The respondents were a firm of solicitors who had acted for a client who carried on an unauthorised investment scheme. The Authority sought to recover losses from them.
Held: The solicitors had been concerned in the investment business, and knew of the breaches. The acts had taken place before the new Act, but the transitional provisions operated to fix with liability to restitution someone who did not themselves enter into the unauthorised transaction.
[2005] EWCA Civ 1422, Times 07-Dec-2005
Bailii
Financial Services and Markets Act 2000 380(2), Financial Services Act 1986 3
England and Wales
Citing:
Cited – Securities and Investments Board v Pantell and Others (No 2) CA 24-Jun-1992
Order against solicitors in defence of Financial Services proceedings were to stand. The powers conferred by s.6(2) and 61(1) were wide and should not be cut down judicially, and the two remedies might overlap. The power found in s.61(1) had two . .
Cited – Financial Services Authority v Scandex Capital Management (a Company Incorporated Under the Laws of Denmark) and Another CA 16-Dec-1997
The court has the power to order an interim payment into court by a foreign company which was providing unauthorised investment services in UK. . .
Lists of cited by and citing cases may be incomplete.
Updated: 05 September 2021; Ref: scu.235336
