The High Court has backed two regulated firms in a case brought by an individual and a trust of which he was trustee. Michael Wilson argued that, although he had an execution-only relationship with the firms, which had classified him as a (then) intermediate customer, he should nevertheless receive damages because of large losses he made on spread betting and other frequent derivatives trading. The Court found no fault on the part of the firms. (Source: [2011] EWHC 138 (QB))