Briceamery Capital Ltd v The Financial Conduct Authority

Facts

BriceAmery Capital Ltd ("BCL") is a small firm whose sole fee-earner and director is Mr Nazzim Ishaque. In March 2023 the Financial Ombudsman Service upheld a complaint by a person anonymised as Mr A, who said he had paid BCL £55,000 in 2014 for investment and fees, and ordered BCL to return the money with growth and pay £250 compensation. BCL refused to comply, maintaining that the complainant was in truth a Mr B and that the claim was fraudulent. Its judicial review challenges to the award were refused permission and certified as totally without merit, and permission to appeal was refused by Falk LJ. The Financial Conduct Authority, having been notified of the non-payment, issued a warning notice and then, on 18 November 2025, a decision notice cancelling BCL's Part 4A permission under section 55J(2) of the Financial Services and Markets Act 2000 for breach of DISP 3.7.12R, Principle 6 and the Suitability Threshold Condition. BCL referred the notice to the Upper Tribunal. After a video call with the complainant on 11 March 2026 suggested identity fraud, the Authority discontinued under section 389(1) of the Financial Services and Markets Act 2000 and withdrew its case. BCL then applied for indemnity costs of £1,122,067.