Michael Uberoi practises in commercial and regulatory litigation, with a particular focus upon pensions and financial services. He is recommended as a Leading Junior by the legal directories in both Pensions and Financial Services.
Michael’s ongoing work includes pension litigation (such as rectification and indexation work) professional negligence matters (involving solicitors, actuaries, and administrators), commercial disputes involving allegations of fraud and breaches of COBS, and regulatory work engaging all aspects of the FCA Handbook (for both Defendants, and the Regulators). He has ongoing matters involving the Pensions Regulator, the Financial Conduct Authority, the Pension Protection Fund, and Lloyd’s of London.
The 2023 legal directories say “Michael is a superstar – he’s got incredible judgement and is very knowledgeable about some of the more difficult areas of pensions” (Pensions, Chambers & Partners, 2023) and that he “knows the subject area inside out” (Pensions, Chambers & Partners, 2023). In Financial Services, he is described as “personable, technically outstanding, and very hard working and responsive” (Financial Services Regulation, Legal 500, Leading Junior). The 2024 Directories also describe him as “an exceptional advocate”, who is “very dynamic and bright” and who is “very well prepared and an extremely effective advocate.”
Michael is a member of COMBAR and the Chancery Bar Association. He is also called to the Bar of Northern Ireland.
Some examples of current or very recent work include:
Michael is a leading pensions junior ranked in both Chambers & Partners, and Legal 500. The 2023 editions describe him as “a superstar” who has “incredible judgment”, and say that “his arguments are precise and well considered, delivered in an accessible manner”.
Michael has been instructed in some of the most significant pensions litigation in recent years. Some examples of recent cases include:
Univar v Smith & Ors [2020] EWHC 1596 (Ch)
(involving rectification, and extrinsic / South West Trains contracts – the case is now the leading authority on pension scheme rectification) – As stated in the recent case of Iggesund [2021], the principles of pension scheme rectification were “settled” by Univar, which case it is “unnecessary to look beyond.”
Safeway was the highest value equalisation claim ever to come before the courts, and is one of the most high profile claims involving discrimination in pension schemes in recent years, as well as (Briggs LJ, in the Court of Appeal) representing one of the leading authorities on the correct approach to the construction of pension scheme documentation. Michael acted for the Representative Beneficiary and was successful at both first instance, in the Court of Appeal, and before the CJEU.
Viavi Solutions UK Limited v Viavi Pension Trustee UK Limited [2022] EWHC 2565 (Ch)
Michael acted for the pension trustee in these rectification proceedings arising out of faulty indexation rules; and for the company and trustee in successful rectification proceedings in 2024 (St Modwen Property plc v Smith).
Fetherston v Dalriada (judgment awaited)
A five day High Court trial involving contested historic pension increases (and a change of accrual rate), dating back to alleged decisions in the mid 1970’s. The Scheme is in the PPF assessment period and the case involves issues arising from the PPF’s statutory Admissible Rules, and associated legislation, as well as exercise of powers, extrinsic contract, and estoppel.
PO-22369, re the Allen, Allen & Ms E SSAS, publication date December 2022
Acting for the successful Complainant in a fully contested oral hearing before the Pensions Ombudsman, in which findings of dishonesty were made against the Respondent professional trustee and member trustees, as a result of their failure to manage conflicts of interest, with the consequence that the scheme’s exoneration clauses could not be relied upon by the Respondents in relation to significant unauthorised payment tax charges.
Sheffield v Kier Group plc [2019] EWHC 986 (Ch))
A High Court appeal involving the extent of the Pensions Ombudsman’s jurisdiction, and legitimate expectations / A1P1 rights.
Various ongoing professional negligence proceedings, including:
Representing the Target in an 2023 hearing before the Pensions Regulator, arising out of a contested Contribution Notice in relation to the material detriment test.
Acting for individual trustees and former directors in Part 7 restitutionary proceedings brought regarding the Bic UK Pension Scheme, which claim alleged conflicts of interest and breach of company articles in the awarding of future benefit entitlements.
Representing the Target trustees in a hearing before the Upper Tribunal brought by the Pensions Regulator, at which Prohibition Orders were sought in the aftermath of a pensions liberation scandal.
Advising the employer in connection with a s.75 employer debt under the Employer Debt Regulations, and associated employment cessation events; and
Instructed by the Pensions Regulator in proceedings before the Upper Tribunal in relation to high value breaches of the employer related investments legislation, by a senior trustee.
Michael frequently advises on matters before the Pensions Ombudsman, and on appeals from determinations of the Ombudsman (including in cross-over appeals from determinations of the Financial Ombudsman Service, in relation to pension misselling) -see the Allen, Allen and Ms E SSAS scheme case above (PO-22369), and Sheffield v Kier Group Plc [2019] EWHC 986 (Ch) (also above).
Michael has a large amount of experience advising in relation to the LGPS (interpretation of Transfer Agreements, Admission Agreements, and the true construction of the Regulations themselves), and other major public sector schemes (he has advised upon, among others, the Armed Forces, Police, and Teachers Pension schemes).
Michael’s practice often covers the regulatory and civil aspects of financial services law, in which areas Michael is particularly well placed to advise having previously undertaken a secondment to the Financial Conduct Authority. Of his Financial Services work, the current directories state that “Michael is very willing to get stuck into the matter right away and offers a pragmatic, commercial steer backed up by careful analysis of his lay client’s circumstances” (Legal 500, Financial Services Regulation, 2023) and that he is: ““personable, technically outstanding, and very hard working and responsive” (Legal 500, FS Regulation).
Much of Michael’s work in this field is confidential, however some recent or ongoing instructions include:
Michael is a contributing author to the publication Encyclopaedia of Forms and Precedents (Financial Services), published by Lexis Nexis, and a previous contributing author to Lissack & Horlick on Bribery.
Michael is an experienced regulatory advocate who frequently appears on behalf of professional individuals and regulated entities. He is described in the legal directories as “an esteemed barrister who excels at representing financial professionals in proceedings before regulators, including the FRC and Pensions Regulator” (Chambers & Partners 2023, Professional Discipline) and as “Approachable and easy to work with, but also unflappable and tenacious. Highly recommended.” (Chambers & Partners).
Richard Tomlin v The Council of Lloyd’s of London
Acting for the Defendant Richard Tomlin (a leading underwriter) in enforcement proceedings brought by Lloyd’s of London, in which the Lloyd’s regulator requests a lifetime ban and a multi-million pound fine, as a result of alleged non-financial misconduct whilst working within the Lloyd’s market. Reported in the ‘Insider Insurer’; Article 1, Article 2 and in ‘The Insurer‘.
Instructed by the Pensions Regulator in proceedings against a senior trustee in relation to high value breaches of the restrictions upon employer related investments.
Acting for an IFA in proceedings before the Regulatory Decisions Committee of the FCA, arising out of advice given in the context of transfers out of the British Steel pension scheme.
Acting for a trustee and accountant during an investigation brought by the Financial Reporting Council, arising out of the Pension Regulator’s investigations into the Coats Pension Plan / Guinness Peat Group.
Acting for the Target trustees in response to proceedings brought by the Pensions Regulator at a hearing before the Determinations Panel, at which hearing Prohibition Orders were sought to prevent the Targets from acting as trustees.
Acting for the Target in a disputed Contribution Notice hearing before the Pensions Regulator, in the context of the material detriment test (4 day hearing).
Michael regularly acts in commercial disputes, with much of his recent work in this area having settled confidentially. Some recent or ongoing cases include:
Defending a financial advisory firm and leading wealth management entity in relation to an alleged failure to transfer a defined benefit pension (misrepresentation, breach of COBS).
Acting in a lengthy Chancery Division trial for a defendant accused of various breaches of a freezing order as a result of share movements to the BVI (Barclays Bank v Mason [2024] EWHC 1994 (Ch)).
Acting for a leading supply chain entity in a multi-million pound dispute involving national milk haulage and the terms for its delivery (Commercial List, Michael successfully resisted injunctive proceedings at the outset of the dispute).
Ceredigion Recycling & Furniture Team v (1) Pope (2) Cann & Ors [2022] EWHC 1969 (Ch) – appearing for the second defendant director during the recovery proceedings arising from a trial alleging disputed pension payments.
Acting for the defendant building contractor (and its director) in proceedings alleging fraudulent misrepresentation and breach of contract arising out of several years of invoiced sub-contractor work for a major building project in East London.
Obtaining a freezing injunction (in the sum of approximately £3 million) and acting in the underlying breach of loan agreement claim, on behalf of an Indian marketing firm. The case settled for its full value shortly after the freezing injunction was obtained.
Acting for a Dubai based trading entity in its claim for breach of contract and misrepresentation over the contractual terms applicable to a foreign exchange trading account, and a related decision to close out positions resulting in a multi-million pound loss for the Claimant (breach of contract / misrepresentation).
Acting for a major hotel food supplier in defending a high value claim involving the Commercial Agency Regulations and their disputed applicability to various commercial relationships with employees, fraudulent misrepresentation and deceit.
A claim for a holiday letting company against a major bank for breach of contract, misrepresentation, and failure to exercise a contractual lending discretion in a loan agreement in good faith, which settled in the claimant’s favour for a sum of approximately £2.5 million.
Michael Uberoi is regulated by the Bar Standards Board (BSB) and holds a current practising certificate. If you are not satisfied with the service provided, please click here.
To find out more, contact Matt Sale on +44 (0)20 7427 4910 or Lexie Johnson on + 44 (0) 207 427 0801 for a confidential discussion.
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