Financial Services Pensions

Financial services

Outer Temple Chambers has a team of barristers who specialise in banking and financial services with an emphasis on commercial litigation and arbitration, civil fraud and regulatory matters involving the Financial Services Authority (FSA) and other regulators.

Commercial litigation

We have experience of acting for and against banks and other regulated firms, as well as investors, in commercial litigation in the High Court (Chancery Division and Commercial Court) and in arbitration. When advising parties involved in investor litigation (both institutional and retail) we are able to draw upon our expertise in professional negligence and regulatory matters. Barristers have acted for and advised banks, hedge funds, investment firms, insurers, and IFAs, and investors, in important recent litigation including cases considering the meaning of a collective investment scheme for the purposes of s.235 FSMA and issues arising from the alleged mis-selling of complex and structured products to pension schemes, other institutional investors and high net worth individuals (for example the alleged mis-selling of KeyData RMBS wrapper products, the AIG EVRF and CDS/CDO products).

We also regularly advise on and appear in High Court applications including injunctions, Norwich Pharmacol and search orders.

Civil fraud

We have particular expertise in civil fraud matters including conspiracy, asset tracing and claims against financial institutions framed in the economic torts. Recent examples include acting for an international private bank in a claim for breach of the banking contract and duty of care (in connection with POCA) and advising a shareholder on an intimidation, duress and unlawful means conspiracy claim (out of jurisdiction) against a Russian bank for misappropriation of shareholding.

Regulation

We offer advice and advocacy on all financial services regulatory matters including before the Regulatory Decisions Committee (RDC) of the FSA and the Upper Tribunal (Tax & Chancery Chamber).  Most of the team have been instructed by the FSA and so bring to private practice the invaluable experience of having advised or represented the FSA’s General Counsel’s Division, Enforcement Division and the RDC.

We have experience at all levels providing advice on commercial issues facing the FSA, regulated firms and individuals. Recent examples include advising the FSA on the implementation of EC directives and the implementation of a s.404 redress scheme for widespread mis-selling and advising a European bank on its entitlement under FSMA/CASS to client money from the Lehman Bros., estate.

Members of the team also act for and advise the Enforcement & Financial Crime, the RDC, Supervision and General Counsel’s Divisions of the FSA (and connected regulators such as Lloyd’s of London), and regulated firms and individuals, in supervisory and enforcement matters including before the RDC, Upper Tribunal and connected Tribunals. Recent examples include advising the RDC on a number of high profile FSA Enforcement proceedings and acting for Lloyd’s in its biggest regulatory investigation for a decade (in conjunction with the FSA).

This complements chambers’ established presence as a leading set in Pension Regulator (TPR) matters, before the Determinations Panel of the TPR and the Upper Tribunal, and Lloyd’s of London regulatory proceedings.

For further information contact David Smith, business development director on 020 7353 6381.

Shah v HSBC Private Bank Ltd [2011] EWHC Civ 115, [2010] EWCA Civ 31 (QB) Acting for the bank in the leading case concerning the extent to which POCA excludes a banker's liability for damages arising from a breach of contractual duty (i) to honour its mandate  (ii) to take reasonable care and (iii) to provide information to its customers

Rubicon Fund Management LLP and others v Blaxland and others [2012 - ] High Court (Ch.) claim for damages for conspiracy and inducement of breach of contract brought by hedge fund LLP and founding partners against former chief investment officers and executives

Re AIG EVRF [2010 - ] Advising a group of investors in a claim against a number of private banks/ wealth managers arising out of the collapse of the AIG Enhanced Variable Rate Fund 

Equitable Life Advising in relation to the group action brought by several hundred investors against Equitable Life involving allegations of mis-selling of with-profit pension annuities

Stone Consultants Ltd  v NatWest Bank Plc  [2011 - ] (Ch.) – acting for the bank in a claim for dishonest assistance, conspiracy and negligence arising from a substantial  Ponzi  scheme

FSA v Alexander & others [2011]  (Ch.) - Acting for defendant traders in a claim under s. 129 FSMA for  manipulating the price of derivatives (the first market abuse case to be brought by the FSA in the Chancery Division)

Culligan and Barthelmy v F&C Partners [2011 - ] Acting in relation to the FSA regulatory issues for two hedge fund managers arising from their dispute with former joint venture partners

Re T [2011] Acting for the FSA in seeking injunctions against operators of SIPPs for carrying on regulated activity (FSMA/ RAO) without permission

Dhaliwal Ors v Bluebell Land Limited Ors [2011] EWHC 2292 (Ch.) (and several connected claims) Acting for the defendants in a claim involving allegations of civil fraud, conspiracy and breach of FSMA (operating and promoting an unregulated CIS).

Saxo Bank & Lehman Brothers In Europe (Admin.) [2011 - ] Advising a European investment bank in connection with a $30m statutory trust/ contract claim for FSMA/CASS client money arising from ISDA 1992/International Prime Brokerage Agreement against the LBIE estate

FSA v Pottage - Advice to the Regulatory Decisions Committee in (ongoing before the Upper Tribunal).

FSA v (1) Visser (2) Fagbulu - Advice to the Regulatory Decisions Committee in in which  a ban and £2.1m fine were imposed on a hedge fund chief executive and chief financial officer for deceiving investors and market abuse (the decision upheld by the Upper Tribunal).

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