Financial Conduct Authority: Supreme Court Ruling

The FCA has won a crucial legal victory after the Supreme Court ruled that it had not wrongfully identified a former senior banker at JP Morgan blamed for the American Bank's "London Whale" trading scandal.

Mr Macris, a former London-based manager in JP Morgan's chief investment office, successfully sued the FCA saying that it had been possible to work out his identity within the FCA public decision notice issued alongside the fine against the Bank.  He said that it "wrongly and unfairly accused me of deliberately misleading" regulators without offering him a chance to rebut the claims.

The FCA challenged his view in court, but was unsuccessful in its appeal of a court finding in favour of Mr Macris.  The FCA then asked the Supreme Court to review the finding and last month it found in favour of the FCA stating that they had gone far enough in hiding his identity.  Judge Jonathan Sumption said "The real question is whether the terms of the notice itself would have