- Upper Tribunal finds for former CEO and highlights regulators’ failings (Stuart Forsyth v FCA and PRA)
- What are the practical implications of this case?
- What was the background?
- What did the court decide?
- Case details
Financial Services analysis: The Upper Tribunal (UT) overturned the decisions by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) to prohibit Mr Stuart Forsyth (for a lack of integrity) and impose a financial penalty totaling £154,498. In overturning the decisions, the UT highlighted multiple failures in relation to the regulators’ approach to evidential and disclosure obligations. As a result, documents pertinent to the issues before the UT, including a limitation issue raised by Mr Forsyth, were only identified and provided to Mr Forsyth shortly before and during the course of the proceedings. Due to the extent and seriousness of the failings, the UT took the unusual step of issuing a set of recommendations to ensure that the standard of conduct which can be expected from the regulators in relation to such matters improves going forward. Written by Adam Jamieson, partner at Bryan Cave Leighton Paisner LLP and Joanna Munro, associate at Bryan Cave Leighton Paisner LLP.
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