Taveta Investments Ltd v The Financial Reporting Council & Ors [2018] EWHC 1662 (Admin) (29 June 2018)

Taveta Investments Ltd v The Financial Reporting Council & Ors [2018] EWHC 1662 (Admin) (29 June 2018)

There is a serious issue to be tried as to whether the FRC owed a duty of fairness to Taveta and its personnel before publishing documents containing criticisms of them, and whether the proposed disclaimer is sufficient to cure any unfairness. The court found that the Particulars and Settlement Agreement in their current form make implied criticisms of Taveta personnel capable of being defamatory, and that the duty of fairness arguably applies. Interim relief restraining publication of the alleged criticisms is justified pending a full hearing.

Citation
[2018] EWHC 1662 (Admin)
Parties
Claimant: Taveta Investments Limited; First Defendant: The Financial Reporting Council; Second Defendant: The Conduct Committee of the Financial Reporting Council; Third Defendant: The Executive Counsel of the Financial Reporting Council; First Interested Party: PricewaterhouseCoopers LLP; Second Interested Party: Stephen John Denison
Jurisdiction
England and Wales
Judgment Date
29 June 2018
Procedural Posture
Judicial Review / Interim Relief Application Pending Permission for Judicial Review
Outcome
Interim relief granted pending further hearing
Legal Topics
Natural Justice, Duty of Fairness, Publication of Regulatory Decisions, Interim Injunctions, Maxwellisation, Defamation by Regulatory Reports
Administrative Law Regulatory Law Defamation Natural Justice Duty of Fairness Publication of Regulatory Decisions Interim Injunctions Maxwellisation +1 more

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Parties

Taveta Investments Limited

Claimant

The Financial Reporting Council

First Defendant

The Conduct Committee of the Financial Reporting Council

Second Defendant

The Executive Counsel of the Financial Reporting Council

Third Defendant

PricewaterhouseCoopers LLP

First Interested Party

Stephen John Denison

Second Interested Party

Procedural Posture

Judicial Review / Interim Relief Application Pending Permission for Judicial Review

Legal Issues

  1. 1 Whether the FRC owed a duty of fairness to Taveta before publishing documents containing criticisms of Taveta and its personnel
  2. 2 Whether the FRC's publication decision was unlawful for failure to provide a fair opportunity to respond to criticisms
  3. 3 Whether interim relief restraining publication should be granted

Ratio Decidendi

There is a serious issue to be tried as to whether the FRC owed a duty of fairness to Taveta and its personnel before publishing documents containing criticisms of them, and whether the proposed disclaimer is sufficient to cure any unfairness. The court found that the Particulars and Settlement Agreement in their current form make implied criticisms of Taveta personnel capable of being defamatory, and that the duty of fairness arguably applies. Interim relief restraining publication of the alleged criticisms is justified pending a full hearing.

Court Disposition

Interim relief granted pending further hearing

Orders

  • Publication of the alleged criticisms in the Sanction Documents is restrained until the conclusion of the interim relief hearing.
  • The FRC is permitted to provide the Sanction Documents to the Select Committee for Work and Pensions under specified conditions.