Supreme Court Reshapes UK Competition Class Actions Landscape

In only its third decision on the rapidly evolving UK competition class action regime, the UK Supreme Court's decision ([2025] UKSC 48) in the FX class action (Michael O'Higgins FX Class Representative Ltd v Barclays Bank Plc and others) marks a pivotal moment for the regime. By overturning the Court of Appeal (CoA) judgment ([2023] EWCA Civ 876) and restoring the Competition Appeal Tribunal's (CAT) refusal to certify the claim on an opt-out basis ([2022] CAT 16), the Supreme Court has reaffirmed the CAT's gatekeeper role, emphasised the importance of the strength of a claim to certification on an opt-out basis, and clarified that the regime requires a balancing between considerations of access to justice and the protection of defendants from unmeritorious opt-out claims.