12 Hearings and Appeals

Subject(s):

UK Financial Conduct Authority (FCA) — UK Prudential Regulation Authority (PRA)

This chapter focuses on the Financial Services and Markets Tribunal, Tribunal rules, and hearings. The Tribunals, Courts and Enforcement Act 2007 established a new tribunal structure comprising a First-tier Tribunal and an Upper Tribunal. Appeal functions of existing tribunals, including the former Financial Services and Markets Tribunal, were transferred to this structure and assigned to chambers within the new tribunals. The Tribunal has broad powers with respect to FCA (and PRA) disciplinary decisions. A reference to the Tribunal is not really an ‘appeal’. It is a new hearing on the issues before a new, and independent, forum. The Tribunal may consider any relevant evidence and may direct any decision which the Financial Conduct Authority could originally have made. In effect, the review undertaken by the Tribunal is by way of a hearing de novo