A High Court ruling that would have allowed a judicial review of a Financial Services Authority’s Regulatory Decisions Committee (RDC) determination has been overturned by the Court of Appeal.
UK’s financial regulator that now operates as the Financial Conduct Authority (FCA) said a defendant can appeal a decision of the RDC to the Upper Tribunal and that will usually provide an adequate remedy, and the RDC gave sufficient reasons for its decision in this case in any event.
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However, litigation and dispute resolution group senior associate, Paul Glass, said if the RDC stopped giving reasons for its decisions, then that would be sufficient ground for judicial review.
Glass said: "It does mean that it is likely to be more difficult to attack the FCA for not giving sufficient reasons in decision notices (although appeal to the Upper Tribunal will remain available).
"The judgment will ensure that the FCA is likely to take extra care to ensure that the RDC does give sufficient reasons for its decisions in future, as there is still a risk of judicial review of its decisions."
Law firm Taylor Wessing said that the ruling did not mean that the FCA was immune to the process of judicial review.
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