Tag: Financial Services

Norwich and Peterborough Building Society, Regina (on the Application of) v Financial Ombudsman Service Ltd: Admn 14 Nov 2002

The Ombudsman had found that the applicant had unfairly failed to notify its customers of the availability of better accounts, once it discontinued accounts of one type. The Society appealed saying that the finding of unfairness arose from matters outside the scope of the Code.
Held: The finding did go outside the strict range of the Code. Nevertheless, the code was to be interpreted in a purposive, and non-technical way, and the Ombudsman had some considerable discretion. There were arguments each way as to the fairness or unfairness of the decision, but the court could only intervene if the decision was so bad as to be irrational. That was not the case here.

Citations:

Times 13-Dec-2002, [2002] EWHC 2379 (Admin)

Links:

Bailii

Statutes:

Banking Code 1998

Jurisdiction:

England and Wales

Citing:

Cited – Regina v Monopolies and Mergers Commission, ex parte South Yorkshire Transport Ltd HL 1993
One bus company took over another, giving it an effective monopoly within the region. The Commission considered that the area involved was sufficiently substantial to cause concern that it may operate against the public interest. At first instance . .
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 – Regina v Director of Passenger Rail Franchising, Ex Parte Save Our Railways and Others Etc CA 18-Dec-1995
A requirement that new services should be ‘based upon’ the present timetables did not mean that the services had to be at same level. It was possible that they may be a lesser service, though there should be no significant departures from such . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Consumer, Commercial

Updated: 09 December 2022; Ref: scu.178117

Investors Compensation Scheme Ltd v West Bromwich Building Society; Etc: ChD 10 Oct 1996

Part of a chose in action is not capable of being validly separately assigned in order to stop a court action.

Citations:

Times 10-Oct-1996

Jurisdiction:

England and Wales

Cited by:

Appeal from – Investors Compensation Scheme Ltd v West Bromwich Building Society and Others CA 1-Nov-1996
Public policy rendered an assignment of a remedy void, where the assignment was an attempt to split it from another remedy. For the purpose of construing a contract the law excludes from the admissible factual background the previous negotiations of . .
At First Instance – 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 . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Contract

Updated: 09 December 2022; Ref: scu.82415

Bainbridge v Quarters Trustees Ltd: ChD 6 May 2008

The pensioner appealed a decision of the Pensions Ombudsman which rejected his complaint against the trustee of The Sunley Turriff Pension Scheme. He said that the assets of the Scheme supporting money purchase benefits form a fund or funds distinct from the assets supporting final salary benefits so that, in the winding-up of the Scheme, the former are available only to meet the money purchase benefits which the Scheme provides.

Citations:

[2008] EWHC 979 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 05 December 2022; Ref: scu.267537

Property Alliance Group Ltd v The Royal Bank of Scotland Plc: ChD 8 Jun 2015

The parties disputed the extent of the duty on the defendant to make disclosure of documents. Over 2.5 million possible documents had been identified. The bank now claimed privilege for documents relating to the complaint issues created in discussions between the bank and its regulator.
Held: The documents had privilege unless and until the bank sought to rely upon the findings of the regulator.

Judges:

Birss J

Citations:

[2015] EWHC 1557 (Ch), [2015] WLR(D) 251, [2016] 1 WLR 361, [2015] 2 BCLC 401

Links:

Bailii, WLRD

Jurisdiction:

England and Wales

Litigation Practice, Financial Services

Updated: 30 November 2022; Ref: scu.547602

Foskett v McKeown and Others: CA 27 Jun 1997

Various people had paid money with the promise of acquiring an interest in land in Portugal. The scheme was fraudulent. The funds had been used to purchase a life/investment policy. The policy was held in trust for the fraudster’s mother but he had power to renominate himself as sole beneficiary. One or two premiums were paid by the defendant himself.
Held: The representation order was confirmed. Trust money which had been used by a trustee fraudulently to invest in a life policy, did not give the eventual beneficiaries of the trust an interest in the proceeds of that policy. Nevertheless the purchasers were entitled to be repaid out of the proceeds of the Policy such of their money as could be traced into the premiums paid under the Policy.

Judges:

Hobhouse LJ

Citations:

Times 27-Jun-1997, [1997] EWCA Civ 1747, [1998] Ch 265

Jurisdiction:

England and Wales

Citing:

Cited – In re Leslie; Leslie v French ChD 1883
The court gave guidance as to the circumstances in which an individual who had paid a premium on a policy belonging to someone else could claim an interest in the policy: ‘In my opinion a lien may be created upon the moneys secured by a policy by . .
Cited – Falcke v Scottish Imperial Insurance Co CA 1886
The owner of a policy of life assurance mortgaged the policy to secure repayment of a loan. Subsequently the owner, now the owner of an equity of redemption in the policy, paid two annual premiums which became due under the policy. The policy was . .
Cited – Re a Policy No 6402 of the Scottish Equitable Life Assurance Society 1902
Mr Sanderson effected insurance on his own life ‘for the behoof’ of his sister-in-law, Miss Stiles. The policy moneys were payable to Miss Stiles or her personal representatives but the premiums were paid throughout by Mr Sanderson. The personal . .
Cited – Sinclair v Brougham HL 1914
An insolvent building society had, outside its powers, run a banking business. The House considered the competing claims of the unadvanced shareholders of the building society’s intra vires business, members of the society who had not been granted . .
Cited – In re Diplock’s estate CA 1948
After considering a situation in which trust money had been applied in making alterations to the property of an innocent third party but had not added to the value of the property,
Held: The origin of the equitable rules of tracing were . .
Cited – In re Tilley’s Will Trusts ChD 1967
The court considered the rights of a beneficiary to participate in any profit which resulted where a trustee mixed trust money with his own money and then used it to purchase other property. . .
Cited – Boscawen and Others v Bajwa and Others; Abbey National Plc v Boscawen and Others CA 10-Apr-1995
The defendant had charged his property to the Halifax. Abbey supplied funds to secure its discharge, but its own charge was not registered. It sought to take advantage of the Halifax’s charge which had still not been removed.
Held: A mortgagee . .
Cited – The Venture CA 1908
Contributions were made to the purchase price of a yacht.
Held: The court concluded that the contributor was entitled under a resulting trust to a pro rata equitable interest in the yacht. The payments were made at the time the yacht was . .
Cited – Rosco v Winder 1915
. .
Cited – Goldcorp Exchange Ltd and others v Liggett and others PC 25-May-1994
(New Zealand) The non allocated claimants purchased gold bullion from a company for future delivery on a non allocated basis. The company stored and insured the metal, but the claimants had a right to call for delivery of their part within 7-days. . .
Cited – Re Maxwell Communications Corporation Plc: Bishopsgate Investment Management Ltd v Homan CA 26-Sep-1994
The remedy of tracing is not available through a bank account which was subsequently overdrawn. Nor does the doctrine of tracing extend to following value into a previously acquired asset: ‘there can be no equitable remedy against an asset acquired . .
Cited – Gissing v Gissing HL 7-Jul-1970
Evidence Needed to Share Benefical Inerests
The family home had been purchased during the marriage in the name of the husband only. The wife asserted that she had a beneficial interest in it.
Held: The principles apply to any case where a beneficial interest in land is claimed by a . .
Cited – Strutt v Tippett CA 1890
The list set out in re Leslie for the ways in which one person might claim an interest in an insurance policy in another’s name, was not exhaustive. . .
Cited – Dyer v Dyer 27-Nov-1988
Where property is purchased by one person in the name of another there is a presumption that a resulting trust is created: ‘The clear result of all the cases, without a single exception is that the trust of a legal estate, whether freehold, copyhold . .
Cited – In re Hallett’s Estate; Knatchbull v Hallett CA 1880
Where a trustee of a policy used money received from others to make payment of premiums on an insurance policy, they would be entitled to a lien on the policy. Where an asset was acquired exclusively with trust money, the beneficiary could either . .
Cited – Gravesend Corporation v Kent County Council KBD 1935
A school vested in the Corporation had been built with the assistance of financial contributions from the County Council. As a result of various legislative changes the County Council replaced the Corporation as the education authority and as the . .
Cited – Re Roberts 1946
. .
Appealed to – Foskett v McKeown and Others HL 18-May-2000
A property developer using monies which he held on trust to carry out a development instead had mixed those monies with his own in his bank account, and subsequently used those mixed monies to pay premiums on a life assurance policy on his own life, . .

Cited by:

Cited – Allen and Another v Rochdale Borough Council CA 23-Mar-1999
Land was sold. It had been used as playing fields. The freehold and leasehold interests in the land were held by the respondent, and the claimants asserted it was held as bare trustees for them as charitable trustees for the school foundation. The . .
Appeal from – Foskett v McKeown and Others HL 18-May-2000
A property developer using monies which he held on trust to carry out a development instead had mixed those monies with his own in his bank account, and subsequently used those mixed monies to pay premiums on a life assurance policy on his own life, . .
Lists of cited by and citing cases may be incomplete.

Trusts, Financial Services

Updated: 05 November 2022; Ref: scu.80647

Investors Compensation Scheme Ltd v West Bromwich Building Society and Others: CA 1 Nov 1996

Public policy rendered an assignment of a remedy void, where the assignment was an attempt to split it from another remedy. For the purpose of construing a contract the law excludes from the admissible factual background the previous negotiations of the parties. This is due to ‘reasons of practical policy’. What is said in the course of negotiations provides too uncertain a guide as to what is the position between contracting parties when later they commit themselves finally by their contract.

Judges:

Leggatt LJ, Swinton Thomas LJ, Mummery LJ

Citations:

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

Jurisdiction:

England and Wales

Citing:

Appeal from – Investors Compensation Scheme Ltd v West Bromwich Building Society; Etc ChD 10-Oct-1996
Part of a chose in action is not capable of being validly separately assigned in order to stop a court action. . .

Cited by:

Cited – P and S Platt Ltd v Crouch and Another CA 25-Jul-2003
The claimant sought a declaration that certain easements had been included by implication in a conveyance of part of land to him.
Held: Since the easements were capable of subsisting at law, and existed as quasi-easements at the time, and did . .
Appeal from – Investors Compensation Scheme Ltd v West Bromwich Building Society HL 19-Jun-1997
Account taken of circumstances wihout ambiguity
The respondent gave advice on home income plans. The individual claimants had assigned their initial claims to the scheme, but later sought also to have their mortgages in favour of the respondent set aside.
Held: Investors having once . .
Cited – Kay, Gorman, etc v London Borough of Lambeth, London and Quadrant Housing Trust CA 20-Jul-2004
The defendant local authority had licenced houses to a housing trust, which in turn granted sub-licences to the claimants who were applicants for housing under homelessness provisions, and who now asserted that they became secure tenants of the . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Contract

Updated: 03 November 2022; Ref: scu.82414

Tael One Partners Ltd v Morgan Stanley and Co International Plc: ComC 9 Jul 2012

Each party sought summary judgment.
Held: Popplewell J granted Tael’s application and dismissed Morgan Stanley’s. The payment premium was similar to interest and performed an analogous function. The cost of the borrowing was more than the interest of 11.25% per annum, but only that amount required to be paid out of cash flow three monthly in arrears. The remainder of the cost of borrowing was deferred and became payable, in the form of the payment premium, whenever the loan was repaid to a particular lender or all the lenders. The payment premium was therefore part of the consideration for the loan, and was calculated by reference to the period for which the borrower had the use of the money in just the same way as was the entitlement to ‘interest’ described as such.

Judges:

Popplewell J

Citations:

[2012] EWHC 1858 (Comm)

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

At first instance – Tael One Partners Ltd v Morgan Stanley and Co International Plc SC 11-Mar-2015
This appeal raises a question of contractual interpretation. Its significance lies in the fact that the contractual condition in question forms part of the Loan Market Association standard terms and conditions for par trade transactions which are a . .
At First Instance – Tael One Partners Ltd v Morgan Stanley and Co International Plc CA 1-May-2013
Morgan Stanley appealed against summary judgment given against it in respect of the application of the terms of a standard form assignment of a Loan agreement.
Held: The words ‘which are expressed to accrue by reference to the lapse of time’, . .
Lists of cited by and citing cases may be incomplete.

Contract, Financial Services

Updated: 03 November 2022; Ref: scu.462428

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

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

Judges:

Collins J

Citations:

[2012] EWHC 1253 (Admin)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 28 October 2022; Ref: scu.459559

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

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

Citations:

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

Statutes:

Banking Act 1987 58(1)

Jurisdiction:

England and Wales

Citing:

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

Cited by:

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

Banking, Financial Services

Updated: 26 October 2022; Ref: scu.79921

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

‘The issue in this case turns on the effect of Rules, which are effectively in identical terms, of the Massey-Ferguson Works Pension Scheme (‘the Works Scheme’) and of the Massey-Ferguson Staff Pension Scheme (‘the Staff Scheme’). In a nutshell, the issue is whether employees over 50 years of age, a) who were made involuntarily redundant, and b) who were invited to volunteer to be made redundant, are entitled to receive an immediate and undiscounted pension.’

Judges:

Neuberger J

Citations:

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

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 21 October 2022; Ref: scu.346770

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

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

Citations:

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

Statutes:

Financial Services Act 1986 54(3)

Jurisdiction:

England and Wales

Financial Services

Updated: 21 October 2022; Ref: scu.87995

Andrews v SBJ Benefit Consultants: ChD 4 Nov 2010

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

Judges:

Pelling QC J

Citations:

[2010] EWHC 2875 (Ch)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000 150

Jurisdiction:

England and Wales

Financial Services

Updated: 17 September 2022; Ref: scu.442584

Curren v Financial Services Authority: UTTC 21 Mar 2011

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

Citations:

[2011] UKUT B19 (TCC) (TCC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 13 September 2022; Ref: scu.440807

In re Sky Land Consultants Plc: ChD 3 Mar 2010

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

Judges:

Richards J

Citations:

[2010] EWHC 399 (Ch)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000 235

Jurisdiction:

England and Wales

Cited by:

Cited – Asset Land Investment Plc and Another v The Financial Conduct Authority SC 20-Apr-2016
Proceedings were brought against the appellant’s associated parties, alleging that they had carred on regulated activities without authorisation, contrary to section 19 of the2000 Act. They had offered various plots of land for sale, suggesting they . .
Lists of cited by and citing cases may be incomplete.

Insolvency, Financial Services

Updated: 12 September 2022; Ref: scu.439794

Helden v Strathmore Ltd: CA 11 May 2011

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

Judges:

Lord Neuberger MR, Smith, Elias LJJ

Citations:

[2011] EWCA Civ 542

Links:

Bailii

Statutes:

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

Jurisdiction:

England and Wales

Cited by:

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

Land, Financial Services

Updated: 12 September 2022; Ref: scu.439649

Batt v Royal Mail: ChD 8 Apr 2011

Appeal on points of law from the decision of Deputy Pensions Ombudsman rejecting his complaint that his former employer had been guilty of maladministration in reaching a decision not to award him an ill-health retirement pension on the termination of his employment.

Judges:

Briggs J

Citations:

[2011] EWHC 900 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Employment, Financial Services

Updated: 06 September 2022; Ref: scu.431897

Lehman Brothers Special Financing Inc v Carlton Communications Ltd: ChD 28 Mar 2011

Claims under interest rate swap agreements.
Held: The condition precedent in section 2(a)(iii) of the ISDA Master Agreement was valid – ‘to relieve the non-defaulting party from payment obligations for as long as the defaulting party is, by reason of the bankruptcy, incapacitated from providing the promised hedge’, whenever during the life of the transaction such incapacity arose.

Judges:

Briggs J

Citations:

[2011] EWHC 718 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

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

Contract, Financial Services

Updated: 04 September 2022; Ref: scu.431282

Cole and Others v George Bennett Bryson and Co Ltd Co: PC 22 Feb 1993

(Barbuda) Where the amount of a pension was to be calculated by reference to the length of service and the greater of the pay at the time of retirement, or the average over the last three years, that pay was calculated as the total amount of pay or earnings of all kinds relating to the pensionable employment.

Citations:

Ind Summary 22-Mar-1993, [1993] UKPC 6

Links:

Bailii

Jurisdiction:

Commonwealth

Employment, Financial Services

Updated: 02 September 2022; Ref: scu.429751

Wilson and Another v MF Global UK Ltd and Another: QBD 1 Feb 2011

The claimants sought damages from their investment brokers.
Held: The mere fact that a financial adviser may express an opinion does not mean that an advisory relationship has come into being

Judges:

Eady J

Citations:

[2011] EWHC 138 (QB)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 01 September 2022; Ref: scu.428375

Sharma v Financial Services Authority: UTTC 7 Dec 2010

STRIKE OUT APPLICATION – No real prospect of success – Fitness and propriety – Criminal convictions – Applicant referred decision notice containing prohibition order – Recent convictions for failing to notify change of control and for knowingly or recklessly giving false and misleading information – Whether and in what circumstances it is proper for Tribunal to strike out the Reference on grounds of no real prospect of success – Strike out application granted – Tribunal Procedure (Upper Tribunal) Rules 2008 (SI 2698/2008) as amended, Rule 8(3)(c)

Citations:

[2010] UKUT 25 (FS), [2010] UKUT B32 (TCC)

Links:

Bailii, Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 01 September 2022; Ref: scu.428186

Atlantic Law llp v Financial Services Authority: UTTC 1 Mar 2010

Conduct of Business Rules – approvals by solicitors of promotions by unauthorised overseas companies – ‘boiler rooms’ – alleged absence of adequate guidance by FSA – recklessness – sanction – level of financial penalty

Citations:

[2010] UKUT B7 (FS)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 01 September 2022; Ref: scu.428148

Singh (T/A Oceans Mortgages) v Financial Services Authority: UTTC 8 Apr 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 B10 (FS)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 01 September 2022; Ref: scu.428152

ABS Financial Planning Ltd and Others, Regina (on The Application of) v Financial Services Authority and Another: Admn 12 Jan 2011

217 companies sought to challenge a decision imposing on them an interim levy to cover the cost of claims accepted by the defendants in respect of the defaults of another company.

Judges:

Beatson J

Citations:

[2011] EWHC 18 (Admin)

Links:

Bailii

Statutes:

Financial Services and Markets Act 2000

Jurisdiction:

England and Wales

Financial Services

Updated: 31 August 2022; Ref: scu.427974

Stena Line Ltd v Merchant Navy Ratings Pension Fund Trustees Ltd and Another: ChD 27 Jul 2010

Judges:

Briggs J

Citations:

[2010] EWHC 1805 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

At ChD (Approved) – Stena Line Ltd v Merchant Navy Ratings Pension Fund Trustees Ltd and Another CA 12-May-2011
The court heard a proposed arrangement for the remedying of a deficit in the pension scheme. . .
Mentioned – Marks and Spencer Plc v BNP Paribas Securities Services Trust Company (Jersey) Ltd and Another SC 2-Dec-2015
The Court considered whether, on exercising a break clause in a lease, the tenant was entitled to recover rent paid in advance.
Held: The appeal failed. The Court of Appeal had imposed what was established law. The test for whether a clause . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Contract

Updated: 21 August 2022; Ref: scu.421086

The PNPF Trust Company Ltd v Taylor and Others: ChD 28 Jun 2010

Judges:

Warren J

Citations:

[2010] EWHC 1573 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Saunders v The United Kingdom ECHR 17-Dec-1996
(Grand Chamber) The subsequent use against a defendant in a prosecution, of evidence which had been obtained under compulsion in company insolvency procedures was a convention breach of Art 6. Although not specifically mentioned in Article 6 of the . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 19 August 2022; Ref: scu.418456

Moneygram Payment Systems Inc v Revenue and Customs: FTTTx 25 Mar 2010

FTTTX MONEY LAUNDERING – liability to register under money laundering regulations – liability to pay fees on registration – Appellant appoints agents to offer its money transfer service at agents’ premises – whether Appellant is carrying on a business of transmitting money in the UK – yes – whether Appellant liable to register in relation to such business – yes – whether Commissioners entitled to charge Appellant the registration fee when agents registered for other money transmission businesses operated from the same premises – yes – regs 10 and 14, Money Laundering Regulations 2003 – Article 1(B), EC Directive 91/308/EEC – appeal dismissed

Citations:

[2010] UKFTT 132 (TC)

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 17 August 2022; Ref: scu.408967

Lehman Brothers International (Europe) v CRC Credit Fund Ltd and Others: ChD 20 Jan 2010

Citations:

[2010] EWHC 47 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

See Also – Lehman Brothers International (Europe) v CRC Credit Fund Ltd and Others ChD 15-Dec-2009
. .

Cited by:

See Also – CRC Credit Fund Ltd and Others v GLG Investments Plc (Sub-Fund: European Equity Fund) and Others CA 2-Aug-2010
. .
See Also – Lehman Brothers International (Europe), Re SC 29-Feb-2012
The court was asked to interpret the provisions as to ‘client money rules’ and ‘client money distribution rules’ in the FSA handbook, and to consider the consequences as to the applicable trusts. Substantial sums paid by clients to the bank before . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 13 August 2022; Ref: scu.393349

Lehman Brothers International (Europe) v CRC Credit Fund Ltd and Others: ChD 15 Dec 2009

Judges:

Briggs J

Citations:

[2009] EWHC 3228 (Ch), [2010] 2 BCLC 301

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

See Also – Lehman Brothers International (Europe) v CRC Credit Fund Ltd and Others ChD 20-Jan-2010
. .
Appeal from – CRC Credit Fund Ltd and Others v GLG Investments Plc (Sub-Fund: European Equity Fund) and Others CA 2-Aug-2010
. .
At first instance – Lehman Brothers International (Europe), Re SC 29-Feb-2012
The court was asked to interpret the provisions as to ‘client money rules’ and ‘client money distribution rules’ in the FSA handbook, and to consider the consequences as to the applicable trusts. Substantial sums paid by clients to the bank before . .
Lists of cited by and citing cases may be incomplete.

Insolvency, Financial Services

Updated: 11 August 2022; Ref: scu.384131

Hillsdown Holdings Plc and HF Meat and Foods Processing Pension Scheme Trustees Limited v Commissioners of Inland Revenue: ChD 13 May 1999

A payment made out of a pension scheme which had subsequently been found unlawful and ordered to be repaid, was not a taxable payment as such. The payment had been made in good faith and on advice.

Citations:

Times 13-May-1999, [1999] EWHC Admin 219

Links:

Bailii

Statutes:

Income and Corporation Taxes Act 1988 601

Jurisdiction:

England and Wales

Corporation Tax, Financial Services

Updated: 06 August 2022; Ref: scu.81384

Kommune and Another v DEPFA Acs Bank: ComC 4 Sep 2009

Local authorities in Denmark sought to recover sums paid to the defendant banks for swap trading, saying that the payments had been outwith their powers.

Judges:

Tomlinson J

Citations:

[2009] EWHC 2227 (Comm)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – 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 – Guinness Mahon and Co Ltd v Kensington and Chelsea London Borough Council CA 2-Mar-1998
Where a local authority entered into a loan agreement outside its powers, the agreement was void ab initio, not merely voidable, and all moneys paid could be reclaimed. . .
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 – Deutsche Morgan Grenfell Group Plc v Inland Revenue and Another HL 25-Oct-2006
The tax payer had overpaid Advance Corporation Tax under an error of law. It sought repayment. The revenue contended that the claim was time barred.
Held: The claim was in restitution, and the limitation period began to run from the date when . .
Cited – Lipkin Gorman (a Firm) v Karpnale Ltd HL 6-Jun-1991
The plaintiff firm of solicitors sought to recover money which had been stolen from them by a partner, and then gambled away with the defendant. He had purchased their gaming chips, and the plaintiff argued that these, being gambling debts, were . .
Cited – NIRU Battery Manufacturing Company and Another v Milestone Trading Ltd and others ComC 8-May-2003
There was a contract for the sale of lead ingots. The sale was supported by letters of credit but inaccurate certificates were issued to release payment. The parties sought now to amend the contributions in the light of the Royal Brompton Hospital . .
Cited – Goss and others v Laurence George Chilcott As Liquidator of Central Acceptance Limited (In Liquidation) PC 23-May-1996
(New Zealand) Mr and Mrs Goss, had been granted a loan by the claimant finance company under a mortgage instrument that had been avoided by the claimant because it had been fraudulently altered by Mr Haddon, an employee of the claimant, without the . .

Cited by:

Appeal From – Haugesund Kommune and Another v Depfa Acs Bank CA 27-May-2010
. .
Lists of cited by and citing cases may be incomplete.

Financial Services, Local Government, Banking

Updated: 04 August 2022; Ref: scu.374385

SRM Global Master Fund Lp and Others v Her Majesty’s Treasury: CA 28 Jul 2009

The claimants appealed rejection of their claim for compensation as shareholders on the rescue of Northern Rock plc.

Citations:

[2009] EWCA Civ 788

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Handyside v The United Kingdom ECHR 7-Dec-1976
Freedom of Expression is Fundamental to Society
The appellant had published a ‘Little Red Schoolbook’. He was convicted under the 1959 and 1964 Acts on the basis that the book was obscene, it tending to deprave and corrupt its target audience, children. The book claimed that it was intended to . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Damages

Updated: 30 July 2022; Ref: scu.365617

Regina v Institute of Chartered Accounts and Others, Ex Parte Brindle and Others: CA 12 Jan 1994

The Bank’s liquidator action was to be concluded before a disciplinary enquiry, and the enquiry should be stayed accordingly.

Citations:

Times 12-Jan-1994, [1994] BCC 297

Jurisdiction:

England and Wales

Cited by:

Cited – Regina v Chance, ex parte Smith QBD 1995
The applicant sought to delay disciplinary proceedings by the accountancy body pending the outcome of civil litigation over a related matter.
Held: ‘ . . as Parliament has entrusted the initial valuation of the case against the applicants to . .
Cited – Land and others v the Executive Counsel of the Joint Disciplinary Scheme QBD 15-Oct-2002
The applicants were partners and staff in Ernst and Young. They sought a stay of disciplinary proceedings brought against them by the accountancy regulators pending resolution of the civil claim against them in respect of closely related issues . .
Cited – Regina v Executive Counsel of the JDS, ex parte Hipps ChD 1996
The court considered the law as to whether disciplinary procedings should be stayed pending the outcome of civil proceedings.
Held: The court was not reviewing the decision not to adjourn the proceedings, but exercising an original . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Administrative

Updated: 23 July 2022; Ref: scu.86952

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.

Citations:

Independent 17-Feb-1993, Gazette 07-Apr-1993

Statutes:

Financial Services Act 1986

Jurisdiction:

England and Wales

Cited by:

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

Wills and Probate, Financial Services

Updated: 23 July 2022; Ref: scu.86956

Regina v Occupational Pensions Regulatory Authority and Another Ex Parte Littlewoods Pensions Trust Ltd: ChD 4 Jun 1997

Acts by pensions trustees creating a righteous indignation only, and not affecting the financial interests of the members, were not challengeable under the Act.

Citations:

Gazette 04-Jun-1997, Times 16-Jun-1997

Statutes:

Pension Schemes Act 1993 99(4)(a)(iii)

Jurisdiction:

England and Wales

Financial Services

Updated: 21 July 2022; Ref: scu.87484

Bunce, Regina (on the Application of) v Pensions Appeal Tribunal: Admn 5 Mar 2008

Citations:

[2008] EWHC 2268 (Admin)

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

Appeal From – Bunce, Regina (on the Application of) v Pensions Appeal Tribunal CA 7-Apr-2009
The claimant renewed his application for leave to appeal against refusal of a judicial review of a decision of the Pensions Appeal Tribunal. He was injured in a motorcycle accident whilst on National Service in 1951. He challenged a decision to . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 19 July 2022; Ref: scu.276978

Secretary of State for Defence, Regina (on the Application of) v Pensions Appeal Tribunal: Admn 14 Jul 2008

Judges:

Underhill J

Citations:

[2008] EWHC 2168 (Admin)

Links:

Bailii

Statutes:

Naval, Military and Air Forces Etc (Disablement and Death) Services Pensions Order 1983

Jurisdiction:

England and Wales

Armed Forces, Financial Services

Updated: 19 July 2022; Ref: scu.276243

In Re Market Wizard Systems (UK) Ltd: ChD 31 Jul 1998

A computer giving advice of share sale holding and selling positions was giving advice regulatable under the Financial Services Act, and the company selling the software committed the offence when the software was sold even though ‘advice’ was much later.

Citations:

Gazette 03-Sep-1998, Times 31-Jul-1998

Statutes:

Financial Services Act 1986 Sch 1 Para 15, Insolvency Act 1986

Jurisdiction:

England and Wales

Financial Services

Updated: 19 July 2022; Ref: scu.82047

Securities and Investments Board v Lloyd-Wright and Another: ChD 23 Jun 1993

The SIB sought injunctions pursuant to the 1986 Act, three to prevent continued breaches of the law and fourth, an asset freezing order. It was argued that although it might be right to dispense with a cross-undertaking in damages in relation to the first three injunctions, a Mareva was quite different and that ‘such an order was draconian in its nature, and not strictly law enforcement.’
Held: A material factor was whether the public body applicant enjoyed an immunity from damages claims. Since (a) the SIB was authorised by statute ‘to claim monetary restitution for the benefit of those who may have suffered losses as a result of the unauthorised business’, and, since (b) the remedy whether monetary or injunctive was ‘one provided by statute and is provided to the [SIB], not for [their] own benefit but for the benefit of the public at large or those who have suffered from the infringement . .’, it was appropriate for there to be no cross-undertaking in damages. In each case the injunction was sought as a means of law enforcement and that the fact that a Mareva was draconian did not prevent it being law enforcement but merely reflected the worldwide nature of the defendants’ activities.

Citations:

Times 23-Jun-1993, [1993] 4 All ER 210

Statutes:

Financial Services Act 1986, Financial Services Act 1986

Jurisdiction:

England and Wales

Citing:

Applied – In re Highfield Commodities Ltd ChD 1985
The court’s discretion in appointing provisional liquidators is unfettered provided it is exercised in a ‘proper judicial manner’. Sir Robert Megarry V-C said: ‘I would respectfully express my complete agreement with the view taken by [the judge]. I . .

Cited by:

Cited – 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.

Litigation Practice, Financial Services

Updated: 17 July 2022; Ref: scu.89151

Bridge Trustees Ltd v Yates and others: ChD 1 May 2008

Judges:

Sarah Asplin QC

Citations:

[2008] EWHC 964 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Cited by:

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

Financial Services

Updated: 17 July 2022; Ref: scu.270626

Piggott v Financial Services Authority: FSMT 2 Jan 2007

FSMT REGULATED ACTIVITIES – prohibition order – whether Applicant a fit and proper person to perform functions in relation to regulated activities carried on by an authorised person – no – use of forged documents – whether abuse of process to go behind court decisions in which forged documents accepted as valid – no.

Citations:

[2007] UKFSM FSM043

Links:

Bailii

Financial Services

Updated: 15 July 2022; Ref: scu.268193

Pitmans Trustees Limited, Whitehead, Bracey-Wright v The Telecommunications Group Plc: ChD 10 Feb 2004

Judges:

The Vice-Chancellor

Citations:

[2004] EWHC 181 (Ch)

Links:

Bailii

Jurisdiction:

England and Wales

Citing:

Cited – Agricultural Horticultural and Forestry Industry Training Board v Aylesbury Mushrooms 1972
The Secretary of State proposed to introduce new regulations for the training of agricultural workers. It sent a notice inviting representations from a body representing the mushroom growing industry, but the letter was not received. The regulation . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Employment, Administrative

Updated: 13 July 2022; Ref: scu.193413

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

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

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

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

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