James Strachan QC and Stephen Kosmin successful in a judicial review of the relationship of the Financial Conduct Authority and the Financial Ombudsman Service

James Strachan QC and Stephen Kosmin successful in a judicial review of the relationship of the Financial Conduct Authority and the Financial Ombudsman Service


CategoryNews Author James Strachan QC Date

James Strachan QC and Stephen Kosmin successfully defended the Financial Ombudsman Service in R (on the application of Full Circle Asset Management Ltd) v Financial Ombudsman Service Ltd [2017] EWHC 323 (Admin).

Judicial review proceedings were brought by Full Circle Asset Management Ltd, a firm of financial advisers, who had been the subject of a skilled person review under section 166 of the Financial Services and Markets Act 2000, as well as of a complaint brought by a consumer to the Financial Ombudsman Service.  The case explored the key regulatory relationship between the FCA and the Financial Ombudsman Service.

Nicol J, by a judgment dated 24 February 2017, dismissed the challenge and awarded the Financial Ombudsman Service its costs.


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