FSMT WITHDRAWAL OF APPROVAL – fit and proper test – applicants carrying out controlled functions – first applicant the senior executive officer of stockbrokers with controlled functions as investment adviser and manager – second applicant the chief executive officer with controlled function as investment adviser – stockbrokers placing shares in company quoted on AIM – shortfall – public announcement indicating complete placing – non-disclosure of shortfall to SFA or to AIM team -attempted share support by 2nd applicant – FSA investigation – whether lack of due skill, care and diligence in failing to notify AIM team and seek guidance breached SFA Principle 1 (integrity and fair dealing) or Principle 3 (market conduct) – no – whether attempted support of price of shares in client company in breach of Principles 1 and 3 – yes – whether applicants guilty of failing to cooperate with regulator – yes, but only in limited respects – whether applicants’ conduct operated to the detriment of consumers and to confidence in the financial system – no – directions that decision notices be read in accordance with the tribunal’s findings – FSMA 2000 s 63(1) – FSA Handbook ‘Fit and Proper Test for Approved Persons’ – SFA Statements of Principle
Citations:
[2003] UKFSM FSM007
Links:
Financial Services
Updated: 10 June 2022; Ref: scu.195455