UT-2023-000053/54 - [2025] UKUT 00152 (TCC)

So far as the prohibition orders under section 56 FSMA and the withdrawal of approvals to perform senior management functions at CFP under section 63 FSMA are concerned, the References have already been dismissed.

So far as the financial penalties under section 66 FSMA are concerned, we approve the Authority’s calculation as set out in its email to the Applicants’ representative on 2 April and the spreadsheet enclosed with its application to the Tribunal on 28 April 2025.

We direct the Authority to issue final notices to the Applicants in the same terms as the Decision Notices issued on 3 May 2023 save in respect of the calculation of and amount of the penalties, which will be recalculated as described above.