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

Read full decision in Forsyth decision for release

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

Published 6 July 2021