The Financial Services Authority (FSA) v Anderson & Ors

The Financial Services Authority (FSA) v Anderson & Ors

The defendants' activities constituted accepting deposits by way of business within the meaning of the Financial Services and Markets Act 2000 and relevant orders. The statutory exclusions did not apply, and none of the defendants had a real prospect of successfully defending the claim. Summary judgment was appropriate, and injunctions should be granted.

Parties
Claimant: The Financial Services Authority; Defendant: John Cecil Anderson; Defendant: Kenneth Alun Peacock; Defendant: Kautilya Nandan Pruthi
Jurisdiction
England and Wales
Judgment Date
25 March 2010
Procedural Posture
Civil / Summary Judgment Application
Outcome
Summary judgment granted for the claimant.
Legal Topics
Regulated Activities, Deposit Taking, Financial Services and Markets Act 2000, Summary Judgment, Injunctions
Financial Regulation Banking Law Regulated Activities Deposit Taking Financial Services and Markets Act 2000 Summary Judgment Injunctions

Case Brief

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Parties

The Financial Services Authority

Claimant

John Cecil Anderson

Defendant

Kenneth Alun Peacock

Defendant

Kautilya Nandan Pruthi

Defendant

Procedural Posture

Civil / Summary Judgment Application

Legal Issues

  1. 1 Whether the defendants carried on or purported to carry on a regulated activity of accepting deposits without authorisation
  2. 2 Whether the monies received were deposits or loans
  3. 3 Whether the activity was carried on by way of business

Ratio Decidendi

The defendants' activities constituted accepting deposits by way of business within the meaning of the Financial Services and Markets Act 2000 and relevant orders. The statutory exclusions did not apply, and none of the defendants had a real prospect of successfully defending the claim. Summary judgment was appropriate, and injunctions should be granted.

Court Disposition

Summary judgment granted for the claimant.

Orders

  • Declarations to be granted that each defendant carried on or purported to carry on a regulated activity from specified dates, subject to FSA's position on start dates.
  • Injunctions granted restraining each defendant from carrying on regulated activity of accepting deposits.