http://media.guardian.co.uk/presspublishing/story/0,,2166722,00.html

They've got a pretty solid defence there:

'FHM said it received around 1,200 photos of women either topless or wearing lingerie for publication each week. It added that it was "extremely surprised" to learn that the girl was 14 "as she certainly appeared to be older", the PCC reported in its ruling today.'