ÀÏ˾»úÎçÒ¹¸£Àû

Article summary

Financial Services analysis: In a decision with significant implications for financial services firms, the Court of Appeal allowed the Financial Conduct Authority’s (FCA) appeal, addressing in its judgment the scope of the Upper Tribunal’s jurisdiction in financial services claims and the extent of the FCA’s Own Initiative Requirement (OIREQ) powers to impose redress requirements on individual firms. The court held that the FCA’s power to impose a redress requirement pursuant to section 55L of the Financial Services and Markets Act 2000 (FSMA 2000) is not subject to any of the four statutory conditions contained in FSMA 2000, s 404, and that the FCA’s OIREQ powers give the FCA a broad general power to impose a redress scheme on a single firm. The court also found that the Upper Tribunal had erred in deciding that it had no jurisdiction to allow the FCA to amend its statement of case, adopting a broad interpretation of what may be encompassed...