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17.07.23
Supreme Court halts Quincecare expansion
On 12 July 2023, the Supreme Court in Philipp v Barclays Bank UK PLC [2023] UKSC 25 reversed a decision by the Court of Appeal effectively extending a duty of care owed by banks to their customers to not carry out payment instructions where the bank ought to have reasonable grounds to believe that those…
Read more23.06.20
Police bail: what happens now?
The ongoing Home Office public consultation on pre-charge police bail has thrown open once again the question of the proper balance to be struck between the investigation of crime and the human rights of a suspect against whom there is no formal charges. There is rarely a speedy resolution to any police investigation in the modern era….
Read more25.02.19
Dishonesty: professional suicide (unless you are a politician)
The three-month prison sentence of Fiona Onasanya MP has sparked a debate about whether politicians should lose their parliamentary seat if convicted of a criminal offence. Ms Onasanya was convicted of perverting the course of justice by falsely telling police that her former tenant was the driver responsible for a minor speeding offence in July…
Read more12.07.18
Unexplained Wealth Orders: A new power for law enforcement agencies
The Criminal Finances Act 2017, which came into force early this year, gives enforcement authorities such as the National Crime Agency (‘NCA’), Revenue and Customs (‘HMRC’), the Financial Conduct Authority (‘FCA’) and the Serious Fraud Office (‘SFO’) new powers which are designed to help law enforcement act on suspected corrupt assets. Section 1 of the Criminal…
Read more13.02.18
‘Zombie’ solicitor allowed to remain in profession despite finding of dishonesty
A Solicitor who had received the “South West Young Dealmaker of the Year” award in 2014 has been allowed to remain in practice despite the Solicitors Disciplinary Tribunal (SDT) finding that he had acted dishonestly. Misleading emails Peter Naylor, aged 31 at the time of the misconduct which occurred between March and August 2014, was…
Read more6.05.17
Serious Fraud Office Deferred Prosecution Agreement with Tesco approved
The Serious Fraud Office (SFO) have entered into a Deferred Prosecution Agreement (DPA) with Tesco Stores Ltd in relation to the overstating of profits in their 2014 accounts. This DPA follows similar agreements between the SFO and Standard Bank and Rolls-Royce Plc. The agreement was approved by the High Court on 10 April 2017 and makes…
Read more14.06.16
Two years imprisonment for insider trading offences
A former employee of Schroders Investment Management was sentenced to two years imprisonment yesterday having pleaded guilty to nine counts of insider trading between 2000 and 2013. The case was prosecuted by the Financial Conduct Authority (FCA) at Southwark Crown Court. Insider trading is a form of market abuse and is an offence contrary to…
Read more22.04.16
New reckless banking offence comes into force, but can it be enforced?
From 7 March 2016 it became a criminal offence for senior bankers to recklessly cause their institution to fail. Section 36 of the Financial Services (Banking Reform) Act 2013 could, in theory, mean up to seven years in prison for:- a senior manager; who agrees to a decision that caused the institution to fail, and…
Read more7.08.15
FCA "identified" Respondent in Notices
In Financial Conduct Authority v Macris [2015] EWCA 490 the Court of Appeal heard an appeal by the Financial Conduct Authority [FCA] against a decision that notices served by it had identified the Respondent and accordingly he ought to have been served with it. The central issue was whether the Respondent was “identified” within the…
Read more25.06.14
FCA orders Wonga to pay £2.6m in compensation for sending letters from non-existent law firms
The UK’s largest payday loan company Wonga has been ordered to pay 45,000 customers compensation totalling over £2.6 million for unfair and misleading debt collection practices. Wonga sent communications to customers in arrears under the names “Chainey, D’Amato & Shannon” and “Barker and Lowe Legal Recoveries”. These led customers to believe that their files had been…
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Articles are intended as an introduction to the topic and do not constitute legal advice.
