Protecting Customers Against Fraud - Exploring the Liability of Banks

Introduction

This new virtual classroom seminar will consider the liability of banks to protect their customers from fraud.

The Contingent Reimbursement Model Code has proved to be something of a damp squib and its operation is already under review.

The extent of banks’ liability (the Quincecare duty) is a rapidly evolving area of law with a number of landmark decisions in 2022.

In Philipp v Barclays Bank the duty was expanded, both in terms of the types of customers protected and the types of fraud protected against.

In Nigeria v JP Morgan Chase, the application of the duty was tested at trial.

In Stanford International Bank Ltd v HSBC Bank plc, the Supreme Court decided how the duty interacts with insolvency law.

What You Will Learn

This live and interactive session will cover the following:

• How the Contingent Reimbursement Model Code works in theory, and in practice
• How, and why, the Court of Appeal decided personal customers could claim that banks had breached the Quincecare duty
• How the Quincecare duty applies to cases of Authorised Push Payment (APP) fraud
• How the Quincecare duty interacts with banks’ obligations to combat money laundering and terrorist financing
• What the High Court decided in Nigeria v JP Morgan Chase the Quincecare duty requires of banks in practice
• What the Supreme Court decided in Stanford International Bank Ltd v HSBC Bank plc about the application of the Quincecare duty in an insolvency situation
• Likely and possible future developments, to the Quincecare duty, to the Contingent Reimbursement Model Code, and more generally

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.