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 order before those assets could be made available to the creditors. Acts of Parliament had at various times exempted certain kinds of pension assets from being available in this way, typically by avoiding assignments, but for this kind of pension this only happened in 1999. Chadwick LJ: ‘. . . in construing the relevant provisions of the [Insolvency Act 1986] the court should follow the approach indicated by Lord Diplock in Garland v British Rail Engineering Ltd [1983] 2 AC 751 at 755, and construe the words of the statute, if they are reasonably capable of bearing such a meaning, as intended to carry out an international obligation which the United Kingdom has assumed under a treaty or convention and not so as to be inconsistent with that obligation.’

Judges:

Chadwick LJ

Citations:

Times 18-Apr-2000, Gazette 11-May-2000, [2000] EWCA Civ 112, [2001] Ch 76

Links:

Bailii

Statutes:

Insolvency Act 1986 306 (1) 310, Welfare Reform and Pensions Act 1999

Jurisdiction:

England and Wales

Citing:

CitedGarland v British Rail Engineering Ltd ECJ 9-Feb-1982
garland_breECJ1982
The fact that an employer (although not bound to do so by contract) provides special travel facilities for former male employees to enjoy after their retirement constitutes discrimination within the meaning of article 119 against former female . .
ApprovedIn 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 by:

CitedMalcolm 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 . .
CitedHorton 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.

Insolvency, Financial Services

Updated: 19 May 2022; Ref: scu.82838

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

Corporation Tax, Financial Services

Updated: 19 May 2022; Ref: scu.81384

Director of Savings v Woolf; Same v Kear and Another: ComC 20 Jun 1997

Promise to pay interest ‘fixed and guaranteed for . . five years’ was binding; ambiguity resolved against promissor. Pensioners Guaranteed. Income Bond. Correct way of calculating interest. Leap years. Investment year against calendar year.

Judges:

Cresswell J

Citations:

Times 09-Jul-1997

Jurisdiction:

England and Wales

Financial Services

Updated: 19 May 2022; Ref: scu.80060

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.

Citations:

Gazette 18-Nov-1992

Statutes:

Banking Act 1987 59(1)(a)

Cited by:

Appeal fromDepositors’ 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. . .
At First InstanceDepositors’ 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.

Contract, Banking, Financial Services

Updated: 19 May 2022; Ref: scu.79917

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 equitable assignees of deposits. Such assignees are not depositors within the meaning of the scheme. Lord Browne-Wilkinson said that regulations could only be used an aid to construction where the regulations are roughly contemporaneous with the Act being construed.
After a legal assignment only the assignee can be said to have any entitlement against the Defendant.

Judges:

Lord Browne-Wilkinson

Citations:

Times 20-May-1994, Gazette 29-Jun-1994, Independent 31-May-1994, [1994] 2 AC 367, [1994] 2 AC 367

Statutes:

Banking Act 1987 58(1)

Citing:

Appeal fromDepositors’ 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. . .
At First InstanceDepositors 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:

CitedA, Regina (on The Application of) v B; Regina (A) v Director of Establishments of the Security Service SC 9-Dec-2009
B, a former senior member of the security services wished to publish his memoirs. He was under contractual and statutory obligations of confidentiality. He sought judicial review of a decision not to allow him to publish parts of the book, saying it . .
CitedRevenue and Customs v Forde and McHugh Ltd SC 26-Feb-2014
The Court heard a number of appeals concerned with the interpretation of the phrase in section 6(1) of the Social Security Contributions and Benefits Act 1992, ‘[w]here in any tax week earnings are paid to or for the benefit of an earner’ It was . .
Lists of cited by and citing cases may be incomplete.

Banking, Financial Services

Updated: 19 May 2022; Ref: scu.79916

Bus Employees Pension Trustees Ltd v Harrod et Al; NBPF Pension Trustees Ltd v Paddock: ChD 8 Apr 1999

Where a deed of variation of the trusts of a wound up pension fund had been held invalid by the ombudsman, the later provisions of the Act could not be brought into play to assist, since the potential benefits did not constitute a membership.

Citations:

Gazette 08-Apr-1999

Statutes:

Pension Schemes Act 1993 1

Financial Services

Updated: 19 May 2022; Ref: scu.78777

Brooks v Civil Aviation Authority and Another: IHCS 28 Jul 2000

When the Pensions Ombudsman carried out an investigation under the Act, he was entitled to act on the information already gathered, and had no obligation to undertake a new factual enquiry. The issues in this case had been litigated repeatedly, and the ombudsman had a wide discretion as to the conduct of his investigation of the complaint, and in this case his decision could not be faulted.

Citations:

Times 28-Jul-2000

Financial Services, Administrative, Scotland

Updated: 18 May 2022; Ref: scu.78678

Bank of Scotland v Dunedin Property Investment Co Ltd: OHCS 16 May 1997

The cost of an interest rate swap brokerage agreement was not covered by an indemnity against ‘all costs charges and expenses incurred’.

Citations:

Times 16-May-1997, 1998 SC 657

Citing:

Appealed toBank of Scotland v Dunedin Property Investment Co Ltd IHCS 24-Sep-1998
Issue of loan stock supported by charge for ‘all costs charges and expenses incurred’ this included the breakage cost of the bank in setting up interest-rate swap arrangements to protect itself against swings in costs. . .

Cited by:

Appeal fromBank of Scotland v Dunedin Property Investment Co Ltd IHCS 24-Sep-1998
Issue of loan stock supported by charge for ‘all costs charges and expenses incurred’ this included the breakage cost of the bank in setting up interest-rate swap arrangements to protect itself against swings in costs. . .
See AlsoThe Governor and Company of the Bank of Scotland v Dunedin Property Investment Company Ltd OHCS 8-Jun-1999
. .
Lists of cited by and citing cases may be incomplete.

Financial Services, Contract, Scotland

Updated: 18 May 2022; Ref: scu.78161

Allied Irish Bank Group (Uk) Plc v Henelly Properties Ltd and Others: ChD 7 Jun 2000

The fact that a mortgage advance was to be paid by stages as a building progressed, did not mean that the mortgage securing the advance was delivered in escrow until the building work was complete. If the mortgagee defaulted in his payments the lender was entitled to seek possession of the land at that time.

Citations:

Times 07-Jun-2000

Jurisdiction:

England and Wales

Land, Financial Services

Updated: 17 May 2022; Ref: scu.77758

Profilati Italia S R L v Painewebber Incorporated, Painewebber International Futures Limited: ComC 12 Sep 2001

CS Arbitration – Award – Application to set aside award on the grounds of serious irregularity – Arbitration Act 1996 s. 68(2)(g) – whether inadvertent failure to disclose relevant documents resulted in award being procured in a way contrary to public policy – whether respondents suffered substantial injustice. Arbitration – Disclosure – Arbitration under Rules of the London Metal Exchange – duty of respondent to give disclosure – whether respondent failed to disclose relevant documents
The Applicant challenged an arbitration award made under the rules of the London Metal Exchange. They claimed that they had incurred losses through the wrongful closure of its credit line and by closing out the business between them. They claimed the award would not have been made had the defendants made full disclosure of documents which later came to light. They claimed this to be in breach of public policy rather than by fraud. This applied for the most serious of cases where justice called out for a remedy. In this case disclosure may not have included these documents, and they may not have had the substantial effect claimed. The application failed.

Judges:

Moore-Bick J

Citations:

[2001] 1 All ER 1065

Statutes:

Arbitration Act 1996 68(2)(g)

Jurisdiction:

England and Wales

Arbitration, Financial Services

Updated: 11 May 2022; Ref: scu.166138

Tee v Lautro Limited: CA 20 Nov 1996

Citations:

[1996] EWCA Civ 1009

Statutes:

Financial Services Act 1986 187(1)

Jurisdiction:

England and Wales

Citing:

CitedDavis v Radcliffe PC 5-Apr-1990
(Isle of Man) Misfeasance in public office.
Held: No duty of care was owed by financial regulators towards investors. . .
CitedYuen Kun-Yeu v Attorney-General of Hong Kong PC 1987
(Hong Kong) The claimant deposited money with a licensed deposit taker, regulated by the Commissioner. He lost his money when the deposit taker went into insolvent liquidation. He said the regulator was responsible when it should have known of the . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Torts – Other

Updated: 11 May 2022; Ref: scu.140876

Norwich Union Life Insurance Society v Qureshi and Another; Aldrich and Others v Norwich Union Life Insurance Co Ltd: CA 13 Aug 1999

The provider of endowment insurance, has a duty of utmost good faith to an insured, but need disclose only matters which are material to the risk. Such facts need not include every fact which might affect the decision to enter into any contract collateral to the insurance contract. Duties under the Financial Services Act did not extend this duty.

Citations:

Times 13-Aug-1999

Statutes:

Financial Services Act 1986 47

Jurisdiction:

England and Wales

Financial Services, Equity, Insurance

Updated: 11 May 2022; Ref: scu.84363

Merchant Navy Ratings Pension Fund Trustees Ltd v Chambers and Another: ChD 29 Mar 2001

The trustees sought approval of the transfer of the funds within a scheme by way of a rescue. The transfer was opposed on behalf of its members, as being without their necessary consent. It was held that consent was not required where both schemes were intended to benefit employees in the same employment, and that it was for the actuary to assess whether or not any transfer of a particular member’s benefits would affect him adversely, and an alteration of the entitlement benefits would not of itself prevent certification.

Citations:

Gazette 29-Mar-2001, Times 02-Apr-2001

Statutes:

Occupational Pension Schemes (Preservation of Benefits) Regulations 1991 (1991 No 167), Occupational Pension Schemes (Modification of Benefits) Regulations 1996 3

Jurisdiction:

England and Wales

Financial Services

Updated: 10 May 2022; Ref: scu.83647

Forrest and Another v Towry Law Financial Services Ltd and Others: CA 25 Nov 1999

Once a writ had been issued, the Ombudsman had no standing to hear a complaint. The applicant wished to preserve his rights against the defendant in negligence but to pursue a complaint first. It was held that the writ having been issued, it would first have to be stayed, adjourned or discontinued, before the Ombudsman could accept jurisdiction on the complaint.

Citations:

Gazette 25-Nov-1999, Times 03-Dec-1999

Jurisdiction:

England and Wales

Administrative, Litigation Practice, Financial Services

Updated: 10 May 2022; Ref: scu.80638

Icarus (Hertford) Ltd v Driscoll: ChD 1990

Judges:

Aldous J

Citations:

[1990] 1 Pens LR 1

Jurisdiction:

England and Wales

Cited by:

CitedTrustee Solutions Ltd and others v Dubery and Another ChD 21-Jun-2006
The rules of a pensions scheme were altered. It was required that any such alteration be in writing, but the trustees had not signed the document creating the amendment.
Held: The words ‘writing under hand’ clearly required a signature, and . .
Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 07 May 2022; Ref: scu.244451

Cowan v Scargill and Others: ChD 13 Apr 1984

Trustee’s duties in relation to investments

Within the National Coal Board Pension scheme, the trustees appointed by the NCB were concerned at the activities of the trustees of the miners, and sought directions from the court. The defendants refused to allow any funds to be invested abroad.
Held: The same principles applied to pension funds as applied to other trusts. The NUM trustees were attempting to impose the prohibitions in order to carry out union policy; and mere assertions that their sole consideration was the benefit of the beneficiaries do not alter that conclusion, and the defendant had misrepresented the effect of the legal advice upon which he purported to act.
As this was a trust to provide financial benefits, the power of investment must be exercised to yield the best return for the beneficiaries. However the judge qualified this moderately by saying that while the trustees’ paramount concern must be the beneficiaries’ financial benefit, there may be non-financial benefits that the beneficiaries may wish to obtain even if they might as a result receive lesser financial benefits.
Sir Robert Megarry VC said: ‘The starting point is the duty of trustees to exercise their powers in the best interests of the present and future beneficiaries of the trust, holding the scales impartially between different classes of beneficiaries. This duty of the trustees towards their beneficiaries is paramount. They must, of course, obey the law; but subject to that, they must put the interests of their beneficiaries first. When the purpose of the trust is to provide financial benefits for the beneficiaries, as is usually the case, the best interests of the beneficiaries are normally their best financial interests. In the case of a power of investment, as in the present case, the power must be exercised so as to yield the best return for the beneficiaries, judged in relation to the risks of the investments in question; and the prospects of the yield of income and capital appreciation both have to be considered in judging the return from the investment.’
If trustees for social or ethical reasons fail to make an investment which would produce a better result, the would be subject to criticism. ‘In considering what investments to make trustees must put on one side their own personal interests and views. Trustees may have strongly held social or political views. They may be firmly opposed to any investment in South Africa or other countries, or they may object to any form of investment in companies concerned with alcohol, tobacco, armaments or many other things. In the conduct of their own affairs, of course, they are free to abstain from making any such investments. Yet under a trust, if investments of this type would be more beneficial to the beneficiaries than other investments, the trustees must not refrain from making the investments by reason of the views that they hold.’
however: ‘If trustees make a decision upon wholly wrong grounds, and yet it subsequently appears, from matters which they did not express or refer to, that there are in fact good and sufficient reasons for supporting their decision, then I do not think that they would incur any liability for having decided the matter upon erroneous grounds; for the decision itself was right.’

Judges:

Sir Robert Megarry VC

Citations:

[1985] Ch 270, (1984) 128 SJ 550, [1984] IRLR 260, [1984] 3 WLR 501, [1984] 2 All ER 750

Statutes:

Coal Industry Nationalisation Act 1946 37

Jurisdiction:

England and Wales

Citing:

CitedButtle v Saunders ChD 1950
Trustees for sale had struck a bargain for the sale of trust property but had not bound themselves by a legally enforceable contract.
Held: They had a duty to consider and explore a better offer that they received, and not to carry through the . .
CitedIn re Wyvern Developments Ltd ChD 1974
An official receiver ‘must do his best by his creditors and contributories. He is in a fiduciary capacity and cannot make moral gestures, nor can the court authorise him to do so.’ . .
CitedBalls v Strutt 1841
‘It is a principle in this court, that a trustee shall not be permitted to use the powers which the trust may confer upon him at law, except for the legitimate purposes of his trust;…’ . .
CitedDuke of Portland v Topham CA 1864
Commonlii The donee of a power of appointing portions among his younger children appointed a double share to a younger child without previous communication with him. But it appeared from the instructions for the . .
CitedIn re Whiteley 1886
Lindley LJ considered the duties of a trustee in exercising his powers of investment and said: ‘The principle applicable to cases of this description was stated . . to be that a trustee ought to conduct the business of the trust in the same manner . .
CitedHarrison-Broadley v Smith CA 1964
The court has an inherent power to make declarations even though they have not been claimed in the proceedings. In order to give effect to a partnership, the partner who owns the premises on which the partnership business is carried on is taken to . .
CitedEvans v London Co-operative Society Ltd 6-Jul-1976
Rule 7 of the trust instrument of a pension fund provided for the pensions committee to make loans on certain terms to the Co-operative Society in question, and the pension fund had been receiving from the society less than the market rate of . .

Cited by:

CitedNestle v National Westminster Bank CA 6-May-1992
The claimant said that the defendant bank as trustee of her late father’s estate had been negligent in its investment of trust assets.
Held: The claimant had failed to establish either a breach of trust or any loss flowing from it, though . .
CitedLehtimaki and Others v Cooper SC 29-Jul-2020
Charitable Company- Directors’ Status and Duties
A married couple set up a charitable foundation to assist children in developing countries. When the marriage failed an attempt was made to establish a second foundation with funds from the first, as part of W leaving the Trust. Court approval was . .
CitedButler-Sloss and Others v The Charity Commission for England and Wales and Another ChD 29-Apr-2022
Principles allowing Ethical Investment by Trustees
Should charities, whose principal purposes are environmental protection and improvement and the relief of poverty, be able to adopt an investment policy that excludes many potential investments because the trustees consider that they conflict with . .
Lists of cited by and citing cases may be incomplete.

Trusts, Financial Services

Leading Case

Updated: 04 May 2022; Ref: scu.222822

Hughes v Asset Managers Plc: CA 13 May 1994

The appellants had entered into discretionary investment management agreements wth the respondent. The investments made a substantial losss which the appellants sought to recover, saying that the agreements were void under the 1958 Act.
Held: The absence of a licence did not avoid an agreement needing a licence.
The claimants had put money with the defendants to invest. The markets fell, and they lost substantially. They now sought recovery saying that the asset management agreement was invalid and void under section 1 in that the person who signed the agreement for the defendants was not himself authorised at the time.
Held: The claimants appeal failed. The Act did not have the effect that non-compliance would render the contract void.

Judges:

Nourse, Hirst, Saville LJJ

Citations:

Ind Summary 13-Jun-1994, [1994] EWCA Civ 14, [1995] 3 All ER 669, [1994] CLC 556

Links:

Bailii

Statutes:

Prevention of Frauds (Investment) Act 1958 1

Jurisdiction:

England and Wales

Citing:

CitedCornelius v Phillips HL 1918
A transaction which had been entered into in contravention of statutory restrictions was unlawful, and any contract which formed part of it conferred no rights on the moneylender. . .
CitedSt John Shipping Corporation v Joseph Rank Limited 1956
The defendants held a bill of lading for part of the cargo carried on the plaintiffs’ vessel from Mobile, Alabama, to Birkenhead. The vessel was over laden and the plaintiffs were guilty of an offence under the 1932 Act. The defendants relied on the . .
CitedRe Cavalier Insurance Co Ltd 1989
The court considered the effect on a transaction of rules which prohibited the actions of both parties, in this case a prohibition on effecting and carrying out contracts of insurance. . .
CitedCope v Rowlands 1836
The court considered te situation of entry into a contract by a person under a statutory prohibition. Parke B said: ‘It is perfectly settled that where the contract which the plaintiff seeks to enforce, be it express or implied, is expressly or by . .
CitedHalvanon Insurance Co Ltd v Central Reinsurance Corporation CA 1988
The fact that a contract was made by an unauthorised insurer contrary to the 1974 Act, which was silent as to the effect of a breach of this statute, did not render the contracts made by the unauthorised insurer void. Rendering transactions void . .

Cited by:

CitedPatel v Mirza SC 20-Jul-2016
The claimant advanced funds to the respondent for him to invest in a bank of which the claimant had insider knowledge. In fact the defendant did not invest the funds, the knowledge was incorrect. The defendant however did not return the sums . .
Lists of cited by and citing cases may be incomplete.

Financial Services, Financial Services, Contract

Updated: 29 April 2022; Ref: scu.81519

Ukraine v The Law Debenture Trust Corporation Plc: CA 14 Sep 2018

The state of Ukraine (acting by its Minister of Finance acting upon the instructions of the Cabinet of Ministers of Ukraine) appeals against an order for summary judgment for the payment of US$3.075 billion plus interest

Citations:

[2018] EWCA Civ 2026

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 27 April 2022; Ref: scu.622328

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

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 InstanceSingularis 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

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:

Citedin 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:

Citedin 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 JudgmentLewin, 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

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)

Financial Services

Updated: 10 April 2022; Ref: scu.87995

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:

CitedMalcolm 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 . .
CitedBelmont 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 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

Financial Services

Updated: 08 April 2022; Ref: scu.82047

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

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:

CitedMettoy 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 . .
CitedImperial 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 . .
CitedIn 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 . .
CitedRe 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. . .
DisapprovedBritish 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:

CitedAon 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 . .
CitedBarnardo’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 . .
CitedSveriges 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

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

The company appealed against a decision to hold disciplinary proceedings against it in private.

Judges:

Sir James Munby P FD, Lewison, Lindblom LJJ

Citations:

[2017] EWCA Civ 1294

Links:

Bailii

Jurisdiction:

England and Wales

Financial Services

Updated: 29 March 2022; Ref: scu.593145

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 UTTCMacris 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 CAThe 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 . .
Citedin 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:

CitedBritish 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

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

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

Grace Bay II Holdings Sarl and Others, Regina (on The Application of) v The Pensions Regulator and Others: Admn 10 Jan 2017

Challenge to prospective regulatory action against the claimants in respect of pensions schemes of which they had charge.

Judges:

Whpple J

Citations:

[2017] EWHC 7 (Admin)

Links:

Bailii

Jurisdiction:

England and Wales

Employment, Financial Services

Updated: 28 January 2022; Ref: scu.573209

Granada Group Ltd v The Law Debenture Pension Trust Corporation Plc: CA 16 Dec 2016

This appeal concerns the legality of pension arrangements for former directors of Granada Group Ltd. Andrews J held a trial on liability only, at the conclusion of which she decided that the arrangements were lawful.

Lewison, Christopher Clarke, Hamblen LJJ
[2016] EWCA Civ 1289
Bailii
England and Wales

Employment, Financial Services

Updated: 27 January 2022; Ref: scu.572415