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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: 2003 To: 2003

This page lists 19 cases, and was prepared on 20 May 2019.

 
Tti Team Telecom International Ltd. and Another v Hutchison 3G UK Ltd. [2005] EWHC 762 (TCC)
23 Jan 2003
TCC

Financial Services
Court Service Interim injunction application to restrain beneficiary from making a threatened call on a bond - principles applicable when application made by a party to the underlying contract against the other party to that contract who is, additionally, the beneficiary of the guarantee provided by the bond - Cargill International SA v Bangladesh Sugar and Food Industries Corp applied - application refused - threatened call not restrained.
[ Bailii ]
 
Bradford and Bingley Building Society v Harper, Estate of [2003] EWCA Civ 216
24 Jan 2003
CA

Financial Services

[ Bailii ]
 
Green (T/A Green Denman and Co), Regina (on the Application Of) v Financial Ombudsman Service Ltd and Another [2003] EWHC 338 (Admin)
27 Feb 2003
Admn

Financial Services

[ Bailii ]
 
HPA v Financial Services Authority [2003] UKFSM FSM005
5 Mar 2003
FSMT

Financial Services
FSMT SUPERVISORY NOTICE - Suspension of immediate effect - Variation of Part IV permission - Threshold Condition No.4 - Failure of Applicant to maintain PII - Whether Supervisory Notice varying permission should be suspended pending hearing of reference - No - FS&MT Rules 2001 No.2476 r.11(1)(e)
[ Bailii ]
 
Amalgamated Metal Trading Ltd v City of London Police Financial Investigation Unit and others [2003] EWHC 703 (Comm); [2003] 1 WLR 2711
3 Apr 2003
ComC

Criminal Practice, Financial Services, Civil Procedure Rules
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.
Proceeds of Crime Act 1995 903A - Civil Procedure Rules 25.2(1)(b
1 Cites

1 Citers

[ Bailii ]
 
Cox v Financial Services Authority [2003] UKFSM FSM003
23 May 2003
FSMT

Financial Services
Appeal against refusal of application for authorisation.
[ Bailii ]
 
Piggott v Financial Services Authority [2003] UKFSM FSM004
13 Jun 2003
FSMT
Dr Nuala Brice
Financial Services
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
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
[ Bailii ]
 
Sphere Drake Insurance Ltd and Another v Euro International Underwriting Ltd [2003] EWHC 1636 (Comm); Times, 11 August 2003; [2003] 1 Lloyd's Law Reports 525
8 Jul 2003
ComC
Thomas J
Financial Services, Litigation Practice
Relationships between Lloyds underwiters and others in the market rather than just names, could also bind the underwriter to a fiduciary relationship. Here the claimant had granted to the defendant a binding authority. This was in effect a similar relationship as would exist between underwriter and name. The defendant wrote business it knew to be contrary to the claimant's interest and it acted dishonestly.
1 Citers

[ Bailii ]

 
 Wilson v Secretary of State for Trade and Industry; Wilson v First County Trust Ltd (No 2); HL 10-Jul-2003 - Gazette, 18 September 2003; Times, 11 July 2003; [2003] UKHL 40; [2003] 3 WLR 568; [2004] 1 AC 816; [2003] 2 All ER (Comm) 491; [2003] HRLR 33; [2003] UKHRR 1085; [2003] 4 All ER 97
 
AGCO Limited v Massey Ferguson Works Pension Trust Limited, Bradbury, Chater [2003] EWCA Civ 1044; Times, 24 July 2003; Gazette, 18 September 2003; [2003] OPLR 199; [2003] IRLR 783; [2003] Pens LR 241; [2004] ICR 15
17 Jul 2003
CA
Lord Justice Rix Lord Justice Aldous Lord Justice Sedley And Lady Justice Arden
Employment, Financial Services
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.
1 Cites

[ Bailii ]
 
Fisher and others v Harrison and others [2003] EWCA Civ 1047; Times, 18 September 2003
29 Jul 2003
CA
Lord Justice Aldous Lord Justice Mance Lord Justice Latham
Financial Services
The respondent had the benefit of a single member company pension scheme. He sold the company, but the purchasers, now assignees of the pension, and appellants alleged breach of warranty in the company sale, and sought to prevent further payments under the pension scheme. Held: A consent order to restrict payment of sums falling due in the future would be valid, and nothing in the Act prevented such an order, but so far as the order affected accrued rights, it was invalid under the Act. Since the order made no distinction it was entirely unenforceable.
Pensions Act 1995
1 Cites

[ Bailii ]
 
Davies and others v Financial Services Authority [2003] EWCA Civ 1128; Times, 06 October 2003; Gazette, 02 October 2003
30 Jul 2003
CA
Kennedy, Mummery, Carnwath LJJ
Judicial Review, Financial Services
The claimants sought judicial review of decisions by the respondents proposing prohibition orders. Held: The applicants had open to them appeals against the decisions so far taken. Accordingly no right existed for judicial review. The scheme of the Act required the supervision of the claimants to be by the procedures under the Act.
Financial Services and Markets Act 2000
[ Bailii ]
 
Lloyds TSB General Insurance Holdings and others v Lloyds Bank Group Insurance Company Ltd [2003] UKHL 48
31 Jul 2003
HL
Lord Nicholls of Birkenhead, Lord Hoffmann, Lord Hobhouse of Woodborough, Lord Millett, Lord Walker of Gestingthorpe
Insurance, Financial Services
The applicant had paid out many claims for mis-selling pensions. They sought to claim under their insurance. The claims met the requirements of the principle insurance, but the insurance companies sought to impose a limit by aggregation. Held: The absence of a training or monitoring system, even though an independent breach of the rules, was legally irrelevant to the civil liability of the TSB companies. It is wrong to allow doubts about the possibly practical application of the clause to produce a construction which undermines the balance of the clause. Each of the claims did not arise from a "single act or omission". Nor did each of them arise from a "related series of acts or omissions". Each arose from a separate contravention of rule 3.4(4)(a). The preliminary point raised was answered in favour of the insurers
1 Cites

[ Bailii ] - [ House of Lords ]
 
Eurosure Investment Services Ltd v Financial Services Authority [2003] UKFSM FSM006
22 Sep 2003
FSMT

Financial Services
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 - FS&MT Rules 2001 SI 2001 No. 2476 Rule 10(1)(e) and Rule 10(6)
[ Bailii ]
 
Hoodless and Another v Financial Services Authority [2003] UKFSM FSM007
3 Oct 2003
FSMT

Financial Services
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
[ Bailii ]

 
 Barings Plc (In Liquidation) and Another, Barings Futures (Singapore) Pte Ltd (In Liquidation) v Coopers and Lybrand (A Firm) and Others, Mattar and 36 Others; ChD 17-Oct-2003 - [2003] EWHC 2371 (Ch)

 
 Durant v Financial Services Authority; CA 8-Dec-2003 - [2003] EWCA Civ 1746; Times, 02 January 2004; [2004] FSR 28
 
Legal and General Assurance Society Ltd v CCA Stationery Ltd [2003] EWHC 2989 (Ch)
12 Dec 2003
ChD
Mr Justice Laddie
Financial Services
The claimant had managed a pension scheme for the respondent company. It now challenged a finding of maladministration of the scheme, with respect to the methods of calculation of discounts applicable to those leaving the scheme. Held: Since the calculations employed would have been carried out for others whether or not the instant pension scheme had existed, those methods were not part of the administration of the scheme, and the ombudsman had no jurisdiction to order their disclosure.
1 Cites

[ Bailii ]
 
East Sussex Council v Jacobs Times, 23 January 2004; Gazette, 05 February 2004
16 Dec 2003
ChD
Blackburne J
Financial Services
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.

 
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