UK: ClientEarth claim against Financial Conduct Authority dismissed

The High Court has denied ClientEarth’s renewed application to challenge the Financial Conduct Authority's (FCA) approval of an oil and gas exploration company's prospectus.

ClientEarth lodged a legal complaint last year against the FCA over its approval of Ithaca Energy’s initial public offering (IPO). It wanted a judicial review to examine whether Ithaca's prospectus provided adequate information about the company’s exposure to climate-related risks, and whether the FCA should have signed off on it.

It was first denied permission in April 2023, and this was confirmed in December. The court said the case had no realistic prospect of success, but did confirm that ClientEarth had standing to pursue such a judicial review on a public interest basis.