Financial services Financial Services Authority (FSA). The Administrative Court allowed an application for judicial review by a mortgagee who had received negligent financial advice. It found that the Financial Services Compensation Scheme had misdirected itself and acted irrationally in awarding only 11,522.98 by way of compensation for her losses.
Financial Services Financial Services Authority (FSA). The Upper Tribunal (Tax and Chancery Chamber) upheld the decision of the Financial Services Authority (the FSA) to withdraw the approvals of two FSA approved persons, and to impose substantial fines on them for market abuse where they had deliberately increased the closing prices of certain stocks in December 2007 in an attempt to increase the net asset value of a fund.
Sentence Custodial sentence. The Court of Appeal, Criminal Division, in dismissing the defendant's appeal against sentence following conviction for one count of concealing criminal property, held that the sentence imposed by the sentencing judge had not been manifestly excessive and reflected the wider role the defendant had played in the offence.
Pension Pension scheme. The Upper Tribunal (Tax and Chancery Chamber) (the tribunal) allowed the applications by the first respondent Pensions Regulator and the the second respondent Financial Services Authority (the FSA) to strike out the applicants' reference notice by which the applicants sought to refer to the tribunal the order made by the determinations panel of the Pensions Regulator and the decision notices of the FSA, the effect of which was to prohibit the applicants from acting as trustees of any occupational pension scheme established under trust and to prohibit them from performing any function in relation to regulated activity carried on by any authorised person, exempt person or professional firm.
Company Administration order. The Chancery Division granted the claimant bank's application for the appointment of an administrator in regard to the defendant company.
Sentence Imprisonment. The Court of Appeal, Criminal Division, allowed the appellant's appeal against sentence in respect of an offence of entering into a money laundering arrangement, in circumstances where there was a disparity between his sentence and that of a co-defendant.
Contract Breach. The Technology and Construction Court dismissed the claimant's application, finding that, on the facts, the defendant had not breached the agreement between the parties, that the principle of estoppel had not been engaged and there had been no repudiation of the agreement.
Practice Summary judgment. The Commercial Court entered summary judgment for the defendant on the basis that a prepayment under a facility agreement between the parties had not attracted a prepayment fee as it was not a voluntary prepayment.
Insolvency Administration order. The Chancery Division granted a declaration as sought by administrators of a company in administration (KSF) to the effect that neither claims made by its holding company in Iceland, nor any similar claims made in England would, if successful, give rise to any debt provable in the administration of KSF in England.
Guarantee Bank. The Queen's Bench Division held, in allowing a bank's claim for payment under a guarantee, that, where there was no evidence of inducement to enter the guarantee, two defendants were jointly and severally liable under the guarantee.