IN THE COURT OF APPEAL, CIVIL DIVISION. PRESS RELEASE.
THE FINANCIAL CONDUCT AUTHORITY (FCA) V AVACADE LIMITED (IN LIQUIDATION) (2) ALEXANDRA ASSOCIATES (U.K.) LIMITED (3) CRAIG STANLEY LUMMIS (4) LEE EDWARD LUMMIS (5) RAYMOND GEORGE FOX.
16 December, Sheffield, UK
Omid Khub of Zakery Khub Solicitors:
As can be seen, we say that it is grossly unfair that our clients, as introducers should be held solely liable whilst FCA regulated entities and SIPP providers, who received introduction of customers from our clients were not made party to the court proceedings against our clients – clearly, their parts, acts and omissions in the process in which the UK consumer may have lost their investments, have gone unchallenged in the High Court proceedings against our clients.
Additionally, we were surprised that the FCA chose not to include regulated SIPP providers and IFAs in the claim against our clients. Clearly, they played a major part in any losses which the UK consumers may have suffered. Correspondingly, our clients say that a fair question arises here: why would the FCA not join them to the proceedings to answer for their parts in the process? They feel that they were the proverbial soft target.
Finally, our clients are pleased that the Court of Appeal agrees with us. That there is a real prospect of success in our clients’ appeal on those grounds. Above all, the correct interpretation of the law is important for all concerned.
Altogether, we hope that this successful permission to appeal, granted by one of Britain’s most senior female Judges, the Rt. Hon. Lady Justice Asplin, will pave the way for justice for those affected.
About Zakery Khub Solicitors
Overall, Zakery Khub Solicitors specialise in providing advice on complex commercial, corporate, fraud, Financial Services litigation and a range of other civil legal issues. We are currently instructed on a number of highly complex regulatory and other disputes concerning matters of a complex nature. Hence, if we can help you in your dispute, please do not hesitate to contact us at [email protected]