FSMT APPLICATION FOR PERMISSION – non-investment insurance activities – application refused on grounds that controlling shareholder whose approval as Director (CF1) was included in application was not fit and proper (Threshold Condition 5) and because in consequence the company would not have the requisite resources (Threshold Condition 4) – Tribunal finding that director not fit and proper but no other reason to refuse application – whether resignation of director and disposal of his shares sufficient to distance himself from company – whether company then able to satisfy Threshold Condition 4 -jurisdiction of Tribunal to direct granting of permission in response to application in changed circumstances – reference allowed in part
Citations:
[2002] UKFSM FSM030
Links:
Financial Services
Updated: 15 July 2022; Ref: scu.268205