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.
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PENALTY 鈥� penalty of 拢150,000 imposed by the Authority on the basis that the Applicant had received net profits from the business of 拢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 拢70,000 鈥� fresh evidence that the senior partner of the Applicant had also received commissions of $814,039 from the business 鈥� whether these commissions were profits of the Applicant 鈥� yes 鈥� whether the amount of the penalty should be increased from 拢70,000 鈥� yes - penalty determined at 拢146,000. - FSMA 2000 s 206(1).