In IG Index Ltd v Tchenguiz [2024] EWHC 1880 (Comm), the High Court rejected the claim against an FCA-regulated firm for alleged contravention of the Conduct of Business Sourcebook (COBS) rules. The decision confirms (obiter) that whether breach of a particular FCA rule will make a transaction automatically void/unenforceable depends upon the correct categorisation of the rule(s) shown to have been contravened.
In this new post, our experts analyse the impact of the decision, with reference to two key issues: re-categorisation and the Negative Balance Protection (NBP) defence.
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