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E-raamat: Mis-Selling Financial Services

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Mis-Selling Financial ServicesSuurem pilt
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The products that are most often the subject of mis-selling claims are usually both complex and esoteric in nature. This complexity is reflected in the law, regulation and case law that applies to these products. Nowhere is this more true than in the heavily regulated financial services sector. This accessible book is designed to provide a clear and practical guide to claims involving the mis-selling of financial products.

Key features include:









Clear and concise analysis on the law relating to the mis-selling of regulated financial services products Overview of the UK and European regulatory framework governing the sale of financial products and with particular focus on five key product types: credit, mortgages, interest rate hedging products, insurance, and collective investment schemes Practical information on pleading, and defending claims of mis-selling including the various causes of action and limitation periods Summary of case law which has emerged from sector specific issues and mis-selling 'scandals'.

Providing a practical grounding to the topics at hand, this book will be of use to practising lawyers and in-house counsel working within the financial services industry. Academics who are researching within the fields of financial services law or consumer protection will also find this to be an informative text.
Acknowledgements xi
Table of cases xii
Table of legislation xviii
1 Introduction 1(12)
I What Is Mis-Selling?
II Evolution Of Mis-Selling
III The Impact Of Mis-Selling
IV Overview Of Regulation
A The general prohibition
B Financial promotion by unauthorised persons
C Claims against authorised persons
D Rules, guidance and principles
V Scope Of This Book
VI Brexit And Potential Future Developments
2 Mis-selling claims 13(46)
I Introduction
II Causes Of Action
A Breach of statutory duty
1 Breach
2 Causation
B Duties at common law
1 The Hedley Byrne approach
2 The modern approach
C Breach of statutory duty versus negligence
1 General principles
2 In the context of financial mis-selling
D Pleading negligence
1 Claimant not a 'private person'
2 Limitation
3 Joint enterprise
E Other damages claims
1 Breach of contract
2 Unfair relationship claims
3 Breach of fiduciary duty
F Regulatory claims
1 The 'general prohibition'
2 Claims under Part II of FSMA
3 Discretionary relief
III Limitation
A Accrual of a cause of action
B Section 14A of the LA
IV Alternatives To Litigation
A Introduction
B FCA's DISP rules
C The Financial Ombudsman Service
1 Compulsory versus voluntary jurisdiction
2 Nature of FOS' decision-making
3 Awards by the FOS
D Interaction with the litigation process
1 'Top-up' litigation
2 Can a claimant be compelled?
E The Financial Services Compensation Scheme
1 Statutory basis for the FSCS
2 COMP rules
3 Credit 59(69)
I Introduction
A What is credit?
B Types of credit
1 Running-account and fixed-sum credit
2 Restricted-use and unrestricted-use credit
3 Debtor-creditor-supplier agreements and debtor-creditor agreements
4 Asset finance agreements
C Regulated, exempt and unregulated credit
II Common Types Of Credit Mis-Selling
A Unauthorised lending
B Misleading advertising
1 Clear, fair and not misleading
2 Representative example
3 Representative APR
4 Other specific requirements and prohibitions
5 Consequences of misleading or non-compliant adverts
C Failure to provide pre-contract information
1 Specified pre-contractual information
2 Adequate explanations
3 Further pre-contract requirements
4 Consequences of failure to provide the necessary pre-contractual information
D Failure to properly assess creditworthiness and affordability
1 The pre-contractual assessment
2 Proposed clarifications to the rules
3 Financial impact on guarantors
4 On-going assessments
5 Consequences of failing to properly assess affordability and creditworthiness
E Inappropriate advice and unsuitable credit
1 Unadvised sales
2 Advised sales
3 Examples of mis-selling
F Mis-selling by a credit broker
G Commissions and secret commissions
1 The credit broker's CONC obligations to disclose commission payments
2 Secret commissions and the breach of a fiduciary duty
H Other practices which might amount to mis-selling
I Connected lender liability (section 75 CCA)
1 Credit agreements covered by section 75 CCA
2 The key elements of a section 75 claim
3 Other issues in section 75 claims
4 Section 75A CCA
J Mis-selling through deemed agency (section 56 CCA)
1 Antecedent negotiations
2 Consequences of misrepresentations by the broker or supplier in antecedent negotiations
III Unfair Relationships
A Introduction
B The agreements to which the unfair relationship regime applies
C The unfair relationship 'test'
1 The burden of proof
2 Availability of summary judgment
3 Grounds for finding unfairness
D The court's powers under section 140B
E Limitation
IV Particular Considerations In High-Cost Short-Term Credit (Pay Day Lending)
A Definition of 'high-cost short-term credit'
B The price cap
C The risk warning
D Rollovers
4 Mortgages 128(65)
I Introduction
A What is mortgage credit?
II Common Types Of Mortgage Mis-Selling
A Unauthorised lending
B Misleading advertising
1 Clear, fair and not misleading
2 Specific requirements and prohibitions
3 Real time promotions in relation to qualifying credit
4 Further requirements for MCD financial promotions
5 Examples of advertising which could give rise to or contribute to mis-selling
C Inappropriate advice and unsuitable credit
1 Disclosure relating to the sales service offered
2 Additional disclosure requirements applicable to MCD mortgage credit intermediaries and lenders
3 Advised sales
4 Execution-only sales
5 Examples of mis-selling
D Pre-contract information failures
1 Pre-contract requirements for non-MCD regulated mortgage contracts
2 Pre-contract requirements for MCD regulated mortgage contracts
3 Disclosures required at offer stage for non-MCD regulated mortgage contracts
4 Disclosures required at offer stage for MCD regulated mortgage contracts
5 Disclosures before further advances
6 Examples of mis-selling
E Failure to properly assess affordability
1 Repayment mortgages
2 Interest-only mortgages
3 Additional MCD responsible lending requirements
4 Examples of mis-selling
F Mis-selling by a mortgage intermediary
G Remuneration, commissions and inducements
H Other practices which might amount to mis-selling
III Unfair Relationship Claims
IV Quantifying Loss In Mortgage Mis-Selling Litigation
5 Insurance 193(34)
I Introduction
II Scope Of Regulation
A Meaning of 'insurance'
1 Common law definition
2 FCA's approach
B Contracts of insurance within the RAO
C The regulated activities
1 Effecting and carrying out contracts of insurance
2 Insurance mediation
3 Exclusions
4 'By way of business'
III Duties Owed
A Regulation pre-2005
B The ICOBS rules
1 Application and scope (ICOBS 1-2)
2 Communications to clients (ICOBS 2.2)
3 Information about firms (ICOBS 4)
4 Suitability (ICOBS 5)
5 Disclosure (ICOBS 6)
6 General claims handling (ICOBS 8)
C ICOBS in practice
D Common law duties
E Fiduciary duties
IV Complaints Handling
A Approach to complaints
B Effect of finding of breach or failing
6 Interest rate hedging products 227(48)
I Introduction
II What Are 'Interest Rate Hedging Products'?
A Regulation of IRHPs
B Swaps
C Caps
D Simple collars
E Structured collars
F Hidden swaps
III Duties Owed In IRHP Sales
A Statutory duty to comply with COBS rules
B Basic duty in non-advised sales
C Duty in advised sales
D The intermediate or mezzanine duty
IV Is Advice Provided?
V Common Mis-Selling Allegations In Respect Of IRHPS
A The product was not suitable
B The product was misrepresented
C The product was not properly explained
D The sales person was financially incentivised to mis-sell the IRHP
E The sales person persuaded the customer to take a risk they would not otherwise have taken
F Breach of the COBS rules
1 COBS 2.1.1R
2 COBS 2.1.2R
3 COBS 2.2.1R
4 COBS 4.2.1R
5 COBS 4.5.2R
6 COBS 9.2.1R
7 COBS 9.2.2R
8 COBS 10.3.1R
9 COBS 14.3.2R
VI Some Specific Issues Arising In IRHP Mis-Selling Claims
A Basis clauses
B Limitation
C Extent of the duty
D Expert evidence
VII The IRHP Redress Scheme
A Background
B Review of IRHP sales
1 Categorisation of business
2 Sophisticated customers
3 Skilled persons under section 166(1) of FSMA
4 Category B Business reviews
C Redress under the Scheme
1 The three-stage approach
2 Consequential loss
D Duties of the Banks in conducting reviews
1 Decision in CGL Group Ltd v Royal Bank of Scotland
2 Consequences of the decision
7 Collective investment schemes 275(24)
I Introduction
II History Of CIS Regulation
III Sources Of Law
IV The UCITS Directive
V The AIFM Directive
VI Regulated And Unregulated CIS
VII The Definition Of A CIS
A Arrangements
B Property of any description
C Day-to-day control
D Pooling of contributions and profits
E Managed as a whole
VIII The CIS Exemptions
IX The Regulatory Consequences Of Unlawful CIS
X Unlawful Promotion
A Promotion of CIS by a person that is not authorised
B Promotion of a CIS by an authorised person
XI Regulation Of Authorised CIS
A Authorised unit trusts
B Authorised contractual schemes
C Open-ended investment companies
D Recognised overseas schemes
E Qualified investor schemes
XII Conclusion
Index 299
Jonathan Kirk KC, Barrister, Gough Square Chambers, Thomas Samuels, Barrister, Henderson Chambers, Lee Finch, Barrister, Gough Square Chambers, London, UK
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