Regulatory investigations and investigation costs are a signifi
cant source of indemnity claims for FI and D&O insurers. Whilst
rarely used, there is a mechanism available which allows the
subject of an investigation to seek their costs back from the
regulator in certain circumstances. In this article we take a look
at two cases (both concerning individuals) where a proportion of
costs incurred were successfully recovered from the UK fi nancial
regulator, the Financial Conduct Authority (FCA).
Upper Tribunal appeals
The Upper Tribunal Tax and Chancery Chamber (the
"Tribunal") hears a variety of appeals, including appeals
against certain decisions made by the FCA, covering a wide range of
disciplinary and regulatory matters, such as authorisation and
permissions, penalties for market abuse and disciplinary sanctions.
Appeals from Tribunal decisions can be made to the Court of Appeal
on a point of law only.
