KVB Consultants Ltd v Jacob Hopkins McKenzie Ltd

Subject Matter

FINANCIAL SERVICES — Regulated activities — Collective investment scheme

[2023] EWHC 1686 (Comm), KBD

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)

[2024] EWCA Civ 765; [2024] Bus LR 1651; [2025] 1 All ER (Comm) 449; [2025] 1 BCLC 486; [2024] WLR(D) 321, CA

Appellate History