FCA faces legal action over approval of prospectus from Cambo field operator

'Waved through' prospectus

Cecilia Keating
clock • 3 min read

The UK's financial regulator has been hit with a legal challenge over its decision to approve the prospectus documents of an oil and gas company that allegedly failed to meet a legal requirement on climate-related risk disclosure.

Environmental law charity ClientEarth revealed this morning it had lodged the suit with the High Court against the Financial Conduct Authority, alleging the regulator had failed in its legal duty when it approved the prospectus from Ithaca Energy, a company with significant interests in the controversial Cambo and Rosebank oil and gas fields in the North Sea. Under current legislation, a company can only list on UK markets after the FCA has reviewed and approved its prospectus, which should provide a summary of the key information about the company and the risks potential investors might...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot