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Mortgage broker sues FSA for libel

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.


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There are 6 comments at the moment, we would love to hear your opinion too.

  1. go Adam!….cant beat a moderrn day ROBIN HOOD story!!
    Although I must say the way the FSA has expossed some of the banks recently is slightly reassuring that maybe we are on an even keel after all.

  2. Ummmmm……I’m no lawyer but doesnt FSMA 2000 grant the FSA and its employees immunity from prosecution……?

    The best of luck with the case.

  3. When the FSA start withdrawing banks permissions to transact business as well, then we we will be on an even keel.

  4. Difficult to win against an adversary with unlimited resources and even if you do win, Mr Lucas, it won’t cost the FSA anything. As always, everyone else will be forced to pay. But I wish you the best of luck anyway.

  5. If the FSA treated their own staff in this manner, they would be in court for constructive dismissal. I hope they lose this one,to the benefit of every self employed salesman who has a threatened existence.

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