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A former mortgage broker is taking on the FSA without any legal representation as part of a £1.67m libel claim.
Adam Lucas, who ran People Loans between 2004 and 2007, claims the FSA has damaged his reputation by publishing a final notice against him for failing to pay fees and levies of £1,349.41.
He says: "I had relinquished my own permission well over a year before they think I did. I hadn't submitted the last three RMARs and it is well known if you don't submit one you have your permission taken away.
"In the decision notice, they said there wasn't a response to their warning notice, but there was. It is there in the court documents in black and white."
Lucas has launched a claim for £1.67m against the FSA - £215,000 for damage to reputation and the remainder for actual losses and future earnings.
He claims the publicity following the publication of the notice, which appeared across the financial media, has left his reputation in tatters.
He adds: "They have destroyed my career and I am not qualified to do anything else.
"I offered to mitigate my whole losses if they reversed their position but I was just met with institutional denial and arrogance all way through."
Although a preliminary hearing was due to be held on 4 April, it has now been pushed back until 20 May after the FSA asked for a two-and-half hour hearing.
Due to the prohibitive costs surrounding libel action, Lucas has chosen to represent himself at the Royal Courts of Justice as a litigant in person.
Lucas says his case will outline how the FSA demonstrated bad faith, malice, misfeasance in public office, breach of their statutory duties and breach of human rights.
He adds: "I offered to mitigate my whole losses if they reversed their position but I was just met with institutional denial and arrogance all the way through."
The FSA has previously argued the claim should "be struck out as an abuse of process" as Lucas is seeking an adjudication on the FSA's legally-backed decision.
The regulator denies the claim, which it says has no merit.
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Stick it to the ba****ds
Good Luck, you have my admiration
Posted by: Bob
Who pays?
If Mr Lucas wins, we pay his compensation and the FSA's legal fees. If Mr Lucas loses, we pay the FSA's legal fees only. We are left in the invidious position of hoping Mr Lucas loses, so as to mitigate our loses. The FSA decision makers cannot lose) If I was a betting man I would not bet on Mr Lucas winning. How can he when the FSA is above the court?
Posted by: Green Eyed Monster
Heads they win - Tails they still win
I'm surprised that Lucas is even contemplating his legal action against the FSA he knows the rules or if he doesn't then he shouldn't be giving out mortgage advice as it seems he has been. Whilst we all at times experience frustration with the FSA and the jobs-worths employed by the FSA and it's all about following the rules that they follow, rightly or wrongly. My experience when terminating certain of my permissions and becoming D. A. with the FSA was drawn out over a six month's period and yes it was frustrating but I lived with it and got on with my life. Lucas give up now because you wont win, remember the FSA have millions of our money to defend this sort of action.
Posted by: Ken Wilson
Absolutely no chance of winning!
Sorry the defence appears to be Oh I couldn't be bothered to cancel my authorisation, like everyone knows they have to do, as its obvious I don't want it if I don't do a return?! Doesn't sound like even the FSA could lose this one. Surely if the FSA wins he will pay their costs, which will be slightly more than the £1,000. Mind you the assets are probably in his wife, cats, dogs, Grannies name! I understand that fighting the FSA seems a great idea but surely a stronger/intelligent case would be nice, then we could see them lose.
Posted by: Cynical
Dummer or Dummer
Have I missed something, but if you have relinguished your permissions before being struck off, how can you claim loss of future earnings and damage to reputation in the sole industry to which you know if you did not intend to continue anyway? It doesn't add up to me.....
Posted by: Dummer or Dummer?
Broker to fight FSA alone
Oh I so hope you win Adam but didn't you know that the FSA have something called Statutory authority which means the are above the law and the courts. There is a wonderful solicitor called Alasdair Sampson who acts only for IFA's. I suggest you or anyone who needs help look him up on LinkedIn.
Posted by: Jennifer Nicholls
Obvious outcome
Adam, I wish you well with your claim. However, you must surely realise that much stronger claims than your own have tried and failed. Did you not realise that the FSA are above the law?. What they lack in common courtesy and common sense they make up for in arrogance and bullying, and there is no sign of it stopping. Even if you could hire Rumpole of the Bailey, the FSA would hire Al Capone. Same tactics. Same result. If you win, which is extremely unlikely, you'd better emigrate with the judge who found in your favour.
Posted by: Keith Jayne
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