Making a reference to the Upper Tribunal following an FCA decision
Making a reference to the Upper Tribunal following an FCA decision

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Making a reference to the Upper Tribunal following an FCA decision
  • What is the Upper Tribunal (Tax and Chancery Chamber)?
  • How to make a reference to the Upper Tribunal
  • Grounds for referring a decision
  • How the case will proceed
  • Oral hearing
  • The decision of the Tribunal on the reference
  • Appeals
  • Judicial review

What is the Upper Tribunal (Tax and Chancery Chamber)?

The Upper Tribunal is an appellate tribunal created by the Tribunals, Courts and Enforcement Act 2007. The Tax and Chancery Chamber is the part of the Upper Tribunal which, among other things, hears references arising from certain decisions and supervisory notices issued by the Financial Conduct Authority (FCA).

The Tribunal consists of specialist judges appointed by the Lord Chancellor. The judges of the Upper Tribunal (Tax and Chancery Chamber) are High Court judges as well as specialist tax, charity and finance judiciary. Most importantly, all judges are independent of, and in no way connected to, the FCA.

The judges sitting in the Tribunal decide references from decisions or notices issued by the FCA covering a wide range of disciplinary and regulatory matters.

A person or firm has a right to make a reference to the Upper Tribunal if a decision is made by the FCA and is addressed to them. The decision notice that is sent will normally explain the right to refer or appeal the decision.

A person or firm may also make a reference to the Upper Tribunal on an expedited basis, allowing those under investigation to proceed more quickly and directly to the Upper Tribunal, providing external adjudication that is wholly independent of the FCA. A person or firm who has