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Conclusions
Conclusion and Directions
The Reference is dismissed.
In accordance with the relevant provisions of section 103 PA 2004:
We determine that the appropriate action for the Regulator to take in relation to the matter referred to us is to issue a CN to AP in the sum of £245,749 plus an uplift on account of time to be calculated as set out in [212] above.
We therefore vary the Regulator’s determination to that extent.
We remit the Reference to the Regulator with a direction that effect be given to our determination and there be liberty for the Regulator to apply to the Tribunal for further directions if required.
MARK BALDWIN
UPPER TRIBUNAL JUDGE
Release date: 01 August 2025
- Heading
- Introduction
- The Law
- The Role of the Tribunal
- Procedural History
- The Scheme
- The Evidence before us
- Monthly Payments to CW
- Support for AFR
- AP’s Financial Position
- The Regulator’s Submissions
- Mrs Pelgrave’s Submissions
- Discussion
- Sale of shares in DFHL: was AP a party to an act or a deliberate failure to act?
- Did that act or deliberate failure to act meet the material detriment test?
- Sale of shares in DFHL: is it reasonable to issue a CN to AP and, if it is, in what amount?
- Should we adjust our conclusion on the figure to be included in the CN by reference to the other acts asserted against AP by the Regulator
- Conclusions