Banking regulation and the tort of misfeasance in public office: The difficulties in suing regulators Three Rivers District Council and others (1) Bank of Credit and Commerce International SA (in liquidation) (2) v Bank of England

Abstract

The Plaintiffs were depositors who had lost monies in the collapse of Bank of Credit and Commerce International (BCCI). BCCI itself was named as a Plaintiff since it was an assignee of the claims of Plaintiff depositors. The Plaintiffs made a very large number of allegations against the Bank of England (the Bank) with regard to its exercise of its powers and discretions under the statutory scheme of Banking Supervision contained in the Banking Acts of 1979 and 1987. These allegations related to, inter alia, the Bank's decision to grant a full licence to BCCI in 1980, its failure subsequently to revoke that licence and various other acts and omissions in its supervisory role up to BCCI's collapse in 1991.

Citation

Gray, J. (1997), "Banking regulation and the tort of misfeasance in public office: The difficulties in suing regulators Three Rivers District Council and others (1) Bank of Credit and Commerce International SA (in liquidation) (2) v Bank of England", Journal of Financial Regulation and Compliance, Vol. 5 No. 1, pp. 70-72. https://doi.org/10.1108/eb024908