Newly designed printed travel information has been installed inNorwich city centre.We have also created an accessibility guide and short animation whichis availableto viewonline here.
Travel information at Norwich Rail Stationhas alsobeen improved as part of this scheme and offers rail passengers onward travel options including travel to key destinations such as Norwich Airport, UEA, N&N Hospital and Broadland Business Park.
13-19 May 2013 is Dying Matters Awareness Week, a yearly campaign that seeks to raise awareness of end of life issues.
Steeles Law’s Diss office is taking part in a local event on Monday 13 May aimed at members of the public, care professionals and other organisations who share the common goal of supporting the changing knowledge, attitudes and behaviours towards dying, death and bereavement.
The one day informal seminar is to be held at DC3 (Diss Christian Community Church Hall), Vinces Road, Diss IP22 4HG between 9.00am-4.00pm. Places are free of charge including a buffet lunch.
The event has been organised and supported by Susan Whymark of Susan Whymark Funeral Service Ltd, an independent family run business based in Eye and Harleston, providing a 24-hour caring, personal service to local residents.
Susan has invited Angela Ireland from Steeles Law and representatives from the health and care professions, to join together to speak on important, yet sometimes uncomfortable, topics such as making a Will, planning your future care and support and telling your loved ones your wishes.
Set up by the National Council for Palliative Care in 2009, the Dying Matters Coalition, which is responsible for Dying Matters Awareness Week, aims to encourage people to talk openly about their own end of life issues with friends, family and loved ones. Research by the organisation has found that many people have specific wishes about their end of life care or what they would like to happen to them after their death, but a reluctance to discuss these issues makes it much less likely that these will be met.
To reserve your place and join us on 13 May to learn more about the topics highlighted above, please contact Susan Whymark on 01379 871168. To find out more about Dying Matters Awareness Week visit: www.dyingmatters.org.
Ian Robotham, Associate in the dispute resolution team at Steeles Law provides the latest development in the “Interest Rate Swap Scandal” that has dominated the headlines in recent months.
Update
Since last reported by Ian and Marija Markovic, trainee solicitor at Steeles Law, the UK Courts have given Judgment in the first reported case on the mis-selling of interest rate swaps.
On Friday 21 December 2012, in the case of Green & Rowley v Royal Bank of Scotland 2012, the Manchester Mercantile Court (High Court of Justice) dismissed a claim brought by Mr John Green and Mr Paul Rowley against RBS.
Green and Rowley have appealed against that decision to the Court of Appeal, and the Financial Conduct Authority (one of two regulatory authority successors to the FSA) has written to the Court asking for permission to participate in the Appeal.
Background to the Case
Mr Green and Mr Rowley were business partners in property investment. In May 2005, their partnership had liabilities to Royal Bank of Scotland of £1.5m, repayable over 15 years at 1.5% above base rate. Their bank manager, Mrs Gill, suggested that they may wish to enter into an interest rate protection product. After a meeting with an RBS specialist in this area, Mrs Holdsworth, they entered into the “swap” (click here for our previous article explaining this term). The base rate at that time was 4.75% and the fixed rate was set at 4.83%.
This arrangement worked well for Green & Rowley initially; in June 2006 the base rate increased significantly and carried on at a higher rate than the swapped rate until October 2008. This meant that, during this period, Green & Rowley received payments from RBS under the swap. However, following the financial crisis in late 2008, the base rate drastically decreased and, in March 2009, settled at the current record low base rate 0.5% and stayed there. This left Green & Rowley paying increased amounts under the swap and unable to take advantage of the record-low rate.
Judgment
His Honour Judge Waksman QC made it clear upon delivering Judgment that this case was highly fact sensitive. The evidence concentrated on what was said at the meeting with the specialist and before the swap was entered into. Green & Rowley claimed that RBS breached its common law duty of care in making negligent mis-statements and in giving negligent advice with regard to the swap.
The Judge accepted that, in line with Rubenstein v HSBC Bank PLC 2011, if a product had been recommended this may amount to advice. Mrs Gill recommended Green & Rowley to consider an interest rate protection product and arranged a meeting with the specialist, Mrs Holdsworth. At the meeting with Mrs Holdsworth, the advantages and disadvantages of various products were discussed. But the Judge stated in this case that this does not amount to a recommendation (and therefore advice) and that Green & Rowley were free to make their own decision.
Mrs Holdsworth retained a note taken of the particular meeting, including manuscript diagrams and figures used for illustrative purposes and more importantly a typed note from the manuscript note she took at the meeting setting out what was said. By contrast, Green & Rowley had no notes of the meeting or what was said at the time, therefore relaying information purely from memory of some seven years before. The Judge stated that he generally preferred the evidence given by the Bank to that of Green & Rowley.
Even though the word ‘suitable’ was used to describe the chosen swap product in a note taken by Mrs Holdsworth at the meeting, the Judge found that this was only confirmation that the product was suitable for Green & Rowley’s expressed requirements, not advice that it was suitable pursuant to the Conduct of Business Rules.
Therefore, as no advice had been given, the claim for negligent advice failed.
In relation to break costs, RBS provided documentation which stated that, if the swap was broken, there would be a cost or benefit depending on the market conditions. That was the extent of a reference to break costs by RBS. Green and Rowley claimed that the information provided by RBS did not go far enough and that RBS owed a duty of care to explain the potential extent of the break costs in much more detail.
However, the Judge found that the information provided was sufficient and, what mattered in common law, was whether the statements in themselves were accurate, not whether more could have been said. Therefore the Judge concluded that the information provided by the Bank was not misleading, so the claim for negligent mis-statement also failed.
Further Developments
In January 2013, shortly after Judgment was given, the Financial Services Authority (as it then was) released a report on the outcome of its pilot scheme.
Included in that report was a section titled ‘Assessing Compliance with Regulatory Requirements’. This gave examples of what, in the FSA’s opinion, sales of the interest rate hedging products by banks should include for those sales to be conducted within the regulatory requirements.
The report also stated that “for the disclosure of break costs to comply with our regulatory requirements, the bank should be able to demonstrate that in good time before the sale, the bank provided the customer with an appropriate, comprehensible and fair, clear and not misleading disclosure of any potential break costs.”
Green & Rowley have since dis-instructed the solicitors acting on their behalf for the case at first instance and have appointed new solicitors to act in relation to an appeal.
Following an application, Lord Justice Lewison has granted Green & Rowley permission to appeal His Honour Judge Waksman QC’s Judgment on grounds of public interest. It is expected that an appeal will take place in October 2013 (coincidentally the same month that Graiseley Investments Limited & Ors v Barclays Bank plc, another interest rate hedging product case, is expected to be heard).
Very recently, the Financial Conduct Authority (which has superseded the FSA) wrote to the Court and both parties to the case seeking permission to make a submission to the court to offer clarity on its regulatory requirements.
Conclusion
Although the case was a success for RBS at first instance, permission to appeal has been granted and the matter has not yet reached a final conclusion. Even if the decision at first instance is upheld at the Court of Appeal, this case should not necessarily deter a person or company from pursuing a claim against a bank.
This case was fact specific (His Honour Judge Waksman QC said as much) and every case has different facts. The outcome in this case was determined by what was said between the parties and how the evidence was given.
This case highlights the importance of accurate evidence. Before bringing a claim, it is imperative that all relevant information is obtained. The evidence given by the claimants must also be consistent and not conflicting. The court is likely to look on contemporaneous documents taken from that period of time more favourably. To maximise an opportunity of success it is crucial that the evidence is properly prepared from the outset and the case is dealt with by a legal team that have the requisite expertise.
The Judge found both claimants to be intelligent and experienced businessmen, and described the swap they entered into as ‘straightforward’. Many potential claimants will not have the same knowledge and experience and many products entered into will be of far greater complexity.
At Steeles Law we have acted and continue to act for a number of clients involved in disputes with banks including the mis-selling of complex financial products. We have already secured significant settlements on behalf of clients.
If you or your business has entered into a hedging agreement, whether that agreement remains in place or not, we would like to hear from you. For a no obligation discussion about interest rate hedging products call Ian Robotham today.
Tuesday 30th April 2013 – Booked your holiday? Don’t forget your car parking! The Airport and car parking partner NCP have improved drivers’ experience at Norwich International Airport by enhancing the parking, drop off and pick up process in the Airport’s car parks in readiness for the start of a busy summer season.
With significant growth in the number of holidaymakers using the Airport expected this summer the Airport is working hard to reinforce its reputation as an easy, convenient, hassle free start to a journey. The developments have ensured that anyone coming to the airport to drop off or pick up passengers will be directed to a designated area in the short stay car park where 10 minutes’ waiting time is free of charge, unlike most other UK Airports.
Andrew Bell, CEO of Norwich International said: “We are always looking at ways to enhance our customer experience and these improvements will not only assist those dropping off and collecting passengers but also any passengers parking on-site too. The benefits of parking at the airport should not be underestimated; the short stay car park is conveniently located immediately in front of the terminal building and the long stay car park is just a few steps further, ensuring an easy start with no long transfer times and not a shuttle bus in sight! Both car parks benefit from barrier entry, regular patrols and CCTV and rates start from just £49.50 for 8 days, one of the best on-site rates in UK”
For more information on parking at the airport, please visit www.ncp.co.uk or call 0845 050 7080.
Children’s Hospice Week runs from 26 April to 3 May and is the UK’s only awareness and fundraising week for children with life threatening conditions – it’s theme is Be a Hero!
East Anglia’s Children’s Hospices Royal Patron – HRH The Duchess of Cambridge in her first ever video message says ‘I hope you will join me this Children’s Hospice Week in supporting your local service.’
So why not be a hero for EACH’s Quidenham hospice here in Norfolk and consider the following ways of pledging your support:
As a company you could go one step further and pledge to make EACH your Charity of the Year for 2014.
For more information please visit our website www.each.org.uk or call the Norfolk FundraisingTeam on 01953 666767.
On Sunday 28th April East Anglia’s Children’s Hospices Royal Patron HRH The Duchess of Cambridge supported Children’s Hospice Week with her first ever video message.
In her inaugural message, The Duchess of Cambridge states: ‘As Patron of East Anglia’s Children’s Hospices I have been fortunate enough to see first hand the remarkable work that they do for children and young people with life-limiting conditions, and their families’.
The Duchess of Cambridge also encourages viewers to ‘recognise, celebrate and support the inspirational work of hospices’ to ensure ‘children and their families can make the most of the precious time they have together’
Tosee the full video message please visitwww.each.org.uk .
Join Atlantic Holidays and Travel Norwich Airport for a Taste of Madeira event, and enjoy all that Madeira has to offer on Wednesday 1st May 2013 at Norwich Airport.
Dino Toouli from Atlantic Holidays will be hosting informal presentations at 10:30am, 12:30pm or 2:30pm which will include essential destination advice for a holiday to Madeira.
There will be some fantastic offers for any bookings made at the event including:
Complimentary refreshments and car parking will be provided to those attending the event. Places must be registered by simply calling Travel Norwich Airport on 01603 4284700.
The University of East Anglia has been ranked in the world’s top 100 universities in a league table focusing on research excellence. Published this week, the CWTS Leiden Ranking 2013 places UEA 90th in the world and 14th in the UK. In individual subject rankings the university comes fifth in the UK for Life and Earth Sciences and fourth for Social Sciences and Humanities.
In the fields of Social Sciences and Humanities, more researchers cite UEA work than that of any other university in the UK – illustrating its influence in these areas.
The news comes as UEA celebrates being ranked first in the Student Experience Survey 2013. The survey was published yesterday by the Times Higher Education magazine.
Pro-vice-chancellor for research Prof David Richardson said UEA was punching significantly above its weight in terms of the impact its research. “The Leiden Ranking reflects our considerable investment in this area and illustrates the phenomenal impact and international reach of UEA research,” he said.
The Leiden Ranking measures the scientific performance of 500 major universities worldwide. Using a sophisticated set of bibliometric indicators, it aims to provide highly accurate measurements of the scientific impact of universities and of universities’ involvement in scientific collaboration. The ranking is based on citations for research publications.
Compared with other university rankings, the Leiden Ranking offers more advanced indicators of scientific impact and collaboration and uses a more transparent methodology. The ranking does not rely on highly subjective data obtained from reputational surveys or on data provided by universities themselves.
More information about the ranking results and the methodology of the CWTS Leiden Ranking 2013 is available at www.leidenranking.com
Epic Studios is looking for TV presenters to be part of our exciting plans for the future. Epic Studios is fast becoming the premier venue in Norwich for a variety of live performances. We also stream many of our performances as well as creating dozens of music videos every month. We’re now looking for presenters for the next stage of our programme development. We are looking for someone who is confident in front of camera and who will work on a variety of projects, including but not limited to: • Live performance shows, with compere skills and ability to interview • Discussion and magazine style programmes • To introduce Epic videos for a highlights show • to host a magazine and discussion programme • to interview audience members before, during and after performances • to interview artists live on stage Our core requirements are for a male and female presenter to become the face of our channel and brand. In addition, we may also recruit other presenters for genre-specific formats. We will be holding an appointment-only audition process in May. To apply, please submit, where available: • Pictures (portfolio where possible) • Examples of front of camera work • Examples of performance, presenting, interviewing in front of camera • CV with specific reference to media experience. If you do not have any of these items, please explain in your application why you think you might be suitable for the position and why you should be invited to the audition. Include in your application reasons why you think you would be suitable for the position and include any programme ideas you may have and how you can contribute to the development of the Epic TV channel. Please email james.foster@epic-tv.com with your application by 1pm on Friday May 3. Screen tests will take place the week after. We will reply to every application.
In the recent case of T v T 2013, the Court held that a separation agreement signed by the parties in 1991 should be made an Order of Court.
In this case, the Court heard that the separation agreement was signed by the parties back in 1991, 22 years ago. However, whilst all of the requirements of a concluded agreement were present, the separation agreement was never put before the Court for approval in the form of a Consent Order.
The wife wanted to pursue an application against the husband for a financial remedy and argued that the separation agreement could not be relied upon. However, there had been no reconciliation and the parties had relied on the agreement as a basis for their independent lives on separation. The agreement also included a clean break.
The Judge reviewed the case law and the approval of the approach of the UK Courts to post-nuptial agreements generally as set out in the landmark case of Radmacher (formerly Granatino v Granatino) 2010. The Court found that they were under no duty to examine the parties’ current means. The length of time since the agreement was entered into was relevant, and the husband’s application was therefore granted with costs against the wife.
The Court held that the separation agreement was an agreement which was entered into and intended to be acted upon. Because of that, the agreement must be regarded “of magnetic importance”. The Court found that there was nothing to suggest that the agreement was not fair at the time and that the wife had been competently advised by her solicitor.
Emma Alfieri, Family Practitioner in our family team, comments that whilst marital agreements are not currently legally binding, this case further demonstrates the decisive weight that the Court are increasingly giving to such agreements, provided certain conditions are met.
The Law Commission is still considering the proposals as to whether such agreements should be made legally binding and the final recommendation is expected in Autumn 2013.
For further advice on separation agreements or any other family law matter, please contact us.
Ahead of the start of the summer season, Norwich International Airport has invested in new generation x-ray screening equipment and reconfigured its main security search area.
The new layout aims to ensure that individual passenger screening times are kept to a minimum making the security process a much speedier and efficient process for all passengers.
To improve the processing of inbound passengers the airport has also invested in an additional UK Border Agency desk to ease congestion on arrival.
Jamie Price, Airport Security Manager said: “The improvements within our central search will not only enhance security, but also the overall passenger experience at the airport.”
Andrew Bell, CEO said: “We are committed to making the airport experience an easier, speedier and less stressful one for all of our passengers and we hope that these improvements will enhance their journey through the airport”
They may each be under 40, but a management triumverate is looking ahead to an exciting future at Norfolk-based Hugh J Boswell after completing a buy-out of the firm.
For more than a decade, long-serving team members Nick Chambers, Peter Foster, and Ashley Minors have worked with managing director Mike Minors helping to double the size of the specialist business and corporate insurance brokerage.
After preparing the three for life at the top of the business, Mr Minors is staying on at the firm as a director and focusing on his own clients while his homegrown team, including his son, take the 106-year-old organisation into a new era.
Mr Chambers, chief executive, said that key to the firm’s growth was a decision to split its focus, with a ‘community’ based business looking at local clients and a ‘schemes’ business working with national firms.
He said the three were “passionate” about the firm retaining its independence and was happy to work with businesses from one-man bands to large corporates.
“The three of us have been here for more than 30 years,” he said. “We have grown 50pc in the last five years and there is no intention of desire to slow down,” he added.
The firm, based at Carrow Hill in Norwich, employs 49 staff, with the business forecast to deal with £16m in premiums, while revenues will be around £3m.
It worked with the commercial team at Natwest in Norwich to secure the right finance for the management buy-out.
“The people we have here are very much like a family,” he said. “We have been talking about it for years and Mike has been training us and giving us the autonomy to run the business for quite some time. It was always the ambition for this team to buy him out.”
Mr Foster, managing director, added: “We are massively focused on growth. The biggest challenge for us is to continue what we have been doing for the last five years. Mike will be around for years. He wants to be around for a long time and look after his clients.”