The court case we all thought was a victory for the client

The Towry v Raymond James court case was seen by many in the financial services sector as a victory for the client and, in particular, the client's right to choose his or her financial adviser. That was true to an extent. The case was a resounding victory for Raymond James and the financial advisers it recruited, and the Court rejected Towry's allegations of solicitation. However, crucially, the advisers were not subject to non-dealing restrictions, and Towry was therefore fatally exposed in its ability to protect its client base. The legitimacy of non-dealing restrictions was therefo...