FSA seeks permission to appeal Tribunal's decision on Fox Hayes

  • Story by: Sharon Flaherty
  • Magazine: FTAdviser
  • Published Thursday , April 10, 2008

The Financial Services Authority (FSA) has applied for permission to appeal a tribunal decision in relation to actions of misconduct by Fox Hayes.

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The Leeds-based solicitor is suspected of engaging in illegal boiler room activity, allowing its name to be used as an endorsement of the boiler room investment products.

This is the first time the Financial Services Authority has made such an appeal which must first go to the Financial Services and Markets Tribunal and be approved.

If unsuccessful they have the option of bringing their request for appeal to the High Court.

The Financial Services Authority is appealing the tribunal’s decision on the ground that errors of law have been made, particularly in interpreting the relevant regulatory rules.

It believes the penalty of £70,000 originally imposed and then increased to £146,000 does not properly reflect the misconduct and is hoping to have this figure raised.



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