UK

First Court Challenge to FSA’s Disciplinary Powers

Joanna Gray. University of Srathclyde

It is inevitable that attempts will be made by those on the receiving end of regulatory discipline to challenge the FSA’s use of its regulatory powers over firms and individuals bestowed on it under the Financial Services and Markets Act 2000 . In the first such attempt to reach the UK courts yet, in the case of R v Financial Services Authority ex parte Vivian Davis, Rawdon Vevers & Colin Gamwellls , the High Court has refused three individual applicants permission to apply for a judicial review of the FSA’s exercise of its powers to make prohibition orders against them.