Financial services and judicial review
Produced in partnership with Orrick, Herrington & Sutcliffe

The following Financial Services practice note produced in partnership with Orrick, Herrington & Sutcliffe provides comprehensive and up to date legal information covering:

  • Financial services and judicial review
  • The evolution of judicial review cases within the financial services sector
  • The Emptage case
  • The High Court decision
  • The Court of Appeal decision
  • R(C) v FSA
  • The High Court decision
  • The Court of Appeal decision
  • Other recent cases relating to judicial review and the financial sector
  • Other cases involving the FSA/FCA
  • More...

Financial services and judicial review

STOP PRESS: FCA Policy Statement PS21/16 set out reforms to the FCA’s decision-making process, moving some decision making from the Regulatory Decisions Committee (RDC) to FCA senior managers. The new rules came into force on 26 November 2021. This Practice Note will be updated shortly to reflect this development. For further information, see: FCA says changes to its decision-making processes will speed up decisions on consumer harm, LNB News 26/11/2021 30 and News Analysis: The ups and downs of the FCA’s streamlining plan.

The evolution of judicial review cases within the financial services sector

Judicial review is the procedure by which courts in England and Wales examine the decisions of government ministers and departments, industry regulators, local authorities and public bodies to ensure that they act lawfully and fairly. In deciding whether a particular body is a 'public body' for the purposes of judicial review, the court considers the functions that it performs and whether those functions have public law consequences.

The court conducts a review of the process by which a public body has reached a decision to assess whether it was validly made. The court’s authority to do this derives from statute, but the principles of judicial review are based on case law which is continually evolving. The number of judicial review claims increased from 160 cases in 1975 to 11,200 in

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