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Tim Penny QC

Call: 1988    QC: 2016

+44 (0)20 7306

Banking & Finance

Tim has a strong banking and financial services practice. In recent years, he has been particularly involved in litigation related to unregulated collective investment schemes.

Some of his recent cases include:

  • National Bank Trust v Yurov & Others: in October and November 2018, Tim represented the 2nd and 5th Defendants in a 9 week Commercial Court Trial in which a Russian Bank claims damages in the sum of c.US$1 Billion against its former director/shareholders. The Bank’s claims are made under Russian law for breach of duty.
  • The Financial Conduct Authority v Capital Alternatives & 15 others [2014] EWHC 144 (CH), [2014] 3 All ER 780; [2015] EWCA Civ 284, [2016] EWHC 1984 (Ch), [2018] 3 WLUK 623:

Tim headed up a team on 2 lengthy trials acting for the FCA: the first was a successful 10 day trial against 15 defendants on a preliminary issue of whether certain investment schemes were Collective Investment Schemes within s235 FSMA, the defendants’ appeal being dismissed by the Court of Appeal; the second was a 22 day trial on the FCA’s claims under s.382 FSMA following which the FCA obtained substantial judgments against all of the defendants.

  • The Financial Conduct Authority v Asset L. I. Inc (trading as Asset Land) & others [2016] UKSC 17; [2014] EWCA Civ 435 [2014] Bus LR 993; [2013] EWHC 178 (Ch) [2013] 2 BCLC 480:

Tim headed up the FCA team in what was the first Unauthorised Business Department matter under s235 FSMA (collective investment schemes) to go to a fully contested trial and then to the Court of Appeal. Tim obtained without notice and on notice injunctions, closing down a £20 million ‘land-banking scheme’ and led the team at the subsequent trial of liability and the interim payment hearing.

In 2016, Asset Land finally reached the Supreme Court, where Tim was part of the FCA’s team which successfully resisted the defendants’ appeal: FCA v Asset Land [2016] UKSC 17. This is now the leading case on the meaning of “collective investment scheme” as defined by s235 FSMA.

  • In 2016, Tim appeared before the RDC of the FCA in relation to a claim for authorisation by a debt management firm.
  • Tim regularly advises the FCA and private clients in issues relating to FSMA and in particular relating to the operation and promotion of collective investment schemes and other unregulated business