What our barristers offer
39 Essex Chambers has leading QCs and junior barristers with considerable experience of acting for clients in all areas of the banking and financial services sector. They have significant expertise in financial services regulation and high-profile banking disputes, acting for banks and other financial institutions, regulated individuals, investors, consumers and regulators.
Members of Chambers have significant international banking and financial services expertise, including in Europe (both before the EU institutions and in other EU Member States), the Far East, Middle East, the Caribbean, the Channel Islands, Gibraltar and the Isle of Man.
Who our banking and financial services barristers act for
Our barristers act for clients of all types and sizes in the banking and financial services sector, including:
- Banks and building societies, both domestic and international
- Independent financial advisers
- Insurers and insurance brokers
- Consumers and SMEs
- Hedge funds, investment funds, investment managers and private equity groups
- Central banks, including the Bank of England and central banks of other EU Member States
- HM Treasury
- Financial Conduct Authority (FCA)
- Financial Ombudsman Service (FOS)
- Financial Services Compensation Scheme (FSCS)
Which areas of banking and financial services we cover
- Asset tracing and recovery (including freezing orders, search orders and payments into court)
- Authorisation, supervision and compliance issues
- Banking litigation
- Bank resolution and recovery
- Capital adequacy
- Challenges to decisions by the FCA, the FOS, the SFO and the FSCS
- Client money
- Collective investment schemes
- Complaints and redress
- Consumer credit
- Credit and asset hire agreements
- Derivatives and swap transactions (including ISDA transactions)
- Disciplinary and enforcement proceedings
- European and international legislation and guidance (including Basel III, CRD IV, EMIR, MiFID II, AIFMD, UCITS V, MAR, MCD, and BRRD)
- Insurance, assurance and re-insurance
- Listing and prospectus rules, disclosure and transparency
- Loans, guarantees and security
- Market abuse and market manipulation
- Mis-selling (including PPI, mortgages and interest rate hedging products)
- Money laundering and financial crime
- Offshore banking and financial services
- Payday lending
- Payments, letters of credit, promissory notes and bills of exchange
- Professional negligence (for and against IFAs and other financial services professionals)
- Recognised investment exchanges and clearing houses, including LME, LIFFE, ICE Futures, and the London Stock Exchange
- Test case litigation
- White collar and corporate crime
Jurisdictions we cover
Our barristers frequently appear in banking and financial services cases with an international dimension, and many have been called to the Bars of other jurisdictions in order to act in cross-border disputes. They also act in banking and financial services arbitrations around the world.
Members of Chambers cover jurisdictions including:
- EU: appearing before the EU institutions, including the Court of Justice of the EU
- Europe: Cyprus, Ireland, Germany, France, the Netherlands
- Middle East: Dubai (including in the DIFC and acting for clients before the Dubai Financial Services Authority), Qatar, Bahrain, Oman
- Far East: Singapore, Malaysia, Hong Kong
- Caribbean: BVI, Cayman Islands, Barbados, St Vincent and the Grenadines
- Channel Islands: Guernsey, Jersey
- Isle of Man
- International bodies such as INTERPOL
Recent significant cases include:
- Libyan Investment Authority v Société Générale SA: US$2.1bn claim by Libya’s sovereign wealth fund to set aside derivative investments made during the Gaddafi era (one of The Lawyer’s Top 20 cases of 2017).
- JSC Mezhdunarodniy Promyshlenniy Bank v Pugachev: US$ multi-billion fraud claim against ‘Putin’s banker’.
- Al Khorafi v Bank Sarasin: largest ever DIFC financial services claim, alleging mis-selling of US$200 million structured notes.
- R (Full Circle Asset Management) v FOS  EWHC 323 (Admin): judicial review of FOS by firm of financial advisors who had been the subject of a s.166 skilled person review.
- High Commissioner for Pakistan v Natwest Bank  EWHC 55 (Ch);  EWHC (Ch): claim to a £35m fund held by Natwest since the 1948 annexation of Hyderabad by India.
- Roberts v FCA  UKUT 408 (TCC): disciplinary proceedings against CEO of Catalyst.
- Al Ansari v DFSA: disciplinary proceedings by the Dubai Financial Services Authority against the former Licensed Directors of First Capital of Switzerland Investment Bank.
- LSE v X: disciplinary proceedings brought by the London Stock Exchange.
- LIBOR and FOREX: acting for financial institutions in relation to rate rigging investigations by the FCA and other regulators.
- Interest Rate Hedging Products: numerous claims for and against banks in relation to IRHP sales, as well as several members of chambers acting as s.166 skilled persons in the FCA’s IRHP review.
- Standard Life Assurance Ltd v Corr and others: £23m claim in relation to Cattles plc.
- R (Chancery (UK) LLP) v FOS  EWHC 407 (Admin): judicial review of FOS by firm of chartered accountants in relation to a tax avoidance scheme.
- Plevin v Paragon Finance  UKSC 61: landmark Supreme Court decision on PPI finding that non-disclosure of substantial commissions gave rise to an unfair relationship.
- Payday lending: acting in relation to the FCA’s review of regulation of payday lenders.
- Khan v FCA (2014): disciplinary proceedings against a mortgage broker.
- R (Croot) v FOS & another (2013): judicial review of FOS by several Lloyd’s insured.
- Karpe and Karan v FSA (2012): disciplinary proceedings against UBS desk head and client adviser.
- Pottage v FSA (2012): senior management responsibility disciplinary case against CEO of UBS Wealth Management.
- Heather Moor & Edgecomb v UK  ECHR 1019: article 6 ECHR challenge to the FOS.
- R (Canada Inc) v FSA  EWHC 2766: application for an injunction to restrain the FSA from publishing a Decision Notice in the Swift Trade case.
- R (Ford) v FSA  EWHC 2583: ground-breaking judicial review in relation to legal professional privilege arising from the FSA’s Keydata investigation.
- R (British Bankers Association) v FSA  EWHC 999: seminal case on redress for mis-selling of payment protection insurance, leading banks to pay over £7 billion in compensation.
Additional banking and financial services sector knowledge
Members of Chambers contribute to leading financial services publications including Butterworths Financial Regulation Service, the Journal of International Banking and Financial Law, and Atkins on Financial Services.
Our barristers frequently hold seminars in Chambers on financial services and banking issues, as well as delivering training and holding roundtable discussions on topics of interest to clients in their offices.
We support our clients within the financial services sector by sending our juniors to them on longer-term secondments, including to solicitors’ firms, the FCA and FOS.