Financial Services – Financial Conduct Authority. The Upper Tribunal (Tax and Chancery Chamber) held that a warning notice and a final notice, issued by the respondent Financial Conduct Authority (the FCA), making references to 'traders' sent to a financial institution, imposing on it a financial penalty as a result of trading losses, had the effect of identifying the applicant where it was clear that the FCA intended to refer and had referred to the actions of specific individuals when it had attributed the actions concerned to the collective term used, and external sources were widely available for the relevant reader to identify the applicant.