Peter Dodge - Radcliffe Chambers

BANKING AND FINANCIAL SERVICES

Peter is known for his extensive experience of misselling claims and other matters relating to the sale and distribution of financial products. In recent years, he has appeared perhaps more often than any other member of the Bar in cases concerning a claimant’s date of knowledge for limitation purposes in the context of financial advice (including in the Court of Appeal in one of the leading recent authorities).

Peter also has extensive experience of acting for banks, building societies and other lenders, as well as for borrowers, in disputes concerning the enforcement and validity of mortgages and guarantees (many such disputes involving issues of subrogation).

Peter began his career at a leading investment bank advising trusts and private clients on investment in commodities and natural resource shares worldwide. He then joined the bank’s institutional funds department where he managed UK equity and fixed interest portfolios on behalf of pension funds, charities, two quoted investment trusts and an authorised unit trust in the income sector. He also advised building societies and local authorities on their holdings of short-term money market instruments. He has completed the London Business School’s Investment Management Programme.

Peter’s recent work hasconcerned interest rate hedging products (including issues of consequential loss under the FCA’s IRHP Review), collective investment schemes (both onshore and offshore and often involving geared property investments), investment bonds, structured deposits and other structured products, mortgages, pension transfers and a variety of esoteric, anomalous and sometimes fraudulent products.

A significant proportion of Peter’s financial mis-selling practice concerns pension products. He has been instructed in numerous recent claims brought by members of occupational schemes or holders of personal pension plans who have been persuaded to invest (usually via a SIPP) in a variety of failed or fraudulent ventures. Many such claims involve issues as to the obligations and potential liability of the SIPP operator.

Issues of principle arising in claims in which Peter has acted include:

the distinction between the provision of information and the giving of advice
the extent of the liability of firms for the acts and omissions of their appointed representatives (whether under section 39 of FSMA or the common law of agency)
whether a client can enforce against an authorised limited company a regulatory undertaking given to the FSA in respect of claims arising while its principal was still a sole trader
the extent of the responsibilities of SIPP operators when facilitating unsuitable or detrimental SIPPs.

Matters in which Peter has been instructed include:

Acting for an authorised introducer of potential UK targets to international private equity investors in an arbitration arising from an investment in the West End leisure sector
Acting for the authorised UK associate of a US investment bank in connection with the voluntary interview of a US based employee of the US bank as part of an FCA investigation
Flex-E-Vouchers Ltd v Royal Bank of Scotland plc [2016] EWHC 2604 (QB) – Acting in a claim arising from the sale of a plain vanilla interest rate swap and raising issues as to the duties of a bank to its customer in its conduct of the FCA’s IRHP Review
Advising a life office on handling various complaints concerning the administration of pension and other products
Anderson v Openwork Ltd [2015] EW Misc B14 – Acting in an appeal arising from the sale of an unregulated structured deposit product and raising issues as to the existence and scope of a common law duty of care
Jacobs v Sesame Ltd [2014] EWCA Civ 1410; [2015] PNLR 6 – Appearing in the leading recent appeal on the date of knowledge provisions of section 14A (Limitation Act 1980) in the context of the provision of financial advice
Graves v Capital Home Loans Ltd [2014] CTLC 233 (CA) – Acting for a mortgage lender in one of the few authorities considering the unfair relationships provisions of the Consumer Credit Act in the context of mortgage enforcement
Evans v Santander UK plc [2013] EW Misc B55 – Acting in a misselling claim arising from the sale of an investment bond and raising issues as to the investors’ date of knowledge for the purposes of section 14A (Limitation Act 1980).

PROFESSIONAL LIABILITY

Peter’s professional negligence practice reflects his other core practice areas. In addition to his involvement in claims against financial practitioners, Peter acts not only for claimants but also for defendant professionals and their insurers in matters arising from conveyancing, secured lending and other property transactions. In appropriate cases, Peter is happy to accept instructions under the Public Access Scheme.

He has appeared in two of the recent line of cases involving claims against solicitors (including for breach of trust and breach of warranty of authority) in respect of losses resulting from identity fraud: Dreamvar (UK) Ltd v Mishcon de Reya (with Jeremy Cousins QC) and Ikbal v Sterling Law. He is frequently instructed to attend the mediation of professional negligence claims.

As a litigator, Peter is well placed to advise on liability on the part of barristers, including under the wasted costs jurisdiction. Similarly, partly as a result of his background experience, Peter accepts instructions in relation to claims against accountants and auditors.

A significant part of Peter’s practice concerns claims against financial practitioners, actuaries or pensions consultants, such claims often arising from allegations of poor investment advice or the mis-selling of financial products. Depending on the circumstances, such allegations can framed in terms of negligence, misrepresentation, breach of fiduciary duty or breach of the statutory duties created by FSMA. Peter is happy to advise on alternative remedies, including complaints to the FOS.

Peter also has experience of pure regulatory matters; examples including the scope of the FOS jurisdiction in cases pre-dating FSMA and the responsibilities of IFAs under the Pensions Review. He has appeared before the FSA’s Regulatory Decisions Committee and the Financial Services and Markets Tribunal.

Peter’s recent experience in this includes:

Dreamvar (UK) Limited v Mishcon de Reya [2016] EWHC 3316 (Ch); [2018] PNLR 29 – Appearing for the defendant law firm at first instance and in the Court of Appeal, in the leading case on the interpretation of the Code for Completion by Post, solicitor’s negligence liability in conveyancing transactions, and the scope for claims for breach of warranty of authority

Flex-E-Vouchers Ltd v Royal Bank of Scotland plc [2016] EWHC 2604 (QB) – Acting in a claim arising from the sale of a plain vanilla interest rate swap and raising issues as to the duties of a bank to its customer in its conduct of the FCA’s IRHP Review
Jacobs v Sesame Ltd [2014] EWCA Civ 1410; [2015] PNLR 6 – Appearing in the leading recent appeal on the date of knowledge provisions of section 14A (Limitation Act 1980) in the context of the provision of financial advice
Graves v Capital Home Loans Ltd [2014] CTLC 233 (CA) – Acting for a mortgage lender in one of the few authorities considering the unfair relationships provisions of the Consumer Credit Act in the context of mortgage enforcement
Evans v Santander UK plc [2013] EW Misc B55 – Acting in a misselling claim arising from the sale of an investment bond and raising issues as to the investors’ date of knowledge for the purposes of section 14A (Limitation Act 1980)
Ikbal v Sterling Law [2013] EWHC 3291 (Ch); [2014] P.N.L.R. 9 – Appearing in a significant claim against solicitors in respect of losses resulting from identity fraud.

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