Financial Conduct Authority v Skinner & Ors [2019] EWHC 392 (Ch) (18 January 2019)
The application to withdraw admissions was refused because the admissions were made on legal advice, there was no credible evidence of misunderstanding, the proposed amendments did not amount to a viable defence, and allowing withdrawal would prejudice the claimant and investors without furthering the defendants' cause.
- Citation
- [2019] EWHC 392 (Ch)
- Parties
- Claimant: Financial Conduct Authority; Defendants: Skinner & Others
- Jurisdiction
- England and Wales
- Judgment Date
- 18 January 2019
- Procedural Posture
- Civil / Application to Withdraw Admissions Under CPR Part 14
- Outcome
- Application dismissed
- Legal Topics
- Withdrawal of Admissions, Financial Services and Markets Act 2000, Financial Promotion, Restitution, Remediation
Case Brief
Summary, issues, holding and outcome
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Parties
Financial Conduct Authority
Claimant
Skinner & Others
Defendants
Procedural Posture
Civil / Application to Withdraw Admissions Under CPR Part 14
Legal Issues
- 1 Whether the defendants should be permitted to withdraw admissions made in their defence under CPR Part 14
- 2 Whether the defendants' belief regarding authorisation constitutes a viable defence to breaches of FSMA
Ratio Decidendi
The application to withdraw admissions was refused because the admissions were made on legal advice, there was no credible evidence of misunderstanding, the proposed amendments did not amount to a viable defence, and allowing withdrawal would prejudice the claimant and investors without furthering the defendants' cause.
Court Disposition
Application dismissed
Orders
- Defendants' application to withdraw admissions is refused
Full Case Text
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