If a person or organization is unauthorized whilst conducting investment activity, or takes deposits, then this is a breach of the criminal law. There are a range of actions that the FSA might take in such a situation as we shall see in the relvant lecture, for further reading you might want to read my article in 1(1) of Bankers' Law. See Clayton, N: Equitable Developments, Human Rights, and FSA Powers.

In one decision, FSA v Rourke, Mr Rourke argued that his human rights had been infringed when the FSA wanted a declaration of illegal deposit taking. This was rejected but it did show that human rights arguments were being raised in individual banking cases, not against banks but against regulatory authorities.

There are also situations where the FSA might take disciplinary action against individuals or organizations. Now that there is the Independent Financial Services and Markets Tribunal to deal with complaints against actions by the FSA, it becomes much more difficult for litigants to argue that their human rights have been infringed, in the form of denial of access to the courts, since there is now an independent process. This point of a lack of a proper independent process to deal with complaints against the FSA was not even raised in the litigation involving Davies and the FSA when disciplinary proceedings were brought against Davies and Another by the FSA.

Students should note that there is an interesting website which contains an interesting selection of cases dealt with by the FSA and many involving disciplinary action.

In a recent decision, K Ltd v Nat West Bank Plc, much talked about in academic circles, the interference with a company's bank account, whilst the police authorities decide whether or not to take further action in relation to alleged money laundering under PCCA 2002 was considered to be proportionate and legitimate. The balance lay in enabling the police authorities time to decide what to do rather than giving the individual complete freedom over their bank account.