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Upper Tribunal releases judgment in linked FCA appeals


The Upper Tribunal (Tax and Chancery Chamber) released last week its judgment in Andrew Page and Others v The Financial Conduct Authority [2022] UKUT 00124 (TCC).

In its 307-page judgment, the Upper Tribunal upheld decision notices issued by the FCA, principally relating to the transfer of c.1,500 retail customer pensions (totalling over £60 million) into loan notes and bonds being promoted by an unrelated entity.

James Lloyd acted for the second to fifth applicants. The case, comprising joined references, was heard over 5 weeks between November and, December 2021, and involved detailed consideration of IFA duties in respect of products, due diligence, duties relating to outsourced activities, and conflicts of interest.

The judgment also includes detailed consideration of the requirements of honesty and integrity for regulated IFAs, limitation, and de facto directorship.


The Financial Times

FT Adviser

Thomson Reuters – Practical Law


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James was instructed by Luke Gittos, partner at Murray Hughman Solicitors.


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