Members of Chambers have been involved in advising in connection with a large number of regulatory disputes, including many arising out of, or related to “credit crunch” issues, in which the FSA, and its successors, the Prudential Regulation Authority and the Financial Conduct Authority, acts as enforcer and regulator.
We have provided cutting-edge advice to clients on the recasting of the financial regulatory landscape under the new Financial Services Act 2012.
New legislation and regulation at an EU and national level have also created demand for our services, and we have actively advised government, regulators, the financial services industry and other commercial stakeholders on the impacts of regulatory change.
Members also have experience on issues involving cross-border regulation and the extra-territorial effects of FSMA (the Financial Services and Markets Act 2000).
Regulatory matters have also played a part in litigation, where the set has acted and advised on litigation later linked to breaches of financial services regulations, for example, on interest rate swaps and PPI cases, where in both cases, there has been a recent increase in mass-claimant class actions, as well as multiple complaints to the Financial Services Compensation Scheme, and on developments concerning the manipulation of LIBOR – the leading interest rate benchmark estimated to affect approximately $300 trillion of financial transactions.
It has also handled test case litigation, having acted in 2011’s judicial review, by the British Bankers Association, of rules and guidance for handling complaints about the sale of payment protection insurance, and before that, the OFT UK Bank Charges litigation, culminating in a landmark judgment of the Supreme Court in a regulatory challenge to the legality of bank overdraft charges.
It has also advised on regulatory issues concerning the sale of credit card protection policies and the impact of rewards and incentives paid to sales staff for the sale of protection products, both key areas of interest to the banking and financial services industries.
The set’s members have also advised on cases that have raised allegations of mis-selling by companies and high net worth individuals, involving numerous possible breaches of the FSA’s Conduct of Business Sourcebook Rules, amongst other claims. Some cases also have an offshore financial regulatory component. The set acts for individuals as it does for institutions.
It has also advised on the lawful exercise of statutory powers concerning the fund management industry, as well as considered cases involving the legality of payday loans and ‘logbook loans’, an example of the set’s breadth of practice in this area.
The set’s involvement in litigation arising out of the MF Global, Keydata, Arch Cru and Innovator One claims shows that whether as claimant or defendant, members act at the intersection of cutting edge financial services regulation and litigation combined.
The set has represented individuals against the FCA and the predecessor FSA as well as acting for those bodies. It was involved, for example, in the John Pottage litigation, in which Pottage was completely exonerated by the Upper Tribunal in April 2012, a rare victory for an individual against the FSA.