Lloyd practices in all areas of commercial law and has particular expertise in banking and financial services litigation.
Lloyd is a fearless advocate who presents cases strongly yet courteously. Lloyd’s advocacy has proven successful at first instance and appellate level, with members of the senior judiciary identifying Lloyd’s oral and written advocacy as being elegant and persuasive.
Banking and Finance
Lloyd has built an impressive practice in banking & financial services, advising and litigating claims of mortgage mis-selling, negligent investment advice, ForEx manipulation, interest rate hedging products, and mis-selling of LIBOR loans amongst other areas. Lloyd has extensive knowledge of the provisions of the FCA Handbook, and has significant experience in advising on COBS, MCOBS, and CONC.
These are just some of the issues Lloyd has addressed in recent cases:
- Can bridging finance for a property development amount to regulated lending under Financial Services and Markets Act 2000?
- Is a contract for personal guarantee enforceable when confirmed by an email signature?
- Is a bank manager’s oral promise of loan finance contractually binding?
- Is advice to transfer out of a Defined Benefit pension negligent? If so, can the children of the victim claim for loss of inheritance?
- Where a pension fund made overpayments to the executors of an estate, and the estate has been fully distributed, are the executors liable to repay 100% of the overpayments?
- Can a company whose bank accounts have been emptied by fraudsters claim recompense against its bank?
- When does the limitation period commence for claims arising from historical negligent financial advice?
- In what circumstances can a respondent challenge the enforcement of a Financial Ombudsman Service award in the county courts?
Lloyd’s burgeoning knowledge of banking & financial services law has developed whilst teaching international banking law at postgraduate level at Cardiff University since 2013.
- Lloyds Bank plc v Noel Edmonds: instructed as junior counsel to David McIlroy to advise upon claims against Lloyds Bank arising from the conduct of its High Risk and Impaired Assets Division
- Sprint 1108 Ltd v RBS Bank plc, Business & Property Courts, Business List: acting for the claimant in proceedings alleging that RBS sold an interest rate swap pursuant to a fraudulent misrepresentation
- Zegveldt v Clydesdale Bank plc, National Australia Bank plc, Business & Property Courts in Bristol: acting for the claimant in claims that the defendant banks breached an oral contract to fund an extensive property development.
- Proctor & Proctor v Clydesdale Bank plc, National Australia Bank plc, Henrico (Promontoria) Ltd, Business & Property Courts, Manchester Circuit Commercial Court: acting for the claimants in a case alleging the defendant banks breached a joint venture agreement to fund a property development over 10 years
- Templars Estates Ltd & Ors v National Westminster Bank plc & another  EWHC 2020 (Comm): instructed to act for the claimants in claims arising from alleged interest rate swap mis-selling. Successful application resulted in a stay of proceedings, which were ultimately compromised before the Financial Ombudsman Service
- Mazarona Properties Ltd v Financial Ombudsman Service EWHC 1135 (Admin): instructed (together with David McIlroy) to act for the claimants in judicial review proceedings against the Financial Ombudsman Service
- Proctor, Proctor and the Proctor Partnership Ltd v Clydesdale Bank plc, National Australia Bank Ltd and Promontoria (Henrico) Ltd: instructed for the claimants to pursue claims for breach of contract, misrepresentation and fiduciary duty arising from Clydesdale/NAB’s failure to convert a development loan into a term loan and subsequent sale of the facility to Promontoria (Henrico) Ltd
- Conte v Natwest Bank plc: acted for the applicant in proceedings before the First-Tier Tribunal, Property Chamber, Land Registration division seeking rectification of an alleged fraudulent charge granted to Natwest in 2005
- Davies v Barclays Bank plc: instructed to act for the claimant in his claim against Barclays Bank plc for mis-selling of two interest rate hedging products. The claim settled at mediation shortly before trial
- Amicus Finance Ltd v Williams and Williams: instructed to act for the claimant in respect of enforcement against property for debts of more than £3m.
- Popham v Coutts & Co: instructed (together with Paul O’Doherty) to act for the claimant in claims alleging Coutts breached a contract to provide investment advice in respect of investments made between 2008 and 2009 in Coutts’ ORBITA and CAPELP funds, and a claim that Coutts failed to advise on risk mitigation strategies concerning a foreign exchange facility. The case settled September 2016
- Hex Holdings Ltd (In Liquidation) v Royal Bank of Scotland plc: instructed (together with David McIlroy) for the claimant in relation to a multi-million pound claim alleging mis-selling of an interest rate swap and misconduct by RBS’s Global Restructuring Group (“GRG”) causing failure of a business
- Advising Brighton & Hove Albion football club on the financial and regulatory implications under FSMA and the CONC provisions of the FCA Handbook in respect of its season ticket pricing
Lloyd is adept at handling commercial litigation in the High Court and County Court. Lloyd has acted for a wide array of clients including banks, insurance companies, small and medium sized businesses, supervisors of IVAs, consumers, investors, partnerships, and schools. Lloyd also has experience of acting in a range of complex partnership disputes.
Lloyds has recently addressed the following issues in his cases:
- In what circumstances can a company sell a database of customer information?
- Is a contractual clause valid if it automatically extends a publishing contract for another year and commits the parties to publication fees unless they terminate the contract?
- Did a distribution company’s commercial agency contract provide for a valid contractual lien over the principal’s goods upon termination?
- What terms apply to a contract which has been agreed over the telephone but an unsigned copy of written terms has been later produced?
- Did an insurance policy contain a condition precedent to indemnity?
- When does the limitation period for claims for breach of insurance policies commence?
- DM Ltd v KM Ltd: instructed to act for KM Ltd responding to an application for an interim delivery up order prior to termination of a commercial agency contract
- ITM Ltd v HM Ltd and another: acting for the claimant in a claim for breach of a contract to provide exclusive tax mitigation advice
- Ladjevardi v Nikkhah: instructed for the claimant in proceedings for unjust enrichment in respect of an agreement to purchase shares in Gresham House plc
- Sesame Ltd v Orr-McAuley: instructed by the claimant IFA network in respect of claims under a personal guarantee against the former director of an IFA member
- Bang & Olufsen UK Ltd v McMichael: instructed by the claimant to pursue a £400,000 debt against a former franchisee
- Rawdon Asset Finance Ltd:advising on the regulatory implications of lending to individuals and consumers. Drafting updated precedent loan, security and debenture documents
- Industrial Staffing Solutions Ltd v Take 4 Personnel Ltd: instructed for the defendant in proceedings concerning an alleged underpayment pursuant to a contract for the supply of agency workers
- JS Burgess Engineering v Sash Hardware Ltd: instructed by the claimant in a claim for damages arising from the defendant’s failure to pay for bespoke stillages
- Direk v Kargin: instructed at trial and on appeal by the successful claimant concerning a dispute arising from the failure to repay a corporate investment loan
- 1stCredit Finance v Durrant: instructed by the successful claimant to pursue a debt in county court proceedings
- Gazechim Plastics UK Ltd: drafted a ‘Cash-pool’ Agreement on behalf of a multi-national group of manufacturing companies
- B&Y Publishing Ltd and CW Publishing Ltd: acting in a number of claims for breach of a publishing contract, involving misrepresentation, negligent mis-statement, the Unfair Contract Terms Act and Unfair Terms in Consumer Contract Regulations 1999. Advising on breaches of Data Protection Act 1998
- Steel v Nationwide Building Societyand another: instructed for the defendant in resisting a claim for breach of an insurance contract
- Cresswell Holdings Ltd v Powerhall Development Ltd, White Elm Ltd and Clydesdale Bank plc: acted for Clydesdale Bank Plc in part 8 proceedings concerning the enforceability of a charge over commercial premises sited on a former colliery
Lloyd’s commercial practice frequently requires him to act in injunction hearings before the High Court. Lloyd has obtained injunctions having drafted affidavits and advised on the process for service of injunctions out of the jurisdiction.
Since joining Forum Chambers Lloyd has appeared in the Companies Court and County Court on a wide range of insolvency matters, including applications for injunction to restrain the presentation and advertisement of petitions, applications pursuant to sections 212 & 213 Insolvency Act 1986 and section 1157 Companies Act 2006, applications to set aside statutory demands, and petition hearings.
Lloyd is steadily building an advisory practice in professional negligence work. Lloyd has experience of advising in respect of claims against IFAs, solicitors and the Citizens Advice Bureau. Lloyd has advised numerous clients on the law on limitation and its application in a professional negligence context, as well as the merits and quantum of claims.
Recent issues Lloyd has addressed include:
- What are the duties upon IFAs when advising upon Defined Benefit Pension Transfers?
- Can a SIPP provider be liable for allowing an IFA to invest funds in an Unregulated Collective Investment Scheme?
- Are limitation periods for claims to the Pensions Ombudsman the same as those before the courts?
- When did limitation begin to run for pursuing a negligence claim against solicitors for allowing a claim to be struck out for want of prosecution?
- Should the Financial Services Compensation Scheme construe a trust deed subject to foreign law as though the foreign law applies or according to the English law position?
- Did the fact that a solicitor advised a person (without formal retainer) of a limitation period mean they had a duty to remind the person of the limitation period 2 years later prior to expiry?
- Was a Citizens Advice Bureau liable to its client for failure to issue an employment claim within the limitation period?
- How long is the limitation period for claims that include personal injury as a head of loss?
- When is a barrister negligent for advising a client to accept a settlement at court?
- Where a person received negligent pensions advice whilst situated in Hong Kong, from an IFA based in England and Switzerland, could the claim be pursued in the courts of England and Wales?
BA (Oxon) (Law)
LLM Commercial Law Cardiff University
BVC BPP London
Scholarships and awards
Walter Wigglesworth Scholarship Lincoln’s Inn
BPP Individual Moot Winner Judged by Lord Walker of Gestingthorpe, former Supreme Court Justice
Buchanan Prize Lincoln’s Inn
Lord Denning Scholarship Lincoln’s Inn
Hardwicke Scholarship Lincoln’s Inn
Farrar Award for Constitutional Law Pembroke College, Oxford University
Financial Services Lawyers Association
The Commercial Bar Association
Professional Negligence Bar Association
Lloyd has delivered a number of talks in recent months on topics such as:
- Understanding the Foreign Exchange scandal;
- Understanding the Repo-rate scandal;
- Understanding the Financial Ombudsman Services and maximising the chances of a successful complaint;
- Understanding the Financial Services Compensation Scheme and maximising the chances of a successful claim;
- How to make the most of consequential loss claims.
Lloyd has been a visiting Teacher of Law at Cardiff University, teaching on the LLM in Commercial Law since 2013. Lloyd has taught courses on International Banking Law, Competition Law and Money Laundering.