FCA Avoids Disclosure Demand In Misleading Advice Suit

Law360, London (October 23, 2019, 4:05 PM BST) -- The Financial Conduct Authority does not have to hand over further documents in its suit accusing two men of giving unauthorized and misleading advice about retirement investments after a judge ruled Wednesday that the request for more information was too broad.

David Halpern QC, sitting as a deputy High Court judge, said he has “no hesitation” in dismissing the application by Craig Lummis and Lee Lummis. He concluded that the FCA had already met its obligations and that the information the men sought — about whether the watchdog believed at the time that their activities were lawful — would not help...

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