Tribunal rules in favour of applicant disciplined by FSA for breaches of financial promotions rules

Professor Joanna Gray, University of Newcastle

Background

The Financial Services and Markets Tribunal has published a lengthy and carefully reasoned decision in Fox Hayes v Financial Services Authority , which involved its consideration, interpretation and application of the financial promotion regulatory regime contained in both FSMA 2000 and relevant secondary legislation and the FSA’s own principles for business and conduct of business rules. The reference was brought by a Leeds firm of solicitors, Fox Hayes, which had between February 2003 and June 2004 approved financial promotions for a number of unauthorised overseas investment firms.