The sole shareholder and director of a company which bought interest-rate hedging products from Barclays Bank PLC made a claim against Barclays. The company had accepted £2.4 million in full and final settlement of any claim however arising. The claimant then brought proceedings alleging that as a private person he had suffered loss as a result of the bank’s contravention of the relevant conduct of business rules within FSMA. The definition of “private person” for these purposes includes an individual, unless he suffered the loss in question in the course of carrying on a regulated activity. Barclays argued the claimant was not within the class of persons intended to have a right of action under the relevant statutory provisions; alternatively that the claim was barred as merely reflective of the company’s loss. The court agreed with Barclays saying the rules are intended to protect customers who are private persons, not company shareholders. No duty was owed to the claimant and no breach of duty towards him was pleaded. In addition, in his role as shareholder, the claimant could not recover loss which was merely reflective of the company’s loss as was the case here where the loss resulted from alleged contravention of the rules in respect of duties owed to the company. (Source: High Court Finds Single Shareholder and Director Suffered No Loss as Private Person)