The Financial Law Committee of the City of London Law Society (CLLS) has made available a letter from David Geale, FCA Head of Savings, Investment and Distribution, to Clare Dawson, Loan Market Association (LMA) Chief Executive, concerning the FCA’s consideration of the Court of Appeal’s judgment in Fons Hf v Corporal Ltd and another [2014] EWCA Civ 304 (20 March 2014).

As a result of discussions held at the FCA offices in June, Mr Geale advises in the letter, that the FCA does not consider that the judgment of the Court of Appeal in Fons has altered its interpretation or application of the regulatory perimeter prescribed by the Financial Services and Markets Act 2000. He further adds that the FCA understands that the interpretation of article 77 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and the regulated activities related to instruments covered by that specified investment category, were not considered relevant to the issues considered in Fons by the Court.

View FCA letter to the Loan Market Association, 17 July 2014