Year of call: 1995

Academic qualifications
Diploma in French, Gonville & Caius College, Cambridge
MA Law, Gonville & Caius College, Cambridge
Maîtrise en Droit (International and European Law), Université de Toulouse I
PhD, University of Wales

Scholarships and awards
Major Scholarship, Inner Temple
Concours Annuel, Université de Toulouse 1ère Mention - European Competition Law
Tapp Studentship, Gonville & Caius College, Cambridge
George Long Prize for Roman Law, Cambridge University
Squire Scholarship, Cambridge University
Senior Scholarship, Gonville & Caius College, Cambridge
McNair Law Prize, Gonville & Caius College, Cambridge
Exhibition, Gonville & Caius College, Cambridge

Professional bodies 
Financial Services Lawyers Association
Franco-British Lawyers Society

David McIlroy

David is Head of Chambers at Forum Chambers. He is one of the foremost banking barristers in England. His combination of experience and insight enables him to identify persuasive arguments and to see where the law might be developed in the future.

David has dealt with hundreds of claims of financial mis-selling relating to all types of interest rate hedging products including both vanilla and complex collars and swaps. David also advises debtors in cases where there has been an unfair credit relationship, economic duress, or other abusive practices by a bank or other lender. 

David is an expert financial services lawyer who is skilled in advising on the financial services rules contained in the FSA, FCA and PRA Handbooks. He has handled a wide range of claims where investors have been given negligent financial advice. David frequently works with others at Forum to devise strategies for handling large numbers of claims for professional negligence relating to banking and finance. David and Phil have acted for thousands of clients who sued solicitors for failing to prevent them being over-charged and mis-sold mortgages by brokers. 

David frequently advises foreign banks which wish to sell financial services in the UK and has written reports for the EU on the laws in Albania governing banking and money laundering. He also advises on syndicated loans and other complicated commercial transactions.

David brings a common sense approach to commercial litigation. He is able to devise strategies which reflect the client’s attitude to risk and maximise the outcomes in their case.

Recent and Ongoing cases

  • Judicial review of the Financial Ombudsman Service’s refusal to consider a complaint about the conduct of the FCA Redress Scheme for IRHPs by a bank.

  • Hundreds of swaps cases in which a small business was mis-sold an unsuitable interest rate swap or a fixed rate loan which contained an embedded swap.

  • Claims against RBS arising out of GRG and Property Participation Agreements.

  • Claim that a building society failed to activate a market disruption clause properly.

  • Multi-million pound shareholder dispute.

  • Advising footballers who invested in a UCIS in Spanish property

  • Advising foreign private banks which wish to enter into mortgages secured on land in the UK as to the UK’s regulatory frontier and the conduct of business rules which have to complied with in the event that their activities fall within the UK’s regulatory frontier.

  • Advising foreign banks on commercial financing agreements and hedging agreements which are subject to English law.

  • Advised investor who was advised to invest in UCIS in Cape Verde and then to invest into the Connaught Income Fund.

  • Advised investor who was advised by Merrill Lynch to invest in AIG’s Enhanced Fund.

Professional Development
David chairs conferences on Banking Litigation and Financial Mis-selling and delivers seminars on negligent financial advice, UCIS, and LIBOR manipulation.

Teaching at SOAS, University of London
David is Visiting Professor in Banking Law at SOAS, University of London, where he delivers a course which critically examines financial services regulation and banking practices and asks: do the laws governing banking really benefit customers and serve the common good?