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

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

clock

Towry versus Raymond James was somewhat of a watershed moment in adviser-client relationships, but who really benefited from the verdict? Regulatory lawyer Alex Denny takes a closer look...

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA finfluencer enforcement action increases 174% in 2025

FCA finfluencer enforcement action increases 174% in 2025

FOI findings come as regulators ramp up online crackdown

Isabel Baxter
clock 09 February 2026 • 3 min read
TISA urges FCA to rethink targeted support fees and levies proposals

TISA urges FCA to rethink targeted support fees and levies proposals

Could ‘undermine’ the aims of targeted support

Isabel Baxter
clock 12 January 2026 • 2 min read
FCA's targeted support rules set to take effect from April 2026

FCA's targeted support rules set to take effect from April 2026

Regulator plans to open application gateway for firms in March

Isabel Baxter
clock 11 December 2025 • 5 min read