Wragge Lawrence Graham & Co

Finance litigation briefing: October 2013 — report and review on the latest issues

Wragge & Co brings you the latest on the cases and issues affecting the lending industry.

So long as the paying bank under the Clearing House Automated Payment System (CHAPS) pays in accordance with the client’s instructions as to account number and sort code, the bank will not be liable to repay sums transferred into an incorrectly named account.

In Tidal Energy Ltd v Bank of Scotland plc, the claimant completed a transfer form instructing the bank to make a transfer via CHAPS to its named supplier. The form had a standard disclaimer notice on it, disclaiming liability for losses not due to the bank’s negligence or fault. The claimant gave its supplier’s name, account number and sort code on the form. Unbeknown to the claimant, it had been fraudulently given an account number that did not belong to its supplier…

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