FCA wins appeal in BlueCrest $700m redress scheme case

Matter to proceed to a full hearing

The Financial Conduct Authority has won its appeal against a tribunal's decision last year to block its power to impose a $700m redress scheme against BlueCrest Capital Management.

Back in July, three senior judges at the Court of Appeal heard a legal challenge from the FCA over the Upper Tribunal's decision to rule in favour of billionaire Michael Platt's hedge fund and reject the regulator's demand for investor compensation. In a ruling published on Wednesday (3 October), judge Andrew Popplewell said the FCA is "entitled in an appropriate case to impose redress for loss of a kind which is not recoverable in the courts". FCA resumes legal dispute with hedge fund BlueCrest over $700m redress scheme The financial watchdog said in a statement that the ruling ha...