Podcast Location:
Download it here [file size: 27.3 MB]
Categories:
Banking and Financial Services
Fraud, Financial Crime & Anti-Money Laundering
Property Litigation
CPD Points:
Up to 1 point. details »

Due to the difference in guidelines between the SRA and the Bar Standards Board, CPD points are awarded differently for Solicitors, Barristers and Legal Executives:

Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Cost:
  • FREE
Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

This podcast aims to set out how the law has changed since the last recession in handling three common categories of mortgage litigation: fraud, carelessness and negligence. It will address how the impact of new regulation since the 1990s has changed both industry and judicial approaches to mortgage litigation. Specific attention will be given to instances of fraud by borrowers against lenders and the mis-selling of inappropriate financial products by lenders to borrowers and the remedies available for each wronged party. The podcast also contains some useful tips for practitioners on 'red flag' spotting in cases of fraud. Consideration will also be directed at the duties third parties may owe lenders and borrowers and what causes of action may result from carelessness on the part of advisors. The podcast will also address the growth in lending industry regulation - both of itself by the numerous voluntary best practice codes - and by the FSA and OFT and how these codes may be changing the approach judges take to implied terms in mortgage contracts.

Outcomes:
After completing the course you will:
  • Be aware what form fraud by borrowers against lenders often assumes;
  • Understand how awareness of mortgage fraud and possible 'red flags' have developed since the 1990s;
  • Know in what circumstances a lender can enforce a security interest brought about by a fraudulent transaction;
  • Know the distinction between cases of fraud and mistakes on the register and the limitations on court's power of rectification;
  • Be aware of how professionals can be implicated in fraudulent transactions;
  • Understand that mis-selling by lenders may also constitute fraud and what remedies are availible for borrowers;
  • Know how the law has developed in imposing duties on professional advisors towards lenders;
  • Know the difference between cases of fraud and carelessness on the part of professional advisors;
  • Be aware to the extent to which a lender owes a borrower a duty of care;
  • Understand how regulation of lenders has altered the standards of conduct to which lenders are held and how that impacts upon their tortious and contractual liability;
  • Know what role the industry's own volentary codes have in this regard;
  • Know to what extent a lender’s reckless lending practices can lead to a claim that a portion of the bank’s loss is attributably to its own contributory negligence.
Level:
Intermediate Difficulty: 3 of 5
Classification:
Case Update
Legal Principles
Sources and References:
  • Land Registration Act 2002;
  • Fraud Act 2006;
  • Proceeds of Crime Act 2002;
  • The Money Laundering Regulations 2007;
  • Financial Services and Markets Act 2000 s.150;
  • The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. No. 2001/544);
  • ICS Ltd v West Bromwich Building Society [1998] 1 WLR 896;
  • Barclays Bank plc v Guy [2008] EWCA Civ 452;
  • Pulvers (a firm) v Chan & Others [2007] EWHC 24006 (Ch);
  • Royal Bank of Scotland v Etridge [2001] UKHL 44;
  • Barclays Bank v O'Brien [1993] 4 All ER 417;
  • Bristol and West Building Society v Fancy & Jackson [1997] 4 All ER 582;
  • Nationwide Building Society v Balmer Radmore [1999] Lloyd's Rep 241;
  • Clarion Ltd v National Provident Institution [2000] WLR 1888;
  • Ismene Larussa - Chigi v C S First Boston Ltd [1998] CLC 277;
  • Seymour v Caroline Ockwell & Co and Zurich IFA Ltd. [2005] EWHC 1137 (QB);
  • Loosemore v Financial Concepts [2001] Lloyds Law Rep 235.
Tags:

In this podcast, Peter Dodge analyses a familiar by-product of a recession - mortgage litigation. Comparing the recession of recent years to the recession of the early 1990s, this podcast will look at 3 common types of litigation: fraud (including fraudulent mis-selling), loss resulting from carelessness of third parties and the contributory negligence. The law has come a long way since the last recession, both in terms of case law and in the regulation - both voluntary and mandatory - of the banking sector. This podcasst will examine what if anything has changed in reality.

Podcast added: 12/04/10

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