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Part II Causes of Action, 4 Breach of Statutory Duty

Gerard McMeel

From: McMeel and Virgo On Financial Advice and Financial Products (3rd Edition)

Edited By: Gerard McMeel, John Virgo

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 01 July 2022

Subject(s):
Financial Services and Markets Act 2000 — Breach of statutory duty — Regulated activities — Conduct of business regulation — UK Financial Conduct Authority (FCA) — Undertakings for Collective Investment (UCIs)

The Financial Services and Markets Act 2000 frequently confers a statutory right of action upon designated persons where loss has been suffered as a result of a breach of duty under the Act or delegated legislation, or other rules made under its aegis. However, the relationship between the background common law and the statutory regime causes problems of exposition and overlap. This chapter considers applications of breach of statutory duty for the benefit of consumers who have suffered financial loss as a result of non-compliance by financial services professionals.

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