Battle royal as the Keydata case grinds on

It can also be predicted with some confidence that should the FCA win the tribunal then one or more of the individuals would seek redress at the court of appeal. If they were to be granted leave to speak this would result in a significant delay.

With such a range of potential sources of delay still available to Messrs Ford, Owen and Johnson, it seems likely that this matter will drag on for many more months. Additionally there is the distinct possibility that they may seek to use other more inventive challenges to delay the case and to hinder the FCA such as by making complaints using the FCA’s complaint scheme. Nonetheless, even if the matters are again delayed it does now look as if the tribunal will eventually rule on the allegations in issue.

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Marcus Bonnell is regulatory counsel at law firm RPC