A recent court decision has allowed parts of a legal challenge brought by Crispin Odey against the Financial Conduct Authority (FCA) to proceed to a full hearing in March 2026.
While it involves a high-profile figure in the financial world, the legal point behind it is actually relevant to many professionals and businesses: when can you challenge a regulator’s decision?
What happened?
In 2023, the FCA banned Mr Odey from working in regulated financial services and fined him £1.8 million, concluding he lacked integrity in the way he dealt with internal disciplinary matters.
Mr Odey disputes this and argues the regulator acted unfairly and beyond its proper role. A judge has now decided that some of his arguments-particularly around alleged bias and overreach-deserve to be heard at trial, even though other parts of his claim were dismissed.
So, the case isn’t won yet- but importantly, the court has confirmed it is arguable.
Why this matters (beyond finance)
Most businesses won’t deal with the FCA- but almost every business deals with some form of regulator or decision-making body:
- Professional regulators
- Ombudsmen
- Disciplinary panels
- Public authorities
- Even internal workplace investigations
This is decision is a reminder of three key legal points.
- Regulators don’t have unlimited power
They have wide discretion, but they must still act fairly and proportionately. If a decision appears predetermined, biased or outside their remit, it can be challenged.
- Reputation can be as serious as financial loss
Many regulatory findings centre around integrity rather that illegality. But the consequences- loss of career, contracts, or business- can be significant, which is why courts will scrutinise how the decision was reached.
- Challenges are technical-and early advice matters
You normally can’t just argue “the decision is harsh.”
You need to show something legally wrong in the process: fairness, reasoning, or authority.
We often see clients come to us after responding informally to a complaint when the groundwork for a challenge should really have started much earlier.
The practical takeaway
If you receive a regulatory or disciplinary finding, the important question is not just “is it correct?” but:
“Was it reached properly?”
That distinction often determines whether a decision can be overturned.
How Attwells can help
At Attwells Solicitors, we regularly assist clients dealing with investigations, complaints and adverse findings- both before and after a decision is made.
Getting advice early doesn’t escalate matters—it usually prevents them.
If you’re facing a regulatory issue or disciplinary outcome and aren’t sure whether it can be challenged, our team can talk you through your options in plain English.
