A quick blog post to note the recent decision by the Upper Tribunal to unanimously clear John Pottage CEO at UBS Wealth Management (UK).
The decision can be found here. A review from Travers Smith LLP can be found here.
Despite the fact the FSA's fine of £100,000 was unanimously over turned the opinion of Travers Smith is that it was very much based on the facts. However, this result may still undermine the FSA's credible deterrence strategy and motivate other members of senior management to challenge decisions of the FSA. Firms may also back their management more often.
The decision can be found here. A review from Travers Smith LLP can be found here.
Despite the fact the FSA's fine of £100,000 was unanimously over turned the opinion of Travers Smith is that it was very much based on the facts. However, this result may still undermine the FSA's credible deterrence strategy and motivate other members of senior management to challenge decisions of the FSA. Firms may also back their management more often.
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