UK

Financial Services and Markets Tribunal halves the FSA fine for Legal & General Assurance Society Limited

Joanna Gray, University of Dundee

At the end of May, the Financial Services and Markets Tribunal concluded its deliberations in the reference brought by the Legal & General Assurance Society Limited (L&G) in 2003. That reference represented the first serious large scale challenge before the Tribunal by a regulated firm of the Financial Services Authority’s (FSA’s) exercise of its enforcement jurisdiction under the Financial Services and Markets Act 2000. Furthermore, the case attracted widespread interest in the broader UK regulated industry.