Banking in UK Law

Leading Cases
  • United City Merchants (Investments) Ltd v Royal Bank of Canada
    • House of Lords
    • 20 May 1982

    To this general statement of principle as to the contractual obligations of the confirming bank to the seller, there is one established exception: that is, where the seller, for the purpose of drawing on the credit, fraudulently presents to the confirming bank documents that contain, expressly or by implication, material representations of fact that to his knowledge are untrue. The courts will not allow their process to be used by a dishonest person to carry out a fraud.

  • Three Rivers District Council v Governor and Company of the Bank of England (No. 3)
    • Court of Appeal (Civil Division)
    • 04 December 1998

    In those circumstances, our ability to do the job effectively would be even more restricted than if we had assumed the role officially from the outset. This is because we have to be satisfied under our new legislation not only that an institution will be prudently run but that it will be run with integrity—and our experiences with BCCI in the past make such a judgment difficult.

    And to load a plaintiff/depositor with the further burden of proving that, despite the regulator's self-imposed ignorance, it foresaw damage in the particular form in which it occurred seems to me, with respect, even more illogical and unjust in a common law remedy the purpose of which is to provide a remedy for abuse of public duty.

  • Marfani & Company Ltd v Midland Bank Ltd
    • Court of Appeal (Civil Division)
    • 21 March 1968

    What facts ought to be known to the banker, i.e. what inquiries he should make, and what facts are sufficient to cause him reasonably to suspect that the customer la not the true owner, must depend upon current banking practice, and change as that practice changes.

    What he contends is that this court is entitled to examine that practice, and to form its own opinion as to whether it does comply with the standard of care which a prudent banker should adopt. This is quite right, but I venture to think that this court should be hesitant before condemning as negligent a practice generally adopted by those engaged in banking business.

  • HM Revenue and Customs v Axa Uk Plc
    • Court of Appeal (Civil Division)
    • 20 December 2011

    As to the effect of the ruling in the present case, in my judgment, it is clear that the Court of Justice concluded that the words "debt collection" in the carve out have a meaning capable of being applied to "transactions concerning payments" within the exemption in article 13B(d)(3) (judgment, paragraph 28, last sentence). It then has to be decided whether the actual transaction in question falls within the exemption or the carve out, and this will depend on its precise facts.

  • Lipkin Gorman (A Firm)(Original Appellants and Cross-Respondents) v Karpnale Ltd (Formerly Playboy Club of London Ltd) (Original Respondents and Cross-Appellants)
    • House of Lords
    • 06 June 1991

    In these circumstances, it is right that we should ask ourselves: why do we feel that it would be unjust to allow restitution in cases such as these? The answer must be that, where an innocent defendant's position is so changed that he will suffer an injustice if called upon to repay or to repay in full, the injustice of requiring him so to repay outweighs the injustice of denying the plaintiff restitution.

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Books & Journal Articles
  • The financial crisis – Western banking versus Islamic banking
    • Nbr. 7-1, April 2011
    • World Journal of Entrepreneurship, Management and Sustainable Development
    • 1-16
    The financial crisis has had a devastating impact on financial markets in the US and other western countries. Particularly hard hit were investors who purchased mortgaged backed securities, since a...
    • Nbr. 2-3, March 1994
    • Journal of Financial Regulation and Compliance
    • 195-200
    This paper examines the role of the Banking Ombudsman in dealing with complaints about banking services. It describes the procedures for investigating eligible complaints and considers the overlap ...
  • Spotlight on ‘Underground Banking
    • Nbr. 3-2, March 1995
    • Journal of Financial Crime
    • 204-208
    Underground banking docs not refer to cash dispensers in subterranean shopping centres. It refers to that secretive and mysterious global structure for facilitating the transfer of funds between co...
  • Papers Brazilian banking and stabilisation
    • Nbr. 7-2, February 1999
    • Journal of Financial Regulation and Compliance
    • 105-113
    This paper focuses on the influence of stabilisation and policy choices on Brazilian banking. It is generally understood that stabilisation, ceteris paribus, allows banking to develop, but, Brazil ...
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Law Firm Commentaries
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  • Chapter BKM404800
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    .... . . CTA10/S269DE(2)&(6), S269DJ(2)&(5). A banking company must specify its surcharge allowance for its accounting period in its tax return. . For a banking company that is not part of a group or ......
  • Chapter BKM406600
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    ......Arrangements meet the TAAR if the main purpose, or one of the main purposes, of the arrangements is to avoid, or reduce, a banking company’s surcharge profits or its CFC chargeable profits. The application of the main purpose part of the TAAR will be fact-dependent.  It is ......
  • Chapter BKM404100
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    .... . . CTA2010/S269DE. There is an annual allowance of £25m available to groups or, where a group has only one banking company or the banking company is not in a group, to that banking company alone.  The allowance exempts surcharge profits or CFC profits apportioned ......
  • Chapter BKM403850
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    ......The banking surcharge is charged on a banking company’s taxable total profits with certain adjustments (BKM403100).   A banking company’s surcharge profits ......
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