A mortgage broker is suing the FSA for £1.67m for publishing a decision notice stripping him of his regulatory permissions, in what is thought to be the first libel case against the watchdog.
In documents filed at the High Court, Adam Lucas, who ran Essex brokerage People Loans, claims the FSA libelled him by publishing a decision notice in which the regulator says Lucas failed to pay £1,349.41 in fees. The final notice cancels his permissions to carry on regulated activities, thereby removing his approved persons status. Lucas claims that as well as appearing on the regulator's website in March last year, the notice was published in about 11 newspapers and magazines, according to the Telegraph. He is suing the regulator for loss of earnings and damage to his reputation ...
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