Fox Hayes v Financial Services Authority: FIN/2006/0015 Penalty
Upper Tribunal Tax and Chancery decision of Judge Brice, Member Farquharson and Member O'Neill on 29 February 2008.
Read the full decision in .
PENALTY – penalty of £150,000 imposed by the Authority on the basis that the Applicant had received net profits from the business of £29,975 - in the First Decision in this reference the Tribunal indicated that, on the basis of its then findings, it would reduce the penalty to £70,000 – fresh evidence that the senior partner of the Applicant had also received commissions of $814,039 from the business – whether these commissions were profits of the Applicant – yes – whether the amount of the penalty should be increased from £70,000 – yes - penalty determined at £146,000. - FSMA 2000 s 206(1).