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FSA loses four out of seven applications to appeal on case

The Financial Services and Markets Tribunal has partially rebuffed the FSA over its application to appeal against a tribunal decision concerning solicitor firm Fox Hayes.

The tribunal has granted the regulator leave to appeal on only three out of the seven grounds the regulator put forward in April after it overruled an FSA decision last October to fine Fox Hayes £150,000.

The tribunal found the FSA was wrong to reach some of its conclusions and slashed the fine to £70,000 although it added a £74,400 fine for other misdemeanours it uncovered. The FSA says the firm did not act appropriately on financial promotion of overseas companies.

Compliance consultant Adam Samuel says the tribunal has landed “another bloody nose” on the FSA by only granting leave to appeal on three of the seven grounds. He says: “The regulator can still obtain leave on the remaining points from the Court of Appeal so all is not lost yet.”

The FSA refused to comment on the decision.


The australian angle

The best way to structure and implement personal accounts in the UK has been the subject of much debate in recent years and many of the details are yet to be ironed out. Consultation is continuing into the charging structure that should be adopted as well as investment choice and means testing procedures. Australian Minister […]


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