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.