FCA faces legal action over approval of prospectus from Cambo field operator

'Waved through' prospectus

The UK's financial regulator has been hit with a legal challenge over its decision to approve the prospectus documents of an oil and gas company that allegedly failed to meet a legal requirement on climate-related risk disclosure.

Environmental law charity ClientEarth revealed this morning it had lodged the suit with the High Court against the Financial Conduct Authority, alleging the regulator had failed in its legal duty when it approved the prospectus from Ithaca Energy, a company with significant interests in the controversial Cambo and Rosebank oil and gas fields in the North Sea. Under current legislation, a company can only list on UK markets after the FCA has reviewed and approved its prospectus, which should provide a summary of the key information about the company and the risks potential investors might...