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Clarity on Quincecare duty for banks

By Paul Brehony, Kate Gee15 February 2021 The decision in Philipp v Barclays Bank UK plc [2021] EWHC 10 (Comm) is an important development that checks the recent expansion of the Quincecare duty. Although unsurprising on its facts, the court held that the Quincecare duty does not extend to authorised push payments (APP fraud), where a customer is tricked into making a payment, genuinely authorised between bank and customer, but made to a third-party fraudster. Paul Brehony In Barclays Bank plc v Quincecare Ltd [1992] 4 All ER 363, the court found that the bank’s fiduciary duty to its customer ‘was an implied term […] that the bank would observe reasonable skill and care’ when executing a customer’s instructions. A bank must refrain from executing a payment instruction if and for as long as it was put ‘on enquiry’ that the payment may be fraudulent. The court in Quincecare recognised that this was not a high standard, and that a bank is normally entitled to assume t

Barclays Bank UK Chairman Ian Cheshire To Step Down

Barclays Bank UK Chairman Ian Cheshire To Step Down LONDON (dpa-AFX) - Barclays Plc (BARC.L, BCS) said Friday Ian Cheshire will step down as a director and the chair of Barclays Bank UK Plc. Ian has informed the group that he is unable to accommodate the increased time commitment and duration required to see through program, the company said in a statement. Therefore, Ian will step down and hand over the chair of Barclays UK to Crawford Gillies, who will join the Barclays UK board with effect from 1 January 2021. Ian will stay on the board of Barclays until the AGM in May 2021 in order to help ensure a smooth transition.

FTSE treads water with Brexit negotiations going to the wire | 18 December 2020

18 December 2020 | 12:04pm StockMarketWire.com - The FTSE 100 was struggling for direction on Friday as sterling remained volatile against other major currencies amid signs negotiations on a Brexit deal were finally hitting the final straight. By midday the index of leading UK shares was up 0.15% to 6,560.60. Gambling group Flutter Entertainment was down 1.4% to £152.70 after it faced a $875 million hit from a US court judgement overnight. Flutter said it would contest the ruling from the Kentucky supreme court. Respiratory drug development company Synairgen surged 36% higher to 148.3p after it received fast track status from the US Federal Drug Agency. This means shorter review timelines from the FDA and comes after the company made an Investigational New Drug (IND) application for its SNG001 inhaled drug as a treatment for patients with Covid-19, enabling the start of US trials.

FTSE 100 Rises As Pound Slides On Brexit Fears

FTSE 100 Rises As Pound Slides On Brexit Fears BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks advanced on Friday and the pound fell as Britain and European Union negotiators played down expectations a deal will be reached. Speaking in the European Parliament, Michel Barnier, the EU s chief negotiator said it was the moment of truth for the two sides to come to an agreement. European Commission President Ursula von der Leyen said bridging big differences , particularly on fishing rights, would be very challenging while Prime Minister Boris Johnson said discussions were in a serious situation . Meanwhile, U.K. retail sales declined less-than-expected in November despite restrictions imposed to contain the second wave of the Covid-19, the Office for National Statistics said.

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