Coveted Financial Services Compensation Scheme panel places for three Bristol law firms

January 11, 2023

Three of Bristol’s largest law firms have been appointed to one of the UK’s biggest legal panels, with one of them winning a place on it for the first time.

Burges Salmon and Bevan Brittan are among six firms successful in their bids to be reappointed to the Financial Services Compensation Scheme (FSCS) panel while Osborne Clarke is one of two firms joining it for the first time. 

FSCS is the UK’s financial compensation scheme that protects customers of authorised financial services firms if they fail, playing an integral and unique role in the UK’s financial services regulatory structure.

The legal panel will last for three years, with an option to extend the appointments for a further 12 months. It consists of three areas of work – core legal services, Scots law, and HR and employment advice.

Burges Salmon, which employs 800 people in its Bristol HQ and London and Edinburgh offices, has been tasked with providing core legal services and will continue providing FSCS with a range of services as part of the panel.

Burges Salmon financial services disputes team partner Suzanne Padmore, pictured below, who is client partner for FSCS, said: “Having last been appointed to the first FSCS legal panel in 2019, we are delighted to have been reappointed to its 2023 panel. 

“We look forward to continuing to work with the FSCS team to help them deliver their strategic priorities over the next few years.”

Osborne Clarke, which employs than 800 people at its Bristol office, and Bevan Brittan, which has offices in Bristol, London, Leeds and Birmingham, have also been appointed for core legal services alongside Dentons, Eversheds Sutherland and Norton Rose Fulbright.

Osborne Clarke head of UK contentious financial services Rachel Couter led the firm’s team, which included Paul Anning, who leads its international payments practice, and Will Gunston the firm’s head of restructuring and insolvency.

The team was also supported by fellow contentious financial services partner Nick Price and non-contentious financial service associate Lucy Bradshaw.

Rachel Couter, pictured below, said: “FSCS plays a critical role in protecting customers and promoting confidence in the financial services sector, which itself makes one of the biggest contributions to the UK economy.

“All of the Osborne Clarke team are both pleased and proud to have won our place on the panel through a rigorous but highly enjoyable process. We are very much looking forward to working with the FSCS team.”

Bevan Brittan partner Virginia Cooper said: “We are thrilled to be continuing to advise the Financial Services Compensation Scheme. This reappointment recognises the experience and strength in depth that we have across our multi-disciplinary financial services legal team.” reacts to today’s announcement. 

FSCS chief counsel James Darbyshire said: “Against a backdrop of continued economic volatility and a challenging regulatory landscape, FSCS’s role in helping customers get back on track when their financial firms fail has never been more vital.

I’m confident we’ve got the right mix of legal partners to help us deliver an effective compensation service for our customers and levy payers today and in the years ahead.”

FSCS head of legal Casey McGrath added: “We’re delighted to announce the results of the procurement process for our new legal panel.

“The number and quality of applicants made for an exceptionally strong field, which is testament to the quality and impact of FSCS’s legal work.”

Burness Paull has been appointed for Scots law and Trowers & Hamlins for HR and employment advice.

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