Financial Mis-Selling Key Case | Booker Anor v RT Financial Services UK Limited

In Booker & Anor v RT Financial Services UK Limited [2016] EWHC 3186 (Ch) the High Court considered arguments (in the context of alleged mis-selling) for extending the limitation period for in a claim in negligence under s.14A of the Limitation Act 1980 (the Act) and delaying the start of the limitation period under s.32 of the Act.

The court decided that s.14A did not help the customers. Is it only necessary to consider when a Claimant had knowledge of the primary facts and awareness of those facts. The court also decided that s.32 did not help. S.32 should be interpreted in a narrow way. A Claimant (once again) need only have knowledge of the primary facts; they need not appreciate the legal inference to be drawn for the clock to start running.

Background

The facts

In or around March 2007, RT Financial Services UK Limited (RT) provided investment advice to Mr & Mrs Brooker (Customers). After relying on the advice, the Customers entered into a Japanese yen mortgage secured on their business property. The mortgage was to raise £300,000 which could then be invested into a bond fund with a return more than the low rate of interest payable on the mortgage (which would leave a margin).

In a meeting in March 2007 the paperwork was signed. The Customers...