The Supreme Court has upheld the Court of Appeal’s decision to strike out a claim brought by the liquidators of a Ponzi scheme against its correspondent bank, alleging that the bank breached its so-called Quincecare duty to take sufficient care that monies paid out from the accounts under its control were being paid out properly: … Read more

The Court of Appeal has allowed an appeal in a case which provides important clarification around the scope and construction of contractual provisions obliging the parties to act in good faith: Re Compound Photonics Group Ltd; Faulkner v Vollin Holdings Ltd [2022] EWCA Civ 1371. Although set in a non-financial context, the decision will be of … Read more

In October 2022, the Advertising Standards Authority (the ASA) ruled for the first time that a bank had misrepresented its green credentials and engaged in so-called “greenwashing“. In this blog post, we consider how banks and financial services institutions can fall within the remit of the ASA’s advertising codes and the potential risks associated with … Read more

A much-anticipated Supreme Court judgment has confirmed the position as to when directors owe obligations to consider the interests of creditors, dismissing an appeal against the Court of Appeal decision in this case: BTI v Sequana [2022] UKSC 25. This decision will be of interest to financial institutions involved in turnarounds and restructurings as a … Read more

The Administrative Court has dismissed an application for judicial review of a decision by the Financial Ombudsman Service (FOS) in the context of a complaint against a lender by an individual borrower who claims she is trapped in her mortgage (a so-called “mortgage prisoner”): Mortgage Agency Service Number Five Ltd, R (On the Application Of) … Read more

The Court of Appeal has given some helpful guidance on the approach to assessing damages for deceit: MDW Holdings Limited v James Robert Norvill (& Ors) [2022] EWCA Civ 883. While the decision arose in respect of the acquisition of a private company and focused on the timing of when damages should be assessed in a breach … Read more

The Court of Appeal has held that a director was not personally liable as an accessory to a tort committed by a company and has given guidance on the applicable principles: Barclay-Watt v Alpha Panareti Public Ltd [2022] EWCA Civ 1169. In good news for the directors/senior managers of financial institutions, the decision suggests that … Read more

The High Court found in favour of an online spread betting company in a claim for £1.3 million in unpaid debts against a real estate tycoon following the close-out of a trading position on an online spread betting platform in March 2020: CMC Spreadbet plc v Tchenguiz [2022] EWHC 1640 (Comm). The decision will be … Read more