Holding the regulator to account

In order to achieve its statutory objectives, the FSA has a range of means open to it. It has power to bring civil claims, to initiate regulatory enforcement and to prosecute before the criminal courts. Some of its decisions in these matters have a ready means of challenge. A regulatory decision such as whether to grant or refuse authorisation, or to impose a regulatory penalty, can be taken to the Financial Services and Markets Tribunal (FSMT). A criminal conviction can be appealed to the Court of Appeal (Criminal Division), as can certain preparatory matters leading to trial.

There are other matters, however, which do not have such a ready means of redress. Nevertheless, write Tony Woodcock and Tepo Din of Stephenson Harwood, they are significant and a successful challenge at an early stage may have the effect of bringing the FSA’s proposed action to an end or prompting another means of resolving difficulties.