Practice Direction on the publication of Financial Services & Markets Tribunal decisions

  1. The provisions about decisions of the Tribunal are contained in paragraph 12 of Schedule 13 of the Financial Services and Markets Act 2000 and in Rules 20 and 28 of the Financial Services and Markets Tribunals Rules 2001 SI 2001 No.2476.

  2. Rule 20 provides that the Tribunal shall make arrangements for the public pronouncement of its decisions and that this may be done by giving the decision orally in open court or by publishing the decision in writing. Normally decisions will be published in writing rather than given orally in open court. Publication will usually be effected by posting the decision on the Tribunal’s website and making copies available to those who request them.

  3. Rule 20(4) provides that, where the whole or part of the hearing has been in private, the Tribunal shall invite the parties to make representations as to whether it would be undesirable to make a public pronouncement of the whole or part of its decision. Such invitation will normally be given at the conclusion of a hearing the whole or part of which has been in private.

  4. Paragraph 12(3)(b) of Schedule 13 provides that the Tribunal shall send to each party a copy of its written decision containing a statement of its reasons for the decision and signed and dated by the Chairman. Rule 28(3) provides that clerical mistakes in any decision, or errors arising from an accidental slip or omission, may be corrected by a certificate signed by the chairman.

  5. When the chairman has signed and dated the decision it will be sent to both parties on the strict understanding that the decision, or its effect, is not to be published or disclosed to any other person until the decision is published by the Tribunal. The parties will be asked to notify the Secretary of the Tribunal (with a copy to the other party) within two business days whether there are in the decision any clerical mistakes or errors arising from an accidental slip or omission.

  6. The chairman may then correct the decision after which a copy of the final version of the decision will be sent to the parties and published by the Tribunal on its website. Only when they received the final version of the decision may the parties provide copies to other persons.