W-v-JFSC [2016] JRC 231A [W V JFSC] is another example of a successful challenge to the regulator’s actions.
In this case, the failure to provide reasons for the decision to issue a public statement was not only deemed unreasonable but also a breach of the law.
The Royal Court held that the JFSC should provide reasons for its decision to issue a public statement in respect of W as well as further and better particulars of certain paragraphs of the proposed public statement. In particular, any breaches of duty or codes of practice relied upon should be identified expressly.
The judgment reinforces the principle that a person affected by a proposed public statement or other regulatory action should know why the decision has been made and what material has been relied upon in making that decision.
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