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BANKING: Show me the money

04 December 2015  

Daniela Vella examines the new Financial List: a ‘beacon’ for litigants?

In the second half of 2014 a group of judges from the Commercial Court and the Chancery Division, led by the Lord Chief Justice, Lord Thomas, invited a targeted pool of individuals drawn from various parts of the financial markets and legal industries, who had experience of litigation in the Rolls Building, to provide feedback on the potential for a swifter and more economical form of dispute resolution for financial markets disputes. In January 2015 a working group was formed to develop the ideas born out of these discussions into concrete proposals, and in April a joint consultation by the Commercial Court and the Chancery Division was published, proposing new procedural rules to establish a new specialist court list to handle court claims relating to financial markets – the Financial List – and inviting comments on the draft rules. Comments were gathered and reviewed, and the final Financial List rules were published in August and came into force on 1 October 2015. They comprise new civil procedure rules (CPR Part 63A), practice directions (PD 51M and PD 63AA), court forms and a new court guide.

Additional Info

  • Case(s) Referenced:

    Lomas & ors v JFB Firth Rixson Inc & ors [2010] EWHC 3372 (Ch)

    Rolls-Royce plc v Unite the Union [2009] EWCA Civ 387