UK: Tribunal finds individual 'fit and proper' to be a director

In an interesting decision, the Upper Tribunal (Tax and Chancery Chamber) (Financial Services) has found that an individual wanting to become a director of an authorised firm was 'fit and proper' to do so, contrary to what the Financial Services Authority had argued: see here (pdf).

The conduct on which the Financial Services Authority had relied in declining the individual's application for approval was described by the Tribunal as being "... unfortunate instances of carelessness rather than indications of any lack of honesty or integrity, or of the appropriate competence and capability to perform the function of a director". In the Tribunal's opinion, it was unlikely that the individual would make similar mistakes again.