Financial Services Lawyers

Chris Moss led the legal team behind bank of Dave leading to a successful FCA and PRA authorisation for Dave and his team.

Bank of Dave (aka Burnley Savings and Loans Limited) began as a peer to peer operation on which Chris advised in a lead advisory role for legal matters.

This then led to application for a full banking licence (and related permissions, including consumer credit permissions to enable consumer lending).

Example 1 was a company involved in certain sales of financial products related to holiday homes.

Called upon to deal with the FCA queries and to advise more generally on structure. Led to product restructuring.

Dealt successfully with FCA enquiries which had gone as far as requisitions (165) with no issues for the client. Product restructured to comply.

Example 2 was a restructuring of a client business which led to a solvent winding up of an IFA firm and the acquisition of the client book by another firm under common ownership.

Negotiation of VREQ and subsequently successful exit from the VREQ. [note that’s the only 1 I know of which exited].

Assistance with the sale of IFAs, including specialist advise around client books and issues relating to indemnities around previous advice, sales of shares, earn out/commission and renewal payment negotiations, as well as change in control considerations on share sales.

Assisting an Australian client to open a new entity in the UK and completing a review of their compliance documents to ensure that they met the requirements under UK law.

Providing general corporate and FCA advice, specifically in relation to COBS in respect of a Fint Portfolio Investment, speficially providing commentary relating how to communicate information to a particular target audience as well as client agreement requirements under MIFID, as well as advice around next steps and changes to Ts and Cs.

Providing advice on FCA queries and more generally on the structure of the business. This led to product restructuring. FCA enquiries were dealt with successfully.

Assistance with the restructuring of a client business which led to a solvent winding up of an IFA firm and the acquisition of the client book by another firm under common ownership.

Negotiation of VREQ and subsequently successful exit from the VREQ.

Client Intro

We act for an individual trader and his associated company in a high-value commercial dispute arising from a revenue-sharing and equity arrangement.

Case Overview

We are advising the claimants in proceedings concerning unpaid profit share and entitlement to an equity interest in a trading business. The claim arises from a contractual arrangement under which the corporate claimant was to provide services through the individual, in return for a share of profits and an allocation of shares.

The dispute involves substantial sums and raises issues of contractual interpretation, performance and entitlement to equity. The claimants seek both damages and specific performance in relation to the transfer of shares, or damages in the alternative.

The matter has been further complicated by the defendant entering insolvency proceedings during the course of the litigation, as well as cross-border elements involving multiple jurisdictions. We have advised on the impact of the insolvency process on the proceedings and the strategic options available to the claimants.

The case has progressed through case management and is listed for trial.

“This is a complex claim involving both financial and legal issues, compounded by insolvency and cross-border factors. Our focus has been on maintaining momentum and protecting our clients’ position throughout.” – Adam Maher, Partner