If an authorised person contravenes a requirement imposed on him by section 238 or 240, [F1831section 138DF1831] applies to the contravention as it applies to a contravention mentioned in [F1831section 138D(2)F1831] .
Definitions used in section 241
- authorised person
“authorised person” has the meaning given in section 31(2);
Defined in s.417(1) · see it in the full Act(2) In this Act “authorised person” means a person who is authorised for the purposes of this Act.
Defined in s.31(2) · see it in the full Act
Cases considering section 241 (3)
KVB Consultants Limited & Ors v Jacob Hopkins Mckenzie Limited & Ors
The court held that section 241 engaged the private action provisions for breaches of sections 238 and 240, subject to proof of causation and the statutory defences. (see paras [67]-[71]; [87]-[93])
Kession Capital Ltd (in Liquidation) v KVB Consultants Ltd and others
The successful summary-judgment claim below depended on section 241 together with Kession’s alleged responsibility under section 39(3). The Supreme Court’s construction of section 39 defeated that basis of liability (see paras [23]-[25], [84]).
KVB Consultants Limited & Ors v Jacob Hopkins McKenzie Limited & Ors
The court applied the statutory damages route arising from contravention of the collective investment scheme promotion prohibitions, subject to the accepted section 39 responsibility (see paras [30]; [55]).
What each judgment says about section 241 is in the case-law panel in the full Act.
Explanatory note
Amendments and notes
1 notes from legislation.gov.uk
Amendments
- F1831Words in s. 241 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 6
463.If an authorised person contravenes a requirement under section 238 or 240, a private person, and other persons falling within such categories as may be prescribed in regulations made by the Treasury, who suffers loss as a result may claim damages.