David McIlroy

Practice overview

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

Clerk details

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Banking (UK)

David acts and advises across the full range of financial services disputes and banking transactions, but with a particular focus on the SME sector. David is as comfortable advising in respect of a commercial loan, a mortgage or a guarantee as he is analysing the financial services rules contained in the FCA and PRA Handbooks. David has particular expertise in claims relating to LIBOR manipulation and the manipulation of other benchmarks, in relation to claims about negligent financial advice, and in claims relating to complex financial products. 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.

Recent and ongoing cases:

  • R (Mazarona Properties Ltd) v Financial Ombudsman Service [2017] EWHC 1135 (Admin): Judicial review of the Financial Ombudsman Service’s refusal to consider a complaint about the conduct of the Interest Rate Swap Redress Scheme by a bank.
  • Blackwater Services Ltd v West Bromwich Commercial Ltd [2016] EWHC 3083 (Ch): Interpretation of a market disruption clause in a loan agreement.
  • Claims against RBS arising out of GRG and Property Participation Agreements.
  • Claims against Lloyds Banking Group related to the Impaired Assets Office of BOS / HBOS at Reading and elsewhere.
  • BOS v Noel Edmonds:counterclaim by celebrity in respect of loss of business as a result of fraud by dishonest banker
  • Claims arising out of the actions of Banks’ Business Support Units.
  • Deane, Murphy, Savage and Wilcox v Coutts & Co: claims by footballers arising out of investment advice given in breach of fiduciary duty.

Banking (EU)

David is a fluent French speaker and holds a Masters Degree in EU law from a French University. David frequently advises on questions of EU law and also regularly advises foreign banks which wish to sell financial services in the UK. David regularly acts on cases which involve conflicts of laws and analysis of foreign laws. David has acted as an expert for the EU on the laws in Albania governing banking and money laundering.

Recent and ongoing cases:

  • 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.
  • Acting in a claim by an Indian bank against a guarantor involving questions of Belgian law and Indian law

Commercial Litigation

David deals with commercial disputes and transactions which have a cross-border element. He also deals with complex shareholder disputes, particularly where there have been breaches of fiduciary duties or of financial services or money laundering laws. David brings a common sense approach to commercial litigation. He is able to devise strategies which reflect the clients attitude to risk and maximise the outcomes in their case.

Recent and Ongoing cases

  • Multi-million pound shareholder disputes
  • Acting in applications under the Cross-Border Mergers Regulation
  • Drafting facilities documentation for an Egyptian bank
  • Acting in claim involving worldwide freezing injunction
  • Appearing in the Gibraltar Supreme Court in Magner v Royal Bank of Scotland International Ltd (2017, Gibraltar) for inspection of witness statements and exhibits under CPR 32.13 in on-going proceedings where it was alleged that the bank had dishonestly assisted breaches of trust

Financial Mis-selling

David has handled a wide range of claims where investors have been given financial advice which was negligent and/or in breach of fiduciary duty. He is able to identify a wide range of causes of action in tort and in equity and to advise on the liability of accessories to wrongdoing. David has also dealt with hundreds of claims of financial mis-selling. He specialises in claims relating to products governed by the ISDA Master Agreement including all types of interest rate hedging productsincluding both vanilla and complex collarsand swaps.

Recent and ongoing cases:

  • Claim on behalf of high net worth individual against private bank for negligent and unauthorised investments.
  • Deane, Murphy, Savage and Wilcox v Coutts & Co: claims by footballers arising out of investment advice to invest in a UCIS in Spanish property given in breach of fiduciary duty.
  • Acted on behalf of investor who was advised to invest in UCIS in Cape Verde and then to invest into the Connaught Income Fund.
  • Acted on behalf of investor who was advised by Merrill Lynch to invest in AIG’s Enhanced Fund.
  • Poulton Plaiz Ltd v Barclays Bank Plc [2015] EWHC 3667 (QB): Interest Rate Swap mis-selling claim
  • 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.

Professional Negligence

David’s professional negligence practice relates to claims which have a banking or a commercial element. David is particularly adept at addressing complex questions of causation and loss. 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.

Recent and ongoing cases:

  • Claims against solicitors for professional negligence in the conduct of a mis-selling claim
  • Claim against a solicitor for professional negligence in failing to address the tax consequences of a corporate takeover
  • Claim by banks against quantity surveyor for professional negligence in project monitoring
  • Right to Buy Litigation [2015] EWHC 1559 (Ch): Group litigation of claims for professional negligence against solicitors conducting conveyancing under the Right to Buy Scheme

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

Professional development

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

Teaching

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?

Practice overview

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

Clerk details

clerks@forumchambers.com
020 3735 8070

Banking (UK)

David acts and advises across the full range of financial services disputes and banking transactions, but with a particular focus on the SME sector. David is as comfortable advising in respect of a commercial loan, a mortgage or a guarantee as he is analysing the financial services rules contained in the FCA and PRA Handbooks. David has particular expertise in claims relating to LIBOR manipulation and the manipulation of other benchmarks, in relation to claims about negligent financial advice, and in claims relating to complex financial products. 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.

Recent and ongoing cases:

  • R (Mazarona Properties Ltd) v Financial Ombudsman Service [2017] EWHC 1135 (Admin): Judicial review of the Financial Ombudsman Service’s refusal to consider a complaint about the conduct of the Interest Rate Swap Redress Scheme by a bank.
  • Blackwater Services Ltd v West Bromwich Commercial Ltd [2016] EWHC 3083 (Ch): Interpretation of a market disruption clause in a loan agreement.
  • Claims against RBS arising out of GRG and Property Participation Agreements.
  • Claims against Lloyds Banking Group related to the Impaired Assets Office of BOS / HBOS at Reading and elsewhere.
  • BOS v Noel Edmonds:counterclaim by celebrity in respect of loss of business as a result of fraud by dishonest banker
  • Claims arising out of the actions of Banks’ Business Support Units.
  • Deane, Murphy, Savage and Wilcox v Coutts & Co: claims by footballers arising out of investment advice given in breach of fiduciary duty.

Banking (EU)

David is a fluent French speaker and holds a Masters Degree in EU law from a French University. David frequently advises on questions of EU law and also regularly advises foreign banks which wish to sell financial services in the UK. David regularly acts on cases which involve conflicts of laws and analysis of foreign laws. David has acted as an expert for the EU on the laws in Albania governing banking and money laundering.

Recent and ongoing cases:

  • 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.
  • Acting in a claim by an Indian bank against a guarantor involving questions of Belgian law and Indian law

Commercial Litigation

David deals with commercial disputes and transactions which have a cross-border element. He also deals with complex shareholder disputes, particularly where there have been breaches of fiduciary duties or of financial services or money laundering laws. David brings a common sense approach to commercial litigation. He is able to devise strategies which reflect the clients attitude to risk and maximise the outcomes in their case.

Recent and Ongoing cases

  • Multi-million pound shareholder disputes
  • Acting in applications under the Cross-Border Mergers Regulation
  • Drafting facilities documentation for an Egyptian bank
  • Acting in claim involving worldwide freezing injunction
  • Appearing in the Gibraltar Supreme Court in Magner v Royal Bank of Scotland International Ltd (2017, Gibraltar) for inspection of witness statements and exhibits under CPR 32.13 in on-going proceedings where it was alleged that the bank had dishonestly assisted breaches of trust

Financial Mis-selling

David has handled a wide range of claims where investors have been given financial advice which was negligent and/or in breach of fiduciary duty. He is able to identify a wide range of causes of action in tort and in equity and to advise on the liability of accessories to wrongdoing. David has also dealt with hundreds of claims of financial mis-selling. He specialises in claims relating to products governed by the ISDA Master Agreement including all types of interest rate hedging productsincluding both vanilla and complex collarsand swaps.

Recent and ongoing cases:

  • Claim on behalf of high net worth individual against private bank for negligent and unauthorised investments.
  • Deane, Murphy, Savage and Wilcox v Coutts & Co: claims by footballers arising out of investment advice to invest in a UCIS in Spanish property given in breach of fiduciary duty.
  • Acted on behalf of investor who was advised to invest in UCIS in Cape Verde and then to invest into the Connaught Income Fund.
  • Acted on behalf of investor who was advised by Merrill Lynch to invest in AIG’s Enhanced Fund.
  • Poulton Plaiz Ltd v Barclays Bank Plc [2015] EWHC 3667 (QB): Interest Rate Swap mis-selling claim
  • 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.

Professional Negligence

David’s professional negligence practice relates to claims which have a banking or a commercial element. David is particularly adept at addressing complex questions of causation and loss. 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.

Recent and ongoing cases:

  • Claims against solicitors for professional negligence in the conduct of a mis-selling claim
  • Claim against a solicitor for professional negligence in failing to address the tax consequences of a corporate takeover
  • Claim by banks against quantity surveyor for professional negligence in project monitoring
  • Right to Buy Litigation [2015] EWHC 1559 (Ch): Group litigation of claims for professional negligence against solicitors conducting conveyancing under the Right to Buy Scheme

Recommendations

“His command of detail is outstanding and his knowledge of the law exemplary. He is a robust warrior who inspires confidence in clients.”

“Thorough and tactical, he’s great to work with.”

Chambers and Partners 2018

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

Professional development

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

Teaching

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?

  • Recent and ongoing cases
    David is thorough, tactical and great to work with. Chambers and Partners, 2018
    • 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.
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