The Business Law Reports
[2024] Bus LR 1651
Court of Appeal
KVB Consultants Ltd and others v Jacob Hopkins McKenzie Ltd and others
[2024] EWCA Civ 765
2024 June 12;July 9
Sir Geoffrey Vos MR, Lewison, Males LJJ
Financial services— Regulated activities— Appointed representative— Agreement between authorised person and appointed representative permitting representative to carry on business of prescribed description— Authorised person having liability for business carried on by representative for which it had accepted responsibility— Representative dealing with retail clients in breach of term in agreement — Whether in dealings with retail clients appointed representative carried on business of “prescribed description”— Whether authorised person’s option to accept responsibility for “whole or part” of prescribed business allowing it to limit permission to dealings with non-retail clients— Whether authorised person able to give representative permission to do something despite itself not having authorisation to do it—
Financial Services and Markets Act 2000 (c 8), s 39(1)(3)