Simon Duncan surveys the unusual approaches taken towards swaps mis-selling claims
Some novel approaches have been adopted in the arena of swaps mis-selling claims.
The Holmcroft properties case has been allowed to proceed, having survived the preliminary hearing in April 2015. This is an application for judicial review of the role of the independent assessors in the redress process, part of the Financial Conduct Authority (FCA) redress scheme. Could KPMG (in this case) be considered a public body and therefore be the subject of a judicial review? The bank and KPMG argued that the relationship between them was a matter of contract and that no wider public duty to act fairly arose. The court held that KPMG could potentially be considered a public body for this purpose and the matter will now proceed to a full hearing.
A claim for “Francovich damages” is being considered by another firm. This is a claim against HM Government and the FCA for failing to implement the Markets in Financial Instruments Directive properly. Essentially, the legislation is said to leave a lacuna whereby only private individuals and not
