Financial Conduct Authority v Achilles Macris

On 19th May, the Court of Appeal handed down judgment in this long-awaited matter. The Court of Appeal upheld the decision of the Judge Herrington in the Upper Tribunal that the FCA had prejudicially identified Mr Macris in issuing a Final Notice to J P Morgan Chase imposing a financial penalty of £137 million in respect of failures arising from the so-called “London Whale” trades.  It found that the FCA should therefore have (but failed to) treat Mr Macris as a third party for the purposes of section 393 of the Financial Services and Markets Act 2000, such that he should have been accorded procedural rights before issue of the Final Notice, and was and is entitled to refer to the Final Notice to the Upper Tribunal for a hearing as to whether the criticisms of him are fair and appropriate, or should be changed.  The terms of the judgment will be of considerable significance for those involved in financial services enforcement activity. 

The full judgment can be read by clicking here: http://www.bailii.org/ew/cases/EWCA/Civ/2015/490.html 

Javan Herberg QC appeared for Mr Macris in the Court of Appeal and the Tribunal.