Call 1998 | Silk 2019
"Nick is top of his game in financial services litigation, regulation and corporate crime. He is meticulous, tough and a superb advocate."
Legal 500 (Financial Services), 2025
Sian Huckett
Deputy Senior Clerk
+44 (0)20 7842 3764
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Chris Kent
Team Leader
+44 (0)20 7842 3771
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Nicholas Medcroft KC is an experienced silk, described in the legal directories as “a fantastic legal mind”; “a great performer”; “a great strategic thinker and a complete team player”.
His wide-ranging commercial litigation practice includes banking and financial services, complex contractual disputes, civil fraud, breach of trust and fiduciary duties, professional negligence, sanctions, injunctions, freezing and search orders and other interim remedies. His cases frequently involve allegations of professional misconduct, corporate wrongdoing, misappropriation of assets, market abuse and dishonesty. Much of his work has an international element. He is regularly instructed in cases in offshore jurisdictions.
He is particularly well known as an expert in banking and financial crime (“the first person to turn to when it comes to matters relating to financial crime and banks”; “the market leader in anti-money laundering related injunction work”) and he has acted in many of the leading cases in this area.
He is one of the leading silks at the Bar with crossover expertise in commercial litigation, financial services regulation and business crime. The legal directories note: “he can operate seamlessly across commercial law, professional regulation and criminal law”.
In addition to commercial disputes, his practice encompasses investigations, professional discipline, director disqualification proceedings, public inquiries and judicial review.
He has acted in many of the major corporate collapses and accounting scandals in recent times including MG Rover, BHS, Autonomy, Greensill Capital, Carillion and the ‘Post Office scandal’.
He is recognised in the legal directories as a leading silk in the fields of Financial Services, Professional Negligence, Financial Crime, POCA & Asset Forfeiture, Professional Discipline and Regulatory Law.
He was shortlisted as ‘Professional Discipline Silk of the Year’ in 2022 by Chambers & Partners.
He sits as a Recorder (part-time judge).
Joint Liquidators of Kijani Resources Ltd. and Ratio Ltd. v Royal Bank of Scotland International Limited
Acting for the bank defending a $150 million ‘Quincecare’ claim. The Claimants (acting by their liquidators) alleged that the bank ought to have appreciated that the Claimant companies were the subject of a very substantial fraud. The proceedings raised issues about the nature and extent of a bank’s corporate knowledge, the interaction between AML and Quincecare duties, and the implications of the decision of Lord Sumption in PT Asurani Tugu Pratama Indonesia TBK v Citibank N.A.
Carillion: FRC v KPMG LLP (accountancy scheme tribunal, 30 May 2022) (individuals’ dishonesty); FRC v KPMG LLP (settlement notice, 12 October 2023) (audit failings)
Acting for the FRC in successful cases against KPMG and others in relation to the collapse of Carillion plc. In the first case (decided in 2022), acting in the successful prosecution of KPMG and six individual auditors for dishonestly misleading the regulator about KPMG’s audit of Carillion (and also its audit of an unrelated company called Regenersis). One auditor settled before trial; the remaining auditors and KPMG were found guilty of misconduct after a five-week trial. The result was the imposition of the (then) largest-ever fine in FRC proceedings. The case was one of The Lawyer’s top 20 cases of 2022. In the second case (settled in 2023), acting for the FRC against KPMG and two audit partners for failing to conduct proper audits on Carillion’s accounts for four successive years. The result set a new record for the largest-ever fine in FRC proceedings.
Magner & T&T Trustees v Royal Bank of Scotland
Acting for RBS at first instance, in the Court of Appeal and before the Privy Council successfully defending claims for dishonest assistance in fraudulent breaches of trust and knowing receipt arising from the notorious collapse of the law firm, Marrache & Co, in Gibraltar.
N v Royal Bank of Scotland Plc
Acting for the bank in the Commercial Court and the Court of Appeal in proceedings brought against the bank for terminating the banking relationship without notice in circumstances where the bank suspected N was facilitating investment fraud. One of The Lawyer’s Top 20 cases for 2019 and the leading case on whether POCA excludes the court’s jurisdiction.
Shah v HSBC Private Bank
Acting for HSBC at first instance and in the Court of Appeal in the leading case on the conflict between a bank’s duties to its customers and its duties under POCA (Banker’s duties – Breach of duty of care – Deceit – Defamation – Bad faith – SARs – Money laundering – Public interest immunity – Tipping-off).
Nick has an established track record in banking and finance litigation. He is instructed in a wide range of cases including ‘Quincecare’ claims, loan and security disputes, mis-selling, FX and LIBOR manipulation, sanctions, POCA issues and regulatory compliance. His cases often arise in the context of fraud. He is an acknowledged expert in banking and financial crime. The legal directories note that he is “the first person to turn to when it comes to matters relating to financial crime and banks” and “the market leader in anti-money laundering related injunction work”. He has extensive experience advising banks and financial institutions for potential sanctions violations, money laundering and accessory liability and has acted in many of the leading cases in this area.
Joint Liquidators of Kijani Resources Ltd. and Ratio Ltd. v Royal Bank of Scotland International Limited
Acting for the bank defending a $150 million ‘Quincecare’ claim. The Claimants (acting by their liquidators) alleged that the bank ought to have appreciated that the Claimant companies were the subject of a massive fraud. The proceedings raised issues about the nature and extent of a bank’s corporate knowledge, the interaction between AML and Quincecare duties, and the implications of the decision of Lord Sumption in Tugu.
Fairweather Stephenson v Barclays Bank
Acting for a solicitors’ firm who were victims of ‘vishing’ frauds, in a claim against the bank for failure to refund unauthorised payments and negligence.
N v The Royal Bank of Scotland [2019] EWHC 1770 (Comm)
Acting for the bank in one of The Lawyer’s ‘Top 20 cases’ for 2019. Investment fraud – terminating bank accounts without notice – money laundering – money service operators – SARs – national security. Following a 5-week trial, the Commercial Court comprehensively rejected all the claims against RBS.
Magner & T&T Trustees v Royal Bank of Scotland
Acting for RBS at first instance, in the Court of Appeal and before the Privy Council successfully defending claims for dishonest assistance in fraudulent breaches of trust and knowing receipt arising from the notorious collapse of the law firm, Marrache & Co, in Gibraltar.
Burisma/Zlochevsky investigation
Acting for the bank in connection with the SFO’s money laundering / sanctions investigation arising from alleged corruption in Ukraine.
N v NCA and Royal Bank of Scotland [2016] EWCA Civ 396
Acting for the bank in the Court of Appeal: freezing suspicious bank accounts – whether POCA excludes the court’s jurisdiction. Application for mandatory injunctive relief and interim declarations in relation to the bank’s decision to freeze, and then close, bank accounts because of suspicions in relation to the status of the account and potential breaches of POCA; bankers’ duty in relation to accounts where suspicion of proceeds of crime exists. (Mandatory injunctive relief – Interim declarations – Investment fraud – Freezing bank accounts –- Terminating banking relationship without notice – Money laundering – Money service operators – SARs – National security).
Hmicho v Barclays Bank PLC [2015] EWHC 1757
Acting for Barclays in claims for breach of contract and negligence and injunctive relief arising from the bank’s compliance with the Syrian sanctions’ regime. Bank accounts – Bankers’ duties; Common foreign and security policy – Freezing of funds – Interim relief – Syria.
Parvizi v Barclays Bank
Acting for the bank successfully striking out a claim for breach of contract arising out of disclosures made under POCA 2002. Breach of contract – Money laundering – Striking out – summary judgment – suspicion.
Becker & Fellowes v Bank of Scotland [2013] EWHC 3000 (Ch)
Acting for the bank in a contractual claim brought by trustees of a pension scheme suspected of involvement in pension liberation. Bankers’ duties – Banks – Disclosure – Money transfers – Pension liberation fraud – Proceeds of crime.
Stone Consultants Ltd v National Westminster Bank [2013] EWHC 208 (Ch)
Acting for Nat West defending a £30 million claim for dishonest assistance, conspiracy, deceit, unjust enrichment and negligence arising from the bank’s unwitting involvement in reportedly one of the UK’s biggest Ponzi’s schemes.
Shah v HSBC Private Bank
Acting for HSBC at first instance and in the Court of Appeal in a US$330 million claim for defamation, deceit, breach of contract and negligence arising out of disclosures made under POCA 2002; the leading case on the conflict between a bank’s duties to its customers and its duties under POCA. (Banker’s duties – Breach of duty of care – Deceit – Defamation – Bad faith – SARs – Money laundering – Public interest immunity – Tipping-off).
Nick’s expertise in civil fraud is complemented by his experience in financial services, POCA, asset forfeiture and corporate crime, for which he is ranked as a leading silk in the legal directories. His experience covers all aspects of complex, commercial frauds including asset recovery, freezing injunctions, Norwich Pharmacal relief, Bankers Trust Orders, actions involving deceit, conspiracy, unjust enrichment, breach of trust and fiduciary duty, knowing receipt, dishonest assistance and proprietary restitutionary claims.
Joint Liquidators of Kijani Resources Ltd. and Ratio Ltd. v. Royal Bank of Scotland International Limited
Acting for the bank defending a $150 million ‘Quincecare’ claim. The Claimants (acting by their liquidators) alleged that the bank ought to have appreciated that the Claimant companies were the subject of a very substantial fraud. The proceedings raised issues about the nature and extent of a bank’s corporate knowledge, the interaction between AML and Quincecare duties, and the implications of the decision of Lord Sumption in Tugu.
N v The Royal Bank of Scotland [2019] EWHC 1770 (Comm)
Acting for the bank in one of The Lawyer’s ‘Top 20 cases’ for 2019. Investment fraud – terminating bank accounts without notice – money laundering – money service operators – SARs – national security. Following a 5-week trial, the Commercial Court comprehensively rejected all the claims against RBS.
Magner & T&T Trustees v Royal Bank of Scotland
Acting for RBS at first instance, in the Court of Appeal and before the Privy Council successfully defending claims for dishonest assistance in fraudulent breaches of trust and knowing receipt arising from the notorious collapse of the law firm, Marrache & Co, in Gibraltar.
Burisma/Zlochevsky investigation
Acting for a bank in relation to the SFO’s money laundering investigation arising from alleged corruption in Ukraine and companies associated with Ukrainian oligarch Mykola Zlochevsky.
N v NCA and Royal Bank of Scotland [2016] EWCA Civ 396
Acting for the bank in the Court of Appeal: freezing suspicious bank accounts – whether POCA excludes the court’s jurisdiction. Application for mandatory injunctive relief and interim declarations in relation to the bank’s decision to freeze, and then close, bank accounts because of suspicions in relation to the status of the account and potential breaches of POCA; bankers’ duty in relation to accounts where suspicion of proceeds of crime exists. (Mandatory injunctive relief – Interim declarations – Investment fraud – Freezing bank accounts – Terminating banking relationship without notice – Money laundering – Money service operators – SARs – National security).
Excalibur Ventures LLC v Texas Keystone [2014] EWHC 3436 (Comm)
Acting for some of the funders in relation to the disastrous fraud claim brought by Excalibur against Texas and Gulf Keystone.
Stone Consultants Ltd v National Westminster Bank [2013] EWHC 208 (Ch)
Acting for Nat West defending a £30 million claim for dishonest assistance, conspiracy, deceit, unjust enrichment and negligence arising from the bank’s unwitting involvement in reportedly one of the UK’s biggest Ponzi’s schemes.
Dhaliwal & Others v Bluebell Land Ltd & Others [2011] EWHC 2292 (Ch)
Acting for the operator of an alleged land-banking scam / collective investment scheme in a claim for conspiracy, deceit and breach of statutory duty (s 19 FSMA).
Acting for a well-known British singer and actress in a claim against her former accountants for fraud/breach of fiduciary duty.
Acting for a high net worth individual duped into investing many millions of pounds in a bogus foreign exchange investment scheme.
Acting in relation to unfair prejudice proceedings and anti-suit injunctive relief arising out of breach of directors’ duties.
Nick is ranked in the legal directories for Financial Services, Financial Corporate Crime and Global Investigations and POCA and Asset Forfeiture. He has particular expertise of issues which straddle civil and criminal law. He has experience of all aspects of financial crime, including bribery and corruption, money laundering, market abuse, fraud and corporate and gross negligence manslaughter. He is well known as an expert in banks and financial crime. He was, for over 10 years, on the Attorney General’s panel, acting for the government in major frauds and tax evasion. He has considerable experience, at the coalface, of global investigations. He is on the SFO KC panels for trial counsel and POCA work.
Joint Liquidators of Kijani Resources Ltd. and Ratio Ltd. v Royal Bank of Scotland International Limited
Acting for the bank defending a $150 million ‘Quincecare’ claim. The Claimants (acting by their liquidators) alleged that the bank ought to have appreciated that the Claimant companies were the subject of a massive fraud. The proceedings raised issues about the nature and extent of a bank’s corporate knowledge, the interaction between AML and Quincecare duties, and the implications of the decision of Lord Sumption in Tugu.
Advising a well-known multinational technology company on the application of POCA 2002 to allegedly tainted supply chains following the Court of Appeal’s judgment in R (World Uyghur Congress) v National Crime Agency [2024] EWCA Civ 715
N v The Royal Bank of Scotland [2019] EWHC 1770 (Comm)
Acting for the bank in one of The Lawyer’s ‘Top 20 cases’ for 2019. Investment fraud – terminating bank accounts without notice – money laundering – money service operators – SARs – national security. Following a 5-week trial, the Commercial Court comprehensively rejected all the claims against RBS.
Magner & T&T Trustees v Royal Bank of Scotland
Acting for RBS at first instance, in the Court of Appeal and before the Privy Council successfully defending claims for dishonest assistance in fraudulent breaches of trust and knowing receipt arising from the notorious collapse of the law firm, Marrache & Co, in Gibraltar.
Burisma/Zlochevsky investigation
Acting for a bank in relation to the SFO’s money laundering investigation arising from alleged corruption in Ukraine and companies associated with Ukrainian oligarch Mykola Zlochevsky.
N v NCA and Royal Bank of Scotland [2016] EWCA Civ 396
Acting for the bank in the Court of Appeal: freezing suspicious bank accounts – whether POCA excludes the court’s jurisdiction. Application for mandatory injunctive relief and interim declarations in relation to the bank’s decision to freeze, and then close, bank accounts because of suspicions in relation to the status of the account and potential breaches of POCA; bankers’ duty in relation to accounts where suspicion of proceeds of crime exists.
Advising in relation to production orders and SFO Section 2 Notices (including the extraterritorial effect of such notices).
Advising banks in relation to public interest immunity applications.
Advising bank in relation to third party disclosure obligations, confidentiality and privilege.
Advising the provider of investment consultancy services to a substantial pension scheme on, inter alia, breaches of COB rules and the general prohibition.
Acting for a bank in relation to a tax evasion and money laundering scandal.
Burisma/Zlochevsky investigation
Acting for a bank in relation to the SFO’s money laundering investigation arising from alleged corruption in Ukraine and companies associated with Ukrainian oligarch Mykola Zlochevsky.
FSA v Semperian Investment Partners Limited Partnership & Others
Acting for the FSA in proceedings for breach of the FSMA change in control regime following the disposal by Land Securities of its PPP fund and asset management business.
FSA v Alexander & Others [2011] (Chancery Division)
Acting (with Richard Lissack KC) for the defendant in a claim (under s. 129 FSMA) for market manipulation in the derivatives market – the first market abuse case to be brought by the FSA in the Chancery Division under s. 129 FSMA (instructed by Ashurst).
Shah v HSBC Private Bank
Acting for HSBC at first instance and in the CA in a $300 million claim arising out of disclosures made under POCA 2002. This is the leading case on the conflict between a bank’s duties to its customers and its duties under POCA.
SFO v Rybak & others
Acting for the SFO in relation to its investigation and prosecution for bribery in connection to oil and gas engineering contracts in Iran, Egypt, Russia, Singapore and Abu Dhabi. Contracts corrupted valued at £70 million.
SOCA v Perry
Advising respondent to civil recovery proceedings brought under Part 5 POCA.
Re FSA & SOCPA
Advising the FSA as its legal power to enter into agreements under SOCPA 2005 and offer immunity in enforcement proceedings for market abuse.
Re: Buncefield explosion
Acting (with Richard Lissack KC and Stephen Tromans KC) for one of the major oil companies for regulatory failures.
GG Plc & others ([2009] 1 WLR 459 (HL); [2007] EWCA Crim 2659 (CA)
Junior Counsel for the Crown (led by Richard Lissack KC and James Flynn KC) before the Court of Appeal and the House of Lords in respect of the SFO’s high-profile investigation into price fixing within the generic pharmaceutical industry.
SFO v Rybak & others
Acting for the SFO in relation to its investigation and prosecution for bribery in connection to oil and gas engineering contracts in Iran, Egypt, Russia, Singapore and Abu Dhabi. Contracts corrupted valued at £70 million.
Potters Bar train crash
Gross negligence manslaughter / HSWA.
The Tebay train crash
Gross negligence manslaughter.
Nick specialises in all aspects of commercial litigation, with particular emphasis on banking and financial services, professional negligence and civil fraud. He is recommended as leading silk in financial services litigation and professional negligence. His cases frequently involve accessory liability in connection with fraudulent schemes, professional misconduct, corporate wrongdoing, misappropriation of assets, market manipulation and dishonesty. He also has experience of transnational tort claims and supply chain disputes (including money laundering in the supply chain).
Joint Liquidators of Kijani Resources Ltd. and Ratio Ltd. v Royal Bank of Scotland International Limited
Acting for the bank defending a $150 million ‘Quincecare’ claim. The Claimants (acting by their liquidators) alleged that the bank ought to have appreciated that the Claimant companies were the subject of a very substantial fraud. The proceedings raised issues about the nature and extent of a bank’s corporate knowledge, the interaction between AML and Quincecare duties, and the implications of the decision of Lord Sumption in PT Asurani Tugu Pratama Indonesia TBK v Citibank N.A: Breach of duty of care – Dishonest assistance – Debt claims – Agency – Scope of the mandate – Authorised payments – AML – Attribution – Illegality.
Advising a well-known multinational technology company on the application of POCA 2002 to allegedly tainted supply chains following the Court of Appeal’s judgment in R (World Uyghur Congress) v National Crime Agency [2024] EWCA Civ 715.
N v The Royal Bank of Scotland [2019] EWHC 1770 (Comm)
Acting for the bank in one of The Lawyer’s ‘Top 20 cases’ for 2019. Investment fraud – terminating bank accounts without notice – money laundering – money service operators – SARs – national security. Following a 5-week trial, the Commercial Court comprehensively rejected all the claims against RBS.
Magner & T&T Trustees v Royal Bank of Scotland [2018 - 2020]
Acting for RBS at first instance, in the Court of Appeal and before the Privy Council successfully defending claims for dishonest assistance in fraudulent breaches of trust and knowing receipt arising from the notorious collapse of the law firm, Marrache & Co, in Gibraltar.
Brien v Irwin Mitchell LLP [2017] EHWC 742 (Ch)
Acting for the defendant law firm. The Claimant, who had brought a Part 8 claim to recover the proceeds of a property sale from a firm of solicitors, was not entitled to costs he had incurred in pursuing the claim after he learnt that the firm was prevented from releasing the monies by its obligations under the Proceeds of Crime Act 2002.
Excalibur Ventures LLC v Texas Keystone Inc [2017] 1 WLR 2221
Acting at first instance ([2014] EWHC 3436 (Comm)) and before the Court of Appeal for some of the funders resisting non-party costs orders in respect of the disastrous fraud claim brought by Excalibur against Texas and Gulf Keystone: Costs – Funding arrangements – Indemnity basis – Non-party costs orders.
N v NCA and Royal Bank of Scotland [2016] EWCA Civ 396
Acting for the bank in the Court of Appeal: freezing suspicious bank accounts – whether POCA excludes the court’s jurisdiction. Application for mandatory injunctive relief and interim declarations in relation to the bank’s decision to freeze, and then close, bank accounts because of suspicions in relation to the status of the account and potential breaches of POCA; bankers’ duty in relation to accounts where suspicion of proceeds of crime exists.
Hmicho v Barclays Bank PLC [2015] EWHC 1757
Acting for Barclays in claims for breach of contract and negligence and injunctive relief arising from the bank’s compliance with the Syrian sanctions’ regime. Bank accounts – Bankers’ duties; Common foreign and security policy – Freezing of funds – Interim relief – Syria.
Stone Consultants Ltd v National Westminster Bank [2013] EWHC 208 (Ch)
Acting for Nat West defending a £30 million claim for dishonest assistance, conspiracy, deceit, unjust enrichment and negligence arising from the bank’s unwitting involvement in reportedly one of the UK’s biggest Ponzi’s schemes.
Becker & Fellowes v Bank of Scotland [2013] EWHC 3000 (Ch)
Acting for the bank in a contractual claim brought by trustees of a pension scheme suspected of involvement in pension liberation. Bankers’ duties – Banks – Disclosure – Money transfers – Pension liberation fraud – Proceeds of crime.
Dhaliwal & Others v Bluebell Land Ltd & Others [2011] EWHC 2292 (Ch)
Acting for the operator of an alleged land-banking scam / collective investment scheme in a claim for conspiracy, deceit and breach of statutory duty (s 19 FSMA).
Parvizi v Barclays Bank (Ch)
Acting for the bank successfully striking out a claim for breach of contract arising out of disclosures made under POCA 2002. Breach of contract – Money laundering – Striking out – summary judgment – suspicion.
Stone Consultants Ltd v National Westminster Bank [2013] EWHC 208 (Ch)
Acting for Nat West defending a £30 million claim for dishonest assistance, conspiracy, deceit, unjust enrichment and negligence arising from the bank’s unwitting involvement in reportedly one of the UK’s biggest Ponzi’s schemes.
Shah v HSBC Private Bank
Acting for HSBC at first instance and in the Court of Appeal in a $330 million claim for defamation, deceit, breach of contract and negligence arising out of disclosures made under POCA 2002; the leading case on the conflict between a bank’s duties to its customers and its duties under POCA.
Nick is ranked as a leading silk in the Legal 500 and Chambers & Partners for Financial Services.
He practices across the full spectrum of financial services regulation and litigation. He acts both for and against regulatory bodies including the FCA, PRA, HMRC, FOS, the Pensions Regulator, and the Financial Reporting Council. He regularly appears before regulatory tribunals on behalf of firms, individuals and regulators. His practice encompasses both regulatory enforcement and financial services litigation in the Commercial Court and Chancery Division.
Nick has extensive experience of investigations and enforcement action, breaches of the general prohibition under s 19 FSMA, claims under s. 150/138D FSMA, LIBOR related issues, collective investment schemes, systems and controls failures, the FCA’s “own initiative” powers, cancellation of a firm’s Part 4A permission, breaches of the FCA’s Consumer duty, breaches of the FCA Handbook, the “change in control” regime, market abuse, money laundering, and financial crime.
He is particularly well known for his expertise in advising banks and financial institutions facing enforcement action, and for his experience in complex Commercial Court litigation involving regulatory issues. He is one of the few silks at the Bar with genuine crossover expertise in commercial litigation, financial services regulation, and financial crime. The legal directories note: “he can operate seamlessly across commercial law, professional regulation and criminal law”.
Nick also has experience of judicial review within the financial services context, including challenges to the lawfulness of enforcement action and regulatory decisions.
Advising a well-known multinational technology company on the application of POCA 2002 to allegedly tainted supply chains following the Court of Appeal’s judgment in R (World Uyghur Congress) v National Crime Agency [2024] EWCA Civ 715.
Misleading regulator about Carillion audit
Acting for the FRC in proceedings against KPMG and others for misconduct arising from the provision of false and misleading information in connection with the audits of Carillion and Regenersis. KPMG fined £14.4 million; the firm’s former staff excluded for between 7 and 10 years. One of The Lawyer’s ‘Top 20 cases’ for 2022.
Advising the FCA on POCA issues, inter alia, disclosure obligations in the context of judicial review proceedings having regard to POCA and the risk of ‘tipping off’ or prejudicing an investigation.
N v (1) S & (2) National Crime Agency (interested party) (Commercial Court)
Acting for the bank before the Commercial Court and in the Court of Appeal (freezing suspicious bank accounts – whether POCA excludes the court’s jurisdiction). One of The Lawyer’s ‘Top 20 cases’ for 2019.
Advising a multi-national construction company on whether it needed to be registered for regulatory purposes (including under Money Laundering Regulations), whether it had breached the ‘perimeter’ and in respect of enforcement action by FCA and HMRC.
R (Taveta Investments Ltd) v Financial Reporting Council & Ors
Acting for the FRC resisting an injunction to restrain publication of the detailed reasons for its settlement agreement with PWC relating to the audit of BHS. (Concerned issues under ECHR Art. 10 (freedom of expression), and 8 (private life).)
Advising in respect of judicial review proceedings, challenging the decision of the NCA to refuse consent under POCA.
Hmicho v Barclays Bank PLC [2015] EWHC 1757 (before Picken J, QBD)
Acting for Barclays in a claim arising from the bank’s compliance with the Syrian sanctions regime.
R (Baker Tilly UK Audit LLP) v Financial Reporting Council
Acting for the FRC in respect of disciplinary and judicial review proceedings. Baker Tilly challenged the decision to institute disciplinary proceedings arguing that the FRC’s own Guidance was unlawful and that the FRC had acted unlawfully in applying the evidential and public interests tests under the Guidance.
Parvizi v Barclays Bank [2014]
Acting for the bank successfully striking out a claim arising out of disclosures made under POCA 2002.
MG Rover
Acting (with Tim Dutton KC) for the FRC in various proceedings against Deloitte in respect of is role as corporate finance advisors in the Phoenix Four/MG Rover affair, one of The Lawyer’s ‘Top 20′ cases of 2013).This including disciplinary proceedings, proceedings before the Appeal Tribunal and judicial review proceedings.
Becker & Fellowes v Bank of Scotland [2013] EWHC 3000 (Ch)
Acting for the bank in a claim brought by trustees of a pension scheme suspected of involvement in pension liberation.
Shah v HSBC Private Bank
Acting for HSBC at first instance and in the CA. This is the leading case on the conflict between a bank’s duties to its customers and its duties under POCA.
Advising the provider of investment consultancy services to a substantial pension scheme on, inter alia, breaches of COB rules and the general prohibition.
Advising FCA as its legal power to enter into agreements under SOCPA 2005 and offer immunity in enforcement proceedings for market abuse.
FSA v Semperian Investment Partners Limited Partnership & Others
Acting for the FSA in proceedings for breach of the FSMA change in control regime following the disposal by Land Securities of its PPP fund and asset management business.
FSA v Alexander & Others [2011] (Ch)
Acting for the defendant in a claim (under s. 129 FSMA) for market manipulation in the derivatives market – the first market abuse case to be brought by the FSA in the Chancery Division under s. 129 FSMA (instructed by Ashurst).
Dhaliwal & Others v Bluebell Land Ltd & Others [2011] EWHC 2292 (Ch)
Acting for the operator of an alleged land-banking / collective investment scheme in breach of FSMA.
Nick is recommended by Legal 500 and Chambers and Partners as a leading silk in Professional Discipline. He was shortlisted by Chambers and Partners as Professional Discipline Silk of the Year in 2022
He has extensive experience of disciplinary proceedings and investigations in the financial services industry and the legal profession, including in relation to auditors, accountants, bankers, corporate finance advisers, barristers and solicitors.
He acts for regulators (and has acted for the FCA (formerly FSA), FRC and the BSB) as well as for regulated firms and individuals.
Misleading regulator about Carillion audit
Acting for the FRC in proceedings against KPMG and others for misconduct arising from the provision of false and misleading information in connection with the audits of Carillion and Regenersis. KPMG fined £14.4 million; the firm’s former staff excluded for between 7 and 10 years. One of The Lawyer’s ‘Top 20 cases’ for 2022.
Carillion Plc
Acting for the Financial Reporting Council in relation to its investigations into the collapse of Carillion Plc and in respect of proceedings under the Audit Enforcement Procedure.
Silentnight
Acting for the Financial Reporting Council in disciplinary proceedings against KPMG & David Costley-Wood arising out of events preceding the collapse into administration of Silentnight: £13 million fine imposed on KPMG; £500,000 fine and 13-year exclusion order imposed on Mr Costley-Wood (report dated July 2021).
BHS
Acting for the Financial Reporting Council in disciplinary proceedings under the Accountancy Scheme against PwC and Stephen Denison following the collapse of the high-profile high street chain.
MG Rover
Acting (with Tim Dutton KC) for the FRC in proceedings against Deloitte in respect of is role as corporate finance advisors in the Phoenix Four/MG Rover affair, one of The Lawyer’s ‘Top 20′ cases of 2013).
Tanfield Group
Acting for regulator in disciplinary proceedings against Baker Tilly and audit engagement partners for audit failures in relation to the Tanfield Group Plc (Report dated January 2019).
Connaught
Acting for the FRC (led by Javan Herberg KC) in proceedings against PwC and the audit engagement partner for misconduct arising out of the collapse of Connaught Plc. (Report dated April 2017).
Nick is ranked in the legal directories in areas of Professional Negligence, Professional Discipline and Financial Services. He has extensive experience in the field of financial professional negligence including claims relating to auditors, accountants, bankers, corporate finance advisers, barristers and solicitors. He acts for both claimants and defendants.
Acting for a firm of solicitors defending a multi-million pound solicitors’ negligence claim arising from their conduct of Part 8 civil recovery proceedings under POCA
Acting in professional negligence claims against banks, financial institutions and advisors for breach of advisory duty/breach of duty of care and misrepresentation.
Acting in claims under s. 150/138D FSMA.
Acting in relation to claims regarding breach of the general prohibition under s 19 FSMA, the FCA Handbook, market abuse, money laundering, financial crime and FCA enforcement action.
Advising and acting in claims against accounting firms arising out of breaches of the ethical standards and allegations of negligence and misconduct in carrying out audit work.
Fairweather Stephenson v Barclays Bank
Acting for a solicitors’ firm who were victims of ‘vishing’ frauds, in a claim against the bank for failure to refund unauthorised payments and negligence.
Silentnight
Acting for the FRC in proceedings alleging lack of objectivity and lack of integrity arising from the collapse of the Silentnight Group of Companies.
BHS
Acting for the Financial Reporting Council in disciplinary proceedings under the Accountancy Scheme against PwC and Stephen Denison following the collapse of the high-profile high street chain.
MG Rover
Acting (with Tim Dutton KC) for the FRC in proceedings against Deloitte arising from the collapse of the MG Rover Group (one of The Lawyer’s ‘Top 20′ cases of 2013).
Financial Reporting Council v Pricewaterhouse Coopers & Others
Acting for the FRC (led by Javan Herberg KC) arising out of the collapse of Connaught Plc.
Advising in connection with collapse in the share price of Tanfield Group Plc.
FSA v Alexander & Others [2011] (Chancery Division)
Acting for the defendant in a claim (under s. 129 FSMA) for market manipulation in the derivatives market – the first market abuse case to be brought by the FSA in the Chancery Division under s. 129 FSMA.
Dhaliwal & Others v Bluebell Land Ltd & Others [2011] EWHC 2292 (Ch)
Acting on a claim relating to the operation of an alleged collective investment scheme in contravention of s 19 FSMA.
FSA v Semperian Investment Partners Limited Partnership & Others
Acting for the FSA in proceedings for breach of the FSMA change in control regime following the disposal by Land Securities of its PPP fund and asset management business.
Nick has wide experience of economic sanctions across all regimes. He advises companies, banks and financial institutions and individuals in respect of sanctions compliance issues and asset freezes; he acts on behalf of designated persons in delisting challenges and licensing issues; and he advises on sanctions and related contractual issues in the context of commercial litigation.
Advising numerous banks and financial institutions in relation to freezing bank accounts under US, UK and European sanctions regimes.
Advising numerous banks and financial institutions on their liability for sanctions violations, money laundering and accessory liability.
Advising on the scope of s 44 Sanctions and Money Laundering Act 2018 (protection from civil proceedings for acts done in the “reasonable belief” that they are in compliance with regulations).
Hmicho v Barclays Bank PLC [2015] EWHC 1757 (before Picken J, QBD)
Acting for Barclays in a claim arising from the bank’s compliance with the European sanctions against supporters or beneficiaries of the Syrian regime. Bank accounts – Bankers’ duties; Common foreign and security policy – Freezing of funds – Interim relief – Syria.
Advising on the application of US Sanctions / Russian Harmful Foreign Activities Sanctions Regulations.
Advising in connection with sanctioned Russian oligarchs’ ‘superyachts’.
Acting for bank in connection with the misappropriation of states assets in Kazakhstan and the application of secondary sanctions.
An article written by Fountain Court’s Nicholas Medcroft KC and Gillian Hughes…
An article written by Nicholas Medcroft KC, entitled ‘Money laundering in the…
Nick Medcroft KC, Daniel Carall-Green, and Gillian Hughes acted for the Executive…
Sian Huckett
Deputy Senior Clerk
+44 (0)20 7842 3764
Click here to email
Chris Kent
Team Leader
+44 (0)20 7842 3771
Click here to email
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