Fox Hayes v The Financial Services Authority: FIN/2006/0015
Upper Tribunal Tax and Chancery decision of Judge Brice, Member Farquharson and Member O鈥橬eill on 24 September 2007.
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FINANCIAL PROMOTIONS 鈥� approval of non-real time financial promotions for unauthorized overseas persons 鈥� whether Applicant was able to show that it had taken reasonable steps to ensure that promotions clear, fair and not misleading 鈥� yes 鈥� whether Applicant had no reason to doubt that the overseas persons would deal with customers in the UK in an honest and reliable way 鈥� yes until mid-November 2003 but no thereafter 鈥� whether Applicant arranged for confirmation (that the promotions complied with the rules) to be carried out by an individual with appropriate expertise 鈥� yes 鈥� whether Applicant conducted its business with due skill, care and diligence 鈥� yes - whether penalty of 拢150,000 excessive 鈥� further submissions invited - FSMA 2000 Ss 21, 138 and 206 鈥� Conduct of Business Rules 3.6.1; 3.8.4; 3.12.6; Principles for Businesses, Principle 2.