Geoffrey Alan Hoodless and Sean Michael Blackwell v Financial Services Authority
Upper Tribunal Tax and Chancery decision of Judge Bartlett QC and Member Chapman and Member Senior on 6 October 2003.
Read the full decision in .
WITHDRAWAL OF APPROVAL - fit and proper test - applicants carrying out controlled functions - first applicant the senior executive officer of stockbrokers with controlled functions as investment adviser and manager - second applicant the chief executive officer with controlled function as investment adviser - stockbrokers placing shares in company quoted on AIM - shortfall - public announcement indicating complete placing - non-disclosure of shortfall to SFA or to AIM team -attempted share support by 2nd applicant - FSA investigation - whether lack of due skill, care and diligence in failing to notify AIM team and seek guidance breached SFA Principle 1 (integrity and fair dealing) or Principle 3 (market conduct) - no - whether attempted support of price of shares in client company in breach of Principles 1 and 3 - yes - whether applicants guilty of failing to cooperate with regulator - yes, but only in limited respects - whether applicants’ conduct operated to the detriment of consumers and to confidence in the financial system - no - directions that decision notices be read in accordance with the tribunal’s findings - FSMA 2000 s 63(1) - FSA Handbook “Fit and Proper Test for Approved Persons” - SFA Statements of Principle.