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Members of 4 New Square in landmark judicial review of the Financial Services Compensation Scheme

Date: 28/06/2012

Mark Cannon QC and Can Yeginsu appear today in the High Court on behalf of the claimant in a judicial review of a decision by Financial Services Compensation Scheme Ltd (“FSCS”) to award compensation pursuant to the compensation scheme (“the Scheme”) established under part XV of the Financial Services and Markets Act 2000, and administered by FSCS.

The case raises important issues of principle about the proper application of the Scheme to cases where an applicant has borrowed money pursuant to a regulated mortgage contract. The outcome of the case will determine how the FSCS treats other similar applications for compensation.