The Upper Tribunal has made its decision concerning the procedure to follow in references made by former members of Keydata Investment Services Ltd’s (Keydata) senior management. The tribunal refused an FCA application for a split trial in relation to the misfeasance and penalty issues. The Tribunal also refused an application for specific disclosure of certain FSA and FCA documents relating to their decision-making processes because it was not persuaded that the disclosure requests were relevant to the issue of the individuals’ conduct. (Source: Upper Tribunal Manages Keydata Applications)