swarb.co.uk - law index
These cases are from the lawindexpro database. They are now being transferred to the swarb.co.uk website in a better form. As a case is published there, an entry here will link to it. The swarb.co.uk site includes many later cases.
Financial Services - From: 1991 To: 1991
This page lists 2 cases, and was prepared on 20 May 2019.
Securities and Investments Board v Financial Intermediaries, Managers and Brokers Regulatory Association Ltd [1991] 3 WLR 889; [1991] 4 All ER 398; [1992] Ch 268
1991
ChD
Morritt J
Financial Services
The 1986 Act conferred no power to make rules in respect of any liability incurred before the commencement date of the First Schedule whereby the definition of "Investment Business" came into force.
Financial Services Act 1986
Hazell v Hammersmith and Fulham London Borough Council [1992] 2 AC 1; [1991] 2 WLR 372; [1991] 1 All ER 545
1991
HL
Lord Templeman
Local Government, Financial Services
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."
Local Government Act 1963 1 - Local Government Act 1972 111 - Local Government Finance Act 1982 19
1 Cites
1 Citers
