Financial Services

“3VB “is able to bring major expertise to bear on complex and multi-jurisdictional financial regulatory issues. Thanks to its deep bench of barristers well versed in the intricacies of banking law and litigation in a wider context, the set is appreciated by clients for its particular commercial and market awareness. Many members of chambers have spent time working for the regulators or as solicitors specialising in the field, granting them particular insight into the vast array of financial regulation legislation.”

Chambers and Partners UK 2017

3VB’s members of chambers at all levels of seniority act for major financial institutions and financial regulators worldwide, in connection with a full range of financial services business, including banking, insurance business, investment business, money laundering, client money and consumer credit.  One of the foremost sets in financial services, our work in Chambers includes the litigation, arbitration and mediation of issues relating to financial services business and products; transactional advice; advice on the regulatory treatment of new financial products; advice and representation on contested applications for regulatory approval of transactions and persons; advice on prudential regulation; regulatory enforcement (for and against the regulator); legislative drafting; and expert evidence.  Our barristers have particular expertise relating to transfers of insurance and banking business, both for the regulator and for the applicant.

Recent cases include OJSC Rosneft v (1) The Majesty’s Treasury; (2) The Secretary of State for Business, Innovation, and Skills; (3) The Financial Conduct Authority,  Figurasin v Central Capital [2014] EWCA Civ 504, CA and Saville v Central Capital Limited [2014] EWCA Civ 337 (the construction and effect of Conduct of Business requirements relevant to PPI mis-selling); Crestsign v NatWest [2014] EWHC 3043 (Ch) (Bank’s liability for negligent financial advice); and R (A Wealth Management Firm) v Financial Ombudsman Service [2014] EWHC 1440 (Admin) (permission to seek judicial review of the Ombudsman’s failure properly to account for the FCA’s standards when reaching a ‘fair and reasonable’ decision).

Several members of Chambers have either held senior legal positions in the former UK Financial Services Authority, or have spent extended periods on secondment with UK and other regulatory authorities (including the UK Financial Conduct Authority).   Our level of expertise is such that clients have said: "Getting advice from [3VB] is the next best thing to getting an opinion from the FSA itself."

Financial Services