UK: Tribunal considers section 393 of the FSMA 2000

The operation of section 393 ("third party rights") of the Financial Services and Markets Act 2000 was considered earlier this month by the Upper Tribunal (Tax and Chancery Chamber) in Macris v Financial Conduct Authority: see here (pdf). Judge Timothy Herrington observed (at para. [35]): "The true purpose of s 393 is to give third parties whom the Authority is proposing to criticise the opportunity to answer those criticisms before they are published. The section gives a right to make representations in private and it is not acceptable to say that because the individual referred to cannot be easily established by reference to external sources, therefore ordinary readers of the notice will not be able to see that he has been criticised and therefore his rights can be dispensed with".