Macris v The Financial Conduct Authority: UTTC 10 Apr 2014

FINANCIAL SERVICES – preliminary hearing – third party rights – s 393 Financial Services and Markets Act 2000 – whether applicant identified in notice – yes

[2014] UKUT B7 (TCC)
Bailii
England and Wales
Cited by:
At UTTCThe 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 . .
At UTTCFinancial 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. . .

Lists of cited by and citing cases may be incomplete.

Financial Services

Updated: 03 December 2021; Ref: scu.525885

Charles Stanley and Co Ltd v Adams: QBD 19 Jul 2013

The claimant stock broking firm sought to recover its uninsured losses after having paid out for what was said to have been negligent advice by the respondent, a self-employed broker working for them.
Held: The power to recover such losses were part of the contract with the broker, and the provision did not offend against public policy and were not void: ‘there is no intrinsic bar to the parties to a contract giving a power to one of them to determine something which affects their rights. It is, of course, a very different situation to that where contract provides for a tribunal to determine disputes between the parties, which tribunal is to be independent of the parties, and later a question of bias arises relating to the tribunal. These cases show that the court will intervene when an express term of the contract has not been complied with by the decision-maker, or where an implied term such as to act reasonably and in good faith has not been met. The jurisdiction of the court is not ousted.’

Sir Raymond Jack
[2013] EWHC 2137 (QB)
Bailii
England and Wales
Citing:
CitedLee v Showmens Guild of Great Britain CA 1952
Decisions of inferior tribunals, including arbitrators, were reviewable on the basis of general error of law on record for which certiorari might issue. A decision may be reviewable where there was no evidence supporting particular conclusions.
CitedWest of England Shipowners Mutual Insurance Association (Luxembourg) v Cristal Ltd CA 1996
A contract had been set up to provide compensation for oil pollution losses. It was between oil companies who contributed to the fund and its administrators, Cristalwho was to ‘be the sole judge in accordance with these terms of the validity of any . .
CitedR E Brown and others v GIO Insurance Limited CA 6-Feb-1998
A reinsurance contact provided for an excess and limit of liability to be calculated on the basis of ‘each and every loss and/or series of losses arising out of one event.’ It also provided that ‘The Reassured shall be the sole judge as to what . .
CitedSkidmore v Dartford and Gravesham NHS Trust HL 22-May-2003
The disciplinary code for doctors employed by the NHS provides different procedures cases involving allegations of ‘professional conduct’ or ‘personal conduct.’ The first would involve a more judicial process, and the second a more informal . .

Lists of cited by and citing cases may be incomplete.

Financial Services, Employment

Updated: 17 November 2021; Ref: scu.513546

Banco Santander Totta Sa v Companhia De Carris De Ferro De Lisboa Sa and Others: ComC 4 Mar 2016

The parties, both Portuguese had entered into now disputed interest rate swap agreements which provided for them to be subject to English law and jurisdiction. The bank claimant sought to enforce the agreements, and the defendant argued that, neither party having a connection with England, the matter should be heard in Portugal.
Held: The request for the matter to be dealth with in Portugal failed. Not every aspect of the contract had Portuguese only elements, and article 3 could only be applied if all were.

Blair J
[2016] EWHC 465 (Comm), [2016] WLR(D) 125, [2016] 4 WLR 49
Bailii, WLRD
Convention 80/934/EEC 3(3)

Contract, International, Financial Services

Updated: 11 November 2021; Ref: scu.560753

Lampert v Information Commissioner and Financial Services Authority: FTTGRC 7 Jun 2011

For the reasons set out, the Public Authority was not obliged to comply with the Complainant’s request for information by reason of sections 14(1) and 14(2) of the Freedom of Information Act 2000. No action is required by the Public Authority.

[2011) UKFTT EA – 2010 – 0203
Bailii
Freedom of Information Act 2000 1 14 40
England and Wales
Citing:
CitedDurant v Financial Services Authority CA 8-Dec-2003
The appellant had been unsuccessful in litigation against his former bank. The Financial Services Authority had subsequently investigated his complaint against the bank. Using section 7 of the Data Protection Act 1998, he requested disclosure of his . .

Lists of cited by and citing cases may be incomplete.

Financial Services, Information

Updated: 11 November 2021; Ref: scu.440387

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.
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 investement 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.’

Sir Robert Megarry VC
[1985] Ch 270, (1984) 128 SJ 550, [1984] IRLR 260, [1984] 3 WLR 501, [1984] 2 All ER 750
Coal Industry Nationalisation Act 1946 37
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 . .

Lists of cited by and citing cases may be incomplete.

Trusts, Financial Services

Leading Case

Updated: 11 November 2021; Ref: scu.222822

Financial Services Authority (FSA) and Others v AMRO International Sa and Another: CA 24 Feb 2010

The FSA appealed against an order refusing its request for inquiries and production of accounting records by the defendant accountants to satisfy a request issued by the US Securities and Exchange Commission.
Held: The FSA had properly assessed the request, considering the seriousness of the allegations, and the strong public interest in mutual assistance. Such co-operation was part of the statutory purpose of the FSA. There was no error in the appointment of the investigators, and the requirement for production of documents was properly made.

Sir Anthony May, President, Lord Justice Stanley Burnton and Lord Justice Jackson
[2010] EWCA Civ 123
Bailii, Times
Financial Services and Markets Act 2000 171 172 354(1)
England and Wales
Citing:
Appeal fromAMRO International Sa and Another, Regina (On the Application of) v The Financial Services Authority and Others Admn 25-Aug-2009
. .
CitedColt Industries v Sarlie (No. 2) CA 1966
Lord Denning MR discussed the status of a foreign judgment whilst under appeal: ‘The appeal itself does not render it not final and conclusive, nor should the possibility of leave to appeal. It seems to me that the proper test is this : is the . .
CitedTajik Aluminium Plant (Tadaz) v Hydro Aluminium As and others CA 24-Oct-2005
Application for leave to appeal against refusal to grant witness orders to attend arbitration. The respondent had argued that the request was too vague and broad.
Held: Moore-Bick LJ said: ‘In order to answer the question raised in this case I . .
CitedIn re Asbestos Insurance Coverage HL 1985
A London insurance brokerage company had been ordered to produce documents pursuant to a letter of request issued by a Californian court in proceedings brought by manufacturers of asbestos against their insurers. The 1975 Act empowered the court to . .

Lists of cited by and citing cases may be incomplete.

Financial Services, International

Updated: 11 November 2021; Ref: scu.401791

Brewster, Re Application for Judicial Review (Northern Ireland): SC 8 Feb 2017

Survivor of unmarried partner entitled to pension

The claimant appealed against the rejection of her claim to the survivor’s pension after the death of her longstanding partner, even though they had not been married. The rules said that she had to have been nominated by her partner, but he had not done this.
Held: Her appeal was dismissed. The state was to secure for her equal enjoyment of article 14 rights without discrimination for status without some objective justification for any denial of the associate right. This required more than just a proactive role, and the state was to respect a Convention right. The justification required an objective assessment and a court could not substitute its own view, and more so where the decision-maker was the legislature, that would normally be respected unless demonstrably unfounded. If the assessment was not directly by the legislature, a court might be less reluctant to interfere, and even more so when the claimed justification had not been present when the decision was made.
The weight given to the claimant’s self-chosen status rather than from an immutable characteristic, would depend on the context and the particular case

Lady Hale (Deputy President), Lord Kerr, Lord Wilson, Lord Reed, Lord Dyson
[2017] UKSC 8, [2017] WLR(D) 88, [2017] 1 WLR 519, [2017] ICR 434, [2017] 2 All ER 1001, [2017] IRLR 366, UKSC 2014/0180
Bailii, Bailii Summary, WLRD, SC, SC Summary, SC Summary Video
Local Government Pension Scheme (Benefits, Membership
and Contributions) Regulations 2009
, European Convention on Human Rights 14
Northern Ireland
Citing:
At First InstanceBrewster, Re Judicial Review QBNI 9-Nov-2012
The applicant challenged the decision of the respondent Northern Ireland Local Government Officers’ Superannuation Committee (‘NILGOSC’) made on 1 July 2011, by which it declined to pay a survivor’s pension to the applicant following the death of . .
Appeal fromBrewster v Northern Ireland Local Government Officers’ Superannuation Committee CANI 1-Oct-2013
Appeal by the Committee and the Department of the Environment for Northern Ireland from a decision allowing the respondent’s application for judicial review of a decision by the Superannuation Committee not to pay a survivor’s pension to the . .
CitedMarckx v Belgium ECHR 13-Jun-1979
Recognition of illegitimate children
The complaint related to the manner in which parents were required to adopt their own illegitimate child in order to increase his rights. Under Belgian law, no legal bond between an unmarried mother and her child results from the mere fact of birth. . .
CitedKopecky v Slovakia ECHR 28-Sep-2004
(Grand Chamber) The court said of the practice of the Convention institutions under A1 P1: ‘An applicant can allege a violation of article 1 of Protocol 1 only in so far as the impugned decisions related to his ‘possessions’ within the meaning of . .
CitedBegum (otherwise SB), Regina (on the Application of) v Denbigh High School HL 22-Mar-2006
The student, a Muslim wished to wear a full Islamic dress, the jilbab, but this was not consistent with the school’s uniform policy. She complained that this interfered with her right to express her religion.
Held: The school’s appeal . .
CitedIn re P and Others, (Adoption: Unmarried couple) (Northern Ireland); In re G HL 18-Jun-2008
The applicants complained that as an unmarried couple they had been excluded from consideration as adopters.
Held: Northern Ireland legislation had not moved in the same way as it had for other jurisdictions within the UK. The greater . .
CitedSwift v Secretary of State for Justice CA 18-Mar-2013
The claimant appealed against refusal of a declaration that the 1976 Act infringed her human rights. She had been cohabiting for six months, when her partner was killed in an accident at work for which a third party was liable. Because she had not . .
CitedStec and Others v United Kingdom ECHR 12-Apr-2006
(Grand Chamber) The claimants said that differences between the sexes in the payment of reduced earning allowances and retirement allowances were sex discrimination.
Held: The differences were not infringing sex discrimination. The differences . .
CitedTigere, Regina (on The Application of) v Secretary of State for Business, Innovation and Skills SC 29-Jul-2015
After increasing university fees, the student loan system was part funded by the government. They introduced limits to the availability of such loans, and a student must have been lawfully ordinarily resident in the UK for three years before the day . .
CitedHumphreys v Revenue and Customs SC 16-May-2012
Separated parents shared the care of their child. The father complained that all the Child Tax Credit was given to the mother.
Held: The appeal failed. Although the rule does happen to be indirectly discriminatory against fathers, the . .
CitedBelfast City Council v Miss Behavin’ Ltd HL 25-Apr-2007
Belfast had failed to license sex shops. The company sought review of the decision not to grant a licence.
Held: The council’s appeal succeeded. The refusal was not a denial of the company’s human rights: ‘If article 10 and article 1 of . .

Lists of cited by and citing cases may be incomplete.

Financial Services, Family, Discrimination, Human Rights

Updated: 01 November 2021; Ref: scu.573900

Ollerenshaw and Reeh v FSA: UTTC 10 Dec 2012

UTTC MISCONDUCT – fit and proper person – Limitation – Payment Protection Insurance – alleged pressure to sell unsuitable products and to favour a particular lender – allegedly inadequate compliance – failure to provide Authority with information- misleading Authority – financial penalty

[2012] UKUT B30 (TCC)
Bailii
England and Wales

Financial Services

Updated: 31 October 2021; Ref: scu.468860

Safeway Ltd v Newton and Another: CA 5 Oct 2017

Briggs JSC said: ‘the Deed exists primarily for the benefit of non-parties, that is the employees upon whom pension rights are conferred whether as members or potential members of the Scheme, and upon members of their families (for example in the event of their death). It is therefore a context which is inherently antipathetic to the recognition, by way of departure from plain language, of some common understanding between the principal employer and the trustee, or common dictionary which they may have employed, or even some widespread practice within the pension industry which might illuminate, or give some strained meaning to, the words used.’
Briggs JSC, Longmore, Floyd LJJ
[2017] EWCA Civ 1482, [2018] Pens LR 2
Bailii
England and Wales
Cited by:
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 . .
See AlsoSafeway Ltd v Newton and Others CA 13-Jul-2020
Determining Normal Pension Ages under occupational pension scheme. . .

Lists of cited by and citing cases may be incomplete.
Updated: 13 October 2021; Ref: scu.595817

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 Slynn of Hadley Lord Steyn Lord Hoffmann Lord Clyde Lord Scott of Foscote
Times 10-Apr-2001, Gazette 07-Jun-2001, [2001] UKHL 20, [2001] 2 All ER 417, [2001] 1 WLR 864
Bailii, House of Lords
Pensions Act 1995 37(1)(a)
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 . .

Lists of cited by and citing cases may be incomplete.
Updated: 10 October 2021; Ref: scu.84179

Smith New Court Securities Ltd v Scrimgeour Vickers (Asset Man) Ltd: CA 8 Mar 1994

Where shares had been purchased at an artificially inflated price, after a fraudulent misrepresentation, the loss was calculated on the value they would have had on the market with full knowledge of the company’s affairs, absent that misrepresentation.
Gazette 08-Jun-1994, Times 08-Mar-1994, Gazette 20-Apr-1994
England and Wales
Cited by:
Appeal fromSmith New Court Securities Ltd v Scrimgeour Vickers HL 21-Nov-1996
The defendant had made misrepresentations, inducing the claimant to enter into share transactions which he would not otherwise have entered into, and which lost money.
Held: A deceitful wrongdoer is properly liable for all actual damage . .

Lists of cited by and citing cases may be incomplete.
Updated: 29 August 2021; Ref: scu.89322

F and C Alternative Investments (Holdings) Ltd v Barthelemy and Another (No 2): ChD 14 Jul 2011

The court was asked as to the fiduciary obligations owed by members of the board of a limited liability company.
Held: Sales J said that: ‘there is nothing in the Act to qualify the usual fiduciary obligations which an agent owes his principal in relation to the transactions which the agent enters into on the principal’s behalf’.
Sales J said: ‘Fiduciary obligations may arise in a wide range of business relationships, where a substantial degree of control over the property or affairs of one person is given to another person. Very often, of course, a contract may lie at the heart of such a business relationship, and then a question arises about the way in which fiduciary obligations may be imposed alongside the obligations spelled out in the contract. In making their contract, the parties will have bargained for a distribution of risk and for the main standards of conduct to be applied between them. In commercial contexts, care has to be taken in identifying any fiduciary obligations which may arise that the court does not distort the bargain made by the parties: see the observation by Lord Neuberger of Abbotsbury writing extrajudicially in ‘The Stuffing of Minerva’s Owl? Taxonomy and Taxidermy in Equity’ [2009] CLJ 537, 543 and Vercoe v Rutland Fund Management Ltd [2010] EWHC 424 (Ch) at [351]-[352]. The touchstone is to ask what obligations of a fiduciary character may reasonably be expected to apply in the particular context, where the contract between the parties will usually provide the major part of the contextual framework in which that question arises.’
Sales J
[2011] EWHC 1731 (Ch), [2012] 3 WLR 10, [2012] Ch 613
Bailii
Limited Liability Partnerships Act 2000 6(1)
England and Wales
Citing:
See AlsoF and C Alternative Investments (Holdings) Ltd v Barthelemy and Another ChD 14-Jul-2011
The parties applied to the court for a conclusion to their action without the draft judgment being handed down and published, they having reached agreement.
Held: It was within the judge’s discretion and in this in the public interest for the . .

Cited by:
See AlsoF and C Alternative Investments (Holdings) Ltd v Barthelemy and Another ChD 28-Oct-2011
. .
See AlsoF and C Alternative Investments (Holdings) Ltd and Others v Barthelemy and Another CA 22-Jun-2012
The parties, former partners in a limited liability partnership providing investment funds management, had been involved in protracted and bitter litigation. The appellant now challenged the award of indemnity costs. . .
CitedHosking v Marathon Asset Management Llp ChD 5-Oct-2016
Loss of agent’s share for breach within LLP
The court was asked whether the principle that a fiduciary (in particular, an agent) who acts in breach of his fiduciary duties can lose his right to remuneration, is capable of applying to profit share of a partner in a partnership or a member of a . .
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 . .

Lists of cited by and citing cases may be incomplete.
Updated: 04 August 2021; Ref: scu.441822

Sphere Drake Insurance Ltd and Another v Euro International Underwriting Ltd: ComC 8 Jul 2003

Relationships between Lloyds underwiters and others in the market rather than just names, could also bind the underwriter to a fiduciary relationship. Here the claimant had granted to the defendant a binding authority. This was in effect a similar relationship as would exist between underwriter and name. The defendant wrote business it knew to be contrary to the claimant’s interest and it acted dishonestly.
Thomas J
[2003] EWHC 1636 (Comm), Times 11-Aug-2003, [2003] 1 Lloyd’s Law Reports 525
Bailii
England and Wales
Cited by:
CitedFiona Trust and Holding Corp and others v Privalov and others ComC 20-Oct-2006
The parties disputed whether their claim should be arbitrated.
Held: A claim as to whether the contract itself had been made was not one which could be arbitrated by provisions in that contract. It does not arise ‘under’ the contract. The . .

These lists may be incomplete.
Updated: 11 July 2021; Ref: scu.184655

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.
Times 10-Oct-1996
England and Wales
Cited by:
Appeal fromInvestors 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 InstanceInvestors 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 . .

These lists may be incomplete.
Updated: 01 June 2021; Ref: scu.82415

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.
Times 13-Dec-2002, [2002] EWHC 2379 (Admin)
Bailii
Banking Code 1998
England and Wales
Citing:
CitedRegina 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 . .
CitedInvestors 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 . .
CitedRegina 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 . .

These lists may be incomplete.
Updated: 01 June 2021; Ref: scu.178117

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.
[2008] EWHC 979 (Ch)
Bailii
England and Wales

Updated: 19 May 2021; Ref: scu.267537

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.
Hobhouse LJ
Times 27-Jun-1997, [1997] EWCA Civ 1747, [1998] Ch 265
England and Wales
Citing:
CitedIn 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 . .
CitedFalcke 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 . .
CitedRe 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 . .
CitedSinclair 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 . .
CitedIn re Diplock’s estate CA 1948
re_diplockCA1948
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 . .
CitedIn 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. . .
CitedBoscawen 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 . .
CitedThe 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 . .
CitedRosco v Winder 1915
. .
CitedGoldcorp 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. . .
CitedRe 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 . .
CitedGissing 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 . .
CitedStrutt 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. . .
CitedDyer 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 . .
CitedIn 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 . .
CitedGravesend 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 . .
CitedRe Roberts 1946
. .
Appealed toFoskett 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:
CitedGeoffrey 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 fromFoskett 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, . .

These lists may be incomplete.
Updated: 21 April 2021; 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.
Leggatt LJ, Swinton Thomas LJ, Mummery LJ
Times 08-Nov-1996, [1996] EWCA Civ 862
England and Wales
Citing:
Appeal fromInvestors 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:
CitedP 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 fromInvestors 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 . .
CitedKay, 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 . .

These lists may be incomplete.
Updated: 15 April 2021; 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.
Popplewell J
[2012] EWHC 1858 (Comm)
Bailii
England and Wales
Cited by:
At first instanceTael 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 InstanceTael 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’, . .

These lists may be incomplete.
Updated: 14 April 2021; Ref: scu.462428

Olympic Airlines Sa Pension and Life Assurance Scheme v Olympic Airlines Sa: ChD 29 May 2012

Olympic Airlines, incorporated in Greece, but with headquarters in London, went into liquidation. The pensions scheme had been run with a deficit. The trustees no sought the winding up of the company under British law.
Held: To be an establishment for the purposes of the Insolvency Regulation the following qualities must be present on the date the petition was presented:
(1) a place of operations, at which –
(2) the company carries out an activity which is:
(a) economic, and
(b) non-transitory,
(3) with
(a) human means, and
(b) assets. OA satisfied each of those conditions.
Sir Andrew Morritt Ch
[2012] EWHC 1413 (Ch)
Bailii
Insolvency Act 1986, Pensions Act 1995, Council Regulation (EC) 1346/2000
Citing:
CitedStaubitz-Schreiber (Area of Freedom, Security and Justice) ECJ 17-Jan-2006
ECJ Judicial cooperation in civil matters – Insolvency proceedings – Regulation (EC) No 1346/2000 – Temporal application – Court having jurisdiction . .
CitedInteredil Srl, in liquidation v Fallimento Interedil Srl, Intesa Gestione Crediti SpA ECJ 20-Oct-2011
interedill2ECJ2011
ECJ Reference for a preliminary ruling – Whether a lower court has the power to refer a question to the Court for a preliminary ruling – Regulation (EC) No 1346/2000 – Insolvency proceedings – International . .
CitedTrillium (Nelson) Properties Ltd v Office Metro Ltd ChD 9-May-2012
Winding-up petition in which the principal issue is whether or not Office Metro Limited can be wound up in this jurisdiction in the light of the fact that, despite its being an English registered company, its centre of main interest is in . .

Cited by:
Appeal fromOlympic Airlines Sa Pension and Life Insurance Scheme v Olympic Airlines Sa CA 6-Jun-2013
The court considered the the jurisdiction under EU law to commence a secondary winding-up in England of a company whose main liquidation is taking place in Greece. That depended upon whether the company, registered in Greece had a sufficient . .
At First InstanceOlympic Airlines Sa Pension and Life Assurance Scheme, The Trustees of The v Olympic Airlines Sa SC 29-Apr-2015
The airline was incorporated in Greece but with an office in the UK. It became insolvent leaving a deficit in the UK employee pension scheme. The trustees of the fund sought a secondary insolvency within the UK, and now a reference to the European . .

These lists may be incomplete.
Updated: 11 April 2021; Ref: scu.459890

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.
Nourse, Hirst, Saville LJJ
Ind Summary 13-Jun-1994, [1994] EWCA Civ 14, [1995] 3 All ER 669, [1994] CLC 556
Bailii
Prevention of Frauds (Investment) Act 1958 1
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 . .

These lists may be incomplete.
Updated: 09 April 2021; Ref: scu.81519

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.
Gazette 16-Jun-1993, Independent 18-May-1993, Times 11-May-1993
Banking Act 1987 58(1)
England and Wales
Citing:
Appeal fromDepositors 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 fromDepositors’ 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 . .

These lists may be incomplete.
Updated: 09 April 2021; 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.’
Neuberger J
[2002] EWHC 2878 (Ch), [2003] OPLR 119, [2003] Pens LR 47
Bailii
England and Wales

Updated: 04 April 2021; Ref: scu.346770

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
[2011] UKUT B19 (TCC) (TCC)
Bailii
England and Wales

Updated: 12 March 2021; 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.’
Richards J
[2010] EWHC 399 (Ch)
Bailii
Financial Services and Markets Act 2000 235
England and Wales
Cited by:
CitedAsset 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 . .

These lists may be incomplete.
Updated: 11 March 2021; 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 . .’
Lord Neuberger MR, Smith, Elias LJJ
[2011] EWCA Civ 542
Bailii
Financial Services and Markets Act 2000, Law of Property (Miscellaneous Provisions) Act 1989 2
England and Wales
Cited by:
CitedKeay 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 for a contract which was . .

These lists may be incomplete.
Updated: 11 March 2021; 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.
Briggs J
[2011] EWHC 900 (Ch)
Bailii
England and Wales

Updated: 07 March 2021; 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.
Briggs J
[2011] EWHC 718 (Ch)
Bailii
England and Wales
Cited by:
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 . .

These lists may be incomplete.
Updated: 06 March 2021; 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.
Ind Summary 22-Mar-1993, [1993] UKPC 6
Bailii
Commonwealth

Updated: 05 March 2021; Ref: scu.429751

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)
[2010] UKUT 25 (FS), [2010] UKUT B32 (TCC)
Bailii, Bailii
England and Wales

Updated: 04 March 2021; Ref: scu.428186

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).
[2010] UKUT B10 (FS)
Bailii
England and Wales

Updated: 04 March 2021; 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.
Beatson J
[2011] EWHC 18 (Admin)
Bailii
Financial Services and Markets Act 2000
England and Wales

Updated: 03 March 2021; Ref: scu.427974

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

Briggs J
[2010] EWHC 1805 (Ch)
Bailii
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. . .
MentionedMarks 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 . .

These lists may be incomplete.
Updated: 26 February 2021; Ref: scu.421086

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

Warren J
[2010] EWHC 1573 (Ch)
Bailii
England and Wales
Citing:
CitedSaunders 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 . .

These lists may be incomplete.
Updated: 25 February 2021; 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
[2010] UKFTT 132 (TC)
Bailii
England and Wales

Updated: 24 February 2021; Ref: scu.408967

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

[2010] EWHC 47 (Ch)
Bailii
England and Wales
Citing:
See AlsoLehman Brothers International (Europe) v CRC Credit Fund Ltd and Others ChD 15-Dec-2009
. .

Cited by:
See AlsoCRC Credit Fund Ltd and Others v GLG Investments Plc (Sub-Fund: European Equity Fund) and Others CA 2-Aug-2010
. .
See AlsoLehman 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 . .

These lists may be incomplete.
Updated: 22 February 2021; Ref: scu.393349

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

Briggs J
[2009] EWHC 3228 (Ch), [2010] 2 BCLC 301
Bailii
England and Wales
Cited by:
See AlsoLehman Brothers International (Europe) v CRC Credit Fund Ltd and Others ChD 20-Jan-2010
. .
Appeal fromCRC Credit Fund Ltd and Others v GLG Investments Plc (Sub-Fund: European Equity Fund) and Others CA 2-Aug-2010
. .
At first instanceLehman 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 . .

These lists may be incomplete.
Updated: 21 February 2021; Ref: scu.384131

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.
Tomlinson J
[2009] EWHC 2227 (Comm)
Bailii
England and Wales
Citing:
CitedWestdeutsche 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 . .
CitedGuinness 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. . .
CitedKleinwort 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 . .
CitedDeutsche 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 . .
CitedLipkin 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 . .
CitedNIRU 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 . .
CitedGoss 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 FromHaugesund Kommune and Another v Depfa Acs Bank CA 27-May-2010
. .

These lists may be incomplete.
Updated: 19 February 2021; 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.
[2009] EWCA Civ 788
Bailii
England and Wales
Citing:
CitedHandyside v The United Kingdom ECHR 7-Dec-1976
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 . .

These lists may be incomplete.
Updated: 17 February 2021; Ref: scu.365617

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.
Independent 17-Feb-1993, Gazette 07-Apr-1993
Financial Services Act 1986
England and Wales
Cited by:
Appeal fromRegina 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. . .

These lists may be incomplete.
Updated: 13 February 2021; Ref: scu.86956

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.
Times 12-Jan-1994, [1994] BCC 297
England and Wales
Cited by:
CitedRegina 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 . .
CitedLand 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 . .
CitedRegina 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 . .

These lists may be incomplete.
Updated: 13 February 2021; Ref: scu.86952

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.
Gazette 04-Jun-1997, Times 16-Jun-1997
Pension Schemes Act 1993 99(4)(a)(iii)
England and Wales

Updated: 12 February 2021; Ref: scu.87484

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

[2008] EWHC 2268 (Admin)
Bailii
England and Wales
Cited by:
Appeal FromBunce, 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 . .

These lists may be incomplete.
Updated: 10 February 2021; Ref: scu.276978

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.
Times 23-Jun-1993, [1993] 4 All ER 210
Financial Services Act 1986, Financial Services Act 1986
England and Wales
Citing:
AppliedIn 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:
CitedThe 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 . .

These lists may be incomplete.
Updated: 09 February 2021; Ref: scu.89151

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

Sarah Asplin QC
[2008] EWHC 964 (Ch)
Bailii
England and Wales
Cited by:
At First InstanceHouldsworth 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 . .

These lists may be incomplete.
Updated: 08 February 2021; 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.
[2007] UKFSM FSM043
Bailii

Updated: 07 February 2021; Ref: scu.268193

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

The Vice-Chancellor
[2004] EWHC 181 (Ch)
Bailii
England and Wales
Citing:
CitedAgricultural 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 . .

These lists may be incomplete.
Updated: 06 February 2021; Ref: scu.193413

Barclays Bank Plc v Holmes and others: ChD 21 Nov 2000

Neuberger J
[2000] PLR 339, [2000] Pens LR 339, [2001] OPLR 37, [2000] EWHC Ch 457
Bailii
England and Wales
Cited by:
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 . .

These lists may be incomplete.
Updated: 05 February 2021; 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.
Lewison J
[2007] EWHC 1240 (Ch)
Bailii
Financial Services and Markets Act 1000 229(2)
England and Wales

Updated: 03 February 2021; Ref: scu.252551