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).