30th June 2020


Nick Vineall QC and Adam Temple successfully represented the Financial Conduct Authority in its claim against two companies and three individuals involved in the promotion of pension transfers into self-invested personal pensions. Nearly two thousand UK consumers transferred pensions worth over £86 million, a large percentage of which was used to invest into non-mainstream investments.

Following a trial in January and February of this year, Adam Johnson QC (sitting at a Deputy High Court Judge) has handed down judgment. The Court agreed with the FCA’s case that the defendants were carrying on the regulated activities of arranging and advising on investments, and that they had breached the regulatory perimeter. He also found that the promotion of the pension transfers and the investments had involved false and misleading statements, and that the individual defendants had been knowingly involved in the contraventions.

The judgement explores a number of provisions in UK financial services law which have received relatively little judicial consideration to date, and will be of considerable interest to financial services practitioners.

This was the first trial in the proceedings and the court has yet to determine whether the defendants will be ordered to pay money to the FCA. Any money paid to the FCA will be used to compensate investors.

The FCA’s press release is here and the judgment is available here.

Register for updates

Subscribe to our regular newsletters, bulletins and case updates relating to our core areas of expertise.

Register

Would you like to
 know more?

For help and advice talk to a member of our clerking team. They can advise on the best options for your matter.

Call: +44 (0) 20 7842 5555

  • This field is for validation purposes and should be left unchanged.

Search

Shortlist close
Title Type CV Email

Remove All

Download


Click here to email this list.