The High Court has considered the extent to which a foreign exchange trading account falls within the definition of "contract for differences" in the Financial Services and Markets Act 2000 (FSMA) Regulated Activities Order 2001 (RAO). A customer had complained about an authorised firm's management of his FX trading account and had taken the complaint to the Financial Ombudsman Service (FOS). The firm said FOS had no jurisdiction over the complaint. FOS considered it did, and the then FSA agreed with it. The firm took the matter to court. The judge considered the wording of the terms on which the firm and the customer did business and concluded that the contracts were contracts for differences and therefore FOS had jurisdiction over the complaint. (Source: The Queen on the Application of London Capital Group and the Financial Ombudsman Service Ltd)