Upper Tribunal dismisses privacy applications (Kingsbridge Capital Advisers Ltd v FCA)
- Upper Tribunal dismisses privacy applications (Kingsbridge Capital Advisers Ltd v FCA)
- What are the practical implications of this case?
- What was the background?
- What did the court decide?
- Case details
Financial Services analysis: The Upper Tribunal (UT) has refused privacy applications made by Kingsbridge Capital Advisers Ltd (KCA) following the issue of a decision notice by the Financial Conduct Authority (FCA) dated 14 November 2022, setting out the FCA’s decision to cancel KCA’s permission to carry on regulated activities under Part 4A of the Financial Services and Markets Act 2000 (FSMA 2000). KCA referred the matter to the UT and in doing so made two privacy applications. The first application was for publication of the decision notice to be prohibited, pursuant to Rule 14 of the Tribunal Procedure (Upper Tribunal) Rules 2008 (the Rules), on the basis that it contained ‘highly sensitive confidential and commercial information’. The second application was that the register maintained by the UT pursuant to paragraph 3 of Schedule 3 to the Rules should not include particulars of the reference. The UT ruled that KCA had not provided ‘cogent evidence’ that publication would cause it to suffer ‘disproportionate’ damage, or that it would otherwise be ‘unfair’ to publish the decision notice and/or to include details of the reference on the register.
Written by Rowena Wisniewska Sethi, barrister at 4-5 Gray’s Inn Square. You can read the full article here.