Property Alliance Group v RBS transferred to the Financial List: top tips for parties wishing to successfully transfer proceedings

The recent decision in Property Alliance Group Limited v Royal Bank of Scotland plc [2016] EWHC 207 (Ch) provides helpful early guidance as to the court’s approach to contested applications to transfer proceedings to the newly created Financial List. While each case will depend on its own facts, the following factors are likely to be key:

1. Whether the claim involves issues of general importance to the financial markets, or the need for particular expertise on the part of the judge;
2. Whether the claim is a test or lead case;
3. Whether a Financial List judge is available to conduct both the pre-trial review and the trial; and
4. Whether the transfer will otherwise affect the trial timetable.

The party applying to transfer should also consider what assurances can be given to the court. For example, in the instant case, the applicant addressed the final factor above by giving assurances that it did not intend to apply to adjourn or make procedural applications which might disrupt the commencement of trial.

An application to transfer proceedings to the Financial List should be made at the earliest opportunity. While the application to transfer the proceedings was successful in this case (in part because it could be done without impact on the trial timetable), the court noted that it would have been preferable for the application to have been made earlier, and warned of the potential consequences of delay in other cases. For a more detailed explanation of the guidance given by the court, see our banking litigation team's e-bulletin on the decision.