Upper Tribunal orders preliminary hearing to consider whether the FCA is a Qualifications Body under the Equality Act 2010

In a written decision dated 31 January 2025, in the matter of Teraiya v FCA, the Upper Tribunal accepted Mr Teraiya’s submissions that there should be a preliminary hearing to consider whether the FCA is a Qualifications Body within the meaning of the Equality Act 2010.

Saima Hanif KC is acting for Mr Teraiya in his referral to the Upper Tribunal, which arises out of the SKAT dividend arbitrage transactions. This referral is the first occasion on which the Upper Tribunal will be asked to consider the extent to which the FCA is subject to the Equality Act 2010, when exercising its enforcement powers. Saima is instructed by Harvey Knight at Withers.

The judgment is available here.

Saima has a global Financial Services regulatory practice and is listed in the legal directories across three regions (UK, EMEA and Asia Pacific) (“Saima is quickly becoming the dominant force in Financial Services [Regulatory work], both domestically and abroad…” (Chambers and Partners). She has acted in a number of high-profile disputes including: PRA v Wyelands Bank, PRA v Hunter, Stephens v FCA, Tinney v FCA, Rollet v DFSA and Siddique v DFSA.