Privy Council: No duty of care owed by a lender to disclose lending policies

A recent judgment handed down by the Privy Council is likely to have wide application to mis-selling claims generally: Deslauriers and another (Appellants) v Guardian Asset Management Limited (Respondent) (Trinidad and Tobago) [2017] UKPC 34. In this decision, the Privy Council has confirmed that in a commercial relationship between experienced lenders and borrowers, the lender will not ordinarily … Read more

High Court rejects application to include conspiracy allegations in IRHP misselling claim and gives guidance on meaning of “exceptional circumstances” in past business review undertakings given to the FCA

The latest in the line of recent judgments concerning interest rate hedging product (“IRHP“) misselling allegations concerns an application by the claimants to introduce economic tort claims for wrongful interference, conspiracy to injure and/or conspiracy to use unlawful means: Elite Property Holdings Ltd & Anor v Barclays Bank plc [2017] EWHC 2030 (QB). The High Court comprehensively … Read more

Court of Appeal confirms no tortious duty of care owed to customers in connection with the FCA past business review

Over the past two years, the courts have grappled with the novel claimant argument that financial institutions owe duties of care in tort directly to their customers in connection with their conduct of the past business review of interest rate hedging product sales announced by the FCA (then FSA) in 2012 (the “Review“). There have been a number … Read more