Profile: Banking and Financial Services
Experience and Expertise
Mark is recommended in The Legal 500 and Chambers and Partners for his banking and consumer finance work. Mark has particular experience and expertise in retail matters. His clients include financial institutions, regulators and private individuals.
Mark’s expertise extends in particular to the operation of the various overlapping regulatory regimes in this area. He regularly advises on issues in connection with the Financial Services and Markets Act 2000 and the FCA Handbook (especially BCOBS, MCOB and CONC). He also advises on cases involving the Financial Ombudsman Service. He has expertise in fairness regimes, such as the Consumer Rights Act 2015, the Consumer Protection from Unfair Trading Regulations 2008 and the fair treatment of customers initiative.
He regularly advises on the drafting of documentation relating to financial services products and has particular expertise and experience in drafting consumer documentation in plain intelligible language. Mark is also often engaged to advise on due diligence exercises in relation to acquisitions involving retail financial services products.
Mark also acts in a substantial amount of banking and finance litigation, from cases about the mis selling of interest rate swaps to Tribunal litigation concerned with the regulatory authorisations of financial services firms.
Cases and Work of Note
- Mason v Godiva Mortgages Ltd  EWHC 3227 (QB) (High Court case relating to compliance with responsible lending rules. The first case in which the High Court has considered those rules in the context of a claim for damages under the Financial Services and Markets Act 2000. Sole Counsel.)
- Chickombe v Financial Conduct Authority and Barclays Partner Finance  UKUT 0258 (TCC) (Validation order in relation to a £47 million consumer credit loan portfolio brokered by an unauthorised credit broker. Leading case on the relevance of consumer detriment to such orders. Sole Counsel.)
- Nationwide Debt Consultants v Financial Conduct Authority  UKUT 0142 TCC (Significance of record keeping allegations in an application to suspend a consumer credit interim permission pending determination of a reference in a financial services case.)
- Maoudis v Financial Conduct Authority (2017) BPIR 1555 (Application to suspend the ceasing of a consumer credit interim permission of a debt management firm pending determination of the firm’s reference.)
- Acting for a global bank in a test case concerning interest rate variations on a mortgage pool in 2017.
- Koksal v Financial Conduct Authority (2016) CTLC 201 and (2017) BPIR 1517 (Tribunal reference challenging a decision refusing to authorise a consumer credit broker. The first consideration by the Tribunal in an authorisation case of its revised jurisdiction under the Financial Services Act 2013.)
- Advising in relation to an amendment to the UK’s financial services regulatory perimeter by HM Treasury in 2017.
- PDHL Ltd v Financial Conduct Authority (2017) BPIR 1623 (Application to suspend the ceasing of an interim permission of a consumer credit firm pending a book sale. Led by Javan Herberg QC.)
- Advising in relation to an FCA consultation process in 2017.
- Financial Conduct Authority v HFO  UKUT 0118 (AAC) (Proceedings concerning the cancellation of the regulatory authorisations of a group of debt collection firms. Led by Patrick Goodall QC.)
- Advising a clearing bank on the operation of the payment services directive in relation to card transactions.
- Advising on due diligence and regulatory authorisation issues in relation to a multi-billion pound loan pool sale in 2015.
- Advising a major banking group on aspects of the legislation ring fencing retail and investment banking in 2014.
- Revenue & Customs v Ben Nevis (Holdings) Ltd & Ors  STC 2157 and  WTLR 1 (In these proceedings a claim was made for judgment in respect of over £220 million in unpaid South African tax from two offshore companies. The case raised a number of important issues about the operation of offshore private banking and fund management services. Led by James Ayliffe QC.)
- Advising a major financial institution about compliance with the DISP and MCOB modules of the FCA handbook.
- Advising a top five building society on the introduction of a new variable interest rate for mortgage customers.
- Advising a top five building society in relation to aspects of a covered bond program.
- Advising in relation to the consumer documentation of a new High Street bank being set up in the UK.
- Advising a mortgage lender in relation to the application of MCOB to securitised mortgages.
- Advising an international private bank in relation to the territorial scope of the Financial Services and Markets Act 2000.
- Advising in relation to litigation in the High Court of Singapore concerning the operation of dual currency swaps entered into by two high net worth individuals.
- Advising a a top five building society in relation to compliance with the Payment Services Regulations 2009.
- Advising a clearing bank in relation to a challenge by the OFT to the fairness of terms in its standard account terms and conditions.
- Advising the OFT in relation to a debt collection practices of a major credit card provider.
- Advising the acquirer on a multi-billion pound transfer of business in the building societies sector in 2009.
- Advising the acquirer on a multi-billion pound merger in the building societies sector in 2008.
- A long running project redrafting one of the clearing banks account terms and conditions in the run up to the bank charges litigation. These terms and conditions were subsequently favourably considered by the High Court in OFT v Abbey National & Ors  EWHC 875 (Comm).
Mark is an editor of Wurtzburg & Mills on Building Society Law, which he co-edits jointly with colleagues, Malcolm Waters QC, Elizabeth Ovey and Henry Day.
He is also the author, along with Malcolm and Elizabeth, of Retail Mortgages: Law, Regulation and Procedure, published by Sweet & Maxwell.