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FSA enforcement verdict is overturned

The FSA has vowed to continue to bring enforcement cases against senior management despite losing a high-profile test case which sought to fine former UBS UK wealth management division chief executive John Pottage £100,000 for inadequate supervision.

The FSA published a decision notice against Pottage in October 2010, which imposed a £100,000 fine for misconduct and for failing to act earlier to implement a review of UBS’ systems and controls. Pottage referred the case to the Upper Tribunal and it was heard in November 2011 and in January. The tribunal issued its decision on April 20 and found no evidence of misconduct.

The tribunal’s judgment, seen by Money Marketing, says: “The FSA has not satisfied us from the evidence that Mr Pottage’s standard of conduct was ’below that which would be reasonable in all the circumstances’.”

FSA acting director of enforcement and financial crime Tracey McDermott says: “The outcome of this case will not deter us from bringing other cases.”

Pottage was appointed chief executive of UBS’ wealth division in September 2006 and carried out a review of the firm’s systems and controls in July 2007. During the period before the review was completed, various incidents occurred, including a £600,000 payment fraud in January 2007.

DAC Beachcroft partner Matthew Rutter says: “Just because something goes wrong does not mean an individual has automatically breached their regulatory obligations.”


BNY Mellon appoints global head of distribution

BNY Mellon has appointed PeterPaul Pardi as global head of distribution for its investment management business. Pardi has more than 20 years of client and business development experience, primarily in financial services and asset management. He was previously the executive director, global head of institutional investment placement, for Arcapita, a global private equity firm. He […]

BoE’s David Miles says his vote for more QE is justified

Bank of England Monetary Policy Committee member David Miles says his decision to vote for more quantitative easing earlier this month looks to be justified due to weakness in the economy. Miles was the only member of the MPC to call for an expansion of monetary policy earlier this month. Fellow MPC member Adam Posen […]

Shock tactics

IMF scaremongering on longevity risk should spur the industry to act

Boosting our annuity strategies

Targeting annuity purchase in lifestyle strategies isn’t anything new but we’ve just lifted the bonnet and injected an enhancement shot into the end-point of these solutions. The recent volatility has shot short-term volatility into equity markets and painted a very turbulent backdrop but we’re also equally faced with a stressed fixed interest environment. This can […]


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