Theodor van Sante

Theodor van Sante

Call: 2009

"He has an excellent memory for facts, and his strategic considerations are always worth listening to."

- Chambers & Partners UK Bar (2024)

"Theodor gets to the point quickly with no faffing about."

- Chambers & Partners UK Bar (2024)

“Theo is both hard working and thorough. He always provides a fresh and analytically sophisticated view of difficult problems. In court he is a forceful and effective advocate.”

- Legal 500 UK Bar (2024)

"Responsive, quick, pleasant to deal with. Theodor is collaborative, provides clear and accurate written advice which identifies how legal issues impact on clients in practical and commercial terms."

- Legal 500 UK Bar (2024)

“Theo’s attention to detail and ability to recall detail in a long-running matter is impressive. His advice is always commercial. He is a calm, composed and highly effective advocate.”

- Legal 500 UK Bar (2024)

Practice Overview

Theodor is an experienced senior junior specialising in commercial litigation, transactions and advisory work, in particular in the fields of banking and finance, financial services and regulation, insurance and proceeds of crime.

Theodor's rankings in the 2024 legal directories extend to six practice areas (banking and finance, financial services, insurance and reinsurance, consumer law, professional negligence and proceeds of crime).

Theodor has been described as a junior with a powerful brain’, very sharp’, ‘always commercial, hard working and thorough’ and has a tremendous ability to get on top of the detail quickly’. His substantial work on heavy litigation over the years, working in a team, is described as ‘impressive’ and ‘collaborative’.

Also instructed regularly as sole Counsel, in this jurisdiction and elsewhere, ‘Courts listen to him’. Theodor is organised, well-prepared, passionate, persuasive and assertive’, argues his cases forcefully and effectivelyand is ahighly effective advocate’. Hegets to the point quicklyand is very good at identifying inconsistencies and contradictionsin the other side’s case, withimpressive powers of forensic analysis’.

His knowledge and experience of financial services and insurance work has been described as ‘unsurpassed’, ‘encyclopedic’ and ‘exceptional’. Providing ‘a fresh and analytically sophisticated view of difficult problems’, Theodor is fabulously insightful and ‘his experience of working on both sides of the fence – for the regulator and regulated entities – is of great benefit’.

Responsive and quick’, Theodor provides ‘clear, highly pragmatic advice’, which is ‘practical and easy to understand’ and ‘identifies how legal issues impact on clients in practical and commercial terms’. ‘His strategic considerations are always worth listening to’. He  has an excellent manner with clients’, is ‘very pleasant to deal with and is listened to by clients and very responsive to instructing solicitors.

Theodor has wide experience of banking and finance disputes and transactions, having been instructed in such cases at the highest level of complexity and value.

This included being instructed on both the multi-billion pound claims arising out of capital raisings undertaken by banks during the financial crisis: by RBS in the RBS Rights Issue Litigation, led by Sonia Tolaney KC, and by the SFO in PCP Capital Partners LLP v Barclays, led by Andrew Onslow KC and Matthew Parker KC.

Recent instructions in this jurisdiction and the Middle East have included:

  • acting with Ali Malek KC in a $10m claim in the Abu Dhabi Global Markets (ADGM) Court on a fund share-redemption dispute;
  • acting with Tom Weitzman KC in relation to a dispute concerning liability of a bank for breaches of Italian law in relation to the sale of derivatives; and,
  • a $65 million Commercial Court claim in PGI v Dillard & Ors, led by Andrew Fletcher KC, concerning breaches of warranties given on the acquisition of the Liongate hedge fund.

Other past reported decisions in banking and finance disputes include:

  • National Crime Agency v Odewale & National Westminster Bank [2020] EWHC 1609 (Admin), [2017] EWHC (Admin) 1531. An action for the recovery of the identifiable proceeds of identity fraud against the bank. Instructed and appeared for the NCA.
  • GBQ v Mortgage Express & NRAM [2018] EWHC 2536 (Ch). An action against the lenders concerning their refusal to allow redemption of mortgages. Instructed and appeared for the lenders who were ultimately successful in striking out the action.
  • PCP Capital Partners v Barclays Bank [2017] EWHC 2897 (Comm). An action concerning claims arising out of Barclays’ capital raising. Instructed and appeared for the SFO as an intervening party.
  • Gray v Investments Ltd [2016] EWHC 724 (Ch). A dispute concerning the scope of permissions arising under a contract to allow pension services. Instructed and appeared for the defendant network firm.
  • Microtechnologies LLC v Autonomy Inc [2016] EWHC 1942 (QB). A dispute arising out of the purchase of Autonomy by HP. Instructed and appeared for Microtech on letter of request proceedings.
  • USA v Abacha [2014] EWHC 993 (Comm). A dispute concerning alleged corrupt misappropriations. Instructed and appeared for various defendant banks.
  • Fondazione Enasarco v Lehman Brothers Finance SA [2014] EWHC 34 (Ch) [2014] 2 BCLC 662, [2014] All ER (D) 90 (Jan). Proceedings concerning the proper distribution of assets arising out of the Lehman Brothers insolvency and questions of jurisdiction. Instructed and appeared for LBF.
  • Shah v Royal Bank of Scotland International Limited [2013] EWHC 2431 (QB).  Instructed and appeared for the bank in a dispute concerning closure of a share trading account.

Theodor is the author of banking and finance commentary in leading texts, including:

  • co-author of Principles of Banking Law (3rd ed, with Sir Ross Cranston);
  • author of a chapter on advice by banks in Paget’s Law of Banking (15th ed);
  • author of a chapter on securities law in Bullen & Leake (19th ed); and
  • former co-editor of the European Banking Law division of the Encyclopedia of Banking Law (2017).

He has also been instructed previously in relation to expert reports on English law concerning banking and finance matters to Courts in Paris and New York.

Since undertaking secondments earlier in his career at the FSA and the FCA, Theodor has wide ranging financial services expertise concerning compliance, litigation and enforcement.

Ranked as a leading junior for financial services regulation and related consumer work in Legal 500 2023, he has been described as having ‘an encyclopedic knowledge of the FCA handbook and its application. His experience of working on both sides of the fence – for the regulator and regulated entities – is of great benefit in his cases. His input helps steer a client through an area of huge regulatory complexity’.

Regularly instructed to undertake advocacy in Court, either a sole Counsel or as part of a team, Theodor has ‘great ability to simplify a complex and multi-faceted set of facts. Organised, well-prepared, passionate, persuasive and assertive’.

He provides ‘clear, highly pragmatic advice and has an excellent manner with clients. His technical knowledge in this area is exceptional’ and  ‘unsurpassed. His advice is practical and easy to understand. He has a very good client manner’. He is ‘listened to by clients on calls and very responsive to instructing solicitors’.

Recent instructions in substantial financial-services litigation and complaints include:

  • Kitson & ors v AJ Bell & ors. Acting for six of the defendants in an action concerning the professional duties of SIPP operators and trustees under the regulatory regime, in an action brought by a number of former professional footballers (2023).
  • Allianz v J.D. Williams. Acted for Allianz in a Commercial Court claim in relation to losses arising out of redress paid to customers on retail insurance, with a settlement reached of £49.5m to be paid to Allianz, announced to the market in January 2023. A seven-week trial had been due to be heard in June 2023.
  • X v Y. Acting with Tom Weitzman KC in relation to a dispute concerning liability of a bank for breaches of Italian regulatory law in relation to the sale of derivatives (2022). Instructed for insurers.
  • Advising as sole counsel a firm on managing a series of test complaints to the FOS, the liabilities in relation to which could exceed £500 million (2021).
  • GBQ v Mortgage Express & NRAM [2018] EWHC 2536 (Ch). An action against the lenders concerning their refusal to allow redemption of mortgages pursuant to regulatory requirements. Instructed and appeared for the lenders who were ultimately successful in striking out the action.
  • The RBS Rights Issue Litigation (2017), led by Sonia Tolaney KC and instructed for RBS, this was the first major action brought as a s.90 FSMA claim, arising out of RBS’ capital raising.
  • PCP Capital Partners v Barclays Bank [2017] EWHC 2897 (Comm). An action concerning claims arising out of Barclays’ capital raising. Instructed and appeared for the SFO as an intervening party. Led by Andrew Onslow KC and Matthew Parker KC.
  • PGI v Dillard & Ors. Instructed on a Commercial Court claim for breaches of warranties concerning  compliance with regulatory requirements in the operation of a hedge fund, led by Andrew Fletcher KC (2017).
  • Gray v Investments Ltd [2016] EWHC 724 (Ch). A dispute concerning the scope of permissions arising under a contract to allow pension services. Instructed and appeared for the defendant network firm.

Theodor regularly advises on regulatory steps and reporting, including authorisations and permissions, senior manager regimes, prudential and capital requirements, variation of permission, waivers and modifications, establishment of branches, appointed representatives, change of control applications, redress schemes, schemes of arrangement and market abuse.

Theodor further has wide experience of the effect and application of the FCA Handbook, PRA Rulebook and FSMA in relation to both conduct and prudential matters

Compliance advice routinely concerns the regulatory perimeter and requirements concerning collective investment schemes, alternative investment funds, insurance, cryptocurrency, unfair terms, consumer credit and mortgages, electronic money and payment services, client money, forex, swaps and other derivatives, capital raising and financial promotions, pensions and private equity.  This includes advising on new business as well as reviewing existing business.

Theodor also has experience of actual and potential enforcement action by regulators and recent instructions include:

  • FCA v X. Acting for a business responding to enforcement by the FCA’s financial crime division (2023).
  • FCA v X. Acting for the FCA in relation to enforcement action against a firm concerning the description of insurance coverage (2022).
  • FCA v X. Acting for a firm in response to FCA threatened enforcement action concerning compliance with conduct requirements (2021).
  • Advising a firm on whether to establish a redress scheme for mis-selling (2021).
  • PRA v X. Acting for a firm in response to PRA threatened enforcement action concerning compliance with prudential requirements (2021).
  • FCA v X. Acted for the FCA in relation to enforcement action against a firm concerning historic provision of services into the UK without authorisation (2020).
  • Advising a publicly listed company on the pursuit of market abuse in its shares by the FCA (2019).

Theodor also undertakes Court-sanctioned transactional and public law work concerning financial services, as to which see the following specific sections.

Theodor has experience of judicial review actions and public law matters in the financial services context concerning relevant public bodies.

During the course of two secondments, to the FSA and subsequently the FCA, Theodor is well versed in the obligations of the regulators in fulling their public duties.  This has included undertaking instructions in relation to the implementation of legislation and rules, including CRDIV, the MCD and the Financial Services Act 2012 (and associated Handbook transition).

Instructions in relation to judicial review actions have included acting for and against regulators and other public bodies.  This has frequently involved challenges to decisions of the Financial Ombudsman Service in relation to its jurisdiction or complaints on their merits, however Theodor also accepts instructions for judicial review actions more broadly.

Recent and previous substantial instructions have included:

  • R (X) v Financial Ombudsman Service. Instructed on a claim by a complainant that sought judicial review of a FOS decision and whether it had properly determined its jurisdiction and/or considered the scope of the complaint made to it (2023).
  • R (Assurant) v Financial Ombudsman Service [2022] EWHC 2766 (Admin), [2023] ACD 12. Instructed with Saima Hanif KC and appeared for the claimant in a judicial review of the FOS concerning whether it had jurisdiction to consider four complaints.
  • R (Assurant) v Financial Ombudsman Service [2022] EWHC 511 (Admin). Instructed for the claimant on the issue of allocation of judicial review claim to a particular regional centre as the appropriate venue.
  • R (X) v Financial Ombudsman Service. Instructed to advise a potential complainant on grounds for judicial review of the FOS concerning account closures (2022).
  • R (X) v Financial Ombudsman Service. Instructed to advise on a potential judicial review of the FOS in relation to test complaints concerning insurance (2021).
  • R (X) v Financial Ombudsman Service. Instructed to advise on a potential judicial review of the FOS in relation to test complaints concerning SIPP operators’ duties (2021).
  • Advised a public body on compliance with public law principles (2020).
  • X v Y. Advised in a dispute concerning professional negligence of a legal adviser whether there had been loss of a chance to challenge a determination of a complaint to the Pensions Ombudsman in judicial review proceedings (2020).
  • R (X) v Financial Ombudsman Service. Advising whether there were grounds to challenge determinations of the FOS on the basis of time-bar (2019).
  • Advised a public body on compliance with public law principles (2017).
  • R (X) v Financial Ombudsman Service. Instructed to advise on a potential judicial review of the FOS in relation to test complaints concerning investments (2015).
  • R (British Bankers Association) v Financial Services Authority & Financial Ombudsman Service [2011] EWHC 999 (Admin). Instructed by the FSA (in a team of Counsel) to assist in its defence of the judicial review challenging DISP App 3.

Theodor is regularly instructed as sole counsel in relation to transfers of business and schemes of arrangement involving insurance and other financial services businesses.

This has ranged from transactions that are part of business restructuring and efficiency programs (including to address the effects of the UK’s exit from the EU) to the compromise of liabilities intended to provide enhanced certainty of benefits to customers or to address substantial costs arising from mis-selling of regulated financial-services products.

Recent cases in relation to which Theodor has been instructed include:

  • Re Phoenix Life [2022] EWHC 2669 (Ch). Insurance business transfer sanction decision transferring business from Phoenix and ReAssure to Ireland to address the consequences of Brexit. Instructed by the FCA.
  • Re Royal London Mutual Insurance Society [2022] EWHC 2838 (Ch), [2022] EWHC 1673 (Ch). Linked decisions on a scheme of arrangement and modification of a transfer scheme to provide for consolidation of funds and compromise of a contribution to costs in exchange for policy value uplift. Instructed by the FCA.
  • Re Prudential Assurance Company [2021] EWHC 3152 (Ch). Insurance business transfer sanction decision, consequent on the decision of the Court of Appeal in the same matter. Appeared for the FCA.
  • Re X and Y. Advising in relation to two schemes of arrangement concerning compromise of redress payable to customers on complaints (2021).
  • Re X. Advising a major financial-services provider on a scheme of arrangement in relation to substantial potential redress liabilities (2020).
  • Re Legal and General Assurance Society [2020] EWHC 2299 (Ch). Insurance business transfer sanction decision, distinguishing the first instance decision in the above Prudential case. Appeared for the FCA.
  • Re Legal and General Assurance Society [2020] EWHC 756 (Ch). Insurance business transfer sanction decision, concerning the approach to adopt as a result of adjournment by reason of COVID-19. Appeared for the FCA.
  • Re Equitable Life Assurance Society [2019] EWHC 3336 (Ch). Scheme of arrangement to compromise with profits business in exchange for unit-linked policies, and a linked transfer of insurance business to Utmost. Appeared for the FCA.
  • Re Royal London Mutual Insurance Society [2018] EWHC 3803 (Ch). Scheme of arrangement to compromise the guaranteed annuity rate of policyholders in exchange for an uplift to policy values. Instructed by the FCA.
  • Re Rothesay Assurance [2016] EWHC 44 (Ch). Insurance business transfer sanction decision on a transfer to Rothesay Life. Instructed by the FCA.

Present instructions including a number of further such transactional cases involving business transfers and schemes of arrangement.

Past involvement includes a number of Brexit-related and other insurance business transfers involving: Fuji, AIG, Chevanstell, Marine & General Mutual, Nipponkoa, Steamship Mutual, Cash4Health, Starr, Baloise, Royal London, Equitable, Swiss Re, Utmost, Monument Life and ReAssure.

Theodor couples his insurance regulatory and transactional practices with commercial insurance advice and litigation, for insurers, brokers and insureds.

Ranked as a leading junior for insurance and reinsurance work in Legal 500 2023, he has been described as ‘prompt and very sharp, and has a tremendous ability to get on top of the detail quickly’, ‘very good on insurance principles’ and in Court as ‘admirably prepared and made his submissions forcefully and effectively’.

Recent substantial instructions include:

  • Allianz v J.D. Williams. Acted for Allianz in a Commercial Court claim in relation to losses arising out of redress paid to customers on retail insurance, with a settlement reached of £49.5m to be paid to Allianz, announced to the market in January 2023. A seven-week trial had been due to be heard in June 2023.
  • X v Y. Acting with Tom Weitzman KC in relation to a dispute concerning coverage under professional liability cover for the liability of a bank for breaches of Italian law in relation to the sale of derivatives (2023). Instructed for insurers.
  • Qudos Insurance v Building & Land. Instructed in Commercial Court litigation as sole counsel on a dispute concerning clawback of commission between insurer and broker on allegedly cancelled policies. Instructed for the broker (2023).
  • X v Y. Instructed to advise as sole counsel on coverage under a policy of building defect insurance. Acted for the insured (2023).
  • FCA v X. Acting for the FCA in relation to enforcement action against a firm concerning the description of insurance coverage (2022).
  • X v Y. Acted with Tom Weitzman KC in relation to a dispute concerning coverage under professional liability cover for the liability of a bank for breaches of Italian law in relation to the sale of derivatives (2022). Instructed for insurers.
  • X v Y. Acted with Ali Malek KC in relation to a dispute subject to arbitration concerning coverage for a claim of over £100m under political risk insurance. Instructed for the claimants (2020).
  • X v Y. Instructed as part of a team of counsel in relation to a £60m arbitration dispute concerning responsibility for liability for mis-selling of insurance. Instructed for the insurer (2018).

Theodor has developed a practice advising and acting in litigation concerning proceedings of crime, sanctions, money laundering and terrorist financing matters.  He in particular has been regularly instructed by the NCA, as well as undertaking work for businesses, individuals and the SFO.

Ranked in both Legal 500 and Chambers & Partners 2023 as a leading junior, he has been described as ‘a junior with a powerful brain’, ‘very organised and clear in his advice’ with ‘good knowledge of the law relating to proceeds of crime and asset forfeiture’. He ‘is very good at identifying inconsistencies and contradictions in the respondents’ case and has impressive powers of forensic analysis’.  Frequently appearing in Court, he has been described as ‘a calm advocate who’s always on top of the detail in a case. Court’s listen to him.’

Recent substantial instructions include:

  • Instructed to advise several individuals on closure of their bank accounts pursuant to risks of money laundering, sanctions and/or proceeds of crime (2022).
  • X v Y. Instructed for the defendant bank in litigation, responding to a claim for improper closure of bank accounts by reason of suspected infringement of the 2017 Terrorist Financing Regulations.
  • National Crime Agency v Odewale & National Westminster Bank [2020] EWHC 1609 (Admin), [2017] EWHC (Admin) 1531. An action for the recovery of the identifiable proceeds of identity fraud against the bank. Instructed and appeared for the NCA and led by Andrew Sutcliffe KC.
  • Advised on the competing claims of an order in civil commercial litigation and a recovery order for proceeds of crime (2019).
  • GBQ v Mortgage Express & NRAM [2018] EWHC 2536 (Ch). An action against the lenders concerning their refusal to allow redemption of mortgages by reason of non-compliance with the 2017 Money Laundering Regulations. Instructed and appeared for the lenders who were ultimately successful in striking out the action.
  • PCP Capital Partners v Barclays Bank [2017] EWHC 2897 (Comm). An action concerning claims arising out of Barclays capital raising. Instructed and appeared for the SFO as an intervening party seeking a stay pending criminal proceedings.
  • Advised on the enforcement of a Scottish property freezing order in England (2017).
  • NCA v X v Y [2017] EWHC 1531. An application for a disclosure order under the Proceeds of Crime Act 2002. Instructed by the NCA and led by Andrew Sutcliffe KC.
  • X. Advising on the prospects of success of applying to hold a respondent in contempt for non-compliance with a property freezing order (2016).

Theodor has a wide practice encompassing professional negligence of many forms, focusing on negligence by financial professionals, insolvency practitioners, lawyers, accountants and valuers.

Ranked as a leading junior in Legal 500 2023 for professional negligence, in particular by financial professionals and disputes arising within the context of finance and financial services, he is described as fabulously insightful into how the regulator sees disputes’ and ‘very good re brokers and other financial services professionals’.

Present and recent instructions encompassing allegations of negligence against professionals include:

  • Kitson & ors v AJ Bell & ors. Acting for six of the defendants in an action concerning the professional duties of SIPP operators and trustees under the regulatory regime, in an action brought by a number of former professional footballers (2023).
  • Allianz v J.D. Williams. Acted for Allianz in a Commercial Court claim in relation to losses arising out of redress paid to customers on retail insurance, with a settlement reached of £49.5m to be paid to Allianz, announced to the market in January 2023. A seven-week trial had been due to be heard in June 2023.
  • 1st Land (in liquidation) v Grossman & Ors [2021] EWHC 3715 (Ch). Instructed for the liquidators of 1st Land and 1st Land itself in various negligence actions against the former director and professionals acting for 1st Land, concerning the failed development of Sixfields Stadium for Northampton Town Football Club.
  • X v Y. Advising a major law firm in relation to a negligence action concerning advice given as to whether to pursue a claim for financial-services related loss and assisted with a successful mediation (2021).
  • Advised on a dispute subject to arbitration concerning allegations of professional negligence about the selling of insurance (2020).
  • Deutsche Pfandbriefbank v BNP Paribas REA. Instructed on Commercial Court litigation concerning negligent valuations of commercial property in ‘Little Britain’ in the City of London and securitisation of the acquisition (2018).
  • LRC Holdings Ltd v BNP Paribas REA. Instructed on Commercial Court litigation concerning negligent valuations of commercial property concerning the Royal Mint site in the City of London and securitisation of the acquisition (2018).
  • PGI v Dillard & Ors. Instructed on a Commercial Court claim for breaches of warranties concerning standards of professional conduct in the operation of a hedge fund (2017).
  • Gray v Investments Ltd [2016] EWHC 724 (Ch). A dispute concerning the scope of permissions arising under a contract to allow pension services and negligent advice in this regard. Instructed and appeared for the defendant network firm.
  • Theodor has a working knowledge of French and basic Dutch.
Winner: UK Bar Awards 2023
The Lawyer Awards 2022: Chambers of the Year