Financial Lists decline as litigators opt for Commercial Courts

The number of banking and financial markets related cases being listed in the specialist Financial Lists of the Chancery and King's Bench Divisions fell 50% between 2020 and 2023¹ reflecting a testament to the robustness and stellar reputation of the Commercial Court for such disputes outside of the Financial Lists.

Simon Hart, Partner and Head of our Banking Financial Markets Disputes team at international law firm, RPC remarks: "The Financial List was an innovation of its time, reflecting the flood of post-financial crisis disputes passing through the courts and recognising the need to prioritise those considered to be of industry significance.  

"The recent paucity of cases in the Financial Lists reflects both calmer waters and the robustness of the existing Commercial and Chancery Courts to deal with the still significant number of banking and finance related disputes passing through the system. Whether important issues around the implementation and effect of sanctions, which is of industry significance, prompts a rise in cases in the Financial Lists remains to be seen."

The other Business & Property Courts saw an increase of 40% (rising from 330 in 2020, to 463 in 2023) in cases being heard where the matter subject is banking and finance. The Chancery Division saw an 81% increase in cases listed with the King's Bench Division seeing a 17% increase, the former likely to reflect an increasing number of disputes with an insolvency angle.

Hart concludes: "The surge in banking and finance cases within the Chancery Division, reflects a strategic choice by litigators, highlighting its historic expertise in managing banking and financial markets disputes which have a complex insolvency or restructuring angle to them."

Banking and finance (B&F), factual subject matter

Original data provided by Solomonic, Feb. 6, 2024

¹  According to Solomonic data pulled on February 6, 2024