The Upper Tribunal has denied an application which would prohibit the publication of details by which a former non-executive director of two mutual insurance societies could be identified, following the Financial Services Authority taking disciplinary action against her.
From early 2009 until May 2011, Angela Burns was a non-executive director of Marine and General Mutual Life Assurance Society and Teachers Provident Society.
When an investigation by the FSA uncovered an undisclosed conflict of interest the regulator took disciplinary action against her, proposing a prohibition order.
According to the regulator, Ms Burns had been trying for a non-executive directorship and consulting work from an investment manager at the same time as she was recommending that company to the two mutual societies.
Ms Burns subsequently applied to the Upper Tribunal to protect her identity, arguing that her primary source of income could be severed if clients heard about the decision notice against her.
Timothy Herrington, judge of the Upper Tribunal, said in his decision: “In my view the effects described... are not sufficient to satisfy me that the effect of publication will cause damage to Ms Burns’ livelihood which is so severe that it is out of proportion to the public interest in the principle of open justice...”
