Wednesday, 11 March 2015

UK: England and Wales: FCA decision to discontinue investigation - judicial review claim dismissed

Judgment was given several days ago in Grout, R (On the Application Of) v Financial Conduct Authority [2015] EWHC 596 (Admin). Mr Grout sought a judicial review of a decision by the Financial Conduct Authority (previously the Financial Services Authority) to stop an investigation it has begun into his conduct. The FCA argued that it had a broad discretion not to continue an investigation and that its decision was not susceptible to challenge on public law grounds. The trial judge held that the FCA's decision was susceptible to judicial review but found lawful its decision to discontinue the investigation.

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