Class Action Passes £22m

The current value of claims in the Class Action against the FCA is now £22,848,750 and it continues to rise every day.

We are grateful to Skandia/Old Mutual for notifying their policy holders about the existence of the action and their letter should arrive in the post of investors by tomorrow. A number of postal claims and claims under a Power of Attorney are also anticipated before the deadline.

Prudent accounting practice dictates that the FCA should now accrue for potential losses, not only as a result of this legal action but if, as we expect, we win in the European court, a legal precedent will be established for many others to follow. In 2011, the FSA estimated the UK market to be worth around £1bn and the international market, damaged by their actions, will be many times that amount.

As a footnote, personal exemption from liability (under UK law) will also be forfeit when Strasbourg rules that Human Rights have been unlawfully restricted. I wonder who might be a tad concerned about that?

 

 

 

 

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