Young and Eversure Financial Services Ltd v Financial Services Authority: FSMT 27 Apr 2006

FSMT AUTHORIZATION – Suitability – Fitness and propriety – Applicant firm’s connections with other persons in a relevant relationship – Those other persons refused approval on grounds of non-disclosure – No other person to carry out controlled functions – Whether Applicant firm satisfies ‘fit and proper’ test – No – Threshold Condition 5
APPROVED PERSONS – Fit and proper to perform the controlled function – Non-disclosure by director seeking approval of earlier unsuccessful application to Lloyd’s – Whether applicant fit and proper – No – FSandMT 2000 s.61(1)

Citations:

[2002] UKFSM FSM032

Links:

Bailii

Financial Services

Updated: 15 July 2022; Ref: scu.268209