Achilles Macris v FCA: Court of Appeal Ruling Safeguards Individuals’ Rights in Regulatory Investigations

June 03, 2015

As part of its policy of credible deterrence, the UK Financial Conduct Authority (FCA) has frequently sought to include specific examples of individuals’ behaviour in its enforcement notices in order to highlight the failings of organisations which are the subject of regulatory investigations. The FCA has also been keen to publish enforcement notices as early in the enforcement process as possible following criticism over the length of time it took to investigate allegations of LIBOR manipulation. This has increasingly led to the FCA reaching quick, convenient settlements with the corporate entities it has investigated without consulting the individuals whose behaviour has been criticised.

However, in a judgment handed down last week in the case of Achilles Macris v FCA, the Court of Appeal (CoA) criticised the manner in which the FCA attributes blame to identifiable individuals in these regulatory notices. In light of this judgment, it has been widely reported that the FCA may now be forced to overhaul the way in which it conducts its investigations.

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