Financial services

The Supreme Court, in allowing an appeal by the Financial Conduct Authority (FCA), held that the respondent former international chief investment officer of JP Morgan Chase Bank NA, which had been fined by the Financial Conduct Authority after incurring losses of $6bn in respect of a trading portfolio, was not a third party for the purposes of s 393 of the Financial Services and Markets Act 2000. Accordingly, he had not been entitled to be notified in notices sent to the bank by the FCA, under s 393. The court held, among other things, that, on the true construction of s 393 of the Act, a person was “identified” in a notice, under that section, if he was identified by name or by a synonym for him, such as his office or job title.