The Financial Conduct Authority’s (FCA) final notice in regard to the Halifax Bank of Scotland (HBOS) Reading fraud poses some serious questions for the FCA and the Dobbs Review, according to banking litigation solicitor Michael Sparkes. By DaySparkes The FCA Final Notice issued by the FCA on 20 June 2019 accompanied its fine of £45.4…

The Financial Conduct Authority (FCA) has fined Bank of Scotland (BOS) £45.5 million for failing to report its suspicions in relation to the Halifax Bank of Scotland (HBOS) Reading fraud during the period 3 May 2007 and 16 January 2009, when HBOS and BOS were formally acquired by Lloyds Banking Group (the Relevant Period). By…

On 11 July 2018, the All Party Parliamentary Group (“APPG”) on Fair Business Banking published its long awaited report entitled “Fair Business Banking for All – How to improve access to justice for business in financial services disputes”. By John Day In its report, the APPG highlight several, fundamental, problems that companies, particularly small to…

Court Of Appeal Clarifies Application Of UCTA Test Of Reasonableness To Non-Reliance Clauses In First Tower Trustees Limited and another v CDS (Superstores International) Limited[1] the Court of Appeal held that a non-reliance clause giving rise to a contractual estoppel amounted to an exclusion of liability for misrepresentation and was therefore subject to scrutiny under…

In the recent decision in Carlos Sevilleja Garcia v Marex Financial Limited [2018] EWCA Civ.1468, the Court of Appeal was asked to decide whether the rule against reflective loss applies to unsecured creditors who are not shareholders of the relevant company. By Alexa Cohen What is the rule against reflective loss? The rule against reflective…

DaySparkes has been instructed by multiple victims of the disgraceful and quite breath-taking fraud that was perpetrated by Lynden Scourfield, the former Head of the Impaired Assets division of HBOS in Reading, and other individuals connected with the now infamous turnaround consultancy, Quayside Corporate Services. On 30 January 2017, Mr Scourfield of HBOS, David Mills…

More than two years on from the start of the LIBOR scandal the English Court awaits the trial of its first test case into LIBOR manipulation.   All eyes were on Graiseley[1]and Unitech[2] in November 2013 when they were granted permission by the Court of Appeal to amend their pleadings against Barclays and Deutsche Bank respectively…