SIB unsuccessful in challenge to judicial review of its investigation of Interdata (UK) Ltd R v SIB ex parte Interdata (UK) Ltd

Interdata (UK) Ltd, and in particular a director, Mr Colin French, devised a computer program to provide information on past price movements of shares to investors. The SIB's concern with the marketing of this programme by Interdata (UK) Ltd was that it might constitute the provision of investment advice and therefore require authorisation under the Financial Services Act 1986 (FSA). For that reason, SIB had been showing concern for some months and Interdata (UK) Ltd had therefore shown SIB the operation of the program. However, without warning on 10th September, 1996 Interdata received a letter (dated 9th September) from SIB pursuant to its power of investigation in s.105 FSA addressed to Mr French requiring him to produce by 4.30 pm on 12th September, 1996 the following categories of documents: