Financial Services Litigation

ISBN : 9780198846512

Jonathan Russen; Robin Kingham
368 ページ
171 x 246 mm

This book primarily provides assistance to litigators who find themselves acting for or against firms in contentious regulatory matters. The material covered is broad in that it covers matters of civil, criminal, administrative, and public law. It is also highly focused in that it is intended to act as a practical handbook for litigators; detailed explanations are given of practice, procedure, evidence, and remedies at the expense of general commentary on the non-contentious aspects of financial regulation.

The book starts with two chapters that are primarily contextual. Chapter 1 provides an overview of the UK financial regulators whilst paying particular attention to the relationships between them and the ways in which those interactions can pose problems for litigators and the firms they represent. Chapter 2 summarises the authorisation process and its procedures. This chapter also considers the authorisation of EEA firms following Brexit with a focus on procedure and the steps necessary for EEA firms to retain their authorisation following the UK's withdrawal from the EU.

Chapter 3 deals with the increasingly important topic of investigations and information gathering. It pays particular attention to the settlement of investigations and the FCA's procedures for determining discounts.

The heart of this book is found in Chapters 4-7, which cover the various forums in which firms can be challenged for failing to adhere to regulatory standards. Unlike many works dealing with financial services regulation, which so often seem to focus on civil liability, this book aspires to be equally helpful to the criminal litigator. Criminal liability is therefore split in two. Chapter 4 covers practice, procedure, and evidence. Chapter 5 covers the substantive offences, defences, and sentencing.

Civil liability is found in Chapters 6 and 7. Civil enforcement action taken by regulators, including RDC procedure, penalties, and an analysis of the basis and scope of the raft of potential remedies available to the regulator, are covered in Chapter 6. Individual action by investors and consumers is considered in Chapter 7 alongside wider legal principles that may come into play such as litigation. This chapter for the first time includes a detailed analysis of the types of claims often encountered by firms, including case studies on PPI and interest rate hedging products.

Redress, complaints, the Financial Ombudsman Service, and relevant procedure are analysed in Chapter 8. Finally, Chapter 9 provides an overview of the independent methods of challenging regulators, including judicial review and the Financial Services Complaints Commissioner.


1 The UK Financial Regulators

2 Regulation Through Authorisation and Approval

3 Investigations and Information Gathering

4 Criminal Prosecutions by Regulators - Procedural Considerations

5 Criminal Prosecutions by Regulators - The Offences

6 Civil Enforcement by Regulators

7 Civil Liability of Firms for Regulatory Breaches

8 Redress

9 Independent Challenges to the Regulators


Previously a silk in practice at Maitland Chambers, HHJ Russen QC is now a Specialist Circuit Judge and the appointed Commercial Circuit and TCC Judge sitting in the Business and Property Courts in Bristol (also holding a ticket for Chancery High Court work). He is the sole author of the previous edition of Financial Services: A Litigator's Guide and a contributor to Civil Fraud: Law, Practice and Procedure, Sweet & Maxwell (2018). ; Robin Kingham is a tenant specialising in financial services regulation at Gough Square Chambers. He has twice been seconded to the FCA where he provided substantive advice on the Authority's approach to financial passporting post-Brexit and on the drafting of the EU (Withdrawal) Act 2018. He is the general editor of The Encyclopaedia of Financial Services Law, Sweet & Maxwell (loose-leaf), co-author of A Practitioner's Guide to the UK Financial Services Rulebooks, Sweet & Maxwell, (7th ed), contributing editor of Consumer and Trading Standards: Law and Practice, LexisNexis (4th - 6th eds.), and co-author of Miller: Product Safety and Liability Encyclopaedia, LexisNexis (loose-leaf). He is the author of several published articles.