NDI Insurance Brokers Limited and Others v The Financial Service Authority: FIN/2004/0027
Upper Tribunal Tax and Chancery decision of Judge Bishopp, Member Palmer and Member Burdon on 5 May 2006.
Read the full decision in .
APPLICATION FOR PERMISSION non-investment insurance activities application refused on grounds that controlling shareholder whose approval as Director (CF1) was included in application was not fit and proper (Threshold Condition 5) and because in consequence the company would not have the requisite resources (Threshold Condition 4) Tribunal finding that director not fit and proper but no other reason to refuse application whether resignation of director and disposal of his shares sufficient to distance himself from company whether company then able to satisfy Threshold Condition 4 jurisdiction of Tribunal to direct granting of permission in response to application in changed circumstances reference allowed in part.