In documents filed at the High Court, Adam Lucas, who ran Essex brokerage People Loans, claims the FSA libelled him by publishing a decision notice in which the regulator says Lucas failed to pay £1,349.41 in fees.
Lucas claims that as well as appearing on the regulator’s website in March last year, the notice was published in about 11 newspapers and magazines, according to the Telegraph.
He is suing the regulator for loss of earnings and damage to his reputation on the grounds the regulator did not attempt to contact him using the usual channels.
He says he was out of the country in the run-up to the notice being issued, and only found out about it when he returned to the UK and received a new job offer. However, he was unable to take the post as he had lost his approved status.
In its defence filing, the FSA argues his claim should “be struck out as an abuse of process” as he is seeking an adjudication on the FSA’s legally-backed decision.
The regulator denies the claim, which it says has no merit.
