[2025] UKUT 00185 (TCC)

As set out at §484, FSMA s 91 provides that if the Authority considers that a director “was knowingly concerned in the contravention it may impose upon him a penalty of such amount as it considers appropriate”. The Authority imposed a penalty of £223,600 on Mr Donaldson and a penalty of £134,600 on Mr Arden, by reference to the approach set in their Decision Procedure and Penalties Manual (“DEPP”). The Applicants submitted that the Authority should instead have issued a public censure, and that in any event the quantum of the penalties were “grossly disproportionate”.