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Financial Services and Markets Act 2000

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Changes over time for: Section 30

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Point in time view as at 13/03/2018.

Changes to legislation:

Financial Services and Markets Act 2000, Section 30 is up to date with all changes known to be in force on or before 23 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

30 Enforceability of agreements resulting from unlawful communications.U.K.

This section has no associated Explanatory Notes

(1)In this section—

  • unlawful communication” means a communication in relation to which there has been a contravention of section 21(1);

  • controlled agreement” means an agreement the making or performance of which by either party constitutes a controlled activity for the purposes of that section; and

  • controlled investment” has the same meaning as in section 21.

(2)If in consequence of an unlawful communication a person enters as a customer into a controlled agreement, it is unenforceable against him and he is entitled to recover—

(a)any money or other property paid or transferred by him under the agreement; and

(b)compensation for any loss sustained by him as a result of having parted with it.

(3)If in consequence of an unlawful communication a person exercises any rights conferred by a controlled investment, no obligation to which he is subject as a result of exercising them is enforceable against him and he is entitled to recover—

(a)any money or other property paid or transferred by him under the obligation; and

(b)compensation for any loss sustained by him as a result of having parted with it.

(4)But the court may allow—

(a)the agreement or obligation to be enforced, or

(b)money or property paid or transferred under the agreement or obligation to be retained,

if it is satisfied that it is just and equitable in the circumstances of the case.

(5)In considering whether to allow the agreement or obligation to be enforced or (as the case may be) the money or property paid or transferred under the agreement to be retained the court must have regard to the issues mentioned in subsections (6) and (7).

(6)If the applicant made the unlawful communication, the issue is whether he reasonably believed that he was not making such a communication.

(7)If the applicant did not make the unlawful communication, the issue is whether he knew that the agreement was entered into in consequence of such a communication.

(8)Applicant” means the person seeking to enforce the agreement or obligation or retain the money or property paid or transferred.

(9)Any reference to making a communication includes causing a communication to be made.

(10)The amount of compensation recoverable as a result of subsection (2) or (3) is—

(a)the amount agreed between the parties; or

(b)on the application of either party, the amount determined by the court.

(11)If a person elects not to perform an agreement or an obligation which (by virtue of subsection (2) or (3)) is unenforceable against him, he must repay any money and return any other property received by him under the agreement.

(12)If (by virtue of subsection (2) or (3)) a person recovers money paid or property transferred by him under an agreement or obligation, he must repay any money and return any other property received by him as a result of exercising the rights in question.

(13)If any property required to be returned under this section has passed to a third party, references to that property are to be read as references to its value at the time of its receipt by the person required to return it.

Modifications etc. (not altering text)

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