reflects Article 6 – more correctly, it might be thought, Article 6 in this respect reflects the English common law enshrined in Scott v Scott – but the key point remains. In this respect, English procedural law and the Convention march hand-in-hand.’

Judges:

Sir James Munby P FD, Lewison, Lindblom LJJ

Citations:

[2017] EWCA Civ 1294

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Cited – Gallagher v Gallagher (No 1) (Reporting Restrictions) FC 13-Jun-2022
Private Hearings are Not in Secret
H sought an order restricting reporting of the divorce financial remedy proceedings, or an anonymity order.
Held: The application was refused save as to identification of the children, and certain tax matters. The a hearing was listed as in . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Human Rights

Updated: 18 June 2022; Ref: scu.593145

Regina 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 stated percentage of the then current value of the investors’ home. Investors could retain part of the money raised on the mortgage and/or receive the income from the investments if they wanted. The scheme began to unravel when interest rates rose, thereby increasing the speed at which interest rolled up, whilst simultaneously both property prices and investment values fell. Fisher Prew-Smith became insolvent and the investors claimed against the defendants. ICS had decided that the measure of compensation ‘essential in order to provide fair compensation to the investor’ should be the amount of the outstanding mortgage, less (a) the current value of the investment and (b) any sums received, whether at the outset or by way of income from the investment.
Held: The Investors Compensation Scheme may assess how much of claim it is to pay. It is not a question of all or nothing. It has a discretion to limit pay outs on claims to allow for deductions of receipts, and set payments at ‘fair compensation’ level. ICS’s decision was not susceptible to challenge because rule 2.04(1) gave ICS: ‘a broad discretion to include within the definition of a compensatable claim either the claim as a whole, or those elements of the claim which [ICS] considers essential in order to provide fair compensation and to exclude those elements which do not meet that requirement.’

Citations:

Times 18-Jul-1995, Gazette 31-Aug-1995, Independent 21-Jul-1995, [1996] AC 261

Statutes:

Financial Services (Compensation of Investors) Rules 1990, Financial Services Act 1986 54

Jurisdiction:

England and Wales

Citing:

Appeal from – Regina v Investors Compensation Scheme Ltd, ex Parte Bowden and Another CA 30-Jun-1994
The Scheme must award compensation in accordance with accepted methods of calculating damages. It had no authority to limit payment of legal fees of applicants to andpound;500.00. . .

Cited by:

Cited – 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 – Royal Mail Group Plc v The Consumer Council for Postal Services CA 7-Mar-2007
The Royal Mail appealed a grant of judicial review of the decision of the Post regulator not to penalise the company for its failure to meet its service conditions as regards enforcement of credit terms for bulk mail customers.
Held: The . .
Cited – Emptage 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 . .
Cited – 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 . .
Cited – Salvage Wharf Ltd and Another v G and S Brough Ltd CA 29-Jan-2009
The claimant had agreed with a developer in 1999 to allow a development which would have a minor affect on his light. The developer later extended the development, to increase the interference with the right to light, relying on the earlier . .
Cited – The Financial Conduct Authority and Others v Arch Insurance (UK) Ltd and Others SC 15-Jan-2021
Many businesses, having been ordered to suspend business during the Covid-19 epidemic, sought to claim under business interruption insurance. The claims were rejected by the insurers and the insurers now appealed from a finding that they had been . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 17 June 2022; Ref: scu.86958

Regina v Investors Compensation Scheme Ltd, ex Parte Bowden and Another: CA 30 Jun 1994

The Scheme must award compensation in accordance with accepted methods of calculating damages. It had no authority to limit payment of legal fees of applicants to andpound;500.00.

Citations:

Times 30-Jun-1994, Ind Summary 29-Aug-1994

Statutes:

Financial Services Act 1986

Jurisdiction:

England and Wales

Citing:

Appeal from – Regina v Investor’s Compensation Scheme, ex Parte Bowden QBD 17-Feb-1993
The Investors’ Compensation Scheme must exercise discretion in quantifying a claim. An investor’s right to make a claim under the scheme survives his death and passes to his personal representative. . .

Cited by:

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

Damages, Financial Services

Updated: 17 June 2022; Ref: scu.86961

Regina v Investors Compensation Scheme Ltd Ex Parte Weyell and Others: QBD 22 Jul 1993

A brokers’ liability for his bad advice was continuous. He had a continuing obligation to correct earlier bad advice.

Citations:

Independent 22-Jul-1993, Times 18-Aug-1993

Jurisdiction:

England and Wales

Financial Services, Professional Negligence

Updated: 17 June 2022; Ref: scu.86962

Davidson v The Financial Services Authority: FSMT 9 Aug 2004

FSMT PERFORMANCE OF REGULATED ACTIVITIES – Respondent’s refusal to approve performance by Applicant of controlled functions – three preliminary issues – whether Respondent in breach of time limit in section 61(3) – yes – Whether that made the warning notice and the decision notice void – no – whether the fact that the Respondent has appointed investigators in respect of the Applicant are grounds sufficient in themselves for a conclusion that the Applicant is not a fit and proper person – no – reference not yet determined – Financial Services and Markets Act 2000 ss 61, 133

Citations:

[2004] UKFSM FSM008

Links:

Bailii

Financial Services

Updated: 11 June 2022; Ref: scu.200429

Rayner and Another v The Financial Services Authority: FSMT 6 Aug 2004

FSMT FSA: REGULATORY ACTION AGAINST INDIVIDUALS withdrawal of approval – prohibition order – fit and proper obligations under Pensions Review – importance of compliance disposal of assets without making proper provision for review – lack of integrity – proportionality of action – test to be applied

Citations:

[2004] UKFSM FSM009

Links:

Bailii

Financial Services

Updated: 11 June 2022; Ref: scu.200430

Concord Trust v The Law Debenture Trust Corporation Plc: CA 28 Jul 2004

Judges:

Lord Justice Peter Gibson Laddie, The Hon Mr Justice Laddie Lord Justice Jonathan Parker

Citations:

[2004] EWCA Civ 1001

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Appeal from – Concord Trust v Law Debenture Trust Corporation Plc HL 28-Apr-2005
The House was called on to construe the terms of a Eurobond. The question was as to the entitlement to require the trustees to issue a notice of default which would accelerate payment under the bond, and the ability of the Trustees to call for an . .
Lists of cited by and citing cases may be incomplete.

Company, Financial Services

Updated: 11 June 2022; Ref: scu.199561

Concord Trust v The Law Debenture Trust Corporation Plc: ChD 28 May 2004

Under the provisions of Eurobonds, the holders were entitled to require the trustees of the bond to issue a notice of default and of acceleration of payment under appropriate circumstances. The board member nominated by the bondholders had been suspended, and the bondholders claimed this was a default.
Held: The Issuer and Elektrim were in breach of a condition in the Bonds and that the Trustee was at liberty to certify without any further enquiry or investigation that such breach is materially prejudicial to the interests of the bondholders.

Judges:

Vice-Chancellor, The Vice-Chancellor

Citations:

[2004] EWHC 1216 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 11 June 2022; Ref: scu.197870

Hoodless and Another v Financial Services Authority: FSMT 3 Oct 2003

FSMT WITHDRAWAL OF APPROVAL – fit and proper test – applicants carrying out controlled functions – first applicant the senior executive officer of stockbrokers with controlled functions as investment adviser and manager – second applicant the chief executive officer with controlled function as investment adviser – stockbrokers placing shares in company quoted on AIM – shortfall – public announcement indicating complete placing – non-disclosure of shortfall to SFA or to AIM team -attempted share support by 2nd applicant – FSA investigation – whether lack of due skill, care and diligence in failing to notify AIM team and seek guidance breached SFA Principle 1 (integrity and fair dealing) or Principle 3 (market conduct) – no – whether attempted support of price of shares in client company in breach of Principles 1 and 3 – yes – whether applicants guilty of failing to cooperate with regulator – yes, but only in limited respects – whether applicants’ conduct operated to the detriment of consumers and to confidence in the financial system – no – directions that decision notices be read in accordance with the tribunal’s findings – FSMA 2000 s 63(1) – FSA Handbook ‘Fit and Proper Test for Approved Persons’ – SFA Statements of Principle

Citations:

[2003] UKFSM FSM007

Links:

Bailii

Financial Services

Updated: 10 June 2022; Ref: scu.195455

Piggott v Financial Services Authority: FSMT 13 Jun 2003

FSMT DISCIPLINARY POWERS – amount of penalty determined by Interim Tribunal – whether fresh evidence has come to light about ability to pay – whether determination of Interim Tribunal justified in the light of the fresh evidence – whether penalty should be reduced – public censure in the alternative – matter remitted to Authority with directions – Financial Services and Markets Act 2000 ss 66(3), 133 and 426 – 428 – Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001 SI 2001 No 3592 Art 62

Judges:

Dr Nuala Brice

Citations:

[2003] UKFSM FSM004

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000 66(3) 133 426 428, Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001 (2001 No 3592) 62

Financial Services

Updated: 10 June 2022; Ref: scu.195453

Eurolife Assurance Company Ltd v Financial Services Authority: FSMT 4 Sep 2002

FSMT PROCEDURE – Withdrawal of reference – Permission of the Tribunal – Applicant submits letter purporting to withdraw reference notice lodged after case called on for adjourned hearing but before Authority’s opening – Whether withdrawn before the hearing of the reference – Yes – Financial Services and Markets Tribunal Rules 2001 (SI 2001/2476 r.14(1))

Citations:

[2002] UKFSM FSM002

Links:

Bailii

Financial Services

Updated: 10 June 2022; Ref: scu.195451

Eurolife Assurance Company Ltd v Financial Services Authority: FSMT 23 May 2002

FSMT PROCEDURE – Public or private hearing – Application for hearing of reference to be wholly in private – Whether necessary having regard to possible unfairness to Applicants – No – Whether necessary having regard to possible prejudice to consumers – No – Financial Services and Markets Tribunal Rules 2001 (SI 2001/2476)

Judges:

Steven Oliver QC

Citations:

[2002] UKFSM FSM001

Links:

Bailii

Statutes:

Financial Services and Markets Tribunal Rules 2001

Financial Services

Updated: 10 June 2022; Ref: scu.195450

Eurosure Investment Services Ltd v Financial Services Authority: FSMT 22 Sep 2003

FSMT SUPERVISORY NOTICE – variation of Part IV permission by removal of all regulated activities with effect from 9 September 2003 – reason for Notice being breach of threshold condition 4 (adequate resources) – Applicant without professional indemnity insurance cover – application for a direction to suspend effect of Notice until reference disposed of – whether Tribunal satisfied that such a direction would not prejudice the interests of consumers – no – whether necessary for Notice to take effect on 9 September 2003 – yes – whether removal of all regulated activities proportionate to the concerns being addressed by the Notice – yes – application dismissed – FSandMT Rules 2001 SI 2001 No. 2476 Rule 10(1)(e) and Rule 10(6)

Citations:

[2003] UKFSM FSM006

Links:

Bailii

Financial Services

Updated: 10 June 2022; Ref: scu.195454

In re William Andrew Malcolm; William Andrew Malcolm v Benedict Mackenzie, Allied Dunbar: ChD 26 Feb 2004

The bankrupt sought to protect his personal pension taken out before his bankruptcy. The bankruptcy was initiated by the Inland Revenue, and sought protection under Human Rights law.
Held: The alleged infringement of the former bankrupt’s rights had taken place before the coming into force of the Human Rights Act 1998, and he could therefore only rely on that Act if the retrospective provision of section 22(4) applied. That section would only have effect if the proceedings were instigated by a public authority. The proceedings here were begun by the trustee in bankruptcy. The bankrupt could not rely upon protection by the 1998 Act.

Judges:

The Hon Mr Justice Lloyd

Citations:

Gazette 01-Apr-2004, [2004] EWHC Ch 339

Links:

Bailii

Statutes:

Human Rights Act 1998 22(4)

Jurisdiction:

England and Wales

Cited by:

Appeal from – Malcolm v Mackenzie, Allied Dunbar Plc CA 21-Dec-2004
The bankrupt complained that having been made bankrupt, his self-employed pension was subject to attachment by his trustee, but had he been a member of a company scheme the asset would not, and that this was discriminatory.
Held: The . .
Lists of cited by and citing cases may be incomplete.

Human Rights, Financial Services, Insolvency

Updated: 10 June 2022; Ref: scu.193898

Westminster 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.

Citations:

Times 12-Mar-1996

Statutes:

Pensions Act 1993

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 . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Trusts

Updated: 10 June 2022; Ref: scu.90423

Wight and another v Olswang: ChD 18 Apr 2000

When assessing the actions of a trustee in making investment decisions, the presence of breaches of trust did not require any higher standard of decision making, and no claim by disappointed beneficiaries could succeed without showing that the decision was one which no reasonable man of ordinary prudence in that trustees circumstances of knowledge and background could have made.

Citations:

Times 18-Apr-2000, Gazette 05-May-2000

Jurisdiction:

England and Wales

Citing:

Appealed to – Wight and Wight v Olswang CA 7-Dec-2000
. .

Cited by:

Appeal from – Wight and Wight v Olswang CA 7-Dec-2000
. .
Lists of cited by and citing cases may be incomplete.

Trusts, Financial Services

Updated: 10 June 2022; Ref: scu.90491

Financial 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 party creditors of the company they would be prejudiced by the intervention. The FSA offered no cross-undertaking as to damages.

Judges:

Hodge QC J

Citations:

[2011] EWHC 144 (Ch)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000

Jurisdiction:

England and Wales

Cited by:

At First Instance – 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: 09 June 2022; Ref: scu.434875

AGCO Limited v Massey Ferguson Works Pension Trust Limited, Bradbury, Chater: CA 17 Jul 2003

An employee sought payment under his pension scheme on taking redundancy at the employer’s request. The scheme did not make explicit provision for payment in such circumstances.
Held: The court had to begin with the words used. The kernel of retirement is the cessation of work. An employee is entitled to a normal retirement pension at the normal retirement date and that the basic rule is that if he leaves service early then he is still entitled to that pension at that time. One comes back, therefore, to the fact that a normal retirement pension is measured against retirement in the ordinary way at the retirement age. Save for the possibility of exceptional cases where the use of the expression is in truth a misuse of language, the case of voluntary redundancy fits better in the latter camp of a retirement at the request of the employer.

Judges:

Lord Justice Rix Lord Justice Aldous Lord Justice Sedley And Lady Justice Arden

Citations:

[2003] EWCA Civ 1044, Times 24-Jul-2003, Gazette 18-Sep-2003, [2003] OPLR 199, [2003] IRLR 783, [2003] Pens LR 241, [2004] ICR 15

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Birch and Humber v The University of Liverpool CA 1985
Termination of employment by mutual consent in such a way as not to involve a dismissal is not a statutory redundancy. Ackner LJ said: ‘I put to her the simple example of an employer who envisages some time in the future, eg because of new . .
Cited – Young v Associated Newspapers 1971
Three journalists were dismissed on notice in circumstances where the redundancy provisions of their contract applied. Those provisions stated that the journalists should receive ‘any entitlement under the pension scheme’. That scheme provided that . .
Cited – Dorrell v May and Baker Ltd 1991
The employee took early retirement due to incapacity. He was dismissed. The question was whether he was entitled to a pension under the incapacity clause which spoke of a member who ‘retires on account of incapacity’, in which case he got an . .
Cited – Brooks v National Westminster Bank Ltd CA 8-Nov-1983
An employee was dismissed for incapacity. The rule provided: ‘Upon retirement . . due to incapacity arising from ill-health’ Para 21 had also been premised ‘Upon retirement’, viz at, after or within ten years of the normal retirement date. Other . .
Cited – Harris v Lord Shuttleworth and Others (Trustee of National and Provincial Building Society Pension Fund) CA 26-Nov-1993
The employee was dismissed on notice. The employee applied to the trustees to be recognised as entitled to an immediate pension as having been permanently incapacitated, but her application was turned down, both on the ground that she could obtain . .
Lists of cited by and citing cases may be incomplete.

Employment, Financial Services

Updated: 07 June 2022; Ref: scu.184888

Amalgamated Metal Trading Ltd v City of London Police Financial Investigation Unit and others: ComC 3 Apr 2003

The company provided trading services in financial futures. They became concerned as to the integrity of their client, and its relationship with shareholders and other companies where parties came to be arrested for fraud in the US. They sought a declaration that funds they had received were not the proceeds of criminal conduct.
Held: The new power to grant an interim declaration is unexplored, but commended in Bank of Scotland -v- A. Nevertheless the approach adopted by the claimant in this case was inappropriate. They should have waited until other proceedings commenced, and then contested them. It was not appropriate to seek to require from police justification for not consenting to dealing with funds.

Citations:

[2003] EWHC 703 (Comm), [2003] 1 WLR 2711

Links:

Bailii

Statutes:

Proceeds of Crime Act 1995 903A, Civil Procedure Rules 25.2(1)(b

Jurisdiction:

England and Wales

Citing:

Cited – Riverside Mental Health NHS Trust v Fox CA 28-Oct-1993
An interim declaratory order is unknown to English Law and and ‘consequently the court has no jurisdiction to grant an interim declaratory order’. . .
Cited – Bank of Scotland v A Ltd and Others (Serious Fraud Office, Interested Party) CA 6-Feb-2001
A bank, having been informed that the activities of a customer involved money laundering, found itself in a position where, if it paid out the funds, it would face conviction, but if it failed to do so, it be found to be involved in tipping off the . .

Cited by:

Cited – K Ltd v National Westminster Bank Plc and others CA 19-Jul-2006
The bank had declined to act upon a customer’s instructions, reporting its suspicions of criminal activity to the police. Permission was given to proceed but only after a delay. The claimant customer sought its costs.
Held: The customer’s . .
Lists of cited by and citing cases may be incomplete.

Criminal Practice, Financial Services, Civil Procedure Rules

Updated: 07 June 2022; Ref: scu.181955

Britannic Asset Management Ltd and Others, Regina (on the Application of) v Pensions Ombudsman: CA 14 Oct 2002

The Ombudsman appealed a finding that it had no jurisdiction over the respondents in their provision of administrative support for pensions schemes.
Held: A person who took an ‘act of administration concerned with the scheme’ was not necessarily a person ‘concerned with the administration of the scheme’. There are important distinctions between the kinds of persons involved with the many administrative acts, and the nature of their involvement. The mere calculation of benefits was not enough.

Judges:

Phillips MR, Chadwick Keene LLJ

Citations:

Times 22-Oct-2002, Gazette 14-Nov-2002, [2002] EWCA Civ 1405

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Appeal from – Britannic Asset Management Ltd and Others, Regina (on the Application of) v Pensions Ombudsman Admn 21-Mar-2002
The Ombudsman had sought to rule on a complaint against the applicants. They said the Ombudsman had no jurisdiction.
Held: For jurisdiction the Ombudsman had to rely upon his statutory powers. Those allowed him to rule on those who were, or . .

Cited by:

Appealed to – Britannic Asset Management Ltd and Others, Regina (on the Application of) v Pensions Ombudsman Admn 21-Mar-2002
The Ombudsman had sought to rule on a complaint against the applicants. They said the Ombudsman had no jurisdiction.
Held: For jurisdiction the Ombudsman had to rely upon his statutory powers. Those allowed him to rule on those who were, or . .
Lists of cited by and citing cases may be incomplete.

Administrative, Financial Services

Updated: 06 June 2022; Ref: scu.177481

Allan v Rea Brothers Trustees Limited: CA 8 Feb 2002

The claimant appealed dismissal of his claim for damages for breach of trust. The respondent had administered his pension, a ‘small self-administered scheme’. The regulations required a pensioner trustee who took on specific duties. He had been persuaded by a crook to appoint the defendant to act, knowing that it was intended to draw from the scheme unlawfully, by pretending to be an employee of a company scheme to which the assets had been transferred.
Held: The money transferred was already subject to an express trust. There was a difference between a proprietary and a personal remedy for breach of trust, the latter being affected by the knowledge of the breach in the claimant. Although the transfer of funds did not create a resulting trust, the assets were already trust assets. A beneficiary cannot complain of a breach of trust in which he knowingly participated or acquiesced. Appeal dismissed.

Judges:

Lord Justice Aldous, Lord Justice Robert Walker, Lord Justice Keene

Citations:

[2002] EWCA Civ 85

Links:

Bailii

Statutes:

Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-Administered Schemes) Regulations 1991 (1991 No.1614)

Jurisdiction:

England and Wales

Citing:

Cited – Stannard v Fisons Pension Trust Limited CA 1991
Fisons had sold their fertiliser division to Norsk Hydro. Acting on advice of actuaries and thinking that the fund was in deficit, the trustees made a transfer to a new fund to provide for pensions of transferring employees in accordance with a . .

Cited by:

Cited – Clark v Cutland CA 18-Jun-2003
One director discovered that his co-director had withdrawn substantial sums from the company. . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Trusts, Equity

Updated: 05 June 2022; Ref: scu.167592