AUTHORISATION – Fit and proper – Refusal to grant Part IV permission – Mortgage-related activities – Earlier authorisation of applicant cancelled on grounds of failure to submit RMAR returns – Refusal to re-authorise based on evidence of earlier failures – Reference dismissed – FSMA 2000 s.41(2)
[2010] UKUT B13 (TCC)
England and Wales
Updated: 04 February 2022; Ref: scu.577940
UTTC FINANCIAL SERVICES – third party rights-procedure-whether amendments to Authority’s Statement of Case should be permitted-Rules 2, 5(3)(c) and para 4 Sch 3 Tribunal Procedure (Upper Tribunal) Rules 2008.
[2017] UKUT 82 (TCC)
England and Wales
Updated: 04 February 2022; Ref: scu.577813
Nicol J
[2017] EWHC 323 (Admin)
England and Wales
Updated: 03 February 2022; Ref: scu.577298
Application for order sanctioning transfer of business scheme.
Warren J
[2017] EWHC 1439 (Ch)
Financial Services and Markets Act 2000
England and Wales
Updated: 31 January 2022; Ref: scu.589954
Challenge to prospective regulatory action against the claimants in respect of pensions schemes of which they had charge.
Whpple J
[2017] EWHC 7 (Admin)
England and Wales
Updated: 28 January 2022; Ref: scu.573209
This appeal concerns the legality of pension arrangements for former directors of Granada Group Ltd. Andrews J held a trial on liability only, at the conclusion of which she decided that the arrangements were lawful.
Lewison, Christopher Clarke, Hamblen LJJ
[2016] EWCA Civ 1289
Bailii
England and Wales
Employment, Financial Services
Updated: 27 January 2022; Ref: scu.572415
Walker J
[2016] EWHC 2824 (Comm)
Bailii
England and Wales
Financial Services, Equity
Updated: 26 January 2022; Ref: scu.571756
Appeal against a determination of Deputy Pensions Ombudsman rejecting Mr Wise’s complaints of maladministration against his life company and pension trustees
Arnold J
[2016] EWHC 2814 (Ch)
Bailii
England and Wales
Financial Services
Updated: 26 January 2022; Ref: scu.571451
Blair J
[2016] EWHC 2699 (Comm)
Bailii
England and Wales
Financial Services
Updated: 25 January 2022; Ref: scu.571025
Rose J
[2016] EWHC 2530 (Ch)
Bailii
England and Wales
Financial Services, Professional Negligence
Updated: 24 January 2022; Ref: scu.570343
The Hon Mr Justice Lightman
[2002] EWHC 2997 (Admin)
Bailii
Financial Services and Market Act 2000
England and Wales
Financial Services
Updated: 20 January 2022; Ref: scu.178815
ECJ Directive 2003/6 Insider dealing – Use of inside information – Sanctions – Conditions
[2009] EUECJ C-45/08
Bailii
Citing:
Preliminary Ruling – Spector Photo Group and Van Raemdonck v Commissie voor het Bank, Financie en Assurantiewezen (CBFA) ECJ 10-Sep-2009
ECJ (Approximation Of Laws) Opinion – Insider trading Using inside information Directive 2003/6 / EC . .
Lists of cited by and citing cases may be incomplete.
European, Financial Services
Updated: 20 January 2022; Ref: scu.567370
Renewed application for permission to appeal against a decision refusing the appellant permission to bring judicial review proceedings against the Financial Conduct Authority.
[2015] EWCA Civ 896
Bailii
England and Wales
Financial Services
Updated: 03 January 2022; Ref: scu.551253
Walker J
[2015] EWHC 1746 (Comm)
Bailii
England and Wales
Contract, Financial Services, International
Updated: 02 January 2022; Ref: scu.550064
[2015] UKUT 252 (TCC)
Bailii
England and Wales
Financial Services
Updated: 01 January 2022; Ref: scu.549091
UTTC FINANCIAL SERVICES – independent financial adviser – whether approved person able to demonstrate that he provided suitable advice – whether he took reasonable steps to ensure compliance with regulatory standards-Statements of Principle 2 and 7 Financial Penalty-whether action precluded by limitation – s66(4), (5) FSMA – appropriate level of penalty – s66(3) FSMA Fitness and properness of approved person-withdrawal of approvals and prohibition order in relation to significant influence functions – s56 and 63 FSMA Cancellation of firm’s permission – s 55J FSMA
[2015] UKUT 265 (TCC)
Bailii
England and Wales
Financial Services
Updated: 01 January 2022; Ref: scu.549089
This appeal raises a question of contractual interpretation. Its significance lies in the fact that the contractual condition in question forms part of the Loan Market Association standard terms and conditions for par trade transactions which are a recommended set of terms published by the LMA and commonly used in the secondary loan market. Tael had sought summary judgment in its claim against the defendant under a standard form contract relating to Premium Payments order, The Court of Appeal refused such judgment, and Teal now appealed.
Held: The appeal was rejected. The word ‘accrue’ describes the coming into being of a right or an obligation. The amount may not fall due until a future date, but an entitlement may nevertheless have accrued. Interest or fees might accrue, in that sense, by reference to the lapse of time, but this was not such a situation. An entitlement to a payment premium under the loan agreement accrues on a defined event. The payment premium is expressed as an amount equal to the difference between the total of several other amounts, on the one hand, and an amount equal to interest calculated at a given rate, on the other hand, so it might be said that part of the premium relates to the period before the settlement date. That does not however mean that the premium can be regarded, retrospectively, as having notionally accrued over that period. The method of calculation of the premium should not be confused with the accrual of the right to it.
Lord Neuberger, President, Lord Kerr, Lord Reed, Lord Toulson, Lord Hodge
[2015] UKSC 12, [2015] WLR(D) 122, [2015] BUS LR 278, UKSC 2013/0127
Bailii, Bailii Summary, WLRD, SC, SC Summary
England and Wales
Citing:
Appeal from – Tael One Partners Ltd v Morgan Stanley and Co International Plc CA 1-May-2013
Morgan Stanley appealed against summary judgment given against it in respect of the application of the terms of a standard form assignment of a Loan agreement.
Held: The words ‘which are expressed to accrue by reference to the lapse of time’, . .
At first instance – Tael One Partners Ltd v Morgan Stanley and Co International Plc ComC 9-Jul-2012
Each party sought summary judgment.
Held: Popplewell J granted Tael’s application and dismissed Morgan Stanley’s. The payment premium was similar to interest and performed an analogous function. The cost of the borrowing was more than the . .
Cited – In re Howell KBD 1895
The court considered whether, a tenant having become bankrupt during the currency of a quarter, that part of the quarter’s rent apportionable to the part of the quarter before the order of adjudication should be held to be rent ‘accrued due’, within . .
Cited – Aitken v South Hams District Council HL 8-Jul-1994
A notice was served in 1983 under section 58 of the Control of Pollution Act 1974 requiring the abatement of a noise nuisance. That section was repealed by the Environmental Protection Act 1990, with effect from 1st January 1991, and a new procedure . .
Cited – In re Lysaght CA 1898
The testator bequeathed certain shares and declared that they ‘shall carry the interest accruing thereon at my death.’
Held: But for this clause the Apportionment Act would have allowed the residuary legatees to take the benefit of the . .
Lists of cited by and citing cases may be incomplete.
Contract, Financial Services
Updated: 28 December 2021; Ref: scu.544223
[2015] EWHC 463 (Comm)
Bailii
England and Wales
Financial Services
Updated: 28 December 2021; Ref: scu.543526
Application for the sanction of the court to an insurance business transfer scheme under which the entire long-term insurance business of Prudential Annuities Limited . . is to be transferred to The Prudential Assurance Company Limited. Ancillary orders are sought under s112 of the Financial Services and Markets Act 2000.
Birss J
[2014] EWHC 4770 (Ch)
Bailii
Fiancial Services and Markets Act 2000 112
England and Wales
Financial Services
Updated: 23 December 2021; Ref: scu.538722
Market abuse – Whether two emails contained Inside information – Yes – Whether emails sent in proper course of exercise of employment – No – Whether defence under section 123 FSMA available – No – Issue of penalty adjourned
[2014] UKUT 233 (TCC)
Bailii
England and Wales
Financial Services
Updated: 17 December 2021; Ref: scu.534509
BFS was a company incorporated in Singapore which conducted its internal affairs in Singapore Dollars. It was by statute required to render its accounts in that currency. It paid its staff in Singapore Dollars. It sought damages in Singapore dollars.
Held: The currency ‘which most truly expresses BFS loss’ was the Japanese Yen and any judgment for damages should be expressed in that currency. The rate of interest should be awarded as the rate of the currency of the award of damages.
The Hon Mr Justice Evans-Lombe
[2003] EWHC 2371 (Ch)
Bailii
England and Wales
Citing:
Cited – Miliangos v George Frank (Textiles) Ltd HL 1975
The issue was whether an English court was able to award damages in Sterling only.
Held: The House distinguished clearly between the substance of the debtor’s obligations and the effect of English procedural law when a debt in a foreign . .
Cited – The Despina R, The Folias HL 1979
The House dealt with the issue of the proper currency for the award of damages. There had been a collision at sea. In The Folias, damages in contract were claimed by charterers of a ship against the owners to be recouped compensation that they had . .
Mentioned – The Pacific Colocotronis CA 1981
. .
Cited – The Texaco Melbourne 1994
In deciding what should be the appropriate currency for a damages award, no account should be taken of fluctuations in the value of currencies between the date of breach and the date of judgment. . .
Cited – Ketteman v Hansel Properties Ltd HL 1987
Houses were built on defective foundations. The purchasers sued the builders and later the architects who designed them. The defendants argued that the houses were doomed from the start so that the cause of action accrued, not when the physical . .
Cited – Helming Schiffahrts GMBH v Malta Drydocks Corporation 1977
A German ship owning company claimed in contract arising from a contract for the construction of two ships in Malta. The currency of account specified by the contract was Maltese Pounds. The court awarded interest on the judgment, although in . .
Cited by:
Cited – Borealis Ab v Geogas Trading Sa ComC 9-Nov-2010
The parties had contracted for sale and purchase of butane for processing. It was said to have been contaminated. The parties now disputed the effect on damages for breach including on causation, remoteness, mitigation and quantum.
Held: The . .
Lists of cited by and citing cases may be incomplete.
Damages, Financial Services
Updated: 13 December 2021; Ref: scu.186811
ICO The complainant requested the following information in relation to the Parliamentary Ombudsman’s report of 2008 into the Equitable Life crisis in 1998:- I wish to identify the names of the eight life companies referred to in para. 74 who gave ‘general cause for concern’ and the one life company (other than Equitable Life) who was ‘of particular concern’. The Commissioner’s decision is that the Financial Services Authority (FSA) has incorrectly applied the exemption under section 43(2) of FOIA to the requested information. The FSA has also breached sections 1(1)(b) and 10(1) of FOIA. The Commissioner requires the public authority to disclose the requested information to the complainant.
Section of Act/EIR and Finding: FOI 1 – Complaint Upheld, FOI 10 – Complaint Upheld, FOI 43 – Complaint Upheld
[2012] UKICO FS50417870
Bailii
England and Wales
Information, Financial Services
Updated: 10 December 2021; Ref: scu.529482
Olympic Airlines, incorporated in Greece, but with headquarters in London, went into liquidation. The pensions scheme had been run with a deficit. The trustees no sought the winding up of the company under British law.
Held: To be an establishment for the purposes of the Insolvency Regulation the following qualities must be present on the date the petition was presented:
(1) a place of operations, at which –
(2) the company carries out an activity which is:
(a) economic, and
(b) non-transitory,
(3) with
(a) human means, and
(b) assets. OA satisfied each of those conditions.
Sir Andrew Morritt Ch
[2012] EWHC 1413 (Ch)
Bailii
Insolvency Act 1986, Pensions Act 1995, Council Regulation (EC) 1346/2000
England and Wales
Citing:
Cited – Staubitz-Schreiber (Area of Freedom, Security and Justice) ECJ 17-Jan-2006
ECJ Judicial cooperation in civil matters – Insolvency proceedings – Regulation (EC) No 1346/2000 – Temporal application – Court having jurisdiction . .
Cited – Interedil Srl, in liquidation v Fallimento Interedil Srl, Intesa Gestione Crediti SpA ECJ 20-Oct-2011
interedill2ECJ2011
ECJ Reference for a preliminary ruling – Whether a lower court has the power to refer a question to the Court for a preliminary ruling – Regulation (EC) No 1346/2000 – Insolvency proceedings – International . .
Cited – Trillium (Nelson) Properties Ltd v Office Metro Ltd ChD 9-May-2012
Winding-up petition in which the principal issue is whether or not Office Metro Limited can be wound up in this jurisdiction in the light of the fact that, despite its being an English registered company, its centre of main interest is in . .
Cited by:
Appeal from – Olympic Airlines Sa Pension and Life Insurance Scheme v Olympic Airlines Sa CA 6-Jun-2013
The court considered the the jurisdiction under EU law to commence a secondary winding-up in England of a company whose main liquidation is taking place in Greece. That depended upon whether the company, registered in Greece had a sufficient . .
At First Instance – Olympic Airlines Sa Pension and Life Assurance Scheme, The Trustees of The v Olympic Airlines Sa SC 29-Apr-2015
The airline was incorporated in Greece but with an office in the UK. It became insolvent leaving a deficit in the UK employee pension scheme. The trustees of the fund sought a secondary insolvency within the UK, and now a reference to the European . .
Lists of cited by and citing cases may be incomplete.
Insolvency, European, Financial Services, Employment
Updated: 06 December 2021; Ref: scu.459890
[2014] EWHC 1838 (QB)
Bailii
England and Wales
Financial Services
Updated: 04 December 2021; Ref: scu.526434
FINANCIAL SERVICES – preliminary hearing – third party rights – s 393 Financial Services and Markets Act 2000 – whether applicant identified in notice – yes
[2014] UKUT B7 (TCC)
Bailii
England and Wales
Cited by:
At UTTC – The Financial Conduct Authority v Macris CA 19-May-2015
Appeal by the Authority against a decision by the Upper Tribunal (Tax and Chancery Chamber) deciding, as a preliminary issue determined in accordance with Rule 5(3)(e) of the Tribunal Procedure (Upper Tribunal) Rules 2008, that the respondent to . .
At UTTC – Financial Conduct Authority v Macris SC 22-Mar-2017
The claimant had complained that the appellant Authority had made public a penalty imposed on a former employer but implicating him without he being first given an opportunity to make representations. . .
Lists of cited by and citing cases may be incomplete.
Financial Services
Updated: 03 December 2021; Ref: scu.525885
Claims on failure of investments.
Walker J
[2014] EWHC 539 (Comm)
Bailii
Financial Services
Updated: 02 December 2021; Ref: scu.523451
The claimant stock broking firm sought to recover its uninsured losses after having paid out for what was said to have been negligent advice by the respondent, a self-employed broker working for them.
Held: The power to recover such losses were part of the contract with the broker, and the provision did not offend against public policy and were not void: ‘there is no intrinsic bar to the parties to a contract giving a power to one of them to determine something which affects their rights. It is, of course, a very different situation to that where contract provides for a tribunal to determine disputes between the parties, which tribunal is to be independent of the parties, and later a question of bias arises relating to the tribunal. These cases show that the court will intervene when an express term of the contract has not been complied with by the decision-maker, or where an implied term such as to act reasonably and in good faith has not been met. The jurisdiction of the court is not ousted.’
Sir Raymond Jack
[2013] EWHC 2137 (QB)
Bailii
England and Wales
Citing:
Cited – Lee v Showmens Guild of Great Britain CA 1952
Decisions of inferior tribunals, including arbitrators, were reviewable on the basis of general error of law on record for which certiorari might issue. A decision may be reviewable where there was no evidence supporting particular conclusions.
Cited – West of England Shipowners Mutual Insurance Association (Luxembourg) v Cristal Ltd CA 1996
A contract had been set up to provide compensation for oil pollution losses. It was between oil companies who contributed to the fund and its administrators, Cristalwho was to ‘be the sole judge in accordance with these terms of the validity of any . .
Cited – R E Brown and others v GIO Insurance Limited CA 6-Feb-1998
A reinsurance contact provided for an excess and limit of liability to be calculated on the basis of ‘each and every loss and/or series of losses arising out of one event.’ It also provided that ‘The Reassured shall be the sole judge as to what . .
Cited – Skidmore v Dartford and Gravesham NHS Trust HL 22-May-2003
The disciplinary code for doctors employed by the NHS provides different procedures cases involving allegations of ‘professional conduct’ or ‘personal conduct.’ The first would involve a more judicial process, and the second a more informal . .
Lists of cited by and citing cases may be incomplete.
Financial Services, Employment
Updated: 17 November 2021; Ref: scu.513546
The parties, both Portuguese had entered into now disputed interest rate swap agreements which provided for them to be subject to English law and jurisdiction. The bank claimant sought to enforce the agreements, and the defendant argued that, neither party having a connection with England, the matter should be heard in Portugal.
Held: The request for the matter to be dealth with in Portugal failed. Not every aspect of the contract had Portuguese only elements, and article 3 could only be applied if all were.
Blair J
[2016] EWHC 465 (Comm), [2016] WLR(D) 125, [2016] 4 WLR 49
Bailii, WLRD
Convention 80/934/EEC 3(3)
Contract, International, Financial Services
Updated: 11 November 2021; Ref: scu.560753
For the reasons set out, the Public Authority was not obliged to comply with the Complainant’s request for information by reason of sections 14(1) and 14(2) of the Freedom of Information Act 2000. No action is required by the Public Authority.
[2011) UKFTT EA – 2010 – 0203
Bailii
Freedom of Information Act 2000 1 14 40
England and Wales
Citing:
Cited – Durant v Financial Services Authority CA 8-Dec-2003
The appellant had been unsuccessful in litigation against his former bank. The Financial Services Authority had subsequently investigated his complaint against the bank. Using section 7 of the Data Protection Act 1998, he requested disclosure of his . .
Lists of cited by and citing cases may be incomplete.
Financial Services, Information
Updated: 11 November 2021; Ref: scu.440387
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 co-operation was part of the statutory purpose of the FSA. There was no error in the appointment of the investigators, and the requirement for production of documents was properly made.
Sir Anthony May, President, Lord Justice Stanley Burnton and Lord Justice Jackson
[2010] EWCA Civ 123
Bailii, Times
Financial Services and Markets Act 2000 171 172 354(1)
England and Wales
Citing:
Appeal from – AMRO International Sa and Another, Regina (On the Application of) v The Financial Services Authority and Others Admn 25-Aug-2009
. .
Cited – Colt Industries v Sarlie (No. 2) CA 1966
Lord Denning MR discussed the status of a foreign judgment whilst under appeal: ‘The appeal itself does not render it not final and conclusive, nor should the possibility of leave to appeal. It seems to me that the proper test is this : is the . .
Cited – Tajik Aluminium Plant (Tadaz) v Hydro Aluminium As and others CA 24-Oct-2005
Application for leave to appeal against refusal to grant witness orders to attend arbitration. The respondent had argued that the request was too vague and broad.
Held: Moore-Bick LJ said: ‘In order to answer the question raised in this case I . .
Cited – In re Asbestos Insurance Coverage HL 1985
A London insurance brokerage company had been ordered to produce documents pursuant to a letter of request issued by a Californian court in proceedings brought by manufacturers of asbestos against their insurers. The 1975 Act empowered the court to . .
Lists of cited by and citing cases may be incomplete.
Financial Services, International
Updated: 11 November 2021; Ref: scu.401791
UTTC Market Abuse-Insider dealing-Penalty-Appropriate amount-Whether verifiable evidence of serious financial hardship-whether financial loss arising after the bereach to be taken into account.
[2010] UKUT B16 (TCC)
Bailii
England and Wales
Financial Services
Updated: 02 November 2021; Ref: scu.428153
The claimant appealed against the rejection of her claim to the survivor’s pension after the death of her longstanding partner, even though they had not been married. The rules said that she had to have been nominated by her partner, but he had not done this.
Held: Her appeal was dismissed. The state was to secure for her equal enjoyment of article 14 rights without discrimination for status without some objective justification for any denial of the associate right. This required more than just a proactive role, and the state was to respect a Convention right. The justification required an objective assessment and a court could not substitute its own view, and more so where the decision-maker was the legislature, that would normally be respected unless demonstrably unfounded. If the assessment was not directly by the legislature, a court might be less reluctant to interfere, and even more so when the claimed justification had not been present when the decision was made.
The weight given to the claimant’s self-chosen status rather than from an immutable characteristic, would depend on the context and the particular case
Lady Hale (Deputy President), Lord Kerr, Lord Wilson, Lord Reed, Lord Dyson
[2017] UKSC 8, [2017] WLR(D) 88, [2017] 1 WLR 519, [2017] ICR 434, [2017] 2 All ER 1001, [2017] IRLR 366, UKSC 2014/0180
Bailii, Bailii Summary, WLRD, SC, SC Summary, SC Summary Video
Local Government Pension Scheme (Benefits, Membership
and Contributions) Regulations 2009, European Convention on Human Rights 14
Northern Ireland
Citing:
At First Instance – Brewster, Re Judicial Review QBNI 9-Nov-2012
The applicant challenged the decision of the respondent Northern Ireland Local Government Officers’ Superannuation Committee (‘NILGOSC’) made on 1 July 2011, by which it declined to pay a survivor’s pension to the applicant following the death of . .
Appeal from – Brewster v Northern Ireland Local Government Officers’ Superannuation Committee CANI 1-Oct-2013
Appeal by the Committee and the Department of the Environment for Northern Ireland from a decision allowing the respondent’s application for judicial review of a decision by the Superannuation Committee not to pay a survivor’s pension to the . .
Cited – Marckx v Belgium ECHR 13-Jun-1979
Recognition of illegitimate children
The complaint related to the manner in which parents were required to adopt their own illegitimate child in order to increase his rights. Under Belgian law, no legal bond between an unmarried mother and her child results from the mere fact of birth. . .
Cited – Kopecky v Slovakia ECHR 28-Sep-2004
(Grand Chamber) The court said of the practice of the Convention institutions under A1 P1: ‘An applicant can allege a violation of article 1 of Protocol 1 only in so far as the impugned decisions related to his ‘possessions’ within the meaning of . .
Cited – Begum (otherwise SB), Regina (on the Application of) v Denbigh High School HL 22-Mar-2006
The student, a Muslim wished to wear a full Islamic dress, the jilbab, but this was not consistent with the school’s uniform policy. She complained that this interfered with her right to express her religion.
Held: The school’s appeal . .
Cited – In re P and Others, (Adoption: Unmarried couple) (Northern Ireland); In re G HL 18-Jun-2008
The applicants complained that as an unmarried couple they had been excluded from consideration as adopters.
Held: Northern Ireland legislation had not moved in the same way as it had for other jurisdictions within the UK. The greater . .
Cited – Swift v Secretary of State for Justice CA 18-Mar-2013
The claimant appealed against refusal of a declaration that the 1976 Act infringed her human rights. She had been cohabiting for six months, when her partner was killed in an accident at work for which a third party was liable. Because she had not . .
Cited – Stec and Others v United Kingdom ECHR 12-Apr-2006
(Grand Chamber) The claimants said that differences between the sexes in the payment of reduced earning allowances and retirement allowances were sex discrimination.
Held: The differences were not infringing sex discrimination. The differences . .
Cited – Tigere, Regina (on The Application of) v Secretary of State for Business, Innovation and Skills SC 29-Jul-2015
After increasing university fees, the student loan system was part funded by the government. They introduced limits to the availability of such loans, and a student must have been lawfully ordinarily resident in the UK for three years before the day . .
Cited – Humphreys v Revenue and Customs SC 16-May-2012
Separated parents shared the care of their child. The father complained that all the Child Tax Credit was given to the mother.
Held: The appeal failed. Although the rule does happen to be indirectly discriminatory against fathers, the . .
Cited – Belfast City Council v Miss Behavin’ Ltd HL 25-Apr-2007
Belfast had failed to license sex shops. The company sought review of the decision not to grant a licence.
Held: The council’s appeal succeeded. The refusal was not a denial of the company’s human rights: ‘If article 10 and article 1 of . .
Lists of cited by and citing cases may be incomplete.
Financial Services, Family, Discrimination, Human Rights
Updated: 01 November 2021; Ref: scu.573900
UTTC MISCONDUCT – fit and proper person – Limitation – Payment Protection Insurance – alleged pressure to sell unsuitable products and to favour a particular lender – allegedly inadequate compliance – failure to provide Authority with information- misleading Authority – financial penalty
[2012] UKUT B30 (TCC)
Bailii
England and Wales
Financial Services
Updated: 31 October 2021; Ref: scu.468860
Briggs JSC said: ‘the Deed exists primarily for the benefit of non-parties, that is the employees upon whom pension rights are conferred whether as members or potential members of the Scheme, and upon members of their families (for example in the event of their death). It is therefore a context which is inherently antipathetic to the recognition, by way of departure from plain language, of some common understanding between the principal employer and the trustee, or common dictionary which they may have employed, or even some widespread practice within the pension industry which might illuminate, or give some strained meaning to, the words used.’
Briggs JSC, Longmore, Floyd LJJ
[2017] EWCA Civ 1482, [2018] Pens LR 2
Bailii
England and Wales
Cited by:
Cited – Barnardo’s v Buckinghamshire and Others SC 7-Nov-2018
The Court considered the interpretation of a clause in a pension scheme trust deed which defines the phrase ‘Retail Prices Index’ and which allows the trustees of the pension scheme to adopt a ‘replacement’ of the officially published Retail Prices . .
See Also – Safeway Ltd v Newton and Others CA 13-Jul-2020
Determining Normal Pension Ages under occupational pension scheme. . .
Lists of cited by and citing cases may be incomplete.
Updated: 13 October 2021; Ref: scu.595817
[1999] EWHC QB 184
Bailii
England and Wales
Updated: 10 October 2021; Ref: scu.136000
[2015] EWHC 1398 (Admin)
Bailii
England and Wales
Updated: 27 September 2021; Ref: scu.546879
Where shares had been purchased at an artificially inflated price, after a fraudulent misrepresentation, the loss was calculated on the value they would have had on the market with full knowledge of the company’s affairs, absent that misrepresentation.
Gazette 08-Jun-1994, Times 08-Mar-1994, Gazette 20-Apr-1994
England and Wales
Cited by:
Appeal from – Smith New Court Securities Ltd v Scrimgeour Vickers HL 21-Nov-1996
The defendant had made misrepresentations, inducing the claimant to enter into share transactions which he would not otherwise have entered into, and which lost money.
Held: A deceitful wrongdoer is properly liable for all actual damage . .
Lists of cited by and citing cases may be incomplete.
Updated: 29 August 2021; Ref: scu.89322
The court was asked as to the fiduciary obligations owed by members of the board of a limited liability company.
Held: Sales J said that: ‘there is nothing in the Act to qualify the usual fiduciary obligations which an agent owes his principal in relation to the transactions which the agent enters into on the principal’s behalf’.
Sales J said: ‘Fiduciary obligations may arise in a wide range of business relationships, where a substantial degree of control over the property or affairs of one person is given to another person. Very often, of course, a contract may lie at the heart of such a business relationship, and then a question arises about the way in which fiduciary obligations may be imposed alongside the obligations spelled out in the contract. In making their contract, the parties will have bargained for a distribution of risk and for the main standards of conduct to be applied between them. In commercial contexts, care has to be taken in identifying any fiduciary obligations which may arise that the court does not distort the bargain made by the parties: see the observation by Lord Neuberger of Abbotsbury writing extrajudicially in ‘The Stuffing of Minerva’s Owl? Taxonomy and Taxidermy in Equity’ [2009] CLJ 537, 543 and Vercoe v Rutland Fund Management Ltd [2010] EWHC 424 (Ch) at [351]-[352]. The touchstone is to ask what obligations of a fiduciary character may reasonably be expected to apply in the particular context, where the contract between the parties will usually provide the major part of the contextual framework in which that question arises.’
Sales J
[2011] EWHC 1731 (Ch), [2012] 3 WLR 10, [2012] Ch 613
Bailii
Limited Liability Partnerships Act 2000 6(1)
England and Wales
Citing:
See Also – F and C Alternative Investments (Holdings) Ltd v Barthelemy and Another ChD 14-Jul-2011
The parties applied to the court for a conclusion to their action without the draft judgment being handed down and published, they having reached agreement.
Held: It was within the judge’s discretion and in this in the public interest for the . .
Cited by:
See Also – F and C Alternative Investments (Holdings) Ltd v Barthelemy and Another ChD 28-Oct-2011
. .
See Also – F and C Alternative Investments (Holdings) Ltd and Others v Barthelemy and Another CA 22-Jun-2012
The parties, former partners in a limited liability partnership providing investment funds management, had been involved in protracted and bitter litigation. The appellant now challenged the award of indemnity costs. . .
Cited – Hosking v Marathon Asset Management Llp ChD 5-Oct-2016
Loss of agent’s share for breach within LLP
The court was asked whether the principle that a fiduciary (in particular, an agent) who acts in breach of his fiduciary duties can lose his right to remuneration, is capable of applying to profit share of a partner in a partnership or a member of a . .
Cited – Lehtimaki and Others v Cooper SC 29-Jul-2020
Charitable Company- Directors’ Status and Duties
A married couple set up a charitable foundation to assist children in developing countries. When the marriage failed an attempt was made to establish a second foundation with funds from the first, as part of W leaving the Trust. Court approval was . .
Lists of cited by and citing cases may be incomplete.
Updated: 04 August 2021; Ref: scu.441822
Relationships between Lloyds underwiters and others in the market rather than just names, could also bind the underwriter to a fiduciary relationship. Here the claimant had granted to the defendant a binding authority. This was in effect a similar relationship as would exist between underwriter and name. The defendant wrote business it knew to be contrary to the claimant’s interest and it acted dishonestly.
Thomas J
[2003] EWHC 1636 (Comm), Times 11-Aug-2003, [2003] 1 Lloyd’s Law Reports 525
Bailii
England and Wales
Cited by:
Cited – Fiona Trust and Holding Corp and others v Privalov and others ComC 20-Oct-2006
The parties disputed whether their claim should be arbitrated.
Held: A claim as to whether the contract itself had been made was not one which could be arbitrated by provisions in that contract. It does not arise ‘under’ the contract. The . .
These lists may be incomplete.
Updated: 11 July 2021; Ref: scu.184655
Financial Services and Markets Act 2000 – whether misuse of position as non-executive director – whether failure to make proper disclosure of conflict of interest – whether breach of APER Statement of Principle 1 – whether applicant fit and proper
References: [2014] UKUT 509 (TCC)
Links: Bailii
Statutes: Financial Services and Markets Act 2000
Jurisdiction: England and Wales
Last Update: 16 October 2020; Ref: scu.558972
FINANCIAL SERVICES – procedure – application to make reference out of time – whether Tribunal satisfied that in all the circumstances application should be granted – yes – Rule 2 and Schedule 3 Paragraph 2(2) Tribunal Procedure (Upper Tribunal) Rules 2008
References: [2015] UKUT 569 (TCC)
Links: Bailii
Jurisdiction: England and Wales
Last Update: 16 October 2020; Ref: scu.558939
FINANCIAL SERVICES – preliminary hearing – third party rights – s 393 Financial Services and Markets Act 2000 – whether applicant identified in notice – yes
References: [2015] UKUT 602 (TCC)
Links: Bailii
Statutes: Financial Services and Markets Act 2000 393
Jurisdiction: England and Wales
Last Update: 16 October 2020; Ref: scu.558948
FINANCIAL SERVICES -general insurance broker – whether director failed to exercise due skill care and diligence in managing the business – whether he took reasonable steps to ensure compliance with relevant standards regarding the operation of client money accounts – Statements of Principle 6 and 7 Fitness and properness of approved person – prohibition order in relation to significant influence functions – s 56 FSMA Financial penalty-appropriate level of penalty – s 66(3)FSMA.
References: [2015 UKUT 636 (TCC)
Links: Bailii
Jurisdiction: England and Wales
Last Update: 16 October 2020; Ref: scu.558950
Financial Services and Markets Act 2000 – reference of Authority’s decision to Tribunal – Tribunal Procedure (Upper Tribunal) Rules 2008 rule 10(3)(d)-(e) – whether some costs should be awarded to largely unsuccessful applicant
References: [2015] UKUT 601 (TCC)
Links: Bailii
Statutes: Financial Services and Markets Act 2000
Jurisdiction: England and Wales
Last Update: 16 October 2020; Ref: scu.558949
Trustees of a pension scheme in actuarial surplus were not entitled to treat a clause requiring them to make arrangements for the surplus as allowing them to forgive their own liability to make contributions without the Trustees’ agreement or a variation.
References: Times 25-Feb-1999, Gazette 03-Mar-1999, [1999] EWCA Civ 761
Links: Bailii
Jurisdiction: England and Wales
Last Update: 07 September 2020; Ref: scu.82506
References: [2016]UKUT 211 (TCC)
Links: Bailii
Ratio: UTTC FINANCIAL SERVICES – Decision Notice refusing permission for authorisation to carry on debt adjusting and debt counselling activities – giving of Decision Notice terminated Applicant’s Interim Permission to carry on those activities – Application for direction to suspend effect of Decision Notice until reference disposed of -whether Tribunal satisfied that the direction to suspend the effect of the notice would not prejudice the interests of consumers – No – Application dismissed -Rule5(5) The Tribunal Procedure (Upper Tribunal) Rules 2008 Privacy – application for direction to prohibit publication of Decision Notice and for Register not contain particulars of the reference-whether prohibition justified – no-application dismissed-Rule 14 and para 3(3) Schedule 3 The Tribunal Procedure (Upper Tribunal) Rules 2008
Last Update: 01-Aug-16
Ref: 567346
References: [2016] UKUT 192 (TCC)
Links: Bailii
Ratio: UTTC FINANCIAL SERVICES – Decision Notice refusing variation of permission to allow carry on credit broking debt adjusting and debt counselling activities – giving of Decision Notice terminated Applicant’s Interim Permission to carry on those activities – Application for direction to suspend effect of Decision Notice until reference disposed of – whether Tribunal satisfied that the direction to suspend the effect of the notice would not prejudice the interests of consumers – No – Application dismissed – Rule5(5) The Tribunal Procedure (Upper Tribunal) Rules 2008
Last Update: 01-Aug-16
Ref: 567345
References: [2016] UKUT 302 (TCC)
Links: Bailii
Ratio: FINANCIAL SERVICES – preliminary hearing – third party rights – s 393 Financial Services and Markets Act 2000 – whether applicant identified in notice – yes
Statutes: Financial Services and Markets Act 2000 393
Last Update: 31-Jul-16
Ref: 567364
References: [2012] UKUT B20 (TCC)
Links: Bailii
Ratio:
Last Update: 27-Jun-16
Ref: 466701
References: [2015] UKUT 220 (TCC)
Links: Bailii
Ratio Publication – whether Tribunal should prohibit publication on grounds that the consequence of such publication would cause disproportionate damage and outweigh the public interest served by the principle of open justice – whether exceptional circumstances – whether prejudice to other claims made by applicants – whether significant likelihood of conduct of others following publication which could cause disproportionate damage to the applicants – whether Tribunal should direct that references should not be included in the Register – FSMA 2000, s 391 – Tribunal Rules, rule 14(1) and Sch 3, para 3(3)
Last Update: 31-May-16
Ref: 549092
References: [2015] UKUT 181 (TCC)
Links: Bailii
UTTC Ratio FINANCIAL SERVICES – application for the Tribunal to extend time for a reference made out of time – decision notice issued pursuant to settlement agreement entered into between applicant and the FSA – application of principles in Data Select – whether good reasons for delay in making the reference – weight to be afforded to settlement agreement – merits of applicant’s case on reference
Last Update: 31-May-16
Ref: 549097
References: [2015] UKUT 603 (TCC)
Links: Bailii
UTTC Ratio FINANCIAL SERVICES – procedure – application to make reference out of time – whether Tribunal satisfied that in all the circumstances application should be granted -no-Rule 2 and Schedule 3 Paragraph 2(2) Tribunal Procedure (Upper Tribunal) Rules 2008
Last Update: 28-May-16
Ref: 558951
References: [2016] UKUT 103 (TCC)
Links: Bailii
UTTC Ratio FINANCIAL SERVICES – preliminary hearing – third party rights – s 393 Financial Services and Markets Act 2000 – whether applicant identified in notice – no
Statutes: Financial Services and Markets Act 2000 393
Last Update: 09-May-16
Ref: 562428
References: [2011] NICh 1
Links: Bailii
Last Update: 09-May-16
Ref: 440593
References: [2016] UKUT 129 (TCC)
Links: Bailii
UTTC Ratio FINANCIAL SERVICES – Decision Notice refusing permission for authorisation to carry on debt adjusting and debt counselling activities- giving of Decision Notice terminated Applicant’s Interim Permission to carry on those activities – Application for direction to suspend effect of Decision Notice until reference disposed of – whether Tribunal satisfied that the direction to suspend the effect of the notice would not prejudice the interests of consumers – No – Application dismissed-Rule5(5) The Tribunal Procedure (Upper Tribunal) Rules 2008
Privacy – application for direction to prohibit publication of Decision Notice and for Register not to contain particulars of the reference – whether prohibition justified -no- application dismissed- Rule 14 and para 3(3) Schedule 3 The Tribunal Procedure (Upper Tribunal) Rules 2008
Last Update: 10-May-16
Ref: 562415
References: [2016] UKUT 18 (TCC)
Links: Bailii
Ratio FINANCIAL SERVICES – Decision Notice refusing permission for authorisation to carry on debt adjusting and debt counselling activities-whether giving of Decision Notice terminated Applicant’s Interim Permission to carry on those activities-Yes-Article 58 Financial Services and Markets Act 2000 (Regulated Activities) (Amendment (No 2)) Order 2013 – s133A (4) FSMA
Statutes: Financial Services and Markets Act 2000 (Regulated Activities) (Amendment (No 2)) Order 2013 133A
Last Update: 06-May-16
Ref: 562416
References: [2016] UKUT 130 (TCC)
Links: Bailii
UTTC Ratio FINANCIAL SERVICES – Further application for direction to suspend effect of Decision Notice until reference disposed of – whether Tribunal satisfied that the direction to suspend the effect of the notice would not prejudice the interests of consumers – No – Application dismissed- Rule5(5) The Tribunal Procedure (Upper Tribunal) Rules 2008
Last Update: 30-Apr-16
Ref: 562423
References: [2015] UKUT B2 (TCC)
Links: Bailii
Withdrawal of approval to perform controlled functions pursuant to s. 63 FSMA, prohibition from performing any function in relation to regulated activity pursuant to s. 56 due to lack of integrity, breach of principles 1 and 6, imposition of financial penalty
Last Update: 16-Oct-15 Ref: 553200
References: [2015] UKUT 0408 (TCC)
Links: Bailii
UTTC Withdrawal of approval to perform controlled functions pursuant to s. 63 FSMA, prohibition from performing any function in relation to regulated activity pursuant to s. 56 due to lack of integrity, breach of principles 1 and 6, imposition of financial penalty
Last Update: 16-Oct-15 Ref: 553198
References: [2012] UKUT B14 (TCC)
Links: Bailii
UTTC STRIKE OUT OF REFERENCES – References by ex-Bradford & Bingley shareholders – Challenge to Valuer’s decision as to compensation for shareholders – Valuation – Reasonableness – Jurisdiction of Upper Tribunal in relation to points raised in References – Whether no reasonable prospect of Applicants’ cases succeeding
References: [2012] UKUT B31 (TCC), FS/2010/0039
Links: Bailii
UTTC FINANCIAL SERVICES – application for recusal of judge – apparent bias – fair-minded and informed observer – whether sharing of office or other proximity to judge formerly chairman of RDC and involved in the case whilst employed by the FSA would lead observer to conclude that there was a real possibility of bias
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 – FSMA 2000 s40
Statutes: Financial Services and Markets Act 2000 40
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 – FSMA 2000 32(1), 40(1(c) and 206(1).
Statutes: Financial Services and Markets Act 2000 32(1) 40(1)(c) 206(1)
References: [2012] UKUT B29 (TCC)
Links: Bailii
UTTC FINANCIAL SERVICES – regulated mortgage business – whether applicant fit and proper to carry out any controlled function involving exercise of significant influence – prohibition order – FSMA 2000, s56
Statutes: Fincial Services and Markets Act 2000 56
References: [2013] UKUT B1 (TCC)
Links: Bailii
UTTC FINANCIAL SERVICES – authorisation to carry on regulated activity – approval to perform controlled functions – decisions to refuse applications – fit and proper – whether candidate for approval satisfied honesty and integrity criteria – failure to disclose prior investigation in applications for permission and approval – subsequent concealment by individual candidate – decision to reject applications upheld.
References: [2012] UKUT B16 (TCC)
Links: Bailii
UTTC Application for approval to perform Controlled Function CF30 – whether a fit and proper person – FSMA 2000, s 61 – integrity and reputation – competence and capability – financial soundness – conflict of interest – knowledge and understanding of investments recommended – proposal for remote supervision by applicant
References: [2014] UKUT 175 (TCC)
Links: Bailii
UTTC PENSIONS REGULATOR – Financial support direction – procedure – whether Targets should be barred from pursuing parts of their pleaded cases on grounds that previous case management decision had created an issue estoppel – no – whether to allow issue to continue to be pleaded would be an abuse of process – no – application dismissed
References: [2013] UKUT B8 (TCC)
Links: Bailii
UTTC Financial services – prohibition order – s 56 FSMA – matter remitted to Tribunal by Court of Appeal to address the question whether, even if applicant was not guilty of market abuse, his lying, which in earlier proceedings the Tribunal had found as a fact, demonstrated that he was not a fit and proper person – whether a prohibition order was appropriate in circumstances where applicant had not worked in financial services for a considerable period and gave evidence that he did not intend to do so
Last Update: 14-Nov-15 Ref: 521028
References: [2013] UKUT B10 (TCC)
Links: Bailii
UTTC PENSIONS REGULATOR – Financial support direction – procedure – whether Regulator and Trustee should be barred from pursuing parts of their pleaded cases on grounds that to do so would amount to an abuse of the Upper Tribunal’s Procedure and breach of the Upper Tribunal Procedure Rules – no – whether disclosure of documents should be directed in relation to certain matters pleaded by the Targets in reply to the Regulator’s Statement of Case – yes in part – whether the Regulator should disclose documents relating to its decision not to seek a financial support direction against Joint Venture Partner of one of the Targets – no
References: [2013] UKUT B9 (TCC)
Links: Bailii
UTTC FINANCIAL SERVICES – alleged breaches of Principle 7 (communication of information) and Principle 9 (suitability of advice) of Principles for Businesses and related Conduct of Business Rules in relation to Geared Traded Endowment Policies – whether Authority and Tribunal have jurisdiction – yes – whether Applicant breached Principles and COB Rules – yes – whether financial penalty appropriate – yes – amount of penalty confirmed – reference dismissed
References: [2014] UKUT B6 (TCC)
Links: Bailii
UTTTC FINANCIAL SERVICES – financial penalty for submitting fraudulent mortgage applications – whether conduct of applicant dishonest or recklessfound to be dishonest-whether imposition of financial penalty appropriateyes – scale of appropriate penalty – whether appropriate in the circumstances to take account of applicant’s means – yes – Authority directed to impose penalty of £80,000 – reference dismissed
References: [2013] UKUT B4 (TCC)
Links: Bailii
FINANCIAL SERVICES – general insurance broker – whether Applicant in breach of Statements of Principle 1 and 4 – standard of proof – forged documentation – failure to effect insurance – failure to keep clients informed of identity of insurer – failure to deal with the Authority in an appropriate, open and cooperative way – action under s 66 FSMA – whether prevented by limitation – construction of s 66(4), (5) – penalty – s 66(3) – prohibition order – s 56 FSMA’
References: [2012] UKUT B28 (TCC)
Links: Bailii
UTTC DECISION NOTICE – publication – whether Upper Tribunal should prohibit publication on grounds of potential serious reputational damage prejudice to civil proceedings or possible settlement discussions – FSMA 2000 S.391– Trib Proc (UT) Rules 2008 14(1) and Sch 3 para 3(3)
Statutes: Financial Services and Markets Act 2000 391
References: [2012] UKUT B5 (TCC)
Links: Bailii
Unauthorised person – prohibition order – not to perform any function in relation to regulated activities – prohibition order should be issued
References: [2014] UKUT 340 (TCC)
Links: Bailii
UTTC FINANCIAL SERVICES – procedure – application to make reference out of time – whether Tribunal satisfied that in all the circumstances application should be granted – yes – Rule 2 and Schedule 3 Paragraph 2(2) Tribunal Procedure (Upper Tribunal) Rules 2008
References: [2012] EWHC B4 (Mercantile)
Links: Bailii
Coram: Simon Brown QC
The claimant provided facilities for trading in financial derivatives, and had acted for the defendants. It now sought to recover substantial losses incurred on their accounts. The defendants denied that the sums were payable, on the basis that the claimant had not obtained the necessary client agreements required by the claimant’s regulator.
References: [2014] UKUT 348 (TCC)
Links: Bailii
Coram: Bishopp TJ
UTTC PROHIBITION – finding in High Court litigation that applicant had knowingly tendered false evidence – whether that finding could be undermined – no – production to the Authority by applicant of redacted and partial copy of High Court judgment to discredit another while concealing criticism of himself – whether applicant fit and proper – no – prohibition upheld
References: [2014] UKUT B2 (TCC)
Links: Bailii
Coram: Herrington UTJ
UTTC FINANCIAL SERVICES – Supervisory Notice – Application for direction to suspend effect of notice until reference disposed of – Notice varied Applicant’s permission by removing all regulated activities with immediate effect – Reason for notice being failure to satisfy Threshold Conditions-Respondent not satisfied that Applicant a fit and proper person because in its opinion Applicant conducting his affairs in an inappropriate matter and acted with a lack of integrity – whether Tribunal satisfied that the direction to suspend the effect of the notice would not prejudice the interests of consumers – No – Whether necessary for notice to take effect immediately-Yes – Application dismissed – Rule5(5) The Tribunal Procedure (Upper Tribunal) Rules 2008
References: [2011] UKUT B4 (FS)
Links: Bailii
UTTC MARKET ABUSE – Conditions in FSMA s118(2) – Whether applicant an insider within s118B(e) – Yes – Whether information not generally available – Yes – Whether information of a precise nature within meaning of s118C(2) – Yes – Whether information likely to have a significant effect on price within meaning of s118C(6) – Yes – Defence under s123(2)(a) of belief on reasonable grounds that not market abuse – Defence not made out – Penalty to be imposed – Whether applicant fit and proper – No – Prohibition.
References: [2014] UKUT 335 (TCC)
Links: Bailii
UTTC FINANCIAL SERVICES – whether applicant guilty of misconduct – breach of Statement of Principle 1 – dishonesty and lack of integrity – whether applicant is a fit and proper person – withdrawal of approval to carry out approved functions – FSMA, s 63 – prohibition order – s 56 – financial penalty – s 66
References: [2014] UKUT 214 (TCC)
Links: Bailii
UTTC FINANCIAL SERVICES – withdrawal of approval and prohibition of approved person – whether Applicant made false and misleading representations in mortgage applications – yes – whether Applicant failed to deal with the Authority in open and co-operative manner – yes – whether Applicant dishonest – no – whether Applicant lacked integrity – yes – whether Applicant fit and proper person – no – prohibition from carrying out any function confirmed – reference dismissed
References: [2013] UKUT B2 (TCC)
Links: Bailii
UTTC MARKET ABUSE – share price manipulation – whether demonstrate- yes – FSMA s 118 – whether entering into contracts for difference knowing counterparty would hedge by placing orders for stocks amounts to behaviour ‘in relation to’ qualifying investments – yes- whether open to FSA to take action against dissolved Canadian corporation regulated in Canada and with no place of business in United Kingdom – yes- scale of penalty- reference dismissed.
Statutes: Financial Services and Markets Act 2000 118
References: [2015] UKUT 13 (TCC)
Links: Bailii
UTTC FINANCIAL SERVICES – investment management – management of conflicts of interest – compliance monitoring – separation of decision making within firm acting for different customers – whether property of open ended investment companies managed with the aim of providing a prudent spread of risk as regards liquidity – Principles 2, 3, 8 in respect of alleged breaches by firm and Statements of Principle 6 and 7 in respect of alleged breaches by individual Applicants
Management of conflicts of interest in respect of four specific transactions – whether Applicants acted without integrity – Principle 1 in respect of alleged breaches by firm and Statement of Principle 1 in respect of alleged breaches by individual Applicants Financial penalty and public censure – whether action against individual Applicants prevented by limitation – s66(4), (5) FSMA – appropriate level of penalty – ss66(3), 205 FSMA
Fitness and properness of individuals – withdrawal of approvals – prohibition orders – ss56 and 63 FSMA
