News and Resources

CGL: unexpected, illogical and unfair

3 / 1 / 2018

David McIlroy and Nathan Webb consider the recent Court of Appeal decision in CGL v RBS [2017] EWCA Civ 1073, which addressed the scope for small businesses bringing claims against banks for alleged mis-selling in breach of regulatory rules.

The decision involved three conjoined appeals and in each case the claimant alleged that it had been sold an interest rate hedging product in breach of the provisions in the FCA Handbook. The appellants had submitted claims to the redress scheme and contended that the banks in question had not dealt with their claims fairly and had not applied the rules which had been agreed with the FCA when the scheme was set up.

In considering whether banks owed companies a common law duty of care which paralleled the regulatory rules, Beatson LJ (giving the sole judgment of the Court) relied upon the previous decision in Green & Rowley v RBS [2013] EWCA Civ 1197 and held that there was no duty of care in relation to the redress scheme.

The article explores Beatson LJ’s judgment and why, in the authors’ view, it was unexpected, illogical and unfair.

The article was originally published in the October 2017 edition of the Butterworths Journal of International Banking and Finance Law at page 548 and is reproduced here with permission and thanks.


The Perils of Crowdfunding

2 / 1 / 2018

Darragh Connell considers the recent High Court decision, Re BBH Property 1 Ltd & Ors [2017] EWHC 2584. Roth J appointed the Official Receiver as the provisional liquidator of 13 separate companies where it was likely they would be wound up in the public interest.

The companies in question were involved in one of two projects. Prospective investors were provided with various representations. On the front page of its investment brochure, BBH Property 1 Ltd characterised the UK project as “a spectacular investment secured by a spectacular asset”.

However, security was not put in place and the investors’ monies were dissipated without the companies acquiring the properties.

The Secretary of State presented petitions to wind up the  companies on the basis that it was expedient in the public interest to do so (s.124A IA 1986). The Court exercised its jurisdiction under s.135 to appoint a provisional liquidator.

This article was first published by Sweet & Maxwell, Provisional Liquidation in the Public Interest and the Perils of Crowdfunding “a spectacular investment” (2017) 30 Insolvency Intelligence, Issue 8 at p.129 and is reproduced by agreement with the Publishers.


FCA Acknowledges Widespread Adviser Failings in Pension Transfer Business

2 / 11 / 2017

Susanne Muth considers the FCA’s recent update on systemic failings in the provision of advice on pension transfers.

The update focuses in particular on the advice (or lack thereof) being given on transfers from defined benefits schemes to defined contributions personal pension schemes.

If you think you have lost out as a result of unsuitable pension transfer advice, we are able to advise you on your claim and on the best route to compensation.

Contact us for assistance.


Commercial Contracts – should there be a duty to act in good faith?

2 / 4 / 2017

Ruhi Sethi-Smith writes on the question of whether there is or should be a duty to act in good faith in commercial contracts, an editorial piece for the Commercial Litigation Association’s Newsletter.


Holmcroft Properties

2 / 6 / 2016

It is a virtue of English contract law that in litigation it produces outcomes in line with commercial expectations. For this reason, Lloyd Maynard considers dissatisfied customers within the FCA Redress Scheme are unlikely to have a claim for breach of contract. Find out why, as Lloyd addresses Mitting J’s hypothetical question raised in the recent Holmcroft Properties judicial review hearing.

This article has been published in the June 2016 edition of the Journal of International Banking and Finance Law ((2016) 6 JIBFL 356). An earlier version of the article can be found here.


“The Law & Practice of True Sales” reviewed by Darragh Connell

2 / 4 / 2016

Darragh Connell’s review of “The Law & Practice of True Sales” (1st Ed.) has been published in the April 2016 edition of the Journal of International Banking and Financial Law ((2016) 4 JIBFL 241). The book is written by Nicholas Grandage and Daniel Franks, partners at Norton Rose Fulbright LLP. It considers the relevant English law regarding the recharacterisation of a sales transaction as something other than an outright transfer such as the creation of a mere security interest.

A copy of Darragh’s review is available here. The book itself can be bought here via Lexis Nexis.


Swaps after Holmcroft and CGL

5 / 3 / 2016

We discuss the impact of two recent High Court decisions that dealt a blow to claimants wanting to allege that the FCA’s interest rate swap Redress Scheme produced the wrong result.

We also look at what options companies may still have to complain about the outcome of the Redress Scheme.


The Financial List

5 / 10 / 2015

A new specialist list in the Commercial Court and Chancery Division has been set up to deal with complex and high-value financial disputes. A pilot scheme for determining hypothetical issues in financial disputes has also been established.

Read more about the operation of the list and the pilot scheme by downloading the publication.


David McIlroy reflects on the implications of the latest cases

5 / 5 / 2015

David McIlroy reflects on the implications of the latest cases and the future of financial services litigation.


Compensation for IRHP mis-selling: During and after insolvency

5 / 3 / 2015

Phil Currie and Darragh Connell address some of the difficulties faced by insolvency practitioners in working out what action to take when a company was mis-sold an IRHP and has subsequently become insolvent.

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