Nicholas Medcroft QC

Nicholas Medcroft KC

Call 1998 | Silk 2019

"He is fantastic. He's on the money and able to give incisive comments. He has a collaborative and collegial demeanour and a sense of humour."


Chambers & Partners (Financial Crime)

For enquiries please contact

Sian Huckett

Sian Huckett
Deputy Senior Clerk
+44 (0)20 7842 3764
Click here to email

Chris Kent
Team Leader
+44 (0)20 7842 3771
Click here to email

Expertise

Notable Banking & Finance Cases


Joint Liquidators of Kijani Resources Ltd. and Ratio Ltd. v Royal Bank of Scotland International Limited

Acting for the bank defending a ‘Quincecare’ claim in connection with an alleged fraudulent investment scheme.


Fairweather Stephenson v Barclays Bank

Acting for a solicitors’ firm who were victims of ‘vishing’ frauds, in a claim against the bank for failure to refund unauthorised payments and negligence.


N v (1) S & (2) National Crime Agency (interested party) (Commercial Court)

Acting for the bank before the Commercial Court and in the Court of Appeal (freezing suspicious bank accounts – whether POCA excludes the court’s jurisdiction). One of The Lawyer’s ‘Top 20 cases’ for 2019.


Magner & T&T Trustees v Royal Bank of Scotland

Acting for RBS at first instance, in the Court of Appeal and before the Privy Council in proceedings following the notorious collapse of Marrache & Co in Gibraltar.


Hmicho v Barclays Bank PLC [2015] EWHC 1757

Acting for Barclays in a claim for breach of contract/negligence/injunctive relief arising from the bank’s compliance with the Syrian sanctions’ regime.


Parvizi v Barclays Bank [2014]

Acting for the bank successfully striking out a claim arising out of disclosures made under POCA 2002.


Becker & Fellowes v Bank of Scotland [2013] EWHC 3000 (Ch)

Acting for the bank in a claim brought by trustees of a pension scheme suspected of involvement in pension liberation.


Stone Consultants Ltd v National Westminster Bank [2013] EWHC 208 (Ch)

Acting for Nat West defending a £30 million claim for dishonest assistance, conspiracy, deceit, unjust enrichment and negligence arising from the bank’s unwitting involvement in reportedly one of the UK’s biggest Ponzi’s schemes.


Shah v HSBC Private Bank

Acting for HSBC at first instance and in the CA in a $300 million claim for defamation, deceit, breach of contract and negligence arising out of disclosures made under POCA 2002. This is the leading case on the conflict between a bank’s duties to its customers and its duties under POCA.

Nicholas’s expertise in civil fraud is complemented by his experience in financial services, POCA, asset forfeiture and corporate crime, for which he is ranked as a leading silk in the legal directories.  His experience covers all aspects of complex, commercial frauds including asset recovery, freezing injunctions, Norwich Pharmacal relief, Bankers Trust Orders, actions involving deceit, conspiracy, unjust enrichment, breach of trust and fiduciary duty, knowing receipt, dishonest assistance and proprietary restitutionary claims.

Notable Civil Fraud Cases


Joint Liquidators of Kijani Resources Ltd. and Ratio Ltd. v. Royal Bank of Scotland International Limited

Acting for the Bank defending a Quincecare claim in connection with an alleged fraudulent investment scheme.


N v Royal Bank of Scotland Plc

Acting for the defendant bank before the Commercial Court and in the Court of Appeal in a claim based on the bank’s unwitting involvement in money laundering and investment fraud.  One of The Lawyer’s ‘Top 20 cases for 2019’.


Magner & T&T Trustees v Royal Bank of Scotland

Acting for RBS at first instance, in the Court of Appeal and before the Privy Council defending a claim for dishonest assistance following the notorious collapse of Marrache & Co in Gibraltar.


Excalibur Ventures LLC v Texas Keystone [2014] EWHC 3436 (Comm)

Acting for some of the funders in relation to the disastrous fraud claim brought by Excalibur against Texas and Gulf Keystone.


Stone Consultants Ltd v National Westminster Bank [2013] EWHC 208 (Ch)

Acting for Nat West defending a £30 million claim for dishonest assistance, conspiracy, deceit, unjust enrichment and negligence arising from the bank’s unwitting involvement in reportedly one of the UK’s biggest Ponzi’s schemes.


Dhaliwal & Others v Bluebell Land Ltd & Others [2011] EWHC 2292 (Ch)

Acting for the operator of an alleged land-banking scam in a claim for conspiracy, deceit and breach of statutory duty (s 19 FSMA).


Acting for a well-known British singer and actress in a claim against her former accountants for fraud/breach of fiduciary duty.


Acting for a high net worth individual duped into investing many millions of pounds in a bogus foreign exchange investment scheme.


Acting in relation to unfair prejudice proceedings and anti-suit injunctive relief arising out of breach of directors’ duties.

Nicholas is ranked in the legal directories for Financial Services, Financial Corporate Crime and Global Investigations and POCA and Asset Forfeiture. He has particular expertise of issues which straddle civil and criminal law. He has experience of all aspects of financial crime, including bribery and corruption, money laundering, market abuse, fraud and corporate and gross negligence manslaughter. He is well known as an expert in banks and financial crime in the context of civil claims and in the context of FCA and SFO investigations. He was, for over 10 years, on both the SFO and the Attorney General’s panels of prosecuting advocates, acting for the government in major frauds and tax evasion and has considerable experience, at the coalface, of global investigations.

Notable Commercial Crime Cases


N v (1) S & (2) National Crime Agency (interested party) (Commercial Court)

Acting for the bank before the Commercial Court and in the Court of Appeal (freezing suspicious bank accounts – whether POCA excludes the court’s jurisdiction). One of The Lawyer’s ‘Top 20 cases’ for 2019.


Magner & T&T Trustees v Royal Bank of Scotland

Acting for RBS at first instance, in the Court of Appeal and before the Privy Council in proceedings following the notorious collapse of Marrache & Co in Gibraltar.


Advising in relation to production orders and SFO Section 2 Notices (including the extraterritorial effect of such notices).


Advising banks in relation to public interest immunity applications.


Advising bank in relation to third party disclosure obligations, confidentiality and privilege.


Advising the provider of investment consultancy services to a substantial pension scheme on, inter alia, breaches of COB rules and the general prohibition.


Acting for a bank in relation to a tax evasion and money laundering scandal.


Acting for a bank in relation to an investigation into alleged money laundering and sanctions busting.


FSA v Semperian Investment Partners Limited Partnership & Others

Acting for the FSA in proceedings for breach of the FSMA change in control regime following the disposal by Land Securities of its PPP fund and asset management business.


FSA v Alexander & Others [2011] (Chancery Division)

Acting (with Richard Lissack KC) for the defendant in a claim (under s. 129 FSMA) for market manipulation in the derivatives market – the first market abuse case to be brought by the FSA in the Chancery Division under s. 129 FSMA (instructed by Ashurst).


Shah v HSBC Private Bank

Acting for HSBC at first instance and in the CA in a $300 million claim arising out of disclosures made under POCA 2002. This is the leading case on the conflict between a bank’s duties to its customers and its duties under POCA.


SOCA v Perry

Advising respondent to civil recovery proceedings brought under Part 5 POCA.


Re FSA & SOCPA

Advising the FSA as its legal power to enter into agreements under SOCPA 2005 and offer immunity in enforcement proceedings for market abuse.


Re: Buncefield explosion

Acting (with Richard Lissack KC and Stephen Tromans KC) for one of the major oil companies for regulatory failures.


GG Plc & others ([2009] 1 WLR 459 (HL); [2007] EWCA Crim 2659 (CA)

Junior Counsel for the Crown (led by Richard Lissack KC and James Flynn KC) before the House of Lords and Court of Appeal in respect of the SFO’s high-profile investigation into price fixing within the generic pharmaceutical industry.


SFO v Rybak & others

Acting for the SFO in relation to its investigation and prosecution for bribery in connection to oil and gas engineering contracts in Iran, Egypt, Russia, Singapore and Abu Dhabi. Contracts corrupted valued at £70 million.


Potters Bar train crash

Gross negligence manslaughter / HSWA.


The Tebay train crash

Gross negligence manslaughter.

Nicholas is ranked in The Legal 500 and Chambers & Partners for Financial Services.

He has extensive experience of advising acting in relation to investigations and enforcement action breaches of the general prohibition under s 19 FSMA, claims under s. 150/138D FSMA, breaches of the FCA Handbook, market abuse, money laundering, and financial crime.

Notable Financial Services Cases


N v (1) S & (2) National Crime Agency (interested party) (Commercial Court)

Acting for the bank before the Commercial Court and in the Court of Appeal (freezing suspicious bank accounts – whether POCA excludes the court’s jurisdiction). One of The Lawyer’s ‘Top 20 cases’ for 2019.


Hmicho v Barclays Bank PLC [2015] EWHC 1757 (before Picken J, QBD)

Acting for Barclays in a claim arising from the bank’s compliance with the Syrian sanctions regime.


Parvizi v Barclays Bank [2014]

Acting for the bank successfully striking out a claim arising out of disclosures made under POCA 2002.


MG Rover

Acting (with Tim Dutton KC) for the FRC in proceedings against Deloitte in respect of is role as corporate finance advisors in the Phoenix Four/MG Rover affair, one of The Lawyer’s ‘Top 20′ cases of 2013).


Becker & Fellowes v Bank of Scotland [2013] EWHC 3000 (Ch)

Acting for the bank in a claim brought by trustees of a pension scheme suspected of involvement in pension liberation.


Shah v HSBC Private Bank

Acting for HSBC  at first instance and in the CA.  This is the leading case on the conflict between a bank’s duties to its customers and its duties under POCA.


Advising the provider of investment consultancy services to a substantial pension scheme on, inter alia, breaches of COB rules and the general prohibition.


FSA v Semperian Investment Partners Limited Partnership & Others

Acting for the FSA in proceedings for breach of the FSMA change in control regime following the disposal by Land Securities of its PPP fund and asset management business.


FSA v Alexander & Others [2011] (Ch)

Acting for the defendant in a claim (under s. 129 FSMA) for market manipulation in the derivatives market – the first market abuse case to be brought by the FSA in the Chancery Division under s. 129 FSMA (instructed by Ashurst).


Dhaliwal & Others v Bluebell Land Ltd & Others [2011] EWHC 2292 (Ch)

Acting for the operator of an alleged land-banking / collective investment scheme in breach of FSMA.

Shortlisted by Chambers and Partners as Professional Discipline Silk of the Year in 2022, Nicholas has extensive experience of disciplinary proceedings and investigations in the financial services industry and the legal profession, including in relation to auditors, accountants, bankers, corporate finance advisers, barristers and solicitors.

He acts for regulators (and has acted for the FCA (formerly FSA), FRC and the BSB) as well as for regulated firms and individuals.

He is ranked by the legal directories as a leading silk ranked in Professional Discipline.

Notable Professional Discipline Cases


Misleading regulator about Carillion audit

Acting for the FRC in proceedings against KPMG and others for misconduct arising from the provision of false and misleading information in connection with the audits of Carillion and Regenersis.  KPMG fined £14.4 million; the firm’s former staff excluded for between 7 and 10 years.  One of The Lawyer’s ‘Top 20 cases’ for 2022.


Carillion Plc

Acting for the Financial Reporting Council in relation to its investigations into the collapse of Carillion Plc and in respect of proceedings under the Audit Enforcement Procedure.


Silentnight

Acting for the Financial Reporting Council in disciplinary proceedings against KPMG & David Costley-Wood arising out of events preceding the collapse into administration of Silentnight: £13 million fine imposed on KPMG; £500,000 fine and 13-year exclusion order imposed on Mr Costley-Wood (report dated July 2021).


BHS

Acting for the Financial Reporting Council in disciplinary proceedings under the Accountancy Scheme against PwC and Stephen Denison following the collapse of the high-profile high street chain.


MG Rover

Acting (with Tim Dutton KC) for the FRC in proceedings against Deloitte in respect of is role as corporate finance advisors in the Phoenix Four/MG Rover affair, one of The Lawyer’s ‘Top 20′ cases of 2013).


Tanfield Group

Acting for regulator in disciplinary proceedings against Baker Tilly and audit engagement partners for audit failures in relation to the Tanfield Group Plc (Report dated January 2019).


Connaught

Acting for the FRC (led by Javan Herberg KC) in proceedings against PwC and the audit engagement partner for misconduct arising out of the collapse of Connaught Plc. (Report dated April 2017).


MG Rover

Acting (with Tim Dutton KC) for the FRC in proceedings against Deloitte in respect of is role as corporate finance advisors in the Phoenix Four/MG Rover affair, one of The Lawyer’s ‘Top 20′ cases of 2013).

Nicholas is ranked in the legal directories in areas of Professional Negligence, Professional Discipline and Financial Services. He has extensive experience in the field of financial professional negligence including claims relating to auditors, accountants, bankers, corporate finance advisers, barristers and solicitors. He acts for both claimants and defendants.

Notable Professional Negligence Cases


Acting for a firm of solicitors defending a multi-million pound solicitors’ negligence claim arising from their conduct of Part 8 civil recovery proceedings under POCA


Acting in professional negligence claims against banks, financial institutions and advisors for breach of advisory duty/breach of duty of care and misrepresentation.


Acting in claims under s. 150/138D FSMA.


Acting in relation to claims regarding breach of the general prohibition under s 19 FSMA, the FCA Handbook, market abuse, money laundering, financial crime and FCA enforcement action.


Advising and acting in claims against accounting firms arising out of breaches of the ethical standards and allegations of negligence and misconduct in carrying out audit work.


Fairweather Stephenson v Barclays Bank

Acting for a solicitors’ firm who were victims of ‘vishing’ frauds, in a claim against the bank for failure to refund unauthorised payments and negligence.


Silentnight

Acting for the FRC in proceedings alleging lack of objectivity and lack of integrity arising from the collapse of the Silentnight Group of Companies.


BHS

Acting for the Financial Reporting Council in disciplinary proceedings under the Accountancy Scheme against PwC and Stephen Denison following the collapse of the high-profile high street chain.


MG Rover

Acting (with Tim Dutton KC) for the FRC in proceedings against Deloitte arising from the collapse of the MG Rover Group (one of The Lawyer’s ‘Top 20′ cases of 2013).


Financial Reporting Council v Pricewaterhouse Coopers & Others

Acting for the FRC (led by Javan Herberg KC) arising out of the collapse of Connaught Plc.


Advising in connection with collapse in the share price of Tanfield Group Plc.


FSA v Alexander & Others [2011] (Chancery Division)

Acting for the defendant in a claim (under s. 129 FSMA) for market manipulation in the derivatives market – the first market abuse case to be brought by the FSA in the Chancery Division under s. 129 FSMA.


Dhaliwal & Others v Bluebell Land Ltd & Others [2011] EWHC 2292 (Ch)

Acting on a claim relating to the operation of an alleged collective investment scheme in contravention of s 19 FSMA.


FSA v Semperian Investment Partners Limited Partnership & Others

Acting for the FSA in proceedings for breach of the FSMA change in control regime following the disposal by Land Securities of its PPP fund and asset management business.

Notable Sanctions Cases


Advising numerous banks and financial institutions in relation to freezing bank accounts under US, UK and European sanctions regimes.


Advising numerous banks and financial institutions on their liability for sanctions violations, money laundering and accessory liability.


Advising on the scope of s 44 Sanctions and Money Laundering Act 2018 (protection from civil proceedings for acts done in the “reasonable belief” that they are in compliance with regulations).


Hmicho v Barclays Bank PLC [2015] EWHC 1757 (before Picken J, QBD)

Acting for Barclays in a claim arising from the bank’s compliance with the European sanctions against supporters or beneficiaries of the Syrian regime.


Advising on the application of US Sanctions / Russian Harmful Foreign Activities Sanctions Regulations.


Advising in connection with sanctioned Russian oligarchs’ ‘superyachts’.


Acting for bank in connection with the misappropriation of states assets in Kazakhstan and the application of secondary sanctions.


Acting for global bank in SFO investigation for potential violations of Ukraine sanctions regime for the misappropriation of Ukrainian state assets.

"Nick is top of his game in financial services litigation, regulation and corporate crime. He is meticulous, tough and a superb advocate."


Legal 500 (Financial Services & Fintech Regulation)

"A great court performer, and tough, with great ability."


Legal 500 (Financial Services)

"The guru in accountant disciplinary work. I would go to him above and beyond anyone else."


Chambers & Partners (Professional Discipline)

"A really good strategic thinker." "He is an absolute specialist in financial crime. His advice is very digestible, client-friendly, pragmatic and commercial."


Chambers & Partners (Financial Crime)

"A pleasure to work with: he is thorough, hard-working, bright and utterly reliable."


Chambers & Partners (Professional Discipline)

"He can operate seamlessly across commercial law, professional regulation and criminal law."


Legal 500 (Business & Regulatory Crime)

"He is massively hard-working and keeps calm under fire - he's a class act. For big-ticket professional discipline work he is a fantastic choice."


Chambers & Partners (Professional Discipline)

"He is extremely smart, very approachable, very hardworking and commercial in his outlook."


Legal 500 (Professional Negligence)

"He has such brilliant common sense; he can strip away masses of data and just tell you what is at the heart of a case, that's his skill."


Chambers and Partners (Professional Discipline)

Chambers & Partners

  • Financial Crime: Corporates
  • Financial Services
  • Professional Discipline

Legal 500

  • Business & Regulatory Crime (including Global Investigations)
  • Financial Services and Fintech Regulation
  • Proceeds of Crime (POCA) & Asset Forfeiture
  • Professional Disciplinary & Regulatory Law
  • Professional Negligence

  • LLB, University College, Durham University

  • Recorder (Crown Court) (2018)
  • Attorney General’s Panel of Prosecuting Advocates (2002-2012)
  • Commercial Bar Association
  • Financial Services Lawyers Association

  • Editorial Board of Lloyd’s Law Reports: Financial Crime
  • Money laundering in the supply chain: the use of “adequate consideration” to “cleanse” criminal property JIBFL, October 2024
  • Reforming corporate criminal liability: a missed opportunity to modernise the law” JIBFL, January 2023
  • “Impact of Brexit” as published by GIR. (July 2016)
  • Piercing Sham Trusts, [2015] Lloyds Law Reports 648 (with James Goodwin)
  • “POCA s. 338(4A) – Damp Squib or dynamite”? JIBFL May 2015 p. 268
  • A question of attribution: Shah v HSBC Private Bank (UK) Ltd” Trusts & Trustees, Vol. 18, No.1, 2012
  • Lissack and Horlick on Corruption” Lexis Nexis, July 2011 (co-author of two chapters)
  • A banker’s liability for damages arising from compliance with pt 7 POCA [2010] 4 JIBFL 217
  • ‘Refusing to execute payment instructions where a bank suspects money laundering’ [2009] 4 JIBFL 190
  • Financial Services Law & Regulation Lexis Nexis [contributor] (2009)

For enquiries please contact

Sian Huckett

Sian Huckett
Deputy Senior Clerk
+44 (0)20 7842 3764
Click here to email

Chris Kent
Team Leader
+44 (0)20 7842 3771
Click here to email

"Nick is top of his game in financial services litigation, regulation and corporate crime. He is meticulous, tough and a superb advocate."


Legal 500 (Financial Services & Fintech Regulation)

"A great court performer, and tough, with great ability."


Legal 500 (Financial Services)

"The guru in accountant disciplinary work. I would go to him above and beyond anyone else."


Chambers & Partners (Professional Discipline)

"A really good strategic thinker." "He is an absolute specialist in financial crime. His advice is very digestible, client-friendly, pragmatic and commercial."


Chambers & Partners (Financial Crime)

"A pleasure to work with: he is thorough, hard-working, bright and utterly reliable."


Chambers & Partners (Professional Discipline)

"He can operate seamlessly across commercial law, professional regulation and criminal law."


Legal 500 (Business & Regulatory Crime)

"He is massively hard-working and keeps calm under fire - he's a class act. For big-ticket professional discipline work he is a fantastic choice."


Chambers & Partners (Professional Discipline)

"He is extremely smart, very approachable, very hardworking and commercial in his outlook."


Legal 500 (Professional Negligence)

"He has such brilliant common sense; he can strip away masses of data and just tell you what is at the heart of a case, that's his skill."


Chambers and Partners (Professional Discipline)

Chambers & Partners

  • Financial Crime: Corporates
  • Financial Services
  • Professional Discipline

Legal 500

  • Business & Regulatory Crime (including Global Investigations)
  • Financial Services and Fintech Regulation
  • Proceeds of Crime (POCA) & Asset Forfeiture
  • Professional Disciplinary & Regulatory Law
  • Professional Negligence

  • LLB, University College, Durham University

  • Recorder (Crown Court) (2018)
  • Attorney General’s Panel of Prosecuting Advocates (2002-2012)
  • Commercial Bar Association
  • Financial Services Lawyers Association

  • Editorial Board of Lloyd’s Law Reports: Financial Crime
  • Money laundering in the supply chain: the use of “adequate consideration” to “cleanse” criminal property JIBFL, October 2024
  • Reforming corporate criminal liability: a missed opportunity to modernise the law” JIBFL, January 2023
  • “Impact of Brexit” as published by GIR. (July 2016)
  • Piercing Sham Trusts, [2015] Lloyds Law Reports 648 (with James Goodwin)
  • “POCA s. 338(4A) – Damp Squib or dynamite”? JIBFL May 2015 p. 268
  • A question of attribution: Shah v HSBC Private Bank (UK) Ltd” Trusts & Trustees, Vol. 18, No.1, 2012
  • Lissack and Horlick on Corruption” Lexis Nexis, July 2011 (co-author of two chapters)
  • A banker’s liability for damages arising from compliance with pt 7 POCA [2010] 4 JIBFL 217
  • ‘Refusing to execute payment instructions where a bank suspects money laundering’ [2009] 4 JIBFL 190
  • Financial Services Law & Regulation Lexis Nexis [contributor] (2009)

Menu

Close

Portfolio Builder

Select the expertise that you would like to download or add to the portfolio

Download    Add to portfolio   
Portfolio
Title Type CV Email

Remove All

Download


Click here to share this shortlist.
(It will expire after 30 days.)