Teniola is an experienced commercial practitioner, with particular expertise in financial services and regulation, banking and finance (including consumer credit) and commercial contractual disputes. Teniola’s practice focuses on advising and appearing as counsel in disputes before the High Court and County Courts. She is instructed both as sole counsel and as junior counsel, and has worked on a number of cases which have required large counsel teams.
Teniola is ranked by the Legal 500 as a leading junior in financial services regulation, and is described as “extremely astute”, giving “clear, robust and well thought through” advice and “an absolute pleasure to work with”. She frequently advises on the regulatory perimeter, conduct of business requirements and enforcement action. Teniola has contributed to a variety of academic texts on financial services law including Financial Services Law (Walker & Purves, eds).
Teniola also has considerable experience of working on independent banking reviews and appeals, having been engaged as a legal advisor to the NatWest GRG appeals process (overseen by Sir William Blackburne) and as part of the counsel team working on the Cranston Review and Cranston Review Appeals process (in relation to the HBOS Reading fraud), led by Rory Phillips KC.
Current and recent instructions include:
- Acting for a claimant group in Moon & ors v Link Fund Solutions Ltd: a claim against the fund manager of the failed Woodford Equity Income Fund (led by Derrick Dale KC); see, most recently,  EWHC 3344 (Ch).
- Acting for the FCA in FCA v Argento Wealth Ltd & anr (BL-2022-000888): a £13.5million claim against a firm and its director for restitution under FSMA s.382.
- Acting for the defendants in State of Qatar v Banque Havilland: a billion-dollar unlawful means conspiracy claim brought by the State of Qatar (acting with Philip Hinks and David Quest KC).
Ranked as a leading junior for financial services regulation, Teniola has been described as “well versed in financial services regulation”, giving “clear, robust and well thought through” advice, and “a real star in the making”.
Since undertaking secondments earlier in her career at the FSA and the FCA, Teniola has wide-ranging financial services expertise. Her practice encompasses both contentious and non-contentious regulatory matters. She acts for both the regulators and private parties.
Teniola advised the FSA on the 2012/2013 regulatory reform, including advising on the Financial Services Bill and on the creation of distinct rulebooks for the FCA and PRA. She was also instructed by the FCA to draft rules for the Consumer Credit sourcebook prior to the transfer of consumer credit regulation to the FCA in April 2014.
She has a deep understanding of the FCA Handbook in particular and has advised both the FCA and private parties on a range of matters including the regulatory perimeter, conduct of business requirements, claims for breach of statutory duty under s.138D FSMA, the FCA’s enforcement powers, the jurisdiction of the Financial Ombudsman Service and civil liability issues relevant to the obligation of the FSCS to compensate customers of failed firms.
Current and recent instructions include:
- Moon & ors v Link Fund Solutions Ltd: a claim against the fund manager of the failed Woodford Equity Income Fund (led by Derrick Dale KC); see, most recently,  EWHC 3344 (Ch) in relation to the claimants’ application for a GLO.
- Acting (with Peter Ratcliffe) for the FCA in FCA v Argento Wealth Ltd & anr (BL-2022-000888): a £13.5million claim against a firm and its director for restitution under s.382 FSMA on the basis that the defendant firm engaged in various regulated activities (including operating a collective investment scheme and accepting deposits) without authorisation or exemption and that the director was knowingly concerned in its contraventions of the general prohibition.
- Advising a group of investors, who invested in purported leases of rooms in care homes, as to potential causes of action against, amongst others, the promoters of the schemes, including as to whether the promoters of the schemes were operating a collective investment scheme without FCA authorisation and gave misleading impressions as to the financial sustainability of the schemes (2022).
- Advising a large claimant group pursuing emissions claims against diesel vehicle manufacturers as to the extent of the overlap between their emissions claims and claims for mis-selling of vehicle finance, including claims for breach of statutory duty and unfair relationship (2022).
- Acting for the FCA in an enforcement action against a senior manager of an insurance company (2021).
- Acting for a firm in response to FCA threatened enforcement action concerning compliance with conduct requirements (2020).
- Advising an investment firm on its obligations under MIFID and the FCA’s Senior Management Arrangements, Systems and Controls sourcebook (2019).
- Advising the operator of an online shopping community as to whether its activities fell within the scope of the Payment Services Regulation (2018).
- Advising the UK subsidiary of an international bank on its obligations under the European Market Infrastructure Regulation (2018).
Teniola also has substantial experience of acting on insurance business transfers under FSMA Part VII, including acting for the FCA in Re Marine and General Mutual Assurance Society (2015) and in Re Scottish Widows Plc (2015), acting for the FCA and PRA in Re Dowa Insurance Company (Europe) Ltd (2016), and advising a firm on a contentious transfer of general insurance business (2022).
Teniola has experience of working with overseas regulators, having been part of the counsel teams instructed to draft rulebooks for the Qatar Financial Centre (2013) and instructed to develop the legal framework for the Astana International Financial Centre (2017).
Commercial Dispute Resolution
Teniola regularly advises on, and appears before the courts in, general commercial matters. Recent instructions include:
- A v B: acting for a state entity in a c.$81million claim against another state entity for breach of a supply of goods agreement. Successfully resisted a s.69 Arbitration Act 1996 challenge to the arbitration award in May 2022 (led by Nicholas Craig KC).
- Gibson v TSE Malta LP t/a Betfair: acting for the defendant gambling operator in a claim for breach of contract, breach of statutory duty, negligence, knowing receipt and unjust enrichment (2022).
- State of Qatar v Banque Havilland: acting for the defendants in a billion-dollar unlawful means conspiracy claim brought by the State of Qatar. The claimant alleged that the defendants conspired together to cause loss to the Qatari economy through “spoofing” activity in the financial markets (led by David Quest KC and Philip Hinks). The claim settled a month before trial (2021).
- X v Y: acting for the claimant, a major airline, in a £100million claim for breach of contract and misrepresentation brought against an aircraft engine manufacturer (led by Peter de Verneuil Smith KC) (2020 – 2021).
- HOK v ZL: instructed as sole counsel on behalf of the defendant/counterclaimant in respect of a claim for breach of a wholesale agreement for the sale of specialist gin (2021).
Banking and Finance
Teniola is regularly instructed by major banks and financial institutions, as well as other clients with a banking dispute. Teniola’s practice spans disputes arising out of credit, mortgages, guarantees and other securities, allegations of fraud, undue influence, negligent advice, and restitutionary claims. She has substantial experience of consumer issues arising in relation to such disputes, including compliance with the FCA’s CONC sourcebook and the Consumer Credit Act 1974.
Teniola is a robust advocate and has successfully acted as sole advocate in numerous banking trials and interim applications.
Teniola also has considerable experience of working on independent banking reviews and appeals.
Recent instructions include:
- O’Gara & ors v Barclays Bank Plc: acting for the defendant bank in successfully defending claims for unfair relationships arising out of credit agreements with the bank (2022).
- EEF Limited & ors v Lloyds Bank Plc: advising business customers of the defendant bank on vishing fraud claims, including on the rights and obligations under the Payment Services Regulations 2017, the FCA rules and the application of the Quincecare duty to instant online payments. Led by Rajesh Pillai KC and Tom Weitzman KC (2021).
- Deutsche Bank Luxembourg SA v Glogowski: instructed as sole counsel for the claimant bank in a substantial claim for breach of guarantee (2021).
- Hodell v Clydesdale Bank plc: acting for the defendant bank in resisting claims by a property developer, partnership and two companies for breach of an alleged contract to provide long term finance, statutory misrepresentations, and an unfair relationship under the CCA 1974.
- Cranston Review: On a counsel team led by Rory Phillips KC, assisting Sir Ross Cranston with his independent Assurance Review of the Customer Review undertaken by Lloyds Banking Group following the criminal misconduct at the HBOS Impaired Assets Office for London and the South East. Sir Ross’s report was published in December 2019.
- Lloyds Bank implementations of the Cranston Review: instructed by Lloyds Bank in respect of the implementation of the recommendations arising out of the Cranston Report. Led by Rory Phillips KC.