Holmcroft Properties Ltd, R (on the application of) v KPMG LLP & Ors

Holmcroft Properties Ltd, R (on the application of) v KPMG LLP & Ors

KPMG LLP, in its role as independent reviewer under the Barclays redress scheme, was not amenable to judicial review because its functions, though closely connected to the FCA's regulatory objectives, were conferred by contract, not statute, and lacked sufficient public law flavour; even if amenable, KPMG did not breach any public law duty as Barclays provided Holmcroft with sufficient information to make informed representations and KPMG properly reviewed the process.

Parties
Claimant: Holmcroft Properties Limited; Defendant: KPMG LLP; First Interested Party: Financial Conduct Authority; Second Interested Party: Barclays Bank PLC
Jurisdiction
England and Wales
Judgment Date
24 February 2016
Procedural Posture
Judicial Review / Judgment
Outcome
Application dismissed
Legal Topics
Amenability to Judicial Review, Public Law Duties, Mis Selling of Financial Products, Redress Schemes, Procedural Fairness
Administrative Law Financial Regulation Banking Law Amenability to Judicial Review Public Law Duties Mis Selling of Financial Products Redress Schemes Procedural Fairness

Case Brief

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Parties

Holmcroft Properties Limited

Claimant

KPMG LLP

Defendant

Financial Conduct Authority

First Interested Party

Barclays Bank PLC

Second Interested Party

Procedural Posture

Judicial Review / Judgment

Legal Issues

  1. 1 Whether KPMG LLP is amenable to judicial review in its role as independent reviewer under the Barclays redress scheme
  2. 2 Whether KPMG breached any public law duties in approving Barclays' offer to Holmcroft Properties Limited

Ratio Decidendi

KPMG LLP, in its role as independent reviewer under the Barclays redress scheme, was not amenable to judicial review because its functions, though closely connected to the FCA's regulatory objectives, were conferred by contract, not statute, and lacked sufficient public law flavour; even if amenable, KPMG did not breach any public law duty as Barclays provided Holmcroft with sufficient information to make informed representations and KPMG properly reviewed the process.

Court Disposition

Application dismissed