FSR Brief EP10 – Naming firms under investigation in "exceptional circumstances" put to the test in Judicial Review

FSR Brief EP10 – Naming firms under investigation in "exceptional circumstances" put to the test in Judicial Review

From Financial Services Disputes and Regulation by Herbert Smith Freehills Kramer Podcasts

January 28, 2026 · 23 min · Episode 10

About this episode

The episode discusses the High Court's judgment on a judicial review application against the FCA regarding the naming of firms under investigation.

The High Court issued judgment (in two parts) dismissing a Claims Management Company's judicial review application against the FCA. The judicial review sought to quash the FCA's decision to identify the firm in its announcement regarding the commencement of an investigation. Jon Ford, James Wood, and Michael Tan discuss the judgment and what it has to say about the "exceptional circumstances" test that the FCA will apply when deciding whether to identify firms under investigation. The judgmen...

Topics covered

  • judicial review
  • FCA
  • investigation
  • exceptional circumstances

Keywords

  • High Court
  • Claims Management Company
  • announcement

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