Paget's Law of Banking

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Description
The present edition of Paget takes it into new territory with an additional part comprising chapters on the remediation of authorised push payment fraud ('APP fraud') and the jurisdiction and functioning of the Financial Ombudsman Service ('FOS'). The inclusion of these topics reflects the changing world in which banks operate. Banking law today is an amalgam of many different strains: duties and remedies that would have been familiar to a Victorian lawyer, subsequent statutes, and copious modern regulation. The main effort in the previous two editions of Paget was to assimilate and summarise the rapidly changing regulations applicable to banks, whilst keeping abreast of a developments in the common law. Those themes continue in the present edition but we have added CHAPTER 39 on APP fraud not least because, running at around £500m annually, this has become a significant and apparently intractable problem for UK banks and one whose sheer scale has prompted an evolving system for remediating victims, first voluntary and (soon) regulatory, courtesy of the Payment Systems Regulator. We have also thought it necessary to explain the legal foundations of the FOS, which is now the first and main point of call for consumers and SMEs with financial services complaints worth up to £415,000. In its latest annual statistics, the FOS reports that it received around 70,000 complaints in relation to banking and mortgages alone. That is in itself an impressive statistic but represents the tip of an iceberg of regulated dispute resolution, as banks have a regulatory obligation to try to resolve complaints themselves, applying any applicable FOS decisions. The vast majority of complaints are resolved in-house under that regime.
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Contents
Part I – The Regulatory Framework
Chapter 1.    The Regulation of Banks
Chapter 2.    Money Laundering
Chapter 3.    Protecting and Disclosing Information
Part II - Banks and Customers
Chapter 4.    The Relationship and Contract of Banker and Customer
Chapter 5.    Types of Account
Chapter 6.    Special Customers
Chapter 7.    Safe Custody
Part III - Bank Lending
Chapter 8.    Loans: Demand, Interest, Charges and Costs
Chapter 9.    Consumer Credit
Chapter 10.  Appropriation of Payments
Chapter 11.  Tiers of Lending
Chapter 12.  Syndicated Lending
Part IV - Security
Chapter 13.  The Taking of Security
Chapter 14.  Lien and Set-Off
Chapter 15.  Non-Possessory Security, Floating Charges and Financial Collateral
Chapter 16.  Pledges of Goods, Documents of Title and Negotiable Instruments
Chapter 17.  Mortgages of Land
Chapter 18.  Guarantees
Part V - Customer Insolvency
Chapter 19.  Insolvency Jurisdiction
Chapter 20.  Corporate Insolvency
Chapter 21.  Personal Insolvency
Part VI – Payments
Chapter 22.  The Paying Bank: Obligations Between Bank and Customer
Chapter 23.  Unauthorised Payments
Chapter 24.  The Payment Service Regulations 2009
Chapter 25.  Electronic Payment Systems
Chapter 26.  Cheques
Chapter 27.  Cheques and Conversion
Chapter 28.  Restitution, Proprietary Claims, and Tracing
Part VII - Investments and Financial Products
Chapter 29.  Advising on Financial Products
Chapter 30.  Retail Derivates
Part VIII - Interference by Third Parties
Chapter 31.  Attachment
Chapter 32.  Freezing Injunctions
Chapter 33.  Compulsory Disclosure
Part IX – Letters of Credit and Performance Bonds
Chapter 34.  Economic Sanctions
Chapter 35.  Demand Guarantees and Performance Bonds
Chapter 36.  Documentary Credits: General
Chapter 37.  Documentary Credits: The Presentation, Examination and Rejection of Documents
Chapter 38.  Documentary Credits: Compliance of Documents
Part X - Consumer Redress
Chapter 39.  Authorised  Push Payment Fraud
Chapter 40.  The Financial Ombudsman Scheme
Index
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Author Details
John Odgers K.C, Formerly of 3 Verulam Building, Gray's Inn and now Senior
Legal Counsel at the Financial Ombudsman Service
Ian Wilson K.C, 3 Verulam Buildings, Gray's Inn