UT-2022-00097 - [2024] UKUT 00352 (TCC)

We see no reason to make any further adjustment on the basis that had the Authority taken the same view on the disgorgement figure as we and the Applicant have done in this case, the Applicant may well have settled the matter at an earlier stage and obtained up to a 30% discount on the penal element of the financial penalty.

In our view, the Authority had a clearly arguable case on the approach to be taken in defining the “financial benefit” in this case. It was therefore appropriate that the Authority should contest the matter in the Tribunal.