Mrs Philipp, the Respondent, was a customer of Barclays Bank. She and her husband, Dr Philipp, fell victim to an authorised push payment fraud which was perpetrated by a third-party fraudster posing as an operative working for the Financial Conduct Authority in conjunction with the National Crime Agency. As a result of the fraud, Mrs Philipp was deceived into transferring £700,000 from her Barclays current account to two bank accounts in the United Arab Emirates. Attempts to recall the funds that had been transferred were unsuccessful. Mrs Philipp sued Barclays claiming that Barclays owed her a duty to observe reasonable care and skill in and about executing her instructions, and that this duty required Barclays to refrain from executing her payment instructions if and for so long as it had reasonable grounds for believing that the instructions were an attempt to misappropriate funds from Mrs Philipp. Mrs Philipp alleges that Barclays acted in breach of the duty owed to her as a customer: (i) by making the payments from her account, and (ii) in not taking adequate steps to recover the payments once the fraud had been discovered. Barclays applied to strike out Mrs Philipp’s case and/or sought summary dismissal, for which application was granted. Mrs Philipp appealed to the Court of Appeal, who unanimously allowed her appeal. Barclays now appeals to the UKSC.

The market will be resolved YES if the Supreme Court hold that Phillipps' action should be struck out or summarily dismissed. It will be resolved NO if the Court of Appeal's judgment is upheld or for any outcome where Phillipp's action is allowed by the Supreme Court to go to trial. Whether she succeeds ultimately in any trial is irrelevant to the outcome of this market.

https://www.supremecourt.uk/cases/uksc-2022-0075.html