Mortgage broker Adam Lucas is suing the FSA for libel after the regulator published a decision notice which cancelled his permissions to operate as a broker.
The decision notice was issued because the FSA claims Lucas failed to pay £1,349.41 in fees. However Lucas contends that the FSA did not attempt to contact him using the usual channels, and claims he was out of the country in the run-up to the notice being issued. As a result, he says he was unable to accept a job offer when he returned to the UK as he had lost his approved regulatory status.
Lucas is suing the FSA for up to £1.67m in loss of earnings and damage to reputation.
The FSA would not comment on the case as it is ongoing.