UK: England and Wales: Court of Appeal finds no statutory trust arose in respect of electronic money holder funds

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.