The U.K. Financial Services and Markets Act 2023

The U.K. government has published its much-anticipated proposals for regulating the cryptoasset industry. These proposals, currently in the form of a consultation, will see many (but not all) cryptoasset-related activities being brought within the regulatory perimeter for financial services in the U.K.

A recent decision by the Court of Appeal (CA) in West v Ian Finlay & Associates (a firm) will, in the words of one colleague, “add spice to negotiations”. 

The CA held that a net contribution clause in a professional appointment was effective in limiting liability. The CA held that the clause was both “crystal clear”, noting that the facts of the case did not permit an alternative interpretation, and fair, that is within the meaning of the Unfair Terms in Consumer Contracts Regulations 1999 and Unfair Contract Terms Act 1977.