T & Anor, R. (On Application of) v Financial Conduct Authority

T & Anor, R. (On Application of) v Financial Conduct Authority

Given the close correspondence of issues between the RDC proceedings and the Commercial Court litigation, and the fact that the RDC's findings would depend on complex questions of foreign law and market practice to be determined imminently by the Commercial Court, there is a real risk of serious prejudice to the Claimant if the RDC proceedings are not stayed. The public interest in prompt regulatory action is outweighed in this case by the risk of injustice, especially as the regulatory allegations are historic, the Claimant is no longer active in financial services, and the delay will be relatively short. The application for a private hearing is refused as open justice prevails and...

Parties
Claimant: T; Claimant: I; Defendant: Financial Conduct Authority
Jurisdiction
England and Wales
Judgment Date
24 February 2021
Procedural Posture
Judicial Review / Substantive Judgment on Application for Stay of Regulatory Proceedings
Outcome
Application granted in part
Legal Topics
Stay of Proceedings, Regulatory Investigations, Judicial Review, Open Justice, Confidentiality, Concurrent Proceedings
Administrative Law Financial Regulation Stay of Proceedings Regulatory Investigations Judicial Review Open Justice Confidentiality Concurrent Proceedings

Case Brief

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Parties

T

Claimant

I

Claimant

Financial Conduct Authority

Defendant

Procedural Posture

Judicial Review / Substantive Judgment on Application for Stay of Regulatory Proceedings

Legal Issues

  1. 1 Whether the RDC proceedings should be stayed pending the outcome of Commercial Court litigation involving related facts and issues
  2. 2 Whether the hearing should be held in private due to confidentiality concerns

Ratio Decidendi

Given the close correspondence of issues between the RDC proceedings and the Commercial Court litigation, and the fact that the RDC's findings would depend on complex questions of foreign law and market practice to be determined imminently by the Commercial Court, there is a real risk of serious prejudice to the Claimant if the RDC proceedings are not stayed. The public interest in prompt regulatory action is outweighed in this case by the risk of injustice, especially as the regulatory allegations are historic, the Claimant is no longer active in financial services, and the delay will be relatively short. The application for a private hearing is refused as open justice prevails and...

Court Disposition

Application granted in part

Orders

  • The RDC proceedings are stayed pending the judgment of the Commercial Court on the issues in the Validity Trial.
  • The application for a private hearing is refused.