FSA loses privilege battle in Keydata investigation

The recent case of R (on the application of Stewart Ford) -v- FSA [2011] EWHC 2583 contains a number of important lessons for corporate entities and their officers facing investigation. It considers the scope of joint interest privilege and illustrates the importance of keeping engagement documentation clear. The FSA, whose conduct during an investigation has for the first time been criticised in a judicial review, will need to consider carefully the way it approaches future enforcement action.

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