Stuart Malcolm Forsyth v (1) The Financial Conduct Authority and (2) The Prudential Regulation Authority [2021] UKUT 0162 (TCC)
Upper Tribunal Tax and Chancery decision of Judge Timothy Herrington, Member Jo Neill and Member Peter Freeman on 06 July 2021
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FINANCIAL SERVICES– whether Chief Executive of small insurer demonstrated a lack of integrity in relation to issues arising out of his wife’s employment by the insurer - Statement of Principle 1 of the FCA’s and PRA’s Statements are of Principle for Approved Persons , Rule 1 FCA’s Individual Conduct Rules and Individual Conduct Standard 1 PRA’s Insurance Conduct Standards
Financial penalty - whether action to impose financial penalty partially time-barred- whether financial penalty appropriate and if so appropriate level of penalty - s 66 FSMA
Fitness and properness of director as approved person - prohibition order in relation to all functions in relation to regulated activities - s 56 FSMA