Judgment was given today by the Court of Appeal in Baker v Financial Conduct Authority (Re Ipagoo LLP) [2022] EWCA Civ 302. The court has confirmed that the Electronic Money Regulations 2011 do not impose a statutory trust in relation to funds received by an electronic money institution from an electronic money holder.
Update (11 March 2022) - a summary of the case has been provided by the ICLR: see here.
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