Key takeaways

• The UK Supreme Court has significantly narrowed the grounds on which a third-party will be deemed to have been “identified” in FCA enforcement notices, giving rise to third party rights under section 393 FSMA.
• A person will only be identified if he or she is referred to in a FCA enforcement notice by name, or a “synonym”, such as a job title, that can only refer to one person.
• Recourse to publicly available information to identify an individual will only be permissible to “interpret” the notice, rather than to “supplement” it.
• The individual’s identity must be discernable to a member of the general public (rather than someone with specialist knowledge or in the same sector as the individual).