KAUFMANN AND OTHERS V CREDIT LYONNAIS BANK

Credit Lyonnais (the Defendant), who at all material times were authorised to conduct investment business by virtue of their membership of the Securities Association (its functions now subsumed by SFA) had managed the Plaintiffs' investments on a discretionary basis. It was in respect of the conduct of that discretionary investment management that the case arose. The Plaintiffs made allegations, inter alia, that in 1990 and in 1991 the Defendants had breached Securities Association (SFA) rules and/or acted negligently and/or were in breach of the fiduciary duty owed to the Plaintiffs, and were thereby liable in damages to the Plaintiffs under s. 62 Financial Services Act 1986 (FSA), such liability being denied by the Defendants.