UTTC FINANCIAL SERVICES – Part IV Permission – Refusal by Authority – Application for permission to conduct insurance broking activity – Lack of understanding of requirements of regulatory system – Lack of experience – Threshold Conditions 4 and 5 – Reference dismissed – FSMA 2000 s40 Sir Stephen Oliver QC [2011] UKUT B18 (TCC) (TCC) … Continue reading Mohammed Karim v FSA: UTTC 15 Mar 2011
The court was asked whether the Financial Services Authority had a power to prosecute money laundering offences under the 2002 Act, or whether, as contended by the defendant, its powers were limited to sections under the 2000 Act. Held: The defendant’s appeal failed. The FSA had the powers it contended for, and the provisions of … Continue reading Rollins, Regina v: SC 28 Jul 2010
The court was asked whether the Financial Services Authority had itself the power to prosecute offences under the 2002 Act. The defence said that the FSA’s powers were limited to offences under the 2000 Act. The FSA relied on its common law power to bring a prosecution. Held: the FSA was not a statutory body, … Continue reading Rollins, Regina v: CACD 9 Oct 2009
References: [2011] UKUT B18 (TCC) (TCC) Links: Bailii Coram: Sir Stephen Oliver QC UTTC FINANCIAL SERVICES – Part IV Permission – Refusal by Authority – Application for permission to conduct insurance broking activity – Lack of understanding of requirements of regulatory system – Lack of experience – Threshold Conditions 4 and 5 – Reference dismissed … Continue reading Mohammed Karim v FSA; UTTC 15 Mar 2011
Where an action had been begun on basis of allegations of negligence and breach of trust, new allegations of fraud where quite separate new causes of claim, and went beyond amendments and were disallowed outside the relevant limitation period. Sections 23 and 36 and the absence of express statutory mention in the 1980 Act of … Continue reading Paragon Finance Plc (Formerly Known As National Home Loans Corporation Plc v D B Thakerar and Co (a Firm); Ranga and Co (a Firm) and Sterling Financial Services Limited: CA 21 Jul 1998
Trial of a petition presented by the Financial Services Authority (‘FSA’) pursuant to s.367 of the Financial Services and Markets Act 2000 Citations: [2007] EWHC 539 (Ch), [2007] Bus LR 879 Links: Bailii Statutes: Financial Services and Markets Act 2000 367 Jurisdiction: England and Wales Financial Services Updated: 24 October 2022; Ref: scu.526405
The complainant made a freedom of information request to the Financial Services Authority (the public authority) to request copies of three reports it had produced in relation to Split Capital Investment Trusts. The public authority refused the request by relying on the exemptions; section 21 (Information accessible by other means); section 40 (Personal information), section … Continue reading Financial Services Authority (Decision Notice): ICO 7 Jul 2011
Judges: Newey J Citations: [2010] EWHC 2012 (Ch) Links: Bailii Statutes: Financial Services and Markets Act 2000 Jurisdiction: England and Wales Financial Services Updated: 22 August 2022; Ref: scu.421240
Judges: Snowden J Citations: [2020] EWHC 3266 (Ch) Links: Bailii Jurisdiction: England and Wales Financial Services Updated: 28 July 2022; Ref: scu.656640
This appeal is concerned with a challenge to the legality of legislation of the Scottish Parliament which deprives a person, A, who is accused of sexual activity with an under-aged person, B, of the defence that he or she reasonably believed that B was over the age of 16, if the police had previously charged … Continue reading AB v Her Majesty’s Advocate: SC 5 Apr 2017
FSMT Fit and proper person – Sections 40 and 60 Financial Services and Markets Act 2000 – Disciplinary finding by professional body and Applicant’s omission to disclose it on application for approval – References dismissed Citations: [2006] UKFSM FSM042 Links: Bailii Jurisdiction: England and Wales Financial Services Updated: 15 July 2022; Ref: scu.268220
The defendant company resisted disclosure of documents saying that they had been supplied by the Financial Services Authority in confidence, and that to disclose them would be an offence. Held: The information had already in principle been known to the defendants before the FSA investigation, and were not protected from disclosure. Judges: David Richards J … Continue reading Real Estate Opportunities Ltd v Aberdeen Asset Managers Jersey Ltd and others: ChD 15 Dec 2006
(Scotland) By the 2014 Act, the Scottish Parliament had provided that each child should have a named person to monitor that child’s needs, with information about him or her shared as necessary. The Institute objected that the imposed obligation to share information was outwith the powers of the Parliament. It extended the information to be … Continue reading The Christian Institute and Others v The Lord Advocate: SC 28 Jul 2016
The complainant requested under the Freedom of Information Act 2000 any communications between the public authority and ministers or officials in the Government of Iceland, the Icelandic FSA and the Central Bank of Iceland regarding Landsbanki that were forwarded to the Treasury between 4 October 2008 and 8 October 2008. The public authority provided some … Continue reading Financial Services Authority (Decision Notice): ICO 31 Aug 2011
The complainant made a freedom of information request to the public authority for information it held in relation to concerns it had about the management of the Leeds City Credit Union. The public authority refused the request under section 31 (Law Enforcement); section 40 (Personal information); section 43 (Commercial Interests) and section 44 (Prohibitions on … Continue reading Financial Services Authority (Decision Notice): ICO 1 Sep 2010
A statement made by a politician as to his intentions on a particular matter if elected could not create a legitimate expectation as regards the delivery of the promise after elected, even where the promise would directly affect individuals, and the costs of a child’s education. Any consequences of a failure to keep a promise … Continue reading Regina v Department of Education and Employment ex parte Begbie: CA 20 Aug 1999
The bank challenged measures taken by HM Treasury to restrict access to the United Kingdom’s financial markets by a major Iranian commercial bank, Bank Mellat, on the account of its alleged connection with Iran’s nuclear weapons and ballistic missile programmes. The bank sought to have the direction given under section 7 of the 2008 Act. … Continue reading Bank Mellat v Her Majesty’s Treasury (No 2): SC 19 Jun 2013
The court was asked four different schemes constituted ‘collective investment schemes’ within the meaning of section 235 of the 2000 Act, two schemes in particular, one relating to exploitation of a rice farm in Sierra Leone, the other to tradable carbon credits in respect of forest areas in Australia, Sierra Leone and the Amazon. Sir … Continue reading The Financial Conduct Authority v Capital Alternatives Ltd and Others: CA 25 Mar 2015
The claimant had supported the grant of a visa to a woman in order to speak to members of Parliament who was de facto leader of an Iranian organsation which had in the past supported terrorism and had been proscribed in the UK, but that proscription had been cancelled by the Tribunal. Lord Carlile appealed … Continue reading Lord Carlile of Berriew QC, and Others, Regina (on The Application of) v Secretary of State for The Home Department: SC 12 Nov 2014
The FSA appealed against an order refusing its request for inquiries and production of accounting records by the defendant accountants to satisfy a request issued by the US Securities and Exchange Commission. Held: The FSA had properly assessed the request, considering the seriousness of the allegations, and the strong public interest in mutual assistance. Such … Continue reading Financial Services Authority (FSA) and Others v AMRO International Sa and Another: CA 24 Feb 2010
The claimant sought relief by way of judicial review from a policy statement issued by the defendants regarding the alleged widespread misselling of payment protection insurance policies, and the steps to be taken to compensate the purchasers. They objected that the policy statement would require them to act beyond their obligations in law. Held: The … Continue reading British Bankers Association, Regina (on The Application of) v The Financial Services Authority and Another: Admn 20 Apr 2011
The regulated bank Kaupthing Singer and Friedlander Ltd (KSF) was in financial difficulties. The Bank of England required KSF to credit to a trust account all future deposits. KSF later went into insolvency. Some deposits had been credited to the trust account but not all. The court was asked whether the sum held was for … Continue reading Brazzill and Others v Willoughby and Others: CA 27 May 2010
The applicants had been imprisoned and held without trial, being suspected of international terrorism. No criminal charges were intended to be brought. They were foreigners and free to return home if they wished, but feared for their lives if they did. A British subject, who was suspected in the exact same way, and there were … Continue reading A v Secretary of State for the Home Department, and X v Secretary of State for the Home Department: HL 16 Dec 2004
UTTC PENALTY – Authorised Person – Partnership – Decision Notice imposing penalty issued after termination of Partnership – whether regulatory authority has power to impose penalty on dissolved partnership – whether partners are personally liable – who rank as partners in dissolved partnership – FSMA 2000 32(1), 40(1(c) and 206(1). Sir Stephen Oliver QC [2010] … Continue reading Fox Hayes v Financial Services Authority: UTTC 30 Mar 2010
References: [2010] UKUT B15 (FS) Links: Bailii Coram: Sir Stephen Oliver QC UTTC PENALTY – Authorised Person – Partnership – Decision Notice imposing penalty issued after termination of Partnership – whether regulatory authority has power to impose penalty on dissolved partnership – whether partners are personally liable – who rank as partners in dissolved partnership … Continue reading Fox Hayes v Financial Services Authority; UTTC 30 Mar 2010
