[2025] UKUT 00185 (TCC)

The penalties which have been referred to us for determination were issued under FSMA s 91.

FSMA s 133 is headed “proceedings before Tribunal: general provision”, and applies where a person has made a reference to the Tribunal in respect of a decision of the Authority. Subsection (7A)(g) provides that a decision by the Authority to take action under s 91 is a “disciplinary reference”, and subsection (5) provides that in the case of such a reference, the Tribunal:

“(a)

must determine what (if any) is the appropriate action for the decision-maker to take in relation to the matter; and

(b)

on determining the reference, must remit the matter to the decision-maker with such directions (if any) as the Tribunal considers appropriate for giving effect to its determination.”

The hearing of a reference is not an appeal against a decision made by the Authority, but a complete rehearing of the issues which gave rise to the decision, see Burns v FCA [2017] EWCA Civ 2140 at [6].