Rupert Reed

Financial Services CV

Issues of Financial Services Law commonly arise in the company, commercial and pensions law and professional liability cases in which Rupert has acted. He participated in writing a practitioners' commentary on the FSMA 2000 and is a member of the FSLA (Financial Services Lawyers Association).  

In his early career, Rupert acted in a number of cases raising issues as to the regulatory compliance and enforceability of spread-betting arrangements and contracts for differences.

Recent / notable cases include:

• With Jules Sher QC, successfully defending a former non-executive director of the mutual life assurance society, the Equitable Life, from claims relating to the failure of the Board to seek legal advice in respect of an actuarial policy by which the Society paid reduced discretionary bonus to members exercising a guaranteed annuity option (Equitable Life v. Wilson [2005]).
  
  
• Successfully acting for a Lebanese bank in resisting claims by a defaulting Kuwaiti borrower that certain agency contracts were unenforceable andultra viresits Board for non-compliance with Shari'a principles of Islamic finance (BLOM v. The Investment Dar Co. [2009] EWHC 3545 (Ch)).
  
  
• Acting for the investors in various film finance schemes in suing both the promoters and administrators of those schemes and the authorised persons under FSMA 2000 and their representatives who recommended participation in those schemes in breach of their duties under the FSA Conduct of Business Rules (Comer & Ors v. Zurich Advice Network Ltd & Anor [2009]; Babb v. Grew Financial Services Ltd [2009]).
  
  
• Advising a financial services professional denied approval by the FSA for various Controlled Functions under FSMA 2000 because of allegations relating to his conduct arising from an earlier liquidation [2009].
  
  
• Acting for a substantial P&I club in arguing that members' contention that it was covered for years in respect of which the club was prevented from seeking contribution offended the mutuality by which the club had been operated (Liverpool and London Steamship PIA Ltd v. Cunard [2008]; Liverpool and London Steamship PIA Ltd v. Maersk [2011]).