Category: Financial Services

G4S Plc v G4S Trustees Ltd: ChD 12 Jun 2018

Part 8 claim in relation to a pension scheme raising a single question, namely whether a scheme that is closed to future accrual, but where the members’ benefits continue to be linked to their final salary, is to be regarded as a ‘frozen’ scheme for the purposes of the regulations.

Citations:

[2018] EWHC 1749 (Ch)

Links:

Bailii

Statutes:

Occupational Pension Schemes (Employer Debt) Regulations 2005

Jurisdiction:

England and Wales

Financial Services

Updated: 25 April 2022; Ref: scu.620092

Whiteman v Sadler: HL 25 Jul 1910

The Moneylenders Act 1900, sec. 2, sub-sec. 1, provides that a moneylender ( a) shall register himself ‘under his own or usual trade name, and in no other name,’ ( b) shall carry on business ‘in his registered name and in no other name,’ and ( c) ‘shall not enter into any agreement . . otherwise than in his registered name.’ Penalties, enforceable by criminal procedure, are provided for any breach of the section.
A firm of two persons registered themselves as moneylenders under the novel and assumed name of ‘C. and Co.,’ which had not been used by them before registration. One of them was also registered and carried on business as an individual moneylender under another assumed name. A borrower from the firm sought to have his contract of loan declared void as in contravention of the statute.
Held (1) that the registration of the novel assumed name and the separate business in a different name were in breach of the Act, but (2) that the contract, being entered into under the name actually registered, was not rendered void.

Citations:

[1910] UKHL 713

Links:

Bailii

Statutes:

Moneylenders Act 1900

Jurisdiction:

England and Wales

Financial Services

Updated: 25 April 2022; Ref: scu.619800

Glendinning v Hope and Co: HL 26 Jun 1911

A stockbroker has a general lien on documents such as transfers coming into his hands in the course of his business and lawfully in his custody, and that even in respect of debts due by a customer to him not arising out of the transaction to which the transfer relates.

Judges:

Lord Chancellor (Loreburn), Lords Kinnear, Atkinson, and Shaw

Citations:

[1911] UKHL 775, 48 SLR 775

Links:

Bailii

Jurisdiction:

Scotland

Financial Services

Updated: 25 April 2022; Ref: scu.619199

Meridian Global Funds Management Asia Ltd v Securities Commission: PC 26 Jun 1995

(New Zealand) The New Zealand statute required a holder of specified investments to give notice of its holding to a regulator as soon as it became aware of its holding. Unbeknown to any others in the company apart from one colleague, its chief investment officer improperly acquired such investments on the company’s behalf. The former managing director of Meridian used the company’s funds to make it a substantial security holder but neither he nor anyone else gave the requisite statutory notice requiring every person who became a ‘substantial security holder’ to give notice of his interest both to the company and to the Stock Exchange as soon as he knew he was a substantial security holder. The question was whether his acts or omissions were the acts or omission of the company so as to render the company liable to the statutory penalties.
Held: The company was liable. It was a matter of construction in each situation to decide whether an employee’s knowledge is to be imputed to his employer. It might be so imputed where this was necessary to make legislation effective.
Lord Hoffmann said that the rules for attributing the acts of a director to the company are primarily in its constitution, but ‘These primary rules of attribution are obviously not enough to enable a company to go out into the world and do business. Not every act on behalf of the company could be expected to be the subject of a resolution of the board or a unanimous decision of the shareholders. The company therefore builds upon the primary rules of attribution by using general rules of attribution which are equally available to natural persons, namely, the principles of agency. It will appoint servants and agents whose acts, by a combination of the general principles of agency and the company’s primary rules of attribution, count as the acts of the company. And having done so, it will also make itself subject to the general rules by which liability for the acts of others can be attributed to natural persons, such as estoppel or ostensible authority in contract and vicarious liability or tort.
It is worth pausing at this stage to make what may seem an obvious point. Any statement about what a company has or has not done, or can or cannot do, is necessarily a reference to the rules of attribution (primary and general) as they apply to that company. Judges sometimes say that a company ‘as such’ cannot do anything; it must act by servants or agents. This may seem an unexceptionable, even banal remark. And of course the meaning is usually perfectly clear. But a reference to a company ‘as such’ might suggest that there is something out there called the company of which one can meaningfully say that it can or cannot do something. There is in fact no such thing as the company as such, no ding an sich, only the applicable rules. To say that a company cannot do something means only that there is no one whose doing of that act would, under the applicable rules of attribution, count as an act of the company.
The company’s primary rules of attribution together with the general principles of agency, vicarious liability and so forth are usually sufficient to enable one to determine its rights and obligations. In exceptional cases, however, they will not provide an answer. This will be the case when a rule of law, either expressly or by implication, excludes attribution on the basis of the general principles of agency or vicarious liability. For example, a rule may be stated in language primarily applicable to a natural person and require some act or state of mind on the part of that person ‘himself’ as opposed to his servants or agents. This is generally true of rules of the criminal law, which ordinarily impose liability only for the actus reus and mens rea of the defendant himself. How is such a rule to be applied to a company?
One possibility is that the court may come to the conclusion that the rule was not intended to apply to companies at all; for example, a law which created an offence for which the only penalty was community service. Another possibility is that the court might interpret the law as meaning that it could apply to a company only on the basis of its primary rules of attribution, i.e. if the act giving rise to liability was specifically authorised by a resolution of the board or an unanimous agreement of the shareholders. But there will be many cases in which neither of these solutions is satisfactory; in which the court considers that the law was intended to apply to companies and that, although it excludes ordinary vicarious liability, insistence on the primary rules of attribution would in practice defeat that intention. In such a case, the court must fashion a special rule of attribution for the particular substantive rule. This is always a matter of interpretation: given that it was intended to apply to a company, how was it intended to apply? Whose act (or knowledge, or state of mind) was for this purpose intended to count as the act etc. of the company? One finds the answer to this question by applying the usual canons of interpretation, taking into account the language of the rule (if it is a statute) and its content and policy.’
Lord Hoffmann: ‘. . . their Lordships would wish to guard themselves against being understood to mean that whenever a servant of a company has authority to do an act on its behalf, knowledge of that act will for all purposes be attributed to the company. It is a question of construction in each case as to whether the particular rule requires that the knowledge that an act has been done, or the state of mind with which it was done, should be attributed to the company. Sometimes, as in In re Supply of Ready Mixed Concrete (No. 2) [1995] 1 A.C. 456 and this case, it will be appropriate . . .. On the other hand, the fact that a company’s employee is authorised to drive a lorry does not in itself lead to the conclusion that if he kills someone by reckless driving, the company will be guilty of manslaughter. There is no inconsistency. Each is an example of an attribution rule for a particular purpose, tailored as it always must be to the terms and policies of the substantive rule.’

Judges:

Lord Hoffmann, Lord Keith of Kinkel, Lord Jauncev of Tullichettle, Lord Mustill, Lord Lloyd of Berwick

Citations:

Gazette 19-Jul-1995, Times 29-Jun-1995, [1995] 2 AC 500, [1995] BCC 942, [1995] 3 All ER 918, [1995] UKPC 5, [1995] 3 WLR 413, [1995] 2 BCLC 116

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Cited – Crown Dilmun, Dilmun Investments Limited v Nicholas Sutton, Fulham River Projects Limited ChD 23-Jan-2004
There was a contract for the sale of Craven Cottage football stadium, conditional upon the grant of non-onerous planning permissions. It was claimed that the contract had been obtained by the defendant employee in breach of his fiduciary duties to . .
Cited – Majrowski v Guy’s and St Thomas’ NHS Trust CA 16-Mar-2005
The claimant had sought damages against his employer, saying that they had failed in their duty to him under the 1997 Act in failing to prevent harassment by a manager. He appealed a strike out of his claim.
Held: The appeal succeeded. The . .
Cited – KR and others v Royal and Sun Alliance Plc CA 3-Nov-2006
The insurer appealed findings of liability under the 1930 Act. Claims had been made for damages for child abuse in a residential home, whom they insured. The home had become insolvent, and the claimants had pursued the insurer.
Held: The . .
Cited – Moore Stephens (A Firm) v Stone Rolls Ltd (in liquidation) HL 30-Jul-2009
The appellants had audited the books of the respondent company, but had failed to identify substantial frauds by an employee of the respondent. The auditors appealed a finding of professional negligence, relying on the maxim ex turpi causa non . .
Cited – Ferguson v British Gas Trading Ltd CA 10-Feb-2009
Harassment to Criminal Level needed to Convict
The claimant had been a customer of the defendant, but had moved to another supplier. She was then subjected to a constant stream of threatening letters which she could not stop despite re-assurances and complaints. The defendant now appealed . .
Cited – Orr v Milton Keynes Council CA 1-Feb-2011
The employee was involved in offensive and insubordinate behaviour with his team leader. He was dismissed by a more senior manager, after a hearing in which the first manager gave evidence but which the claimant did not attend. It was later shown . .
Cited – Reilly v Sandwell Metropolitan Borough Council SC 14-Mar-2018
Burchell case remains good law
The appellant head teacher had been dismissed for failing to disclose the fact that her partner had been convicted of a sex offence. She now appealed from rejection of her claim for unfair dismissal.
Held: The appeal was dismissed. The . .
Cited – Royal Mail Group Ltd v Jhuti SC 27-Nov-2019
‘if a person in the hierarchy of responsibility above the employee determines that she (or he) should be dismissed for a reason but hides it behind an invented reason which the decision-maker adopts, the reason for the dismissal is the hidden reason . .
Cited – Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd SC 30-Oct-2019
The Court was asked whether a claim against a bank for breach of the Quincecare duty is defeated if the customer is a company, and the fraudulent payment instructions are given by the company’s Chairman and sole shareholder who is the dominating . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Vicarious Liability, Company

Updated: 25 April 2022; Ref: scu.83660

Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd: ChD 16 Feb 2017

Claim for return of money said to be held for the claimant’s benefit by a stockbroker.
Held: Rose J dismissed the dishonest assistance claim because Daiwa’s employees had acted honestly. However, she upheld the negligence claim, while making a deduction of 25% under the Law Reform (Contributory Negligence) Act 1945 to reflect the contributory fault of Mr Al Sanea and the company’s inactive directors, for which the company was responsible

Judges:

Rose J

Citations:

[2017] EWHC 257 (Ch), [2017] WLR(D) 109, [2017] Bus LR 1386

Links:

Bailii, WLRD

Jurisdiction:

England and Wales

Cited by:

At First Instance – Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd SC 30-Oct-2019
. .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 24 April 2022; Ref: scu.575355

Patel v Mirza: CA 29 Jul 2014

The claimant sought the return of a sum paid to the defendant, a foreign exchange broker, to be used to take advantage of expected insider knowledge of issues it was thought would allow a profit from trading in a large company’s share. The information did not materialise, but the defendat refused to repay what he said was a loan for illegal purposes.

Judges:

Rimer, Gloster, Vos LJJ

Citations:

[2014] EWCA Civ 1047, [2014] WLR(D) 337

Links:

Bailii, WLRD

Jurisdiction:

England and Wales

Contract, Financial Services

Updated: 24 April 2022; Ref: scu.535402

ITV Plc and Others v The Pensions Regulator With Box Clever Trustees Ltd As An Interested Party: UTTC 18 May 2018

PENSIONS REGULATOR – Financial support direction – pension scheme of joint venture company insufficiently resourced – jurisdiction – whether Targets connected with or an associate of the employer at the relevant time – yes – whether the legislation can be applied to events all of which occurred before legislation came into force – yes – whether different treatment by Regulator of Targets to co-joint
venturer lawful- yes- whether presence of moral hazard necessary – no – whether reasonable to impose financial support direction on the Targets – yes – Pensions Act 2004 ss 43, 100 and 103 – references dismissed

Citations:

[2018] UKUT 164 (TCC)

Links:

Bailii

Statutes:

Pensions Act 2004

Jurisdiction:

England and Wales

Financial Services

Updated: 22 April 2022; Ref: scu.616369

UK Innovative TI Ltd and Another v The Financial Conduct Authority: UTTC 25 Apr 2018

FINANCIAL SERVICES – procedure – applicants contending they have third party rights in relation to a Supervisory Notice – whether Tribunal has jurisdiction in relation to the subject matter of the references-no-references struck out – Rule 8 (2) (a) Tribunal Procedure (Upper Tribunal) Rules 2008

Judges:

Judge Timothy Herrington

Citations:

[2018] UKUT 136 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – in re Pergamon Press Ltd CA 1971
The court was asked as to the duties of inspectors appointed under the 1948 Act. Sachs LJ said: ‘The inspectors’ function is in essence to conduct an investigation designed to discover whether there are facts which may result in others taking . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 14 April 2022; Ref: scu.609722

Lewin, Regina (on The Application of) v The Financial Reporting Council Ltd and Others: Admn 19 Mar 2018

Judges:

Nicola Davies DBE J

Citations:

[2018] EWHC 446 (Admin), [2018] WLR(D) 183, [2018] 1 WLR 2867

Links:

Bailii, WLRD

Jurisdiction:

England and Wales

Citing:

Cited – in re Pergamon Press Ltd CA 1971
The court was asked as to the duties of inspectors appointed under the 1948 Act. Sachs LJ said: ‘The inspectors’ function is in essence to conduct an investigation designed to discover whether there are facts which may result in others taking . .

Cited by:

Main Judgment – Lewin, Regina (on The Application of) v The Financial Reporting Council Ltd and Others (Costs) Admn 19-Mar-2018
. .
Lists of cited by and citing cases may be incomplete.

Financial Services, Administrative

Updated: 13 April 2022; Ref: scu.608934

Westminster City Council v Haywood and another (No 2): ChD 26 Jan 2000

Regulations had been brought adding new categories of scheme members with associated rights. Members of the scheme stated that they wished to complain, but the authority said that their membership was not of a class of member having the right to make such a complaint.
Held: The effect of the regulations was retrospective, and that accordingly the members did have the right to complain to the ombudsman.

Citations:

Times 26-Jan-2000, Gazette 03-Feb-2000, Times 10-Mar-2000

Statutes:

Personal and Occupational Pensions Schemes (Miscellaneous Amendments) (No 1) Regulations 1997 (1997 No 786)

Jurisdiction:

England and Wales

Financial Services

Updated: 12 April 2022; Ref: scu.90424

Wirral Borough Council v Evans and Another: ChD 20 Feb 2001

Although the administrators of an occupational pension scheme had no duty to advise a beneficiary of the scheme, they could still have a duty to act with reasonable care and skill where they took such a duty upon themselves by in fact giving specific advice to a beneficiary.

Citations:

Times 20-Feb-2001

Jurisdiction:

England and Wales

Professional Negligence, Financial Services

Updated: 10 April 2022; Ref: scu.90574

Whitbread plc v UCB Corporate Services Ltd: CA 22 Jun 2000

A deed altering the priorities of two mortgages limited the amount of the prior loan to a capital sum together with interest. The party with priority claimed to be entitled to compound interest, and the second resisted it. The court said that the word ‘interest’ must refer to that payable under the loan agreement secured by the deeds, and not to interest generally, and therefore the compounded interest was given priority.

Citations:

Times 22-Jun-2000, Gazette 29-Jun-2000

Jurisdiction:

England and Wales

Land, Financial Services

Updated: 10 April 2022; Ref: scu.90452

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.

Judges:

Rattee J

Citations:

Times 05-Mar-1998, [1998] PLR 141, [1999] Ch 53

Cited by:

Cited – 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 . .
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: 09 April 2022; Ref: scu.82722

Jefferies and Others v Mayes and Others; National Grid Company Plc v Same; National Power Plc v Feldon and Others: ChD 30 Jun 1997

A lawful decision by pension trustees as to the use of a pension surplus is not susceptible to being overruled by the Pension’s Ombudsman.

Citations:

Times 30-Jun-1997

Jurisdiction:

England and Wales

Financial Services, Administrative, Employment

Updated: 08 April 2022; Ref: scu.82505

In Re Axa Equity and Law Life Assurance Society Plc; In Re Axa Sun Life Plc: ChD 19 Dec 2000

A policyholder in a mutual life insurance company who sought to oppose a proposed re-organisation was entitled to a pre-emptive order for his costs. His position was akin to that of a minority shareholder in a company undergoing a similar proposal, and he should have the same assistance. His application was representative of a substantial class of members of the society who might wish to oppose the reorganisation. The costs order could be extended also to cover his potential liability should a costs order be made against him.

Citations:

Times 19-Dec-2000, Gazette 05-Jan-2001, [2001] 2 BCLC 447

Jurisdiction:

England and Wales

Cited by:

Cited – Corner House Research, Regina (on the Application of) v Secretary of State for Trade and Industry CA 1-Mar-2005
The applicant sought to bring an action to challenge new rules on approval of export credit guarantees. The company was non-profit and founded to support investigation of bribery. It had applied for a protected costs order to support the . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 08 April 2022; Ref: scu.81702

Hazell v Hammersmith and Fulham London Borough Council: HL 1991

Swap deals outwith Council powers

The authority entered into interest rate swap deals to protect itself against adverse money market movements. They began to lose substantial amounts when interest rates rose, and the district auditor sought a declaration that the contracts were void, there being no express power in the relevant legislation.
Held: The arrangements formed no proper part of a local authority’s statutory functions, and were therefore ultra vires, and not binding on the authority. They were not ancillary to any statutory obligation, nor were they entered into in order to support any borrowing. Section 111(1) embodies the principles relating to the powers of a company as set out in Great Eastern Railway.
The word ‘functions’ in this context ’embraces all the duties and powers of a local authority; the sum total of the activities Parliament has entrusted to it. Those activities are its functions.’
Lord Templeman said: ‘The authorities deal with widely different statutory functions but establish the general proposition that when a power is claimed to be incidental, the provisions of the statute which confer and limit functions must be considered and construed . . .The authorities also show that a power is not incidental merely because it is convenient or desirable or profitable . . ‘

Judges:

Lord Templeman

Citations:

[1992] 2 AC 1, [1991] 2 WLR 372, [1991] 1 All ER 545

Statutes:

Local Government Act 1963 1, Local Government Act 1972 111, Local Government Finance Act 1982 19

Jurisdiction:

England and Wales

Citing:

Applied – Attorney-General v Mersey Railway Co HL 1906
The power to make by-laws encompasses not only a company’s principle activity, but also all incidental and ancillary activities. The incidental power cannot be used to expand the company’s activities, in this case by extending its business by . .
Overruled – Bilbie v Lumley and Others 28-Jun-1802
Contract Not Set Aside for Mistake as to Law
An underwriter paid a claim under a policy which he was entitled in law to repudiate for non-disclosure. Although he knew the relevant facts, he was not aware of their legal significance. He claimed back the money he had paid.
Held: A contract . .
Appeal from – Approved – Hazell v Hammersmith and Fulham London Borough Council CA 2-Jan-1990
The authority entered into interest rate swap agreements, whose validity was challenged. The court considered what were the functions of a local authority within the Act. ‘We agree with the Divisional Court that in [section 111(1)] the word . .
Cited – University of Wollongong v Merwally 22-Nov-1984
(High Court of Australia) Deane J said: ‘A parliament may legislate that, for the purposes of the law which it controls, past facts or past laws are to be deemed and treated as having been different to what they were. It cannot however objectively . .
At first instance – Hazell v Hammersmith and Fulham London Borough Council QBD 1990
The issue before the courts was whether, in the absence of any express power authorising the Council to do so, the Council was within its power under s 111(1) of the Local Government Act 1972 to enter into certain swap transactions;
‘The fact . .
Cited – Trustees of the Harbour of Dundee v D and J Nicol HL 10-Dec-1914
The pursuers challenged an initiative by the defenders which allegedly harmed their local steamer excursion business. The House was asked whether steamers acquired by a statutory body of harbour trustees who maintained a service of steamers for . .

Cited by:

Cited – Deutsche Morgan Grenfell Group Plc v The Commissioners of Inland Revenue, HM Attorney General ChD 18-Jul-2003
The taxpayer sought to bring an action for restitution by the revenue of sums paid under a mistake of law. Under the Metallgesellschaft decision, rights of election for recovery of overpaid tax applied only between UK resident companies.
Held: . .
Applied – Westdeutsche Landesbank Girozentrale v Islington London Borough Council HL 22-May-1996
Simple interest only on rate swap damages
The bank had paid money to the local authority under a contract which turned out to be ultra vires and void. The question was whether, in addition to ordering the repayment of the money to the bank on unjust enrichment principles, the court could . .
Cited – Kleinwort Benson Ltd v Lincoln City Council etc HL 29-Jul-1998
Right of Recovery of Money Paid under Mistake
Kleinwort Benson had made payments to a local authority under swap agreements which were thought to be legally enforceable when made. Subsequently, a decision of the House of Lords, (Hazell v. Hammersmith and Fulham) established that such swap . .
Cited – Brennan v Bolt Burdon and Others, London Borough of Islington, Leigh Day and Co CA 29-Jul-2004
The claimant sought damages for injury alleged to have been suffered as tenant of a house after being subjected to carbon monoxide poisoning, and also from her former solicitors for their delay in her claim. The effective question was whether the . .
Cited – Akumah v London Borough of Hackney HL 3-Mar-2005
The authority set up a parking scheme for an estate of house of which it was the landlord. Those not displaying parking permits were to be clamped. The appellant complained that the regulations had been imposed by council resolution, not be the . .
Cited – Attorney General v British Museum ChD 27-May-2005
The trustees brought a claim against the Attorney-General seeking clarification of their duties and powers to return objects which were part of the collection in law, but where a moral duty might exist to return it to a former owner. Here drawings . .
Cited – Roberts v Parole Board HL 7-Jul-2005
Balancing Rights of Prisoner and Society
The appellant had been convicted of the murder of three police officers in 1966. His tariff of thirty years had now long expired. He complained that material put before the Parole Board reviewing has case had not been disclosed to him.
Held: . .
Cited – Looe Fuels Ltd., Regina (on the Application of) v Looe Harbour Commissioners Admn 27-Apr-2007
The claimants sought judicial review of a decision of the defendant harbour masters themselves to install and sell from the harbour all fule for use by boats using it, saying that they had no power to operate such an enterprise.
Held: Whilst . .
Cited – Heald and Others v London Borough of Brent CA 20-Aug-2009
The court considered whether it was lawful for a local authority to outsource the decision making on homelessness reviews. The appellants said that it could not be contracted out, and that the agent employed lacked the necessary independence and was . .
Cited – Haugesund Kommune and Another v Depfa Acs Bank CA 27-May-2010
. .
Cited – National Secular Society and Another, Regina (on The Application of) v Bideford Town Council Admn 10-Feb-2012
The claimant challenged the placing of a prayer on the agenda of the respondent’s meetings.
Held: The claim succeeded. The placing of such elements on the Agenda was outside the powers given to the Council, and the action was ultra vires: . .
Cited – National Aids Trust v National Health Service Commissioning Board (NHS England) Admn 2-Aug-2016
NHS to make drug available
The claimant charity said that drugs (PrEP) prophylactic for AIDS / HIV should be made available by the defendant and through the NHS. The respndent said that the responsibility for preventative medicine for sexual health lay with local authorities. . .
Cited – JJ Management Consulting Llp and Others v Revenue and Customs CA 22-Jun-2020
HMRC has power to conduct informal investigation
The taxpayer, resident here, but with substantial oversea business interests, challenged the conduct of an informal investigation of his businesses under the 2005 Act, saying that HMRC, as a creature of statute, are only permitted to do that which . .
Cited – Austin, Regina (on The Application of) v Parole Board for England and Wales Admn 17-Jan-2022
Parole Board Publication Scheme Unduly Complicated
This claim for judicial review raises important issues about the lawfulness of the Parole Board’s policy and practice in relation to the provision of a summary of a Parole Board decision to victims and victims’ families and the media. The protocol . .
Cited – OWD Ltd (T/A Birmingham Cash and Carry) and Another v Revenue and Customs SC 19-Jun-2019
The wholesalers sought approval from the respondent for the wholesale supply of duty-paid alcohol. Approval was refused, but the parties sought a means of allowing a temporary approval pending determination by the FTT. The two questions considered . .
Lists of cited by and citing cases may be incomplete.

Local Government, Financial Services

Updated: 08 April 2022; Ref: scu.185823

Anisimoviena and Others: ECJ 22 Mar 2018

Deposit-Guarantee and Investor-Compensation Schemes – Judgment – References for a preliminary ruling – Deposit-guarantee and investor-compensation schemes – Directive 94/19/EC – Article 1(1) – Deposits – Temporary situations deriving from normal banking transactions – Directive 97/9/EC – Second subparagraph of Article 2(2) – Money owed to or belonging to an investor and held on his behalf by an investment firm in connection with investment business – Credit institution which issues transferable securities – Funds transferred by individuals to that institution in respect of subscription to future transferable securities – Application of Directive 2004/39/EC – Insolvency of that institution before the transferable securities in question are issued – Public undertaking entrusted with the deposit-guarantee and investor-compensation schemes – Ability to rely on Directives 94/19/EC and 97/9/EC against that undertaking

Citations:

ECLI:EU:C:2018:209, [2018] EUECJ C-688/15

Links:

Bailii

Jurisdiction:

European

Financial Services

Updated: 07 April 2022; Ref: scu.608596

Aitken v Standard Life Assurance Ltd: SCS 3 Dec 2008

The pursuer averred that the defendant, his pension provider, had wrongfully reduced its final bonus by ten per cent without notifying him. He sought to imply a term into the contract to provide such an effect, saying that the contract promised an annual update. That promise was to be read to satisfy the purpose for which it was given namely to allow the pursuer to make decisions on his investments.
Held: The claim failed. The contract could not be read to include such a promise. One was not made at the inception of the policy, and later actions could not be used to imply obligations into the concluded contract. There would in any event be difficulty in identifying the extent of such an obligation.

Judges:

Lord Glennie

Citations:

[2008] ScotCS CSOH – 162

Links:

Bailii

Jurisdiction:

Scotland

Citing:

Cited – Pagnan SpA v Feed Products Ltd CA 2-Jan-1987
Contractually Bound – but Further Terms to Agree
The parties had gone ahead with performance of the arrangement between them, but without a formal agreement being in place.
Held: Parties may intend to be bound forthwith even though there are further terms still to be agreed. If they then . .
Cited – Jayaar Impex Limited v Toaken Group Limited 1996
The acceptance of a counter-offer or variation of a contract must be evidenced by ‘the plainest evidence of assent’. . .
Cited – Equitable Life Assurance Society v Hyman HL 20-Jul-2000
The directors of the Society had calculated the final bonuses to be allocated to policyholders in a manner which was found to be contrary to the terms of the policy. The language of the article conferring the power to declare such bonuses contained . .
Cited – Baird Textiles Ltd v Marks and Spencer plc CA 28-Feb-2001
The more embryonic is an oral ‘agreement’, the less likely it is that the parties intended to create legal relations at that stage. For there to be an agreement formed by conduct, there must be a course of dealing from which a contract is . .
Cited – Debenhams Retail Plc v Customs and Excise VDT 3-Jun-2003
VDT CONSIDERATION – Value of supply – Retailer – Payment by credit or debit card – Appellant invites sales of goods and services at shelf price to customer – In-store notices and till slips state that customers . .
Cited – Goshawk Dedicated Ltd and others v Tyser and Co Ltd and Another CA 7-Feb-2006
Lloyds underwiters sought inspection of the records of the Lloyd’s brokers.
Held: The documents must be made available at the cost of the underwriters. It was an implied obligation in a market where the brokers retained the records to make the . .
Cited – Scott v Dawson 1862
. .
Cited – North American and Continental Sales Inc v BEPI (Electronics) Limited 1982
. .
Cited – BP Refinery (Westernport) Pty Ltd v The Shire of Hastings PC 1977
(Victoria) The Board set out the necessary conditions for a clause to be implied into a contract.
Held: Lord Simon of Glaisdale said: ‘Their Lordships do not think it necessary to review exhaustively the authorities on the implication of a . .
Cited – Scally v Southern Health and Social Services Board HL 1991
The plaintiffs were junior doctors employed by the respondents. Their terms had been collectively negotiated, and incorporated the Regulations. During the period of their employment different regulations had given and then taken way their right to . .
Cited – Thomson v Thomas Muir (Waste Management Ltd) 1995
To imply a term into a contract, the court must be persuaded that the contract is unworkable without it. . .
Cited – Cawdor v Cawdor Castle (Tourism) Ltd SCS 31-Jul-2007
. .
Lists of cited by and citing cases may be incomplete.

Financial Services, Contract

Updated: 06 April 2022; Ref: scu.278428

Financial Solutions (Euro) Ltd v The Financial Conduct Authority: UTTC 5 Aug 2020

FINANCIAL SERVICES – costs – whether all or any part of costs claimed by successful applicant should be awarded – whether the referred decision was unreasonable – whether the Authority conducted the proceedings unreasonably – Tribunal Procedure (Upper Tribunal) Rules 2008 rule 10 (3) (d) and (e).

Citations:

[2020] UKUT 243 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services, Costs

Updated: 06 April 2022; Ref: scu.655546

Lehman Brothers Special Financing Inc v National Power Corporation and Another: ComC 12 Mar 2018

‘calculation of Close-out Amount under the 2002 ISDA (International Swaps and Derivatives Association, Inc.) Master Agreement. Is it open to a Determining Party to remake a determination of Close-out Amount? Did the change in wording from ‘reasonably determines in good faith’ in the 1992 ISDA Master Agreement to ‘act in good faith and use commercially reasonable procedures in order to produce a commercially reasonable result’ in the 2002 ISDA Master Agreement have the effect of replacing a requirement for a rational decision with a requirement for an objectively reasonable decision?’

Citations:

[2018] EWHC 487 (Comm), [2018] WLR(D) 157

Links:

Bailii, WLRD

Jurisdiction:

England and Wales

Financial Services, Contract

Updated: 06 April 2022; Ref: scu.606425

National Grid Co Plc v Mayes and Others; International Power Plc (Formerly National Power Plc) v Healy and Others: HL 7 Jun 2001

The release by the trustees of a sum due to the pension scheme from the employers, did not make funds payable to the employer, so as to trigger the clause within the scheme trust deed which would restrain such a payment. Where an actuarial surplus had accrued within a scheme, and there was a substantial anticipated surplus, the trustees could allow the employers to deal with this by them reducing the amount of contributions to the scheme. Lord Hoffmann stressed the perils inherent in linguistic arguments of the ‘expressio unius’ variety in the context of ‘a patchwork document like the pension scheme’.
Lord Hoffmann said that the maxim expressio unius, exclusio alterius is ‘often perilous’.

Judges:

Lord Slynn of Hadley Lord Steyn Lord Hoffmann Lord Clyde Lord Scott of Foscote

Citations:

Times 10-Apr-2001, Gazette 07-Jun-2001, [2001] UKHL 20, [2001] 2 All ER 417, [2001] 1 WLR 864

Links:

Bailii, House of Lords

Statutes:

Pensions Act 1995 37(1)(a)

Jurisdiction:

England and Wales

Citing:

Cited – Mettoy Pension Trustees v Evans ChD 1990
Where a trustee acts under a discretion given to him by the terms of the trust the court will interfere with his action if it is clear that he would not have so acted as he did had he not failed to take into account considerations which he ought to . .
Cited – Imperial Group Pension Trust Ltd v Imperial Tobacco Ltd 1991
A company pension scheme had been operating for many years, with increases being provided for under one rule. A new rule was introduced to provide regular increases. The company was taken over, and the trustees sought clarification of the company’s . .
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 – Re Vauxhall Motor Pension Fund 1989
The fact that a pension scheme cannot be amended to allow something to be done does not necessarily mean that a limited power to do that thing does not already exist within the scheme. . .
Disapproved – British Coal Corporation v British Coal Staff Superannuation Scheme Trustees Ltd 1994
The court considered the distinction between a power in relation to which the duty of the employer was limited to a duty of good faith and a power in respect of which the employer was a fiduciary and which was to be exercised solely in the interests . .

Cited by:

Cited – 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 – Barnardo’s v Buckinghamshire and Others SC 7-Nov-2018
The Court considered the interpretation of a clause in a pension scheme trust deed which defines the phrase ‘Retail Prices Index’ and which allows the trustees of the pension scheme to adopt a ‘replacement’ of the officially published Retail Prices . .
Cited – Sveriges Angfartygs Assurans Forening (The Swedish Club) and Others v Connect Shipping Inc and Another SC 12-Jun-2019
The Court was asked as to the construction of the phrase ‘constructive total loss’, and in particular the calculation the expenditure to be taken into account in computing the cost of recovery and or repair, where notice of loss had been served . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Trusts, Employment

Updated: 04 April 2022; Ref: scu.84179

David John Hobbs v Financial Services Authority – FS/2010/0024: UTTC 22 Nov 2012

UTTC FINANCIAL SERVICES – FSMA s 123 – financial penalty – FSMA s 118(5) – whether conduct of Applicant constituted market abuse – FSMA s 56 – prohibition order – whether Applicant a fit and proper person

Citations:

[2012] UKUT B25 (TCC)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000 56 123 118(5)

Jurisdiction:

England and Wales

Financial Services

Updated: 31 March 2022; Ref: scu.466705

Jeffery v The Financial Conduct Authority: CA 19 Jan 2016

Citations:

[2016] EWCA Civ 187

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Appeal from – Jeffery v Financial Conduct Authority – FS/2010/0039 UTTC 7-Feb-2013
General insurance broker in breach of FSA rules
FINANCIAL SERVICES – general insurance broker – whether Applicant in breach of Statements of Principle 1 and 4 – standard of proof – forged documentation – failure to effect insurance – failure to keep clients informed of identity of insurer – . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 29 March 2022; Ref: scu.563065

Jeffery v Financial Conduct Authority – FS/2010/0039: UTTC 7 Feb 2013

General insurance broker in breach of FSA rules

FINANCIAL SERVICES – general insurance broker – whether Applicant in breach of Statements of Principle 1 and 4 – standard of proof – forged documentation – failure to effect insurance – failure to keep clients informed of identity of insurer – failure to deal with the Authority in an appropriate, open and cooperative way – action under s 66 FSMA – whether prevented by limitation – construction of s 66(4), (5) – penalty – s 66(3) – prohibition order – s 56 FSMA’

Citations:

[2013] UKUT B4 (TCC)

Links:

Bailii, Gazette

Jurisdiction:

England and Wales

Cited by:

Appeal from – Jeffery v The Financial Conduct Authority CA 19-Jan-2016
. .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 29 March 2022; Ref: scu.521000

Thommes v Financial Services Authority: UTTC 12 Dec 2012

UTTC FINANCIAL SERVICES – regulated mortgage business – whether applicant fit and proper to carry out any controlled function involving exercise of significant influence – prohibition order – FSMA 2000, s56

Citations:

[2012] UKUT B29 (TCC)

Links:

Bailii

Statutes:

Fincial Services and Markets Act 2000 56

Jurisdiction:

England and Wales

Financial Services

Updated: 27 March 2022; Ref: scu.468863

Khorassani v Kathrin Pflanz: ECJ 14 Jun 2017

ECJ (Internal Market – Principles Internal Market : Judgment) References for a preliminary ruling – Directive 2004/39/EC – Markets in financial instruments – Article 4(1)(2) – Definition of ‘investment services’ – point 1 of Section A of Annex I – Reception and transmission of orders in relation to one or more financial instruments – Potential inclusion of brokering with a view to concluding a portfolio management contract

Citations:

ECLI:EU:C:2017:451, [2017] WLR(D) 405, [2017] EUECJ C-678/15

Links:

WLRD, Bailii

Statutes:

Directive 2004/39/EC 4(1)(2)

Jurisdiction:

European

Financial Services

Updated: 27 March 2022; Ref: scu.588280

Financial Conduct Authority v Macris: SC 22 Mar 2017

The claimant had complained that the appellant Authority had made public a penalty imposed on a former employer but implicating him without he being first given an opportunity to make representations.

Judges:

Lord Neuberger, President, Lord Mance, Lord Wilson, Lord Sumption, Lord Hodge

Citations:

[2017] UKSC 19, [2017] Bus LR 64, [2017] 1 WLR 1095, UKSC 2015/0143

Links:

Bailii, SC, SC Summary, SC Summary Video

Statutes:

Financial Services and Markets Act 2000

Jurisdiction:

England and Wales

Citing:

At UTTC – Macris v The Financial Conduct Authority UTTC 10-Apr-2014
FINANCIAL SERVICES – preliminary hearing – third party rights – s 393 Financial Services and Markets Act 2000 – whether applicant identified in notice – yes . .
At CA – The Financial Conduct Authority v Macris CA 19-May-2015
Appeal by the Authority against a decision by the Upper Tribunal (Tax and Chancery Chamber) deciding, as a preliminary issue determined in accordance with Rule 5(3)(e) of the Tribunal Procedure (Upper Tribunal) Rules 2008, that the respondent to . .
Cited – in re Pergamon Press Ltd CA 1971
The court was asked as to the duties of inspectors appointed under the 1948 Act. Sachs LJ said: ‘The inspectors’ function is in essence to conduct an investigation designed to discover whether there are facts which may result in others taking . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Natural Justice

Updated: 23 March 2022; Ref: scu.581026

Legal and General Assurance Society Ltd v Pensions Ombudsman and Others; Regina v Pensions Ombudsman, ex parte Legal and General Assurance Society Ltd: ChD 3 Nov 1999

There is no facility to appeal against an interim decision or determination of the Pensions Ombudsman, on a point of law, to the High Court. The appeal is purely statutory, and since no express capacity for such an appeal is provided, none exists.

Judges:

The Honourable Mr Justice Lightman

Citations:

Times 07-Dec-1999, Gazette 01-Dec-1999, [1999] EWHC Ch 196, [2000] 1 WLR 1524

Links:

Bailii

Statutes:

Pension Schemes Act 1993, Personal and Occupational Pensions Schemes (Pensions Ombudsman) (Procedure) Rules 1995 (1995 No 1053)

Jurisdiction:

England and Wales

Cited by:

Cited – British Broadcasting Corporation v Sugar and Another Admn 27-Apr-2007
The applicant sought publication of a report prepared for the respondent as to the even handedness of its reporting of matters in the middle east. The BBC had refused saying that the release of the report would have direct impact on its ability to . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Administrative

Updated: 23 March 2022; Ref: scu.83019

PCP Capital Partners Llp, PCP International Finance Ltd v Barclays Bank Plc: ComC 1 Jun 2020

Application for further disclosure
Waksman J said: ’48. As to the question of waiver itself, it is not easy to find a succinct and clear definition of when it arises, going beyond general statements to the effect, for example, that the party alleged to have waived them has deployed them in some way as part of its case. But on any view in my judgment, first, the reference to the legal advice must be sufficient (a point I return to below) and second, the party waiving must be relying on that reference in some way to support or advance his case on an issue that the court has to decide.
49. I give two examples of what is clearly not waiver. First, a purely narrative reference to the giving of legal advice does not constitute waiver. This is because, on any view, there is no reliance upon it in relation to an issue in the case. Nor does a mere reference to the fact of legal advice along these lines, ‘My solicitor gave me detailed advice. The following day I entered into the contract’. That is not waiver, however tempting it may be to say that what is really being said is ‘I entered into the contract as a result of that legal advice’. The corresponding point is that if that latter expression is used, then there will be waiver . . 60 . . in my judgment the correct approach to applying the content/effect distinction is this: the application of the content/effect distinction, as a means of determining whether there has been a waiver or not, cannot be applied mechanistically. Its application has to be viewed and made through the prism of (a) whether there is any reliance on the privileged material adverted to; (b) what the purpose of that reliance is; and (c) the particular context of the case in question. This is an acutely fact-sensitive exercise. To be clear, this means that in a particular case, the fact that only the conclusion of the legal advice referred to is stated as opposed to the detail of the contents may not prevent there being a waiver.’

Judges:

Mr Justice Waksman

Citations:

[2020] EWHC 1393 (Comm)

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Cited – Kyla Shipping Co Ltd and Another v Freight Trading Ltd and Others ComC 22-Feb-2022
Litigation Privilege
Defendants challenged the claimants assertion of litigation privilege and contended for a waiver of any privilege which entitles them to disclosure of additional materials referred to in a witness statement.
Held: ‘I dismiss the waiver of . .
Lists of cited by and citing cases may be incomplete.

Banking, Financial Services

Updated: 23 March 2022; Ref: scu.652425

Mutual Life And Citizens’ Assurance Co Ltd And Another v Evatt: PC 16 Nov 1971

The plaintiff had been an investor with the defendant. He asked them about an associated company. He was given advice which was incorrect. He claimed damages for negligence.
Held: The company was not itself in the business of giving such advice. The advice had been gratuitous. The company had appreciated that he might act on the advice. However they owed him no duty of care, and therefore were not liable in damages. The company made no claim to have the necessary skill to give advice on investments, and their only duty was to give honest advice, which they had done. Lord Reid and Lord Morris of Borth-y-Gest dissenting.

Judges:

Lord Reid, Lord Morris of Borth-y-Gest, Lord Hodson, Lord Guest and Lord Diplock

Citations:

[1971] 2 WLR 23

Links:

lip

Jurisdiction:

Commonwealth

Citing:

Applied – Low v Bouverie CA 1891
If a trustee chooses to answer questions from a stranger about the cestui que trust, his legal obligation is only to answer honestly and to the best of his information. He need not make enquiries to support those answers.
Bowen LJ said: . .
Cited – Anderson (W B ) and Sons Ltd v Rhodes (Liverpool) Ltd 1967
The plaintiff and defendants traded in fruit and vegetables. The defendant began to accept credit orders from a third party, but he was tardy in payment. The plaintiffs asked as to the third party, and repeesentations were made that the company was . .
Cited – Candler v Crane Christmas and Co CA 15-Dec-1950
Though the accounts of the company in which the plaintiff had invested had been carelessly prepared and gave a wholly misleading picture of the state of the company, the plaintiff could not recover damages. A false statement, carelessly, as . .
Cited – Cann v Willson 1888
Liability of surveyor . .
Cited – Derry v Peek HL 1-Jul-1889
The House heard an action for damages for deceit or fraudulent misrepresentation.
Held: The court set out the requirements for fraud, saying that fraud is proved when it is shown that a false representation has been made knowingly or without . .
Cited – Dorset Yacht Co Ltd v Home Office HL 6-May-1970
A yacht was damaged by boys who had escaped from the supervision of prison officers in a nearby Borstal institution. The boat owners sued the Home Office alleging negligence by the prison officers.
Held: Any duty of a borstal officer to use . .
Cited – Fish v Kelly 1864
Mere casual observations are not to be used to found a duty of care. . .
Cited – Hedley Byrne and Co Ltd v Heller and Partners Ltd HL 28-May-1963
Banker’s Liability for Negligent Reference
The appellants were advertising agents. They were liable themselves for advertising space taken for a client, and had sought a financial reference from the defendant bankers to the client. The reference was negligent, but the bankers denied any . .
Cited – Le Lievre v Gould CA 6-Feb-1893
Mortgagees of the interest of a builder under a building agreement, advanced money to him from time to time, relying upon certificates given by a surveyor as to stages reached. The surveyor was not appointed by the mortgagees, and there was no . .
Cited – Low v Bouverie CA 1891
If a trustee chooses to answer questions from a stranger about the cestui que trust, his legal obligation is only to answer honestly and to the best of his information. He need not make enquiries to support those answers.
Bowen LJ said: . .
Cited – Nocton v Lord Ashburton HL 19-Jun-1914
The defendant solicitor had persuaded his client to release a charge, thus advancing the solicitor’s own subsequent charge on the same property. The action was started in the Chancery Division of the High Court. The statement of claim alleged fraud . .
Cited – Parsons v Barclay and Co Ltd and Goddard CA 1910
An inquiry was made between banks as to the financial position of a customer of the defendant Bank. It was answered by the manager containing the words: ‘This information is for your private use only, and is given without any responsibility on our . .
Cited – Shiells v Blackburne 1789
A merchant agreed without taking any reward to enter a parcel of goods of another, along with his own at the Customs House for export. He negligently entered the goods under the wrong denomination, and both parcels were seized.
Held: The . .
Cited – Woods v Martins Bank Ltd 1958
If a bank chooses to give advice to a customer, then the Bank’s obligation is to advise with ordinary skill and care. The liability is primarily on contract: ‘In my judgment, the limits of a banker’s business cannot be laid down as a matter of law. . .
Lists of cited by and citing cases may be incomplete.

Negligence, Financial Services

Updated: 11 February 2022; Ref: scu.175507

Securities and Investments Board v Pantell and Others (No 2): CA 24 Jun 1992

Order against solicitors in defence of Financial Services proceedings were to stand. The powers conferred by s.6(2) and 61(1) were wide and should not be cut down judicially, and the two remedies might overlap. The power found in s.61(1) had two preconditions to be satisfied before it could be exercised, namely (1) a relevant contravention and (2) steps intended to and reasonably capable of remedying that contravention.
Under sections 6(2) and 61(1) of the Financial Services Act 1986, a person knowingly involved in certain contraventions of the act, including a solicitor acting for a company which contravened the act, can be ordered to make restitution to investors, even when he had not received the money.
Although it was not necessary for him to decide the point, Scott LJ commented: ‘Section 5 of the Act provides remedies for individual investors who have entered into investment agreements with persons carrying on unauthorised investment business. Subsection (1) provides that any such agreement
‘shall be unenforceable against the other party [i.e. the investor]; and that party shall be entitled to recover any money or other property paid or transferred by him under the agreement, together with compensation for any loss sustained by him as a result of having parted with it’ . . The restitutionary and compensatory provisions of section 5 do not in terms identify the person or persons against whom the remedies are available. But it is difficult to see how the section 5 restitutionary remedy could be available against anyone other than the other party to the transaction in question or the party to whom, under the transaction in question, the investor’s money had been paid or transferred. Whether the compensatory remedy available ‘together with’ the restitutionary remedy, could be obtained against an accomplice who was neither a party to the transaction nor a person to whom money or property of the investor had been transferred is equally doubtful. These difficulties do not, however, have to be resolved on this appeal.’

Judges:

Scott LJ, Steyn LJ

Citations:

Gazette 02-Sep-1992, [1993] Ch 256, [1993] 1 All ER 134, [1992] 3 WLR 896, Times 24-Jun-1992

Statutes:

Financial Services Act 1986 5 6(2) 61(1)

Jurisdiction:

England and Wales

Citing:

Appeal from – Securities and Investments Board v Pantell SA (No 2) ChD 9-Aug-1991
A solicitor can be ordered by the court to repay sums of money to investors who innocently paid money to the solicitors client who was carrying out unlawful financial transactions with which the solicitor was concerned. One of the purposes of . .

Cited by:

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

Financial Services, Legal Professions

Updated: 09 February 2022; Ref: scu.89152

Swansea City and County v Johnson: ChD 4 Dec 1998

Industrial Injuries Allowances which were payable under the Regulations were payable under a pension scheme and so the administration of them was subject to the Pensions Ombudsman, since it provided for payments payable on the ‘termination of service’.

Citations:

Times 04-Dec-1998

Statutes:

Pensions Scheme Act 1993 1

Jurisdiction:

England and Wales

Financial Services

Updated: 09 February 2022; Ref: scu.89653

Frensham v The Financial Conduct Authority: UTTC 31 Aug 2021

FINANCIAL SERVICES- independent financial adviser convicted of attempted sexual grooming of a child aged under 16 – whether adviser no longer fit and proper by reason of lacking the necessary integrity and reputation – whether decision to remove approval to perform senior management functions and impose a prohibition order reasonably open to the Authority – ss56, 63 and 133(6) FSMA 2000

Citations:

[2021] UKUT 222 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 07 February 2022; Ref: scu.671199

Genil 48 Sl v Bankinter Sa: ECJ 30 May 2013

ECJ Directive 2004/39/EC – Markets in financial instruments – Article 19 – Conduct of business obligations when providing investment services to clients – Investment advice – Other investment services – Obligation to assess the suitability or appropriateness of the service to be provided – Contractual consequences of non-compliance with that obligation – Investment service offered as part of a financial product – Interest-rate swap agreements to protect against the risk of variations of interest rates on financial products

Citations:

C-604/11, [2013] EUECJ C-604/11

Links:

Bailii

Statutes:

Directive 2004/39/EC

Jurisdiction:

European

Financial Services

Updated: 06 February 2022; Ref: scu.510312

Canada Inc Swift Trade Inc and Peter Beck v Financial Services Authority: UTTC 23 Jan 2013

UTTC MARKET ABUSE – share price manipulation – whether demonstrate- yes – FSMA s 118 – whether entering into contracts for difference knowing counterparty would hedge by placing orders for stocks amounts to behaviour ‘in relation to’ qualifying investments – yes- whether open to FSA to take action against dissolved Canadian corporation regulated in Canada and with no place of business in United Kingdom – yes- scale of penalty- reference dismissed.

Citations:

[2013] UKUT B2 (TCC)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000 118

Jurisdiction:

England and Wales

Financial Services

Updated: 06 February 2022; Ref: scu.509163

Singh (T/A Oceans Mortgages) v Financial Services Authority: UTTC 13 May 2010

AUTHORISATION – Fit and proper – Refusal to grant Part IV permission – Mortgage-related activities – Earlier authorisation of applicant cancelled on grounds of failure to submit RMAR returns – Refusal to re-authorise based on evidence of earlier failures – Reference dismissed – FSMA 2000 s.41(2)

Citations:

[2010] UKUT B13 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 04 February 2022; Ref: scu.577940

Bittar v Financial Conduct Authority: UTTC 20 Feb 2017

UTTC FINANCIAL SERVICES – third party rights-procedure-whether amendments to Authority’s Statement of Case should be permitted-Rules 2, 5(3)(c) and para 4 Sch 3 Tribunal Procedure (Upper Tribunal) Rules 2008.

Citations:

[2017] UKUT 82 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 04 February 2022; Ref: scu.577813

Chaligne, Sejean, Tidiane Diallo v Financial Services Authority: UTTC 25 Apr 2012

MARKET ABUSE – share price manipulation – admitted in December 2007 but in part denied in January 2008 – whether established – yes – whether prohibition necessary – yes – measure of monetary penalty.

Citations:

[2012] UKUT B21 (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 01 February 2022; Ref: scu.466673