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Simon Oakes

Simon Oakes

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Simon Oakes practises in commercial law, with a particular focus on banking & financial services matters. He has been involved in major financial services cases in recent years, including the LIBOR manipulation cases of Graiseley Properties Ltd v Barclays Bank Plc in the Court of Appeal, and Hockin v Royal Bank of Scotland in the High Court.

Having been seconded to both the Financial Services Authority and the Pensions Regulator, Simon has acted for individuals in complex regulatory cases, including those brought by international banking regulators.

Banking & Financial Services

Simon’s financial services and banking work ranges from major interest rate hedging product litigation to regulatory investigations against individuals. He has a wealth of experience in some of the most significant banking cases of recent years, in particular those involving allegations of LIBOR manipulation, mis-selling of financial products, and various banks’ business support units.

His recent work includes:

Aldersgate & Ors v Bank of Scotland & Anor [2018] EWHC 2601 (Comm): a Commercial Court claim in excess of £100 million, alleging fraudulent and negligent misrepresentation arising out of benchmark manipulation. The case also raised ancillary issues as to the status of findings by global regulators, and attempts to withdraw pleaded admissions.

Macdonald Hotels Limited v Bank of Scotland: a very high-value, Financial List banking dispute involving allegations of breach of a shareholders’ agreement. See

Hockin v RBS : a £55m Financial List banking case concerning interest rate products and the bank’s Global Recovery Group (‘GRG’), and involving issues of misrepresentation, LIBOR manipulation, unlawful means conspiracy and implied duties of good faith (with David Reade QC).

The LIBOR test case of Graiseley Properties Ltd v Barclays Bank Plc, Deutsche Bank AG v Unitech Global Ltd [2013] EWCA Civ 1372 (CA), in the Court of Appeal and in the High Court (with Stephen Auld QC). One of The Lawyer’s ‘Top 20 cases’ of 2013.

Desiman Ltd v BOS, HBOS and Lloyds Bank: a significant banking matter involving issues of mis-selling, LIBOR misrepresentation, appointment of administrative receivers and bad faith. The case also involved an examination of the Bank’s Business Support Unit (with Stephen Auld QC).

Ford, Owen & Johnson v Financial Conduct Authority [2016] UKUT 0041 (TCC): acting for the former compliance officer of Keydata (Johnson) in a reference to the Upper Tribunal.

Atwal v Bank of Scotland: an ongoing High Court interest rate hedging dispute.

FOREX investigation: acting for individuals under investigation by global regulators in relation to Forex matters.

• Advising on high-value interest rate swap claims, including on matters arising out of the FCA Review into the mis-selling of Interest Rate Hedging Products (‘IRHPs’).

• Acting for a major international law firm conducting a s.166 FSMA Skilled Person’s review into the mis-selling of IRHPs and consequential losses.

In 2012 Simon was seconded to the General Counsel’s Division of the Financial Services Authority, providing advice on a range of matters, and drafting sections of the FSA Handbook, in particular in relation to Collective Investment Schemes.

Appointments & Memberships

  • Financial Services Lawyers Association
  • Association of Pension Lawyers


  • Sir Louis Gluckstein Prize For Advocacy
  • Lord Denning Scholar, Lincoln’s Inn
  • Scholar, Christ Church, Oxford University

Simon Oakes 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.

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