Financial Conduct Authority v Skinner & Ors
The application to withdraw admissions was dismissed because the defence was drafted with legal advice, there was no credible evidence of misunderstanding, the proposed amendments did not amount to a viable defence, and withdrawal would prejudice the claimant and investors without furthering the administration of justice.
- Parties
- Claimant: Financial Conduct Authority; Defendants: Skinner & Others
- Jurisdiction
- England and Wales
- Judgment Date
- 18 January 2019
- Procedural Posture
- Civil / Interlocutory Application to Withdraw Admissions
- Outcome
- application dismissed
- Legal Topics
- Withdrawal of Admissions, Regulated Activities, Financial Promotion, Director Liability
Case Brief
Summary, issues, holding and outcome
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Parties
Financial Conduct Authority
Claimant
Skinner & Others
Defendants
Procedural Posture
Civil / Interlocutory Application to Withdraw Admissions
Legal Issues
- 1 Whether the third, fourth, fifth, and sixth 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 sections 19 and 21 of FSMA
Ratio Decidendi
The application to withdraw admissions was dismissed because the defence was drafted with legal advice, there was no credible evidence of misunderstanding, the proposed amendments did not amount to a viable defence, and withdrawal would prejudice the claimant and investors without furthering the administration of justice.
Court Disposition
application dismissed
Orders
- Application to withdraw admissions is dismissed.
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