News

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 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.