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Liechtenstein whistle blower case opens floodgates to litigation

12 February 2010 | Shimon Shaw

The Liechtenstein bank LGT Treuhand (now known as Fiduco Treuhand) has been ordered to pay €7.3m to one of its customers, to compensate him for being prosecuted for tax evasion in Germany. Heinrich...

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Orders for sale consultation

10 February 2010 | Karen Jacobs

The Ministry of Justice has published a consultation on whether a minimum threshold should be imposed on orders for sale applications (following a charging order) in relation to consumer credit debts only....

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Exploring a bank’s suspicions of money laundering

9 February 2010 | Steven Mills

The Proceeds of Crime Act 2002 (“the Act”) provides obligations on a bank to notify the authorities if they suspect a customer of money laundering.  As the Court of Appeal noted, a bank is in the...

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HMRC concessions on offshore bank accounts

8 February 2010 | Shimon Shaw

There has been clarification by HMRC on the taxation of certain capital gains tax losses from transactions on foreign currency bank accounts as well as two new concessions. The losses referred to...

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Can you recover costs in the small claims court?

2 February 2010 | Steven Mills

When a claim is allocated to the small claim usually the successful party is unable to recover the costs.  In this case the Judge held that the successful defendant could recover their costs.  The...

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The Office of Fair Trading (“OFT”) has published a consultation on sections 77/78/79 of the Consumer Credit Act 1974– duty to give information to debtors and the consequences of non-compliance on the enforceability of the agreement

2 February 2010 | Steven Mills

The OFT is consulting on guidance because of concerns that some debtors are being misled into thinking that these sections can be used to get their debts written off and that some creditors are not following...

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Mortgage arrears handling

27 January 2010 | Karen Jacobs

The Financial Services Authority has published proposals to strengthen existing rules on arrears handling.  The key arrears proposals: Make plain that firms must not add early repayment charges...

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Supreme Court gives long-awaited ruling that banks’ charges cannot be considered for reasonableness under Consumer fairness laws – OFT v Abbey National, House of Lords…

3 December 2009 | Paul Gershlick

Under the Unfair Terms in Consumer Contracts Regulations 1999, as between a supplier and a consumer, any contractual terms not individually negotiated shall be unfair and therefore unenforceable if they...

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New case: Consumer credit requests for information

19 November 2009 | Steven Mills

The claimant had sent a request to the bank for information under section 77 of the Consumer Credit Act 1974.  For a period of time, the bank could not locate the loan agreement and so could not comply...

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Payment Services Directive implemented in the UK

19 November 2009 | Steven Mills

The Payment Services Directive (PSD) was implemented in the UK by the Payment Services Regulations 2009 on 1 November 2009. This Directive, combined with the new Banking Conduct of Business Sourcebook...

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