Fox Hayes v Financial Services Authority, Court of Appeal - United Kingdom Financial Services and Markets Tribunals, April 23, 2008,  UKFSM FSM058
|Resolution Date:||April 23, 2008|
|Issuing Organization:||United Kingdom Financial Services and Markets Tribunals|
|Actores:||Fox Hayes v Financial Services Authority|
PERMISSION TO APPEAL Tribunal reduced penalty imposed by Authority from £150,000 to £146,000 - application by Authority for permission to appeal to the Court of Appeal limited permission granted - FSMA 2000 s137; Financial Services and Markets Tribunal Rules 2001 SI 2001 No. 2476 r24 THE FINANCIAL SERVICES AND MARKETS TRIBUNAL THE FINANCIAL SERVICES AUTHORITY Appellant - and - FOX HAYES Respondent Tribunal : DR A N BRICE (Chairman) MRS C E FARQUHARSON MISS S C O'NEILL Sitting in Chambers on 23 April 2008 ©CROWN COPYRIGHT 2008 2 DECISION The application
On 31 March 2008 the Financial Services Authority (the Authority) applied for permission to appeal to the Court of Appeal from the decision of the Tribunal disposing of this reference. The decision of the Tribunal consists of both a First Decision (which was released to the parties on 24 September 2007 with a corrected version being released on 8 October 2007) and a Final Decision (which was released on 6 March 2008). The legislation and the Rules
Section 137 of the Financial Services and Markets Act 2000 (the 2000 Act) provides that a party to a reference may, with permission, appeal to the Court of Appeal on a point of law arising from a decision of the Tribunal disposing of the reference. "Permission" means permission given by the Tribunal or by the Court of Appeal.
Rule 23(2)(b) of the Financial Services and Markets Tribunal Rules 2001 SI 2001 No. 2476 (the Rules) provides that an application to the Tribunal for permission to appeal may be made by way of written application filed not later than fourteen days after the decision is sent to the party making the application. With the consent of Fox Hayes, the Tribunal allowed an application by the Authority for an extension of time until 31 March 2008 in which to lodge its application.
Rule 24(1) and (2) provides that an application to the Tribunal for permission to appeal may be decided by the Chairman without an oral hearing. This application was decided by the full Tribunal without an oral hearing but after reading representations from both parties. Rule 24(3) provides that the decision of the Tribunal on an application for permission to appeal, together with the reasons for the decision, shall be recorded in writing. This document records both the decision of the Tribunal and the reasons for it. Under Rule 24(4) a copy of this document will be sent to the Authority and to Fox Hayes, who is the other party to the reference. Under Rule 24(5) this document contains a direction that, if the Authority wishes to seek a wider permission from the Court of Appeal it must do so within fourteen days of the release of this decision. Background
On 17 October 2006 Fox Hayes referred to the Tribunal a Decision Notice issued by the Authority on 29 September 2006. The Decision Notice stated that the Authority had decided to impose a penalty on Fox Hayes of £150,000 because, in the view of the Authority, Fox Hayes had not taken reasonable steps to ensure that certain financial promotions (which it had approved for some overseas companies) were clear, fair and not misleading as required by Rule 3.8.4R1 of the Conduct of Business Rules and also because, in the view of the Authority, Fox Hayes had reason to doubt that the overseas companies would deal with customers in the United Kingdom in an honest and reliable way as required by 3.12.6R (2) of the Conduct of Business Rules. 3
After the reference had been made the Authority also argued that Fox...
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