Law firm Osborne Clarke has won a place on the new legal panel for the Financial Services Compensation Scheme (FSCS) from January 2023.
The legal panel will last for three years, with an option to extend the appointments for a further 12 months, and consists of three areas of work – core legal services, Scots law, and HR and employment advice.
Osborne Clarke has been appointed for core legal services alongside Bevan Brittan, Burges Salmon, Dentons, Eversheds Sutherland and Norton Rose Fulbright.
Burness Paull has been appointed for Scots law and Trowers & Hamlins for HR and employment advice.
Head of UK contentious financial services, Rachel Couter, led the Osborne Clarke team which included Paul Anning, who leads Osborne Clarke's international payments practice, and Will Gunston, Osborne Clarke's head of restructuring and insolvency. The team was also supported by fellow contentious financial services partner, Nick Price, and non-contentious financial service associate, Lucy Bradshaw.
Rachel Couter commented:
"FSCS plays a critical role in protecting customers and promoting confidence in the financial services sector, which itself makes one of the biggest contributions to the UK economy. All of the Osborne Clarke team are both pleased and proud to have won our place on the panel through a rigorous but highly enjoyable process. We are very much looking forward to working with the FSCS team."
Casey McGrath, Head of Legal at FSCS, said:
“We’re delighted to announce the results of the procurement process for our new legal panel. The number and quality of applicants made for an exceptionally strong field, which is testament to the quality and impact of FSCS’s legal work”.
James Darbyshire, Chief Counsel at FSCS, said:
“Against a backdrop of continued economic volatility and a challenging regulatory landscape, FSCS’s role in helping customers get back on track when their financial firms fail has never been more vital. I’m confident we’ve got the right mix of legal partners to help us deliver an effective compensation service for our customers and levy payers today and in the years ahead.”
FSCS is the UK's financial compensation scheme that protects customers of authorised financial services firms if they fail or have stopped trading. FSCS protects:
- Banks, building societies and credit unions
- Debt management
- Mortgage advice
- Funeral plans
FSCS is independent and can pay compensation if an authorised firm fails and is unable to pay back money it owes its customers. FSCS’s service is completely free to use and is funded by a levy on firms authorised by the Financial Conduct Authority and Prudential Regulation Authority.
Find out more about FSCS at www.fscs.org.uk.
About Osborne Clarke's dispute resolution team
Osborne Clarke's disputes resolution practice covers the full range of services including business crime, commercial litigation, cross-border arbitration, complex international enforcement, IP disputes, regulatory disputes, restructuring work, tax disputes and other activities. Its work covers all major business sectors including financial services, energy & utilities, life sciences & healthcare, real estate & infrastructure, retail & consumers, technology, media & comms, and transport & automotive. Its specialist litigation, arbitration, regulatory and investigations lawyers across our international network provide expert representation on the full range of business disputes.