Clifford Chance

The October 2024 Court of Appeal decision was a shock to the UK consumer financial services sector – both developing the law and creating some doubt over what the law is in respect of payments to intermediaries in the financial services sector more broadly.

In the week before the Supreme Court hears the appeal, the panel reviewed the key legal and regulatory issues and considered the likely outcomes, both in respect of the common law, but also in terms of the FCA rulebook and developing market practice on commission payments and disclosure.