Judge quashes FSA decision notice after judicial review

The notice, issued in October 2010, proposed to censure the banker and fine him £100,000 for failures during the financial crisis of 2008, specifically a breach of Principle 6, which requires "due skill, care and diligence in managing the business of the firm for which he is responsible". However, the banker argued it should be quashed because the FSA's Regulatory Decisions Committee (RDC) had failed to give proper or adequate reasons for its decision, in breach of its duty to do so. Although the FSA contended that the banker had alternative remedy available to him, in the form of an ...