The Financial Services and Markets Tribunal: not toothless in Hoodless

In a recent decision, the Financial Services and Markets Tribunal for the first time made significant findings against the FSA. Partner Sidney Myers and senior associate Arnondo Chakrabarti, of international law firm Allen & Overy’s Regulatory Investigations Group, consider the decision’s impact.

Sidney Myers: tel +44 (0) 20 7330 3817; email Sidney.Myers@AllenOvery.com. Arnondo Chakrabarti: tel +44 (0) 20 7330 3960; email Arnondo.Chakrabarti@AllenOvery.com

Since N2, only a handful of cases have come before the Tribunal. Whilst the FSA has been largely successful in these, the recent joined cases of Hoodless and Blackwell are notable exceptions. In these cases, the Tribunal showed itself to be willing not only to make findings against the FSA but also to express strong opinions adverse to the FSA.