Earlier this week the Financial Services Authority announced the outcome of Mr John Pottage's appeal in respect of the FSA's decision to impose a fine on him in respect of alleged supervisory failings as the CEO at UBS Wealth Management (UK) Ltd and UBS AG in breach of Statement of Principle 7 of the Statements of Principle and Code of Practice for Approved Persons: see here. The Tribunal found that Mr Pottage had not committed the alleged misconduct (failing to take reasonable steps to ensure the firm's business complied with the requirements and standards of the regulatory system) and directed the FSA not to take action against him. The Tribunal's decision has now been published: see here (pdf).
Thursday, 26 April 2012
UK: supervision by approved persons - FSA loses Tribunal appeal
Earlier this week the Financial Services Authority announced the outcome of Mr John Pottage's appeal in respect of the FSA's decision to impose a fine on him in respect of alleged supervisory failings as the CEO at UBS Wealth Management (UK) Ltd and UBS AG in breach of Statement of Principle 7 of the Statements of Principle and Code of Practice for Approved Persons: see here. The Tribunal found that Mr Pottage had not committed the alleged misconduct (failing to take reasonable steps to ensure the firm's business complied with the requirements and standards of the regulatory system) and directed the FSA not to take action against him. The Tribunal's decision has now been published: see here (pdf).
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