Anderson v Sense Networks Ltd

Subject Matter

FINANCIAL SERVICES — Regulated activities — Appointed representative — Principal’s liability — Principal tasking appointed representative’s employee with responsibility for supervising representative’s compliance with regulator’s rules — Representative operating fraudulent deposit scheme of which principal unaware — Scope of principal’s responsibility for appointed representative’s business — Whether operation of unauthorised deposit scheme business for which principal had accepted responsibility — Whether supervisor employee’s knowledge of scheme to be attributed to principal — Whether principal breaching supervisory duties by engaging employee as supervisor — Whether scheme constituting collective investment scheme — Financial Services and Markets Act 2000 (c 8), ss 39, 235 — FCA Handbook, SUP 12

[2018] EWHC 2834 (Comm); [2019] Bus LR 1601; [2018] WLR (D) 665, QBD

FINANCIAL SERVICES — Regulated activities — Appointed representative — Scope of principal’s liability for appointed representative’s business — Whether principal accepting responsibility for all business falling within generic type of regulated business — Financial Services and Markets Act 2000 (c 8), s 39(1)(3)

[2019] EWCA Civ 1395; [2020] Bus LR 1; [2020] 1 BCLC 555; [2019] WLR (D) 448, CA

Appellate History