Annabel Smith

Availability of costs for individuals who successfully challenge an FCA decision against them

The UK Upper Tribunal recently ordered the Financial Conduct Authority (FCA) to pay some of the costs of two individuals who successfully challenged FCA decisions made against them, partly due to its unreasonable conduct. Such orders are rare. This article considers the circumstances in which individuals who have successfully overturned FCA decisions against them might be able to recover some of the costs they have incurred in defending the regulatory action taken against them.