Tournier v National Provincial & Union Bank of England (1924
As is well known, the great case of Tournier v National Provincial and Union Bank of England held that a bank owes a duty of confidentiality to its customers. The duty extends at least to information concerning account transactions and extends beyond the date of the termination of the banker customer contract. Information attained from other sources, like a credit agency, is also covered by the duty. The duty is not absolute for the bank may disclose information where the disclosure is under compulsion by law, where there is a duty to the public to disclose, where the interests of the bank require disclosure and where the disclosure is made by the express or implied consent of the customer.Tournier had an overdraft with the defendant bank. He had made arrangements to make payments toward the reduction of the overdraft, but after only three installments ceased to make further payments. Tournier was the payee of a cheque drawn by Woldingham Traders Ld. Rather than deposit the cheque in his account with the defendant bank; he indorsed the cheque to a customer of the London City and Midland Bank. The defendant bank came to know about the cheque by virtue of the fact that Woldingham was a customer. Upon seeing the cheque presented
Criminal Justice Act 1987 - Set up the Serious Fraud Office to investigate fraud. Financial Services Act 1986 - To investigate insider dealing. Another situation where a bank must disclose information legally is upon receiving a valid request from an authorized official. This could be under the following acts: This hardly ever arises in practice, banks preferring to rely on the customer's consent or on compulsion of law. It has been suggested that it may apply to trading with the enemy in time of war. In 1986, then President Ronald Reagan ordered the freezing of Libyan assets held in the US right after the US obtained information about Libyan government accounts with Bankers Trust [Libyan Arab Foreign Bank v Bankers Trust (1989)]. The court, however, never made clear if the "disclosure in public interest" exception applied in this case.
Some topics in this essay:
Barclays Bank,
Justice Act,
Midland Bank,
Bank England,
Court Appeal,
Services Act,
Offences Act,
Ronald Reagan,
Traders Ld,
Bankers Trust,
disclose information,
defendant bank,
compulsion law,
criminal offence,
bank disclose information,
criminal justice,
city midland,
implied consent,
evidence act,
london city midland,
manager rang,
city midland bank,
justice act,
disclose information customer,
criminal justice act,
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Approximate Word count = 1035
Approximate Pages = 4 (250 words per page double spaced)
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